Corporate Updates – 27-02-2017


MCA has issued Clarification on applicability of Provisions u/s 391(2) of Companies Act 2013 in the case of Closure of Place of Business in India of a Foreign Company. After reviewing the provisions of Section 391(2) of the Companies Act 2013 which stipulates Chapter XX shall apply mutatis mutandis, to closure of place of business of a foreign company in India, w.e.f. 15 Dec. 2016, as if it were a company incorporated in India. MCA has noted that provisions of Section 391(1) and 391(2) need to be read harmoniously and has clarified that provisions of Section 391(2) shall apply to only those foreign companies which have issued prospectus or IDRs pursuant to provisions of Chapter XXII of the Companies Act, 2013.


Ministry of Labour and Employment, with an intent to ease of, and for the expedient compliance of the requirement of the various labour related laws and for the purpose of maintaining combined registers for all such laws, has notified the separate rules for the said purpose. These rules may be called the Ease of Compliance to Maintain Registers under various Labour Laws Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The combined registers in the Forms specified in the Schedule to these rules shall be maintained either electronically or otherwise and used for the purposes, of the aforesaid enactments and the rules made there under, as specified therein. Necessary amendments to the Relevant rules governing the provisions of maintenance of the registers, are also being made through this Rule.

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