Corporate Updates 30 June 2014


The Practising Company Secretaries got a new recognition, after the inclusion of the Company Secretaries in the Delhi VAT in the year 2012, now UP VAT authorities has amended the definition of the term “Accountant” given under Rule 2 (1) (e) of the Uttar Pradesh Value Added Tax Rules, 2008. Through this amendment the term “Accountant” now includes Company Secretary as defined in the Company Secretaries Act, 1980. All Company Secretaries are now eligible to practice and appear before the VAT Authorities in the State of U.P.


MCA has issued Clarification on applicability of requirement for Resident Director under the provisions of the Section 149(3) of the Companies Act, 2013, which requires every company to have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year. It is clarified that the, residency requirement would be reckoned from the date of commencement of section 149 i.e 01-04-2014 and first previous calendar year, will be the remaining period of calendar year 2014. Therefore, on a proportionate basis, the number of days for which the director would need to be resident in India during calendar year 2014, shall exceed 136 days. Further for newly incorporated companies it is clarified that companies incorporated between 1.4.2014 to 30.9.2014 should have a resident director either at the incorporation stage itself or within six months of their incorporation. Companies incorporated after 30.9.2014 need to have the resident director from the date of incorporation itself.

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