Corporate Updates – 26-09-2016


The Ministry of Corporate Affairs (MCA) has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette. Amendment is made to clarify the provision of Section 93 of the Companies Act, 2013 under which every listed company is required to file with the Registrar, a return in Form No. MGT.10, with respect to changes in the shareholding position of promoters and top ten shareholders of the company, in each case, representing increase or decrease by two per cent or more of the paid-up share capital of the company, within fifteen days of such change. Further, Form MGT-6 which is Return to the Registrar in respect of declaration of beneficial interest in shares under section 89 by the company has also been revised.


GST Council in its first meeting of the GST Council held on September 22-23, 2016 has discussed the contentious issue of threshold exemption amount, dual control of the Centre and States over assessees and full compensation to States for five years in the event of revenue loss due to switch-over to GST. The threshold limit for GST has now been fixed at Rs. 20 lakhs for all States except North Eastern States and hill States wherein the threshold limit will be Rs. 10 lakhs, thereby exempting traders with a turnover less than Rs. 20 lakhs/10 lakhs annually from levy of GST. State authorities have been empowered with exclusive control over the assessees with annual turnover of less than Rs. 1.5 crore. For assesses having turnover above Rs. 1.5 crore, there will be an element of dual control and a mechanism will be worked out wherein an assessee will be assessed either by Central or State Government based on risk evaluation. Further, the power for assessment of 11 lakh Service tax assessees who are currently assessed by Centre Government, would remain with the Centre and State officials after training will begin to help assess future assesses. 2015-16 will be the base year for calculating compensation to States for any loss of revenue arising from rollout of GST.

News from NIRC of ICSI

NIRC of ICSI is participating in the ensuing Airtel Delhi Half Marathon -2016 (6 km ‘Great Delhi Run’), which will be held on Sunday, the 20th November, 2016. NIRC would be participating in the group category with a group named as “ICSI Group”. Interested members may fillup the form for the ‘Great Delhi Run’ 6 km category and send the hard copy of the filled up form along with a copy of the photo id proof, passport size photograph and deposit the above along with a fee of Rs. 600/- on or before 1st October, 2016 by cash or by cheque/DD in favour of “NIRC of ICSI” with full details on the reverse side of the cheque/DD i.e. full name, contact number, Membership No. To make the payment online, please Click Here.

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