Corporate Updates – 06-06-2016

MCA:

Ministry of Corporate Affairs (MCA) has amended Companies (Authorised to Register) Rules, 2016 by issuing Companies (Authorised to Register) Amendment Rules, 2016. As per the amended rules, a Partnership Firm has to follow the same compliance which were earlier used to be followed by Limited Liability Partnership (LLPs) at the time of their conversion into a company. Now the partners of the converting firm have to get the consent from secured creditors and a statement of assets and liabilities of the partnership firm duly certified by a practicing Chartered Accountant to be filed with Registrar of Companies (ROC). Firms are also required to file a copy of latest income tax return of the firm.

NCLT:

There will be vacation in The National Company Law Tribunal from 06-06-2016 to 01-07-2016. However the Vacation Bench shall be available for urgent hearing as per the following schedule: from 06-06-2016 to 10-06-2016 Justice Shri M.M. Kumar, Hon,ble President NCLT, and from 14-06-2016 to 17-06-2016 Shri B.S.V. Prakash Kumar, Hon,ble Member (J). Further, there will be no work period from 20-06.2016 to 01-07-2016. However, for any emergency hearing the Tribunal shall remain open subject to the availability of Bench.

News from NIRC of ICSI

The Executive Committee of NIRC-ICSI has decided to constitute Core Groups consisting of experts in the respective fields as mentioned below. The key role of such Groups would be of conducting necessary research on the subject matter and thereafter giving suggestions / representations to the Institute in the following areas having relevance for the development of the profession :

(1) Proposed Secretarial Standards

(2) Reviewing E-Forms under Companies Act, 2013

(3) Insolvency & Bankruptcy Code, 2013

(4) NCLT & NCLAT

(5) Good & Service Tax

(6) Intellectual Property Rights etc.

Members who have relevant experience in aforementioned fields or are willing to contribute are requested to send in their interest for the nomination along with brief professional profiles to be the member of the respective core committee at niro on or before 10th June, 2016. The Executive Committee of NIRC-ICSI reserves right to decide final constitution of the respective core groups.