Corporate Updates 13 June 2014


1. MCA has amended the Companies (Meetings & Powers of Board) Rules, 2014 under Chapter XII of the Companies Act, 2013 and clarified that Companies can constitute their Audit Committee and Nomination & Remuneration Committee with in one year from the commencement of the rules or appointment of independent directors by such companies, whichever is earlier. This notification was much needed by the corporate’s, as both the provisions were contradictory to each other.

2. As per Rule 13 of the Companies (Management and Administration) Rules, 2014 every listed company is required to file with the Registrar, a return in Form No.MGT.10 with respect to changes relating to either increase or decrease of two percent, or more in the shareholding position of promoters and top ten shareholders of the company in each case, either value or volume of the shares, within fifteen days of such change. In this connection, MCA has clarified that stakeholders are required to fill Form MGT – 10 physically and duly signed / certified as per requirement shall be filed as an attachment to eForm GNL – 2 till online form made available by the MCA. To view & download the copy of the circular, please Click Here.

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