Attorneys at Law Since 1964

Circulars & Notifications

 

mca icon Company Law

Notification dated 14.12.2016

  • The Rules shall come into force on 15th December, 2016.
  • The Rules contain the procedures in respect of the application to be made to NCLT for the purpose of compromise, arrangements, mergers or amalgamation between companies.

 

Notification dated 07.12.2016

The following provisions of the Companies Act, 2013 shall come into force on 15.12.2016:

Sections 2(23), 7(7) (c) & (d), 8(9),48, 66, 224(2),226, 230(other than sub-section 11 and 12), 231- 233, 235-240, 270-288, 290-303, 324, 326-365, proviso to Section 370, 372-373, 375-378, 391(2), 434 (1) (c).

 

Notification dated 07.12.2016

  • The Rules other than rule 4 shall come into force on 15th December, 2016.
  • The pending proceedings relating to arbitration, compromise, arrangement, reconstruction, other than proceedings relating to winding up shall be transferred to the Benches of the NCLT constituted under the Act.
  • The pending proceedings of winding up matters other than voluntary winding up where the petition has not been served on the Respondent shall be transferred to the Benches of NCLT constituted under the Act.

 

Notification dated 17.11.2016

Pursuant to the Amendment, the relevant Indian Accounting Standards (Ind AS) shall apply in case of intangible assets. If the company is not required to comply with the Indian Accounting Standards (Ind AS), it shall comply with relevant Accounting Standards under Companies (Accounting Standards) Rules, 2006.

Curated from Amendment of Schedule II to the Companies Act, 2013

 

Notification dated 07.11.2016

  • Rule pertaining to pre-certification of forms has been amended. Pursuant to the Amendment, Form AOC-4 shall be pre-certified by a Chartered Accountant or Company Secretary or as the case may be by the Cost Accountant in whole-time practice.
  • Provision relating to fee on Application made to the Central Government has been amended.

 

Notification dated 27.10.2016

The Ministry has extended last date for filing of financial statements and annual return e-forms AOC-4, AOC-4 (XBRL), AOC-4 (CFS) or MGT-7 as the case may be, without payment of additional fee, wherever applicable, till 29th November 2016.

 


 

sebi icon SEBI

Notification dated 10.10.2016

The Exclusively Listed Companies (ELCs) of the De-recognized/ Non-operational/ exited stock exchanges which are placed on the dissemination board (DB) will be required to exercise any of the two options:

  • Raise additional capital through preferential allotment for listing on Nationwide Stock Exchanges or
  • Provide an exit mechanism for the shareholders

If the Companies fail to exercise any of the above said options, appropriate actions will be taken against the Company and its Promotors.

 

Notification dated 03.10.2016

  • In pursuance to the Medium Time Framework (MTF) for FPI limits in Government Securities announced by the RBI, it was decided to enhance the limits for investments by FPIs in Government Securities for the next year.
  • The incremental limits shall be available for investments on tap with effect from October 3, 2016 and January 2, 2017.

 

Notification dated 28.09.2016

  • The Central Government has specified the goods for the purpose of Section 2(bc) of SCRA in consultation with SEBI by way of notification.
  • The stock exchanges are hereby advised to make necessary amendments to the relevant bye-laws, rules and regulations for implementing the same.

 

Notification Dated: 15.09.2016

With respect to circular issued by SEBI under circular no: CIR/MIRSD/10/13 dated October 28, 2013. Clarifications regarding documentary requirement for securities held in physical mode has been given by SEBI.

Curated from Standardization and simplification of producers for Transmission of securities

 

Notification Dated: 07.09.2016

In case of such companies whose fair value is positive: –

(a) such a company and the depositories shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares and corporate benefits like dividend, rights, bonus shares, split, etc. shall be frozen, for all the equity shares, held by the promoters/ promoter group till the promoters of such company provide an exit option to the public shareholders in compliance with sub-regulation (3) of regulation 23 of the Delisting Regulations, as certified by the concerned recognized stock exchange;

(b) the promoters and whole-time directors of the compulsorily delisted company shall also not be eligible to become directors of any listed company till the exit option as stated at (a) above is provided.

 

Foreign investment by all foreign investors in Overseas Rupee Denominated bonds of Indian Corporates will have to be within the Combined Corporate Debt limit of INR 244,323 crores. This includes the amount invested by Foreign Portfolio Investors(FPIs) also. However, the SEBI (Foreign Portfolio Investors) Regulations 2014 will not be applicable for any investment made by FPIs in Rupee Denominated bonds.

 


 

fema iconFEMA

Notification dated 16.02.2017

It has been decided to permit Multi-lateral and Regional Financial Institutions in which India is a member country to invest in Rupee denominated bonds issued overseas by Indian entities.

 

Notification dated 02.02.2017

NRIs are permitted to access to the exchange traded currency derivatives market for hedging the currency risks arising out of their investments in India under the Foreign Exchange Management Act, 1999 subject to compliance of the terms and conditions prescribed under the said Notification.

 

Notification dated: 25.01.2017

Indian Party is prohibited from making direct investment in an overseas entity (set up or acquired abroad directly as JV/ WOS or indirectly as step down subsidiary) located in the countries identified by the FATF as “non co-operative countries and territories” as per list available on FATF website www.fatf-gafi.org or as notified by the Reserve Bank of India from time to time.

 

Newsletter


Offices

61, TTK Road, Alwarpet, Chennai 600 018

Bootstart - Cabin 1, 2nd Floor, Doulatram Mansion Building, Rambhau Salgaonkar Road, Badhwar Park, Apollo Bandar, Colaba, Mumbai – 400 005

2283, 14th A Main Road, HAL 2nd Stage, Indiranagar, Bengaluru 560008

965, Harita Centre, Avinashi Road, Coimbatore 641 037

Top