Corporate Updates 22 March 2014


The Ministry of Corporate Affairs has received Election Commission’s approval for notifying rules related to various sections of the new Companies Act, paving the way for its implementation from April 1, 2014. EC today conveyed that it has no objections to the ministry coming out with notifications related to the new Companies Act. With the Election Commission of India announcing the schedule for the Lok Sabha polls, the Model Code of Conduct came into force from March 5, consequently, the ministry sought the Commission’s nod for notifying the rules. Sources said that while rules for most parts of the legislation would be notified before April 1, those for National Company Law Tribunal (NCLT) and new institutions such as National Financial Reporting Authority (NFRA) and Investor Education and Protection Fund (IEPF) would be notified later.


CBEC under the provisions of the Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, has notified the rate of exchange for calculation of gross value of taxable service tax would be the rate, for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. The Notification has come containing the Rates of Exchange are applicable from March 21, 2014.

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