Corporate Updates – 07-09-2016


MCA has notified the date on which the provisions of Section 124, sub sections (1) to (4), (6) and (8) to (11) of Section 125 of the Companies Act, 2013 shall come into force. MCA has appointed 7th of September, 2016 as the date of which provisions of IEPF will be effective. These sections are relating to the manner & procedure for transfer of amount to unpaid dividend account and transfer of shares to the IEPF in respect of which dividend has not been paid or claimed for seven consecutive years. Further the MCA has issued IEPFA (Appointment of Chairperson and Members, holding of meetings and Provision for offices and officers)Amendment Rules, 2016 and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 separately to administer the fund.


DIPP has clarified that Internet broadcasting companies shall also come under the purview of statutory licensing under section 31D of the Copyrights Act,1957. In its interpretation of the Section 31D, DIPP said the words “any broadcasting organisation desirous of communicating to the public” may not be restrictively interpreted to be covering only radio and television broadcasting as definition of “broadcast” read with “communication to the public” appears to be including all kinds of broadcast including Internet broadcasting.

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