March 30, 2022 Summary of the notifications issued by MCA and IBBI on 23/03/2022 and 29/03/2022 respectively MCA amends Companies (Indian Accounting Standards) Rules, 2015 w.e.f 01/04/2022 The following standards are amended to give effect to the Annual Improvements to IndAS (2021) and the Conceptual Framework for Financial Reporting under Indian Accounting Standards [...]
Summary of the circular issued by SEBI on 23/03/2022 Separation of roles of Chairperson and MD/CEO is now voluntary under LODR Regulations SEBI vide its notification dated 01/04/2019 mandated that the top 500 listed entities shall appoint separate and unrelated persons for the Chairperson and MD/CEO roles from 01/04/2022. Through this notification, SEBI has made [...]
March month not only marks the end of the financial year for most companies, but it is also the month when stock take for the year and plans for the next year are drawn up. The domain of compliance and governance is no exception, where the objective of stocktake and planning [...]
Summary of the circular issued by SEBI on 07/03/2022 Amendments to System Driven Disclosure requirements under Takeover Code, 2011 w.e.f 01/07/2022 SEBI vide its notification dated 13/08/2021 amended Takeover Code doing away with disclosure requirement w.r.t encumbered shares where such encumbrance is undertaken in a depository. This circular prescribes list of transactions where manual disclosures [...]
Summary of the Notification issued by MCA on 28/02/2022 MCA notifies amendment to the National Financial Reporting Authority [NFRA] Rules regarding the Salary and allowances of its Chairperson and members. Highlights of the amendment: Salary and allowances The Chairperson and a time full time member of NFRA shall have the option to draw [...]
February 15, 2022 Summary of the Circular issued by MCA on 14/02/2022 Extension of timeline for Additional Fee waiver towards filing of e-forms relating to Financial Statements and Annual Return for the FY 2020-21 upto 15/03/2022 and 31/03/2022 respectively MCA has for the third time extended the timeline with respect to additional fee waiver towards filing of e-Forms [...]
February 14, 2022 Summary of the notification issued by MCA on 11/002/2022 Requirement to file Report on CSR in Form CSR-2 by 31st March, 2022 MCA now requires every Company to which provisions of CSR is applicable u/s 135 of the Companies Act, 2013 to file a report on CSR in Form CSR-2 (whose format [...]
February 11, 2022 Summary of the notification issued by IBBI on 09/02/2022 IBBI amends Corporate Insolvency Resolution Process(CIRP) Regulations Key highlights of the amendment are: 1. Meeting of the Committee: a. Resolution Professional (RP) may convene a meeting of the committee at the request of members representing at least 30% of the [...]
Separating governance and management is essential for effective and efficient functioning of companies. While the Board of Directors are responsible for Governance, the CXO leadership team is responsible for management. Where Executive Directors are members of both the Board and the CXO leadership or where non-executive directors are or were [...]
January 27, 2022 Summary of the circular issued by SEBI on 25/01/2022 Operational procedure to be followed by Listed Entities/RTA in case of issuance of securities in Demat mode. To enhance the ease of dealing in securities markets by investors, SEBI vide its notification dated 24/01/2022 mandated listed entities to issue securities in Demat [...]
