Corporate Updates – 24-06-2016

MCA:

MCA has issued a Clarification that HUF cannot be a Partner/Designated Partner but its Karta or any individual of HUF can be a partner in a partnership firm/Limited Liability Partnership in its individual capacity and not the HUF. MCA took the view from Rashiklal & Co. vs Commissioner Of Income Tax where the Hon’ble Supreme Court has held that even if a person nominated by the HUF joins a partnership, the partnership will be between the nominated person and the other partners of the firm and if a Karta or any other member of the HUF joins a partnership, he can do so only as an individual. His rights and obligations vis-a-vis other partners are determined by the Partnership Act and not by Hindu law.

MCA:

Ministry of Corporate Affairs has notified that following e-forms are likely to be revised on MCA21 Company Forms Download page w.e.f 25th June 2016- Forms AOC-4 XBRL(Form for filing XBRL document in respect of financial statement and other documents with the Registrar), GNL-1 (Applications made to Registrar of Companies), INC-6 (One Person Company – Application for Conversion),INC-2 (One Person Company- Application for Incorporation) and CRA-2 (Form of intimation of appointment of cost auditor by the company to Central Government). Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

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