Corporate Laws
Amendments to CSR provisions
The amendments to the CSR provisions now have been notified and has revamped CSR framework for companies. MCA issued a notification and notified certain provisions of the Act, one of the provisions relating to CSR. Section 27 of the Amendment Act, 2020 amends section 135 of the Act (relating to CSR). MCA has also issued […]
Relaxation for holding AGM for FY 2019-20
[Source: Ahmedabad Branch of WIRC of ICAI Newsletter; compiled by CA. Vedant K. Parikh, Ahmedabad] Background Due to the widespread of COVID-19 and consequential restrictions linked to the social distancing norms, Ministry of Corporate Affairs (MCA) has received several representations to allow companies to hold their Annual General Meeting for the financial year ended on […]
Relaxations for the Companies and LLPs to make good any filing related defaults
Relaxations for the Companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity by 30th September, 2020 In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the […]
CSR funds can be used to fight Covid-19
[Source: CSR Committee of The Institute of Chartered Accountants of India] The Finance Minister Nirmala Sitharaman, said on March 23, 2020 that “In view of the spread of novel Corona Virus in India, its declaration as pandemic by the WHO, and decision of Government of India, to treat this as notified disaster, it is hereby […]
SEBI audit flags discrepancies at warehouses
Mumbai: A Securities and Exchange Board of India (Sebi) audit of warehouses accredited by commodity exchanges has found discrepancies in both the quantity and quality of stock they hold, said two people familiar with the matter. Current Sebi norms allow commodity exchanges to outsource warehousing of stocks to third-party warehouse service providers that are accredited […]
Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’
The Ministry of Company Affairs has issued the following clarification that Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’ under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014. General Circular No.05/2015 dtd. 30-Mar-2015 F.No.1/8/2013-CL-V Government of India Ministry […]
FATCA is a `fatka’ for NRIs
US may soon get a leash on Indian financial institutions Imagine this: Having moved to the US on a work visa, you have become a taxpayer there. But you have not closed your savings account with State Bank of India and a demat account with its subsidiary. Both you and your bank/broker would soon be […]
Highlights of Companies Bill, 2012
[By Anish Shah (CS), A. Shah & Associates] On 18th December, 2012 the Companies Bill, 2011 had been passed by the Lok Sabha. However, it was passed with certain modifications as recommended by the Parliamentary Standing Committee on Finance. The Bill seeks to consolidate and amend the law relating to the companies and intends to […]
Corporate Laws: Recent News Snippets
MCA plans system in 2 months to detect fraud in early stages According to an official of the ministry of corporate affairs, who did not wish to be identified, a seven-member internal committee headed by an additional secretary of the ministry of corporate affairs (MCA) has been working to evolve a mechanism of early detection […]
Clarity on LLP tax issue only next year
Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships (LLPs). The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged,
