Other Editorials

Latest Amendment in Directors Report

Short Summary: The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Companies (Accounts) Rules, 2014  to enhance the disclosures required to be made by the Company in Board Report; Purpose of Amendment: By these amendments MCA increasing stringency in compliances and adding numerous additional disclosures in Financial Statement, …

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Latest Amendment in Auditors Report

Short Summary: The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Companies (Audit and Auditors) Rule, 2014 to enhance the disclosures required to be made by the Company in its Audit Report. Purpose of Amendment: By these amendments MCA increasing stringency in compliances and adding numerous additional disclosures in …

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Use of Accounting Software having audit trail feature

Short Summary: The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Companies (Accounts) Rules, 2014  to enhance the disclosures required to be made by the Company in Board Report; Purpose of Amendment: By these amendments MCA increasing stringency in compliances and adding numerous additional disclosures in Financial Statement, …

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AMENDMENT IN SCHEDULE III

Short Summary: The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Schedule III to the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 and Companies (Audit and Auditors) Rule, 2014 to enhance the disclosures required to be made by the Company in its:- Financial Statements; Board Report; Audit Report Purpose of …

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IMPACT ANALYSIS LISTED COMPANY NEW DEFINITION:

MCA has issued “Companies (Specification of Definition details) Second Amendment Rules, 2021 dated 19th February 2021. Through these rules MCA has changed the definition of ‘Listed Company’ in Section 2(52) of Companies Act, 2013. However, An enabling provision to do this was introduced in the Companies Act last year by way of an amendment but …

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Stamp Duty on Transfer of Shares

Summary: The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. These amendments were first proposed under the Finance Act of 2019 and the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019 (Rules). The amendments propose a uniform system for collection and …

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EVERYTHING ABOUT NDH-4

The requirement of filing of NDH-4 is mentioned in section 406 of Companies Act, 2013 and rule 3A, 23A and 23B of Nidhi Rules, 2014. Ministry has issued notification on July 1, 2019 and notified Rule 3A of Nidhi (Amendment) Rules, 2019. These rules came into effect from August 15, 2019. In these rules MCA …

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KEY – RELAXATION TO SMALL COMPANIES

Key – Relaxation to Small Companies Summary:  Delivering the Union Budget 2021-22, Finance Minister Nirmala Sitharaman, on Monday, proposed changes in definition of small companies under the Companies Act. Definitions: Old Definition: As per the Old definition ‘‘Small Company’’ means a company, other than a public company,— (i) paid-up share capital of which does not exceed …

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One Person Company – Latest Provisions

One Person Company – Latest Provisions: As proposed in Budget Speech in respect of amendment in the provision of One Person Company. MCA has introduced “Companies (Incorporation), Second Amendment Rules, 2021 on 1st February 2021. Most Important: Amendment in Process of Conversion of One Person Company to Private/ Public Company Date of Effectiveness of these …

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Process of Conversion of OPC Into Private/ Public Company

Summary: As proposed in Budget Speech in respect of amendment in provision of One Person Company. MCA has introduced “Companies (Incorporation), Second Amendment Rules, 2021 on 1st February, 2021. Most Important: Amendment in Process of Conversion of One Person Company to Private/ Public Company Date of Effectiveness of these rules: [1]These new process / rules …

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FAQ’S ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

Summary: MCA has introduced “Companies (Corporate Social Responsibility Policy), Amendment Rules, 2021. Most Important: CSR Spending made mandatory from voluntary w.e.f. financial year 2020-21. Date of Effectiveness of these rules: [1]These rules came into effect on 22 January 2021, as the same has been published in the official gazette on the same date. Therefore, these …

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Latest Amendment in LLP Act

Summary: In the Budget 2021, our hon’ble financial minister announced about Amendment in LLP Act. In continuation of same, Ministry of Corporate Affairs issued a press release on 03rd February 2021. https://pib.gov.in/PressReleasePage.aspx?PRID=1694837 Most Important: Introduction of New Concept of Small LLP. Purpose of Amendment in Version: object of unleashing the entrepreneurial spirits of our youth …

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MCA21- Version 3.0 (e-Governance)

Summary: In the Budget 2021, our hon’ble financial minister announced about MCA21- Version 3.0. In continuation of the same, the Ministry of Corporate Affairs issued a press release on 05th February 2021. https://pib.gov.in/PressReleasePage.aspx?PRID=1695473 Most Important: MCA21-Version 3.0 will be launch in the Financial year 2020-21. Purpose of Amendment in Version: MCA21 system is the first …

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FAQ-s ICSI Credit Hours

[1]ICSI has issued New Guidelines for Yearly Credit Hours for Financial year w.e.f. 01st April 2020. These guidelines came into effect from 01st April 2020. New Credit Hour Requirements: It is mandatory for all members of the Institute, except those specified in para 5.1 of guidelines (also mentioned below) to secure 20 CPE Credits in …

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Process of Cancellation of SRN (already approved) from ROC

It’s a common question amongst many professionals that “If a form approved by ROC under STP mode, whether SRN can be Cancel?  Whether AOC-4/MGT-7/ any other form filed by Company can be revising? In this editorial author shall discuss provisions under companies Act Relating to defect/ cancel the approved e-form or process of revisions of …

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Impact Analysis Listed Company New Definition – Series 662

MCA has issued “Companies (Specification of Definition details) Second Amendment Rules, 2021. Through these rules MCA has changed the definition of ‘Listed Company’ in Section 2(52) of Companies Act, 2013. However, An enabling provision to do this was introduced in the Companies Act last year by way of an amendment but the classes of companies …

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UDIN – ICSI – Unique Document Identification Number

[1]In exercise of the powers conferred by clause (1) of Part II of the Second Schedule to the Company Secretaries Act, 1980 as amended by the Company Secretaries (Amendment) Act, 2006. The council member in its 261st meeting held on 27th June 2019 issued Unique Document Identification Number (UDIN) Guidelines, 2019 that every Company Secretary …

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Key Take Away – Notified Sections – COMPANIES (AMENDMENT) ACT, 2020

Summary: The government has passed the Companies (Amendment) Bill, 2020 as Bill No. 88 of 2020 to further amend the Companies Act, 2013 on March 12, 2020. Companies (Amendment) Bill, 2020 based on CLC Committee. CLC Committee submitted its report in November 2019. There are amendments in 66 Sections of the Companies Act, 2013 Title …

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