Corporate Updates – 31-03-2016


The Ministry of Corporate Affairs has amended the Companies (Share Capital and Debentures) Rules, 2014 and notified the Companies (Share Capital and Debentures) Second Amendment Rules,2016 which shall come into force on the date of their publication in the official Gazette. A new proviso has been inserted in Rule 12(5) to enable the companies to close the buy back issue before the expiry of 15 days. Accordingly, if all members of a company agree, the offer for buy-back may remain open for a period less than fifteen days.

Employees’ Provident Fund:

The Central Board of Trustees of the Employees’ Provident Fund Organisation has decided to give benefit of accrual of interest on the inoperative provident fund accounts. Accounts of members who do not receive contributions for a continuous period of three years are treated as“Inoperative accounts”. Interest on these accounts was stopped in 2011. The Board has decided to resume crediting interest on such accounts w.e.f. 01.04.2016. This is in view of recent amendment to paragraph 69(1) (a) of The Employees’ Provident Fund Scheme, 1952 that has been amended to provide for withdrawal of full amount on retirement from service after attaining the age of 58 years.

News from NIRC of ICSI

1. Few Seats Left for Workshop on the topic "How to be an NCLT Practitioner?” being organised NIRC of ICSI scheduled to be held on Saturday, 2nd April, 2016, at 9:30 am onwards at ICSI – NIRC Auditorium, Prasad Nagar, New Delhi – 110005. Participation Fees : Rs. 400/-; PCH – 6.

2. The Corporate Membership Scheme of NIRC of ICSI is open for the Financial Year 2016-17 and Today is the last date i.e 31.3.2016 for receipt of Corporate Membership fee with early bird incentive. The scheme is available for two options – Option-I : Corporate Membership Scheme –(Delhi); Option-II : Corporate Membership Scheme – (Delhi & Chapters). Anyone becoming a member under the Scheme shall be entitled to attend all the paid programs (Except workshops and residential programs) organized by NIRC (& Chapters) free of charge throughout the year. The payment for Corporate Membership can be made through following options:

Option 1 – Cash deposit at NIRC Building, 4 Prasad Nagar Institutional Area, New Delhi.

Option 2- NEFT transfer to NIRC- ICSI Saving Bank Account No. SB- 90062010039267 Syndicate Bank, East Patel Nagar, New Delhi – 110008, RTGS/ NEFT IFSC – SYNB0009006.

Option 3 – Online payment through payment gateway.

Option 4 – Cheque/DD towards the Corporate Membership Fee for the requisite amount be drawn in favour of “NIRC of the ICSI” and sent to Regional Director, NIRC of ICSI, 4, Prasad Nagar Institutional Area , New Delhi-110005.

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