Corporate Updates 05 April 2014

Company Law: 

The Ministry of Corporate Affairs vide its circular dated 04.04.2014 notified that the financial statements, auditors report and Board report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in respect of financial years commencing on or after 1 April, 2014, the provisions of the new Act shall apply.

Reserve Bank of India: 

RBI in order to complete the Compounding Applications pending in their good office has decided to delegate further powers to the Regional Offices. Accordingly, the powers to compound the contraventions will now be vested with the Regional Offices without any limit on the amount of contravention with certain restrictions. Accordingly, applications for compounding related to the contraventions (as specified in the circular) may be submitted by the concerned entities to the respective Regional Offices under whose jurisdiction they fall. For all other contraventions, applications may continue to be submitted to CEFA, Foreign Exchange Department, 5th floor, Amar Building, Sir P.M.Road, Fort, Mumbai 400001. For detailed notification, please click here.

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