Corporate Updates – 23-09-2014


MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 to give effect to the much awaited provisions relating to the intimation of DIN of directors to the concerned Registrar of Companies by the company. New Rule 10A has been inserted by this notification and new Forms DIR-3B (earlier DIN – 2) and DIR – 3C (earlier DIN – 3) have been introduced to give effect the said provisions. Further in Rule 10(1) the facility of allotment of provisional DIN is now dispensed with and accordingly application number has been inserted in the rules.


RBI has now dispensed the requirement of forwarding of government cheques in physical form to Government, accordingly Modification in the Memorandum of Instructions for reporting of government transactions are proposed to be effective from 01-10-2014. The government cheques would be paid in CTS clearing based on their electronic images. In case any drawee bank desires to verify the government cheque in physical form before passing it for payment, the image would be returned unpaid under the reason “present with documents”. The presenting banks are required to preserve the physical cheques in their custody securely for a period of 10 years as required under CTS. In case some specific cheques are required for the purpose of any investigation, enquiry, etc., under the law, they may be preserved beyond 10 years.

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