April 28, 2021 Summary of the notification issued by IBBI on 27/04/2021 Extension of fee payment deadline by the Insolvency Professional and timelines for intimation for appointment/cessation of director/partner in Insolvency Professional Entity(IPE) Through this notification, IBBI has extended the timeline for the Insolvency Professional to pay the prescribed fee to the Board [...]
April 27, 2021 Summary of the notification issued by SEBI on 26/04/2021 SEBI amends Insider Trading Regulations Through this notification, SEBI has omitted the following provision relating to Initial Disclosure as the prescribed deadline has elapsed, rendering the provision obsolete: Every promoter, member of the promoter group, key managerial personnel and director of [...]
April 23, 2021 Summary of the circular issued by MCA on 22/04/2021 Clarification on eligible CSR activities under Companies Act, 2013 in light of COVID pandemic Through this circular, MCA has clarified that setting up of makeshift hospitals and temporary COVID care facilities undertaken in consultation with the respective State Governments, are eligible [...]
April 14, 2021 Summary of Notifications Issued on 13th April 2021 IBBI notifies w.e.f 13th April 2021, the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021 for Information Utilities whose function is to gather, assemble, validate and disseminate financial information from corporate debtors/creditors (users) and facilitate the insolvency resolution process. [...]
April 12, 2021 Summary of the notifications issued by MCA and IBBI on 09/04/2021 Government notifies the minimum amount of default to initiate Pre-Packaged Insolvency Resolution Process (IRP) of Corporate Debtor under IBC, 2016 Through this notification, the Central Government has notified Ten Lakh rupees as the minimum amount of default for the [...]
April 05, 2021 Summary of the ordinance issued by the President of India on 04/04/2021 Government introduces Pre-Packaged Insolvency Resolution Process(IRP) for distressed Micro, Small and Medium Enterprises (MSMEs) under IBC, 2016 With the objective to ensure quicker, cost-effective and value maximising outcomes for all the stakeholders, in a manner which is least [...]
April 02, 2021 Summary of the notifications issued by MCA on 01/04/2021 MCA further amends Companies (Accounts) Rules, 2014 MCA has now deferred the date from which audit trails of books of accounts maintained in any accounting software needs to be recorded from financial year commencing 1st April 2021 to 1st April 2022. [...]
March 25, 2021 Summary of the notifications issued by MCA on 24/03/2021 MCA relaxes penal provisions with respect to Unpaid Dividend Account and Valuation by a Registered Valuer as per the Companies Amendment Act, 2020 Through this notification, MCA has relaxed penal provisions under the Companies Act, 2013 with respect to contravention of the [...]
March 19, 2021 Summary of the notifications and circular issued by MCA and IBBI on 18/03/2021 MCA notifies the commencement of provision related to remuneration of non-executive directors in case of inadequate/nil profits. MCA has notified the provision that non-executive director, including an independent director, can be remunerated by the Company in case [...]
March 16, 2021 Summary of the notification issued by IBBI on 15/03/2021 IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Through this amendment - - a creditor shall now update its claim with the Interim Resolution Professional/ Resolution Professional (IRP/RP), as and when the claim is [...]