Corporate Updates – 16-12-2016

Seminar on Insolvency & Bankruptcy Code, 2016

NIRC of ICSI is organising a full day Seminar on the theme “Insolvency and Bankruptcy Code, 2016” on Saturday, the 17th December, 2016 from 10 AM onwards at Hotel Eros, Nehru Place, New Delhi. The Program will inaugurated by CS (Dr.) M. S. Sahoo, Chairperson, IBBI and shall also be addressed by the eminent speakers. Fee : Rs.1,750/- per delegate inclusive of service tax ; FREE for Corporate Members of NIRC; PCH – 4.


The Ministry of Corporate Affairs has issued the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 which shall be come into force with effect from 15th December, 2016. Through these Rules, detailed procedure, process, fees, forms, documentation relating to Compromise, Arrangements and Amalgamations, winding up are prescribed and also on the proposed manner in which the pending proceedings are to be transferred.


RBI has advised all the Regulated Entities (REs) to strictly comply with the extant instructions stipulated in the Master Direction on Know Your Customer (KYC). In respect of ‘Small Accounts’, the prescribed limits/conditions shall not be breached and compliance therewith shall be strictly monitored. Further, BSBD Accounts (PMJDY accounts are akin to BSBDAs), which are not KYC compliant accounts are to be treated as ‘Small Accounts’ and are subjected to the limitations applicable to such accounts. It is further clarified that provisions of Section 67 of the MD are subject to the exemptions granted to Government, Consular office etc., as provided in Income Tax Rule 114 B.


News from NIRC of ICSI

NIRC – ICSI announces niro and also through signed hard copy addressed to The Chairman, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New Delhi – 110005). Three best entries shall be awarded with a Citation, Trophy, Cash Prize & Publications.


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