CAIRR Update 10 May, 2019

Summary of Notifications in the Companies Act, 2013 issued on 08/05/2019 are listed below:

1. The Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2019: 

Through this Amendment, MCA has increased the fee to be paid by Companies along with the application to the Registrar for removal of its name from the Register of Companies in Form STK-2 from Rs. 5000/- to Rs. 10,000/-

It also provides that, any Company that intends to make an application for removal of its name either suo-moto or after the removal process is initiated by the Registrar should first file with the Registrar all the pending returns (i.e., Financial Statements in Form AOC-4 and Annual Return in Form MGT-7) up to the end of the financial year in which the company ceased to carry its business operations.

No company shall be allowed to make an application for removal of company name after the Registrar has issued a Notice of striking off and Dissolution of that Company in Form STK-7.

Form No. STK-8 (i.e., Statement of accounts certified by a Chartered Accountant) is introduced, which should be accompanied with the Application for Removal of Company Name.  Read more…

2. The National Company Law Tribunal (Second Amendment) Rules, 2019:

The amended rules stipulates the requisite number of member/s or depositor/s as the case may be to file a class action or application before the Tribunal on behalf of all other members or depositors, if they are of the opinion that the management or conduct of the affairs of the company are being conducted in a manner prejudicial to the interests of the company or its members or depositors.

The requisite number of members in case of a company having a share capital is-

1. At least five percent of total members or 100 members, whichever is less (or) member/s holding not less than five per cent. of the issued share capital of the company, in case of an unlisted company and member/s holding not less than two per cent. of the issued share capital of the company, in case of a listed company.

The requisite number of depositor/s is-

1. At least five per cent. of the total number of depositors or 100 depositors, whichever is less or depositor/s to whom the company owes five per cent. of its total deposits.

The fee of Rs. 1,000/- to be paid in respect of a petition or appeal or application filed or references made before the Principal Bench or the Bench of the Tribunal pertaining to ‘Application for compounding of certain offences’ is omitted. Read more…