Corporate Updates – 13-07-2017


MCA has made Amendment in Schedule IV of the Companies Act, 2013 to provide more clarity to the provisions relating to Independent Directors. Accordingly, Independent Director who has resigned or is removed from the Board of the company shall be replaced by a new independent director within three months (earlier it was 180 days) from the date of such resignation or removal, as the case may be. Further, the independent directors of the company shall hold at least one meeting in a financial year, without the attendance of non-independent directors and members of management. The provisions of sub-paragraph (2) and (7) of paragraph II’ paragraph IV, paragraph V’ clauses (a) and (b) of sub-paragraph (3) of paragraph VII and paragraph VIII shall not apply in the case of a Government company, if the requirements in respect of matters specified in these paragraphs are specified by the concerned Ministries or Departments of the Central Government or as the case may be’ the State Governments and such requirements are complied with by the Government companies.


SEBI has issued Securities Contracts (Regulation) (Third Amendment) Rules, 2017, which shall come into force on the date of their publication in the Official Gazette i.e 3rd July, 2017. In the Securities Contracts (Regulation) Rules, 1957, in rule 19A, in sub-rule (1), in the proviso, for the words “three years” the words “four years” shall be substituted. Thereby, any listed company which has public shareholding below twenty five percent, on the commencement of the Securities Contracts (Regulation) (Amendment) Rules, 2014, shall increase its public shareholding to at least twenty five per cent, within a period of four years from the date of such commencement, in the manner specified by the Securities and Exchange Board of India. Earlier, the Companies were required to comply with the same within three years.

News from NIRC of ICSI

NIRC is organising a "Workshop on VOLUNTARY WINDING UP & REVIVAL OF COMPANIES (Restoration of Name), Chief Guest : SHRI RAKESH KUMAR TIWARI, ICLS, Registrar of Companies, Delhi and Haryana on Saturday, the 15th July, 2017 (Registration starts at 9.00 AM) from 10.30 am onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 400/- upto 14-07-2017 and Rs. 500/- thereafter for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 04.

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