Corporate Updates – 09-06-2015

MCA:

MCA in supersession of notifications issued under section 25 of the Companies Act, 1956 except as respects things done or omitted to be done before such supersession, the Central Government in the interest of public, directs that certain provisions of the Companies Act, 2013, shall not apply or shall apply with such exceptions, modifications and adaptations to a body corporate to which a license is granted under the provisions of the aforesaid Section 8 (Section 25 of Companies Act, 1956). Some of the exemption granted to Section 8 Companies includes, the requirement of having minimum paid-up share capital, minimum notice for calling general meeting is reduced to 14 days from 21 days, minutes may be recorded within thirty days of the conclusion of every meeting in case of companies where the articles of association provide for confirmation of minutes by circulation and appointment of Independent directors on the board.

MCA:

MCA in supersession of notifications issued under Section 620A of the Companies Act, 1956 except as respects things done or omitted to be done before such supersession, the Central Government in the interest of public, directs that certain provisions of the Companies Act, 2013, shall not apply or shall apply with such exceptions, modifications and adaptations to Nidhi Companies. Some of the exemption granted to Nidhi Companies includes provisions of further issue of share capital shall not applicable, Can give loan or guarantee to directors provided the loan is given to a director or his relative in their capacity as members and such transaction is disclosed in the annual accounts by a note, Fees for filing is applicable with the modification that the filing fees in respect of every return of allotment under sub-section (9) of section 42 shall be calculated at the rate of one rupee for every one hundred rupees or parts thereof on the face value of the shares included in the return but shall not exceed the amount of normal filing fee payable.

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