MCA:
MCA has issued clarification in relation to Right of persons other than retiring directors to stand for directorship and Refund of deposit under section 160 of the Companies Act, 2013 (Act) by companies registered under Section 8 (Section 25) of the Act. The Board of directors of a Section 8 Company shall decide as to whether the deposit made by or on behalf of the person failing to secure more than twenty-five percent of the valid votes is to be forfeited or refunded. For all other cases and for all other companies, deposit is required to be forfeited, if the person fails to secure more than 25% votes.
MCA:
MCA has notified amendments to the Companies (Accounts) Rules, 2014 which shall come into force from the date of notification. A Proviso has been inserted in rule 6, after the existing proviso to provide exemption to the intermediate wholly-owned subsidiary, other than a wholly-owned subsidiary whose immediate parent is a company incorporated outside India in respect of preparation of consolidated financial statement. Further an exemption has also been provided to all companies for the consolidation of financial statement in respect of associate companies or joint ventures or both for the financial year 2014-2015 if such Company does not have a subsidiary or subsidiaries companies. Sent from my BlackBerry® smartphone – www.Advocate.domains
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