Corporate Updates 28 March 2014

MCA: 

1. MCA after notifying substantial portion of the Companies Act, 2013 on 26-03-2013, has notified following Rules in respect of 10 Chapters under the Companies Act, 2013. All rules will be applicable from the date of their publication in the Official Gazette.

Chapter I: Companies (Specification of definition details) Rules, 2014
Chapter II: Companies (Incorporation) Rules, 2014
Chapter III: Companies (Prospectus and allotment of securities) Rules, 2014
Chapter IV: Companies (Share Capital and Debentures) Rules, 2014
Chapter VI: Companies (Registration of Charges) Rules, 2014
Chapter VII: Companies (Management and Administration) Rules, 2014
Chapter VIII: Companies (Declaration and Payment of Dividend) Rules, 2014
Chapter IX: Companies (Accounts) Rules, 2014
Chapter XI: Companies (Appointment and Qualification of Directors) Rules, 2014
Chapter XII: Companies (Meetings of Board and its Powers) Rules, 2014

2. MCA has issued Companies 2nd (Removal of Difficulties) Order, 2014 which shall come into force on the date of its publication in the Official Gazette. By this order, the word “AND” used in Section 92(2) of the Companies Act, 2013 between paid-up capital and turnover for certification of Annual Return by the PCS has been replaced by word “OR”. Now Annual Return certification is applicable on all Listed Companies & Companies having paid-up capital of Rs. 10 Crore OR turnover of Rs. 50 Crore.

3. MCA has changed the Nomenclature of various forms prescribed under the provisions of Companies Act, 2013 to define the nature of the forms and would also be easy to recognise. In order to facilitate easy understanding of the e-forms being rolled out under the provisions of Companies Act, 2013 and Rules made thereunder, the stakeholders are hereby informed that unlike numbering of various forms under the Companies Act, 1956, forms under the new Act are mandatorily numbered alpha-numeric. Initial of forms is to be started with alphabet of two or three letters based on the subject of the Chapter, followed by serial number of the form.