20 August 2016
The Ministry of Corporate Affairs (“MCA”) has, by way of Notification dated 19-7-2016 amended the Companies (Share Capital and Debenture) Rules, 2014 (“Capital and Debenture Rules”).
Differential voting rights
Hitherto, companies could not issu...
22 August, 2014
Ministry of Corporate Affairs has introduced Company Law Settlement Scheme 2014. This scheme provides for condoning delay in filing of annual documents (Annual Return and Financial Statements) on the MCA 21 electronic registry.
The Scheme, which will come into force from 15-8-2014 and remain in force till 15-10-2014, grants immunity from prosecution and allows for reduced ad...
28 July, 2014
Prohibition of any related party from voting in any special resolution of the company to approve any contract or arrangement (as specified in Section 188 of the Companies Act, 2013) is applicable only to the contract or arrangement for which the special resolution is being passed.
MCA General Circular No. 30/2014, dated 17-7-2014 issued for this purpose clarifies that the term...
18 March, 2014
Section 135 of Companies Act, 2013 (Act) and Schedule VII demarcating Corporate Social Responsibilities (CSR) of companies in India shall come into force from 1-4-2014. Along with notification relating to effective date for Section 135, Ministry of Corporate Affairs (MCA) has also issued, on 27-2-2014, notification relating to amendment to Schedule VII of the Act.
By Rajat Juneja
Formulation of Income Computation and Disclosure Standards (‘ICDS’)
The Central Government is empowered[see end note 1] to notify ‘accounting standards’ under Section 145 of the Act[see end note 2] which need to be necessarily followed while computing income under the head ‘profits and gains of business or profession’ or ‘other sources’. In the year 1996[see end note 3], two...
31st January, 2012
Refund of statutory fees paid for certain services will be available as per latest press release of the Ministry of Corporate Affairs. Refund of MCA21 fees will be available in cases of multiple payments (Form 1 & Form 5), incorrect payments and excess payments.
The release notes that earlier, there was no process in MCA21 for refund of fees wrongly paid by the stakeholde...
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