Corporate Updates – 23-12-2015


MCA has notified the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015 which shall come into force on the date of their publication in the Official Gazette. New Rule 6A has been inserted to prescribed the conditions, criteria and process to be followed by the Audit Committee for making omnibus approval for related party transactions on annual basis. Further, the Audit Committee shall satisfy itself on the need for omnibus approval for transactions of repetitive nature and that such approval is in the interest of the company and every such omnibus approval. Further, where the need for related party transaction cannot be foreseen and aforesaid details are not available, audit committee may make omnibus approval for such transactions subject to their value not exceeding rupees one crore per transaction. Omnibus approval shall be valid for a period not exceeding one financial year and shall require fresh approval after the expiry of such financial year and shall not be made for transactions in respect of selling or disposing of the undertaking of the company.


RBI has been reiterating the need for simplification of procedure and greater degree of standardization in procedures relating to registering of customers for mobile banking. In this regard, all the banks participating in National Financial Switch (NFS) should carry out necessary changes in their respective ATM switches and enable the capability of customer registration for mobile banking at all their ATMs latest by 31st March 2016. Banks should also strive to facilitate customer registration for mobile banking through other channels including internet banking, IVR, phone banking, etc. As customer registration is an important pre-requisite for offering mobile banking services, banks should also use multiple channels to create awareness among their customers regarding mobile banking services and options available for customer registration.

News from NIRC of ICSI

NIRC of ICSI is organizing U.P State Conference on Saturday, the 26th December, 2015 from 10:00 am onwards on the theme “Change – Challange – Opportunity” at Hotel Country Inn, Sahibabad, Ghaziabad, U.P. Fee : Rs. 1,000/- per delegate; Free for Corporate Members of NIRC; Program Credit Hour: 4.

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