Summary of Notification and Circular in the Companies Act, 2013 and the IBBI Code, 2016 issued on 05/09/2019 and 07/09/2019 respectively are listed below: The National Financial Reporting Authority (Amendment) Rules, 2019: Explanation to Rule 3(1) (c) has been inserted wherein the definition of Banking Company would now include ‘corresponding new bank’ under Banking [...]
The monsoon fury over the last few years that we have seen is the proof that we live in an uncertain and unpredictable world today. As any resident of Mumbai or Chennai would testify, there is no alternative to being prepared for the eventualities. What these residents would also tell us, is that with [...]
Summary of notifications in the Companies Act, 2013 issued on 28.08.2019 are listed below: Designation of Special Court for Pune, Ahmednagar, Kolhapur, Solapur, Satara, Sangli, Ratnagiri and Sindhudurg districts of the State of Maharashtra: The Central Government with the concurrence of the Chief Justice of the High Court, Bombay has designated ‘Court of District [...]
Summary of Notification in the Companies Act, 2013 issued on 28/08/2019 is provided below: The companies (Incorporation) Seventh Amendment Rules, 2019: Through this notification, Form RD-1 (Form for filing application to Regional Director) and Form RD GNL-5 (Form for filing addendum for rectification of defects or completeness) provided for in the Companies (Incorporation) Rules, 2014 are [...]
Summary of Circular for Companies Act, 2013 issued on 21/08/2019 is listed below: MCA Circular on clarification under section 232(6) of the Companies Act, 2013: Through this Circular, the Ministry has clarified the ‘appointed date’ under the scheme of merger and amalgamation of the companies, could be calendar date or may be tied to [...]
Summary of Notifications in the Companies Act, 2013 and IBBI Code, 2016 are listed below: IEPFA (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 w.e.f., 20.08.2019 except for rule 6(i),(iv),(v),(vi),(vii),(viii) effective from on 20.09.2019- issued on 14.08.2019: i. Rule 5 is amended, wherein companies which have transferred any amount to IEPF under the [...]
Summary of notification and Circular in the Companies Act, 2013 and IBBI Code, 2016 issued on 14/08/2019 respectively are listed below: The Companies Amendment Act, 2019: MCA with reference to the Companies Act, 2013 dated 31/07/2019 notifies that the sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections [...]
Summary of Circular in IBBI Code, 2016 issued on 13/8/2019 is listed below: Valuation under the Insolvency and Bankruptcy Code, 2016: Appointment of Registered Valuer: a. The Board has clarified that appointment of any person as a registered valuer other than a valuer registered under Companies (Registered Valuers and Valuation) Rules, 2017 to conduct [...]
Summary of the IBBI Code (Amendment) Act, 2019 issued on 05/08/2019 is listed below: The Insolvency and Bankruptcy Code (Amendment) Act, 2019: Ministry of law and Justice has issued the Insolvency and Bankruptcy Code (Amendment) Act, 2019 wherein eight sections are amended, as detailed: The Corporate insolvency resolutions process mandatorily must be completed within [...]
Summary of Circular issued by SEBI under SEBI (SAST) Regulations, 2011 dated 07/08/2019 is listed below: Circular on Disclosure of reasons for encumbrance by promoter of listed companies w.e.f., 01/10/2019: To bring in more transparency, SEBI directs the Promoters of every listed company to specifically disclose within 2 working days the detailed reasons for [...]
