Corporate Updates – 22-06-2015


MCA has received representations seeking clarification regarding processing of the deposits under Section 74 of the Companies Act, 2013. MCA clarified various issues like the Company Law Board has been empowered to exercise the powers of National Company Law Tribunal under sub-section (4) of section 73 and subsection (2) of section 74 of the said Act, till the latter’s constitution. Thus, a depositor is free to file an application under section 73(4) of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. Further, as per Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014, Companies can repay deposits accepted prior to 1st April, 2O14 in accordance with terms and conditions for which the deposits had been accepted. It has also been clarified that there is no bar on the Registrar of Companies for filing of prosecution against a company if such company fails to make repayment of deposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013.


DVAT authorities with intent to process the refund claim smoothly has issued instructions to all Assessing Officers. The claim for the refund is made by the dealer in the return filed by the dealer and hence the return itself becomes the application for refund. As per the DVAT Act and DVAT Rules, refund has to be given to the applicant within a period of 60 days from the date of application. However, wherein the Value Added Tax Officer is of the view that he needs some information/document from the dealer for satisfying himself about the amount and genuinity of the refund he may seek the information and the documents by sending a notice under Section 59(2) of the DVAT Act, 2004. Therefore, either the refund should be disbursed within two months of filing of application/return or the notice u/s 59(2) for seeking more information is to be issued within the prescribed time.

News from NIRC of ICSI:

Today, 22nd June, 2015, NIRC of ICSI is organizing Study Session on the topic“EVOLVING ROLE OF CS IN MNC ORGANISATION" at 5:30 PM at NIRC Auditorium, Prasad Nagar, New Delhi. Participation is FREE and 2 Program Credit Hours will be awarded to the participants.

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