November 19, 2019 Summary of Notifications in the Companies Act, 2013 and the IB Code, 2016 issued on 18/11/2019 is listed below: 1. The Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019: Rule 15 is amended to relax the monetory restrictions to enter into contracts or arrangements with Related Parties subject to [...]
November 18, 2019 Summary of Notifications issued by IBBI dated 15/11/2019. 1. IBBI notifies sections pertaining to personal guarantors to Corporate Debtors Sections namely 2(e), 78 (except w.r.t fresh start process), 79, 94 to 187, 239(2)(g) to 239(2)(i), 239(2)(m) to 239(2)(zc) , 240(2)(zs) to 240(2)(zn) and 249, in so far as they relate [...]
November 06, 2019 Summary of Circular in SEBI (LODR), 2015 issued on 5/11/2019 is listed below: 1. SEBI Circular on Enhanced Due Diligence for Dematerialization of Physical Securities SEBI vide this circular has directed the Depositories and the listed companies / RTAs to implement the following enhanced due diligence process in order to augment [...]
Bookkeeping transformed into Accounting in the 15th century when it evolved from Single-Entry Bookkeeping into Double Entry Accounting System. Businessmen and managers benefited from it by being able to measure profits and understand how decision making altered their business performance. Corporate Secretarial practice, likewise, has the potential to evolve into Corporate Governance practice when [...]
November 04, 2019 Summary of Circular issued by SEBI and NSE dated 31/10/2019 and 01/11/2019 1. Listed Banks to disclose divergences in the asset classification and provisioning beyond specified threshold to Stock Exchanges within 24 hours under Regulation 30 of SEBI(LODR), 2015. Disclosures in respect of divergence in provisioning beyond specified threshold, as mandated by the [...]
October 31, 2019 Summary of Notification issued by IBBI on 25/10/2019 1. IBBI notification on the requirement to submit Compliance Certificate by Insolvency Professional Entities to the Board under Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016: Clause (cb) is inserted in the Regulation 13(2), dealing with conditions pre-requisite to recognition of the [...]
October 30, 2019 Summary of Circular issued by MCA on 29/10/2019 1. Extension of deadline for filing of form MGT-7 (Annual Return) and AOC-4 (Financial Statement): MCA has extended the deadlines of Annual filings for the FY ended 31/03/2019 without any additional fee i.e., Form MGT-7 up to 31/12/2019 and Forms AOC-4, AOC (CFS) and [...]
October 28, 2019 Summary of Circulars issued by MCA on 24/10/2019 and 25/10/2019 1. Extension of deadline for filing of form CRA-4 MCA has extended the deadline for filing of Form CRA-4(Form for filing Cost Audit Report with the Central Government), for all the eligible companies that are required to submit the cost audit report [...]
October 23, 2019 Summary of notifications under the Companies Act, 2013 issued on 22/10/2019 which will come into effect from 01/12/2019 are listed below: 1. MCA notifies India Institute of Corporate Affairs (IICA) to maintain the data bank for the Independent Directors: The Central Government has notified the IICA at Manesar (Haryana) to be [...]
October 21, 2019 Summary of Circular and notifications issued in the SEBI(LODR), Regulations 2015 and Companies Act, 2013 respectively are listed below: 1. Resignation of statutory auditors from listed entities and their material subsidiaries dated 18/10/2019: Through this Circular, SEBI prescribes the action required by the statutory auditor in the event of their resignation. [...]
