Corporate Updates – 14-07-2017


MCA has notified the amended which may be called the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2017 and shall come into force on the date of their publication in the Official Gazette i.e 13-07-2017. Amendments have been carried out to provide more clarity to Rule 3(3)(e), where in any director who intends to participate in the meeting through electronic mode may intimate about such participation at the beginning of the calendar year and such declaration shall be valid for one year. Further, such declaration shall not debar him from participation in the meeting in person in which case he shall intimate the company sufficiently in advance of his intention to participate in person. In Rule 3(11) additional requirement w.r.t draft minutes / proceedings so recorded shall be preserved by the company till the confirmation of the draft minutes are approved by the Board. The Committees of the Board as mentioned in Rule 6 of the said Rules shall now be directly linked with Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and companies shall constitute an ‘Audit Committee’ and a ‘Nomination and Remuneration Committee of the Board’ accordingly.


SEBI has amended the Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and Foreign Portfolio Investors (FPIs) in IFSC. It has been decided to replace existing Clause 2 (c) of the circular dated January 04, 2017. Accordingly, in case of participation of an EFI, not registered with SEBI as an FPI, but desirous of operating in IFSC, a trading member of the recognized stock exchange in IFSC may carry out the due diligence on its own or it may rely upon the due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account opening process of an EFI.

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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