Corporate Mania

Madras High Court sets aside the ROC’s order for disqualifying Private Directors. Context : Section   164(2)(a) of Companies Act, 2013 sated that Directors of Company will disqualify if Company has not filed financial statements or annual returns for any continuous period of 3 Financial Years. Section 164 enforced with effect from 01.04.2014 Matters: The Madras High Court has set aside the disqualification of directors of private companies by the Registrar of Companies for non-filing of financial statements for a period of three continuous financial years. The directors were disqualified under Section 164(2)(a) of the Companies Act, 2013. The court said that since Section 164 came into effect from April 1, 2014, the respondents(ROC) cannot disqualify the petitioners for the financial years 2013-14, 2014-15, 2015-16, as it would tantamount to giving retrospective effect. The Section says that if the financial statements are not filed for three continuous ...

Press release dated 14th Of June, 2018 by Central Board of Indirect Tax & Customs. Change of email and mobile number of the authorized signatory by taxpayers with assistance from the jurisdictional tax officer. Keeping in mind of Plenty of Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process.  Intermediaries do arbitrary work and denied to share the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the taxpayer is at their mercy. With a view to address this difficulty of the taxpayer, a functionality to update email and mobile number of the authorized signatory is available in the GST System. The email and mobile number can be updated by the concerned Jurisdictional tax authority of the taxpayer as per the following procedure: Steps to be followed:- 1. Taxpayer ...

Venerable President of India Ram Nath Kovind on 6 th June, 2018 has assented to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. Important Point of Ordinance Its provide relief to home buyers by recognizing their status as financial creditors by giving them due representation in the Committee of Creditors and make them an integral part of the decision making process. It will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers. Section 7 allows financial creditors to file application seeking Insolvency Resolutions process. It also empowers the Central Government to allow further exemptions or modifications with respect to the MSME in public interest because MSME consider as backbone of Indian Economy and biggest employment generator. Withdrawal of application after its admission under IBC 2016   would be permissible only with the approval of the Committee of Creditors ...

Foreign Investment limits in listed Indian companies Foreign Investment in India is regulated in terms of clause (b) of sub-section 3 of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017 issued vide Notification No. FEMA 20(R)/2017-RB dated November 7, 2017. FEMA prescribes the various foreign investment limits in listed Indian companies. These include the aggregate FPI limit, the aggregate NRI limit and the sectoral cap. The RBI Master Direction (FED Master Direction No. 11/2017-18) dated January 04, 2018 provides a compilation of the instructions issued on Foreign Investment in India and its related aspects under FEMA. As per FEMA, the onus of compliance with the various foreign investment limits rests on the Indian company. In order to facilitate the listed Indian companies to ensure compliance with the various foreign inv...

Effective provisions of Companies (Amendment) Act, 2017 w.e.f. 09 th Feb, 2018 PART-1 Sr. No Section Companies Act, 2013 Companies (Amendment) Act, 2017 1 Section 2(28)   “cost accountant” means a cost accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959); Change in Definition of Cost Accountant "Cost Accountant" means a cost accountant as defined in clause ( b ) of sub-section ( 1 ) of section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under sub-section ( 1 ) of section 6 of that Act; 2 Section 2(30) “debenture” includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not; Definition of Debenture excluded the following. (a...