February 03, 2020
1. Extension of due date to 31/03/2020 for filing of Financial Statements for the FY 2018-19 for companies falling under UT of J&K and Ladakh jurisdiction
MCA, vide its circular dated 31/01/2020, has extended the due date 31/03/2020 from its earlier deadline of 31/01/2020 for filing of e-Forms AOC-4, AOC-4(CFS), AOC-4(XBRL), and MGT-7 by the companies falling under the jurisdiction of Union Territory of Jammu and Kashmir and Ladakh, has been extended to without any levy of additional fee.
2. MCA mandates Eligible NBFCs to file financial statements in the e-Forms notified vide its notification dated 30/01/2020.
Through this notification, new clause (1A) has been inserted in Rule 12 of Companies (Accounts) Rules, 2014, requiring eligible NBFCs that are required to comply with Indian Accounting Standards (Ind AS) as referred to in Companies (Indian Accounting Standards (Ind AS)) Rules, 2015, to file financial statements in the e-Forms AOC-4 NBFC (Ind AS) and the consolidated financial statement, if any, with Form AOC-4 CFS NBFC (Ind AS).
3.Applicability of provision with respect to Condonation of Delay under Companies Act, 2013 to LLPs
Through this MCA notification, Central Government has notified the applicability of provisions relating to Condonation of Delay under Section 460 of the Companies Act, 2013 to Limited Liability Partnerships with effect from 30/01/2020.
4. Central Government notifies the manner of dealing with Third Party Assets by the Administrator appointed under Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.
Central Government, vide its notification dated 30/01/2020, lays down the procedure for dealing with Third Party Assets, in the nature of receivables or assets, by the Administrator appointed under Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The notification also confers rights upon Administrator to retain or dispose such Third Party Assets under certain conditions.
5.Central Government notifies National Company Law Tribunal (NCLT) Bench for the state of Madhya Pradesh
Through this MCA notification dated 31/01/2020, Central Government notifies Ahmedabad Bench of NCLT to have jurisdiction over the state of Madhya Pradesh till such time Indore Bench of NCLT becomes operational.
6. MCA notifies National Company Law Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Officers and other Employees) Rules, 2020 and National Company Law Appellate Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Officers and other Employees) Rules, 2020
Through this notification, 2 new rules are introduced by MCA, namely, National Company Law Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Officers and other Employees) Rules, 2020 and National Company Law Appellate Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Officers and other Employees) Rules, 2020, which lays down the manner in which officers and employees of the Tribunal/ Appellate tribunal, as the case may be, shall be recruited, appointed, remunerated etc. The said Rules and its associated Schedules are integrated in our free-to-use website ca2013.com for your easy reference.
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