Corporate Updates – 19-12-2016


MCA has notified the National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 which shall come into force on the date of their publication in the Official Gazette of India. An application to the Tribunal to confirm a reduction of share capital of a company shall be in Form No. RSC-1 and shall be accompanied with the prescribed fees and documents. The Tribunal shall, within fifteen days of submission of the application, give notice, or direct that notice be given to the Central Government, Registrar of Companies, SEBI, & creditors of the company for seeking their representations and objections, if any.


MCA – IBBI has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 which shall come into force on the date of their publication in the Official Gazette. These Regulations shall apply to the liquidation process under Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. An insolvency professional shall be eligible to be appointed as a liquidator if he, and every partner or director of the insolvency professional entity of which he is a partner or director, is independent of the corporate debtor. The fee payable to the liquidator shall form part of the liquidation cost and the liquidator shall be entitled to such fee and in such manner as has been decided by the committee of creditors before a liquidation order is passed under sections 33(1)(a) or 33(2).

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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