{"id":410,"date":"2015-10-24T11:37:08","date_gmt":"2015-10-24T11:37:08","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=410"},"modified":"2021-07-07T13:21:15","modified_gmt":"2021-07-07T13:21:15","slug":"corporate-law-update-for-the-month","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-law-update-for-the-month\/","title":{"rendered":"CORPORATE LAW UPDATE FOR THE MONTH"},"content":{"rendered":"

CORPORATE LAW UPDATE FOR THE MONTH : <\/strong><\/span><\/p>\n

\u00a0MCA\u00a0<\/strong><\/span><\/p>\n

MCA has notified the New Form AOC – 4 (XBRL) which shall be available for filing w.e.f today, 1st October, 2015. All Companies which are falling under the critiria as prescribed by the MCA are required to file the financials in the XBRL mode only.<\/p>\n

The recently notified forms for annual filing were having some technical issues relating to contents and data. MCA in this regard has\u00a0revised the Versions of \u00a0<\/a>eForms<\/a><\/span>\u00a0AOC-4\u00a0(Non-XBRL)\u00a0(Form for filing financial statement and other documents with the Registrar) &\u00a0MGT-7\u00a0(Form for filing annual return by a company) w.e.f\u00a030th\u00a0September, 2015.\u00a0Only new\u00a0version\u00a0of the\u00a0eForm\u00a0will be acceptable. Stakeholders are requested to plan accordingly and ensure that you have downloaded the latest version\u00a0for filing and uploading the latest\u00a0version\u00a0only.\u00a0Form-wise date of last\u00a0version\u00a0change is available at on the website of MCA.<\/p>\n

The MCA has notified the amended rules which may be called as\u00a0the Companies (Management and Administration) Second Amendment Rules,2015<\/strong><\/a>\u00a0and shall come into force on the date of their publication in the Official Gazette. Through this amendment, Ministry has modified the contents of MGT – 7 (Annual Return under Section 92 of the Companies Act, 2013) to insert the new mandatory field relating to the Permanent Account Number (PAN) of the Company.<\/p>\n

MCA has constituted a\u00a0High Level Committee to suggest the measure for improved monitoring of Corporate Social Responsibility (CSR)<\/strong><\/a>. The\u00a0\u00a0High Level Committee (HLC) has submitted its Report & have suggested various measures for improved monitoring of the implementation of corporate social responsibility policies.\u00a0\u00a0The HLC has recommended various methodologies for monitoring compliance by the companies, measure and process for monitoring & evaluation of CSR projects \/ activities through expert agencies. The HLC also recommended to increase the limit of administrative cost of 5% to 10-15% and requested the MCA to sync the provision of the CSR with Income Tax for the purpose of deduction available under various sections like Section 80G, 35A. Through this report a request is also made to the MCA to clarify the provisions w.r.t definition of Net Profit under Section 135(1) and Section 135(5) of the Companies Act, 2013.<\/p>\n

SEBI<\/strong><\/span><\/p>\n

As per the Regulation 27(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, which specifies that the listed entity shall submit quarterly compliance report on corporate governance in the format specified by the Board from time to time to recognised Stock Exchange(s) within fifteen days from close of the quarter. Accordingly,\u00a0SEBI has released the revised format(s) for Compliance Report on Corporate Governance<\/strong><\/a>\u00a0to be submitted to Stock Exchange (s) by Listed Entities on quarterly basis, at the end of the financial year (for the whole of financial year), and within six months from end of financial year. Further, the Compliance Reports as mentioned above and Secretarial Audit Report shall also be placed before the board of directors of the listed entity in its next meeting.\u00a0 This circular shall come into force with effect from 90 days of notifications of Listing Regulations i.e. September 02, 2015.<\/p>\n

CBDT<\/strong><\/span><\/p>\n

The Central Board of Direct Taxes, in compliance to the order of Hon’ble Punjab and Haryana High Court dated 28.09.2015 & order of Hon’ble Gujarat High Court dated 29.09.2015 and in exercise of powers conferred under section 119 of the Income-tax Act, 1961 (‘Act’), has granted\u00a0extension to due date returns of income<\/a>\u00a0to be E-filed by 30th September, 2015 upto 31st October, 2015 in cases of Income-tax assessees of the State(s) of Punjab and Haryana and Union Territory of Chandigarh & in cases of Income-tax assessees of the State of Gujarat respectively. Further the extension is subject to the outcome of any further appeal \/ SLP which the CBDT may file against the said judgment(s).<\/p>\n

