January 10, 2020 Summary of Circular in IB Code, 2016 issued on 09.01.2020 is detailed below: 1. Circular on deposit of unclaimed dividends and /or undistributed proceeds of liquidation process as per Regulation 46(1) of the IBBI (Liquidation Process) Regulations 2016: Proviso to Regulation 46(1) provides that IBBI shall open a ‘separate bank account’ with a scheduled bank [...]
January 07, 2020 Summary of notifications issued by MCA and IBBI on 03/01/2020 and 06/01/2020 respectively. 1. MCA notifies amendment on increase in paid-up share capital threshold for appointment of Company Secretary and insertion of a criteria for conducting Secretarial Audit by Companies MCA has amended Rule 8A (Appointment of Company Secretaries in companies not [...]
Summary of circular issued by MCA on 01/01/2020 is provided below: 1. MCA Circular to extend the last date to March 31, 2020 to file Form BEN-2 on receiving declaration from Significant Beneficial Owners of the Company MCA has further extended the time limit from December 31, 2019 to March 31, 2020 without payment [...]
December 31, 2019 Summary of Circular issued by MCA on 30/12/2019 1. Extension of deadline for filing of Cost Audit Report with the Central Government MCA has extended the deadline for filing of Form CRA-4 (Form for filing Cost Audit Report with the Central Government), from 31/12/2019 to 29/02/2020, for all the eligible companies that are required [...]
December 23, 2019 Summary of Notifications in the Companies Act, 2013 issued on 19/12/2019 are listed below: 1. Designation of Special Court for Jammu and Kashmir, Uttarakhand and Ladakh: The Central Government with the concurrence of the Chief Justices of the High Court at Uttarakhand, Nainital and Jammu and Kashmir designate the below mentioned Courts as [...]
November 29, 2019 Summary of Circulars and Notifications issued by MCA and IBBI dated 28/11/2019 and 27/11/2019 are listed below: 1. Extension of time for filing of Financial Statements for the FY 2018-19 for companies falling under UT of J&K and Ladakh jurisdiction Due date for filing of e-Forms AOC-4, AOC-4(CFS), AOC-4(XBRL), and MGT-7 by [...]
November 22, 2019 Summary of Circular issued by SEBI on 21/11/2019 1. Disclosure of default in payment of interest/installments on Loans from Banks and Financial Institutions by Listed Entities with effect from 1st January, 2020: SEBI mandates the disclosure by entities that have listed specified securities (equity and convertible securities), Non-Convertible Debt (NCDs), Non-Convertible Redeemable Preference [...]
November 25, 2019 Summary of Regulations issued by IBBI on 20/11/2019 which shall come into effect from 01/12/2019: 1. Detailed procedure on Bankruptcy Process for Personal Guarantors to Corporate Debtors introduced though Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019: Following the introduction of procedure for [...]
November 28, 2019 Summary of Circular in the Companies Act, 2013 issued on 27.11.2019 is listed below: 1. General Circular extending the last date to file Form NFRA-2: MCA vide this Circular has extended the last date to file Form NFRA-2 (i.e., Annual Return to be filed by Auditor with the National Financial Reporting Authority) [...]
November 21, 2019 Summary of Corrigendum issued by MCA on 19/11/2019 1. Labs established under Dept of Biotechnology added to Schedule VII dealing with CSR Contribution under the Companies Act, 2013 As per this corrigendum, contribution to National Laboratories and Autonomous Bodies, established under the auspices Department of Biotechnology (DBT) would also be treated as CSR Contribution [...]