Corporate Updates – 28-04-2015


MCA has finally replaced the Draft Rules (To be published in Official Gazette) which were issued in last two months i.e. February, 2015 to March, 2015, by uploading the gazetted copies on the portal. There was a discussion in the professional fraternity for quite some time about the applicability of the rules which were released by the MCA as the Rules shall be effective from the date of its publication in the official gazette. Copies of notified versions of The Companies (Acceptance of Deposits) Amendment Rules, 2015; The Companies (Management and Administration) Amendment Rules, 2015; The Companies (Share Capital and Debentures) Amendment Rules, 2015; The Companies (Meetings of Boards and its Powers) Amendment Rules, 2015; The Companies (Declaration and Payment of Dividend) Amendment Rules, 2015, are now available on MCA website.


RBI has issued instructions to all the Banks / FIs to exclude the names of non-whole time directors Nominee and Independent Directors) other than the promoter directors from the list defaulters, except in the rarest circumstances, while disseminating information to Credit Information Companies on borrowers with outstanding amount aggregating Rs. 1 crore and above. As the Section 2(60) of the Companies Act, 2013 defines an officer who is in default to mean only the whole-time director, a non-whole time director should not be considered as a defaulter unless it is conclusively established that he was aware of the fact of default and has not recorded his objection to the same.

News from NIRC of ICSI

The Corporate Membership Scheme of NIRC-ICSI has become quite popular and successful with approx. 1100 members for the year 2014-2015. As a token of gratitude and belongingness, NIRC has decided to provide a NIRC-ICSI Co-Branded Health Card (with Medhealth Cliniq) on complimentary basis to all the Corporate Members of NIRC-ICSI for the year 2014-2015. This specially designed family floater Health Card with so many features and shall be valid till 31st May 2016.

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