CBDT has issued a\u00a0Press Release relating to the circulation of Fake order for extension of due date<\/a>\u00a0for filing of Audit report and return of Income for Assessment Year 2015-16. The fake order extends the due date for filing of audit report under section 119 of the Income-tax Act to\u00a015 October 2015. It is clarified that the order is fraudulent. The Government has not extended the due date for filing of returns and audit report due by 30th September 2015. Tax payer and practitioners are advised not to give any credence to the fraudulent order purportedly signed by one Upmanyu Reddy.<\/p>\n

\u00a0CLB<\/strong><\/span><\/span><\/p>\n

For the purpose\u00a0of\u00a0exercising\u00a0and\u00a0\u00a0discharging\u00a0its\u00a0\u00a0powers and functions, Company Law Board has\u00a0reconstituted its\u00a0<\/strong><\/a>Mumbai Bench and all urgent and mentioning matters<\/strong><\/a>\u00a0falling in the State of Maharashtra in CLB, Mumbai Bench shall be mentioned before the \u00a0Chief Justice Shri M.M. Kumar, Hon’ble Chairman CLB on the afternoon at 2.30 p.m.on every\u00a0Tuesday\u00a0and Thursday at New Delh1. Further for urgent and \u00a0mentioning matters falling under States(s) of Gujarat, Goa, MP, Chhattisgarh, UT of Dadar&Nagar Havelli and Daman & Diu in CLB Bench, Mumbai Bench shall be mentioned before the \u00a0Shri B.S.V. Prakash Kumar, Member (Judicial) CLB on the afternoon at 2.30 p.m.on every\u00a0Tuesdayand Thursday at New Delhi. This order has come into force from 28th\u00a0September, 2015.<\/p>\n

NCLT \/ NCLAT<\/strong><\/span><\/p>\n

In continuation of the Ministry’s circular dated 10-08-2015, the MCA has extended the last date of receipt of applications for the post of\u00a0Technical Member (2 Post) in NCLAT<\/strong><\/a>,\u00a0Judicial Member (18 Post) in NCLT<\/strong><\/a>\u00a0and\u00a0Technical Member (10 Post) in NCLT<\/strong><\/a>\u00a0from 01-09-2015 to 28-09-2015. Those who have already applied earlier are need not required to apply again and other terms and conditions will remain the same.<\/p>\n

RBI<\/strong><\/span><\/p>\n

RBI has decided to grant\u00a0\u201cin-principle\u201d approval to the 10 applicants to set up small finance banks<\/strong><\/a>\u00a0under the\u00a0\u201cGuidelines for Licensing of Small Finance Banks\u00a0in the private sector\u201d (Guidelines) issued on November 27, 2014. The \u201cin-principle\u201d approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of \u201cin-principle\u201d approval, the RBI would consider granting them a license for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular license is issued, the applicants cannot undertake any banking business.<\/p>\n

RBI has modified the\u00a0directions issued to the\u00a0<\/strong><\/a>Non Banking Financial Company – Micro Finance Institutions (NBFC-MFIs)<\/strong><\/a>\u00a0w.r.t pricing of credit by MFIs. The maximum variance between the minimum and maximum interest rate on loans cannot exceed 4 per cent as per the directions, however the Ministry of Social Justice & Empowerment, Government of India, has proposed to expand its outreach by channelizing funds through select NBFC-MFIs at lower rate of interest for the National Scheduled Castes Finance & Development Corporation (NSFDC). In order to enable NBFC-MFIs to act as channelizing agents of NSFDC, it has been decided that the condition relating to the maximum variance permitted shall not be applicable to loans extended by NBFC-MFIs against funding by NSFDC. For this, NBFC-MFIs shall maintain proper record of funds received from NSFDC and the lending out of those funds. Appropriate disclosures in this regard shall be made in the balance sheet of such NBFC-MFIs.<\/p>\n

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact: info@caindelhiindia.com<\/a> or call at\u00a0011-23343333<\/p>\n

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CORPORATE LAW UPDATE FOR THE MONTH : \u00a0MCA\u00a0 MCA has notified the New Form AOC – 4 (XBRL) which shall be available for filing w.e.f today, 1st October, 2015. All Companies which are falling under the critiria as prescribed by the MCA are required to file the financials in the XBRL mode only. The recently …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[98,647,144,142],"tags":[555,566,502,501,572,328,549,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/410"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=410"}],"version-history":[{"count":9,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/410\/revisions"}],"predecessor-version":[{"id":972,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/410\/revisions\/972"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}