Corporate Updates 18 June 2014


1. MCA through its latest circular has given a big relief to all the big corporates under the provisions of the Section 108 of the Companies Act, 2013 read with rule 20 of the Companies (Management and Administration) Rules, 2014. MCA has deferred applicability of provisions relating e-voting and participation of shareholders through e-means till 31st December, 2014. The relevant notification in this regard is being issued separately. To provide clarity and ensure uniformity in the e-voting procedure, clarifications on certain issues are also released by the MCA

2. MCA has notified & Amends Rules relating to ‘Declaration and Payment of Dividend’ and ‘Meetings of Board and its Powers’ read with Companies (Declaration and Payment of Dividend) Rules, 2014. Amendment has been made in Rule 3(5) by Substituting the following :
“(5) No company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company of the current year.”

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