Extension of last date for filing AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7

Extension of last date for filing AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 eforms under the Companies Act, 2013 till 29th November, 2016.

http://mca.gov.in/Ministry/pdf/Generalcircular12_28102016.pdf

DSC on MCA portal because your name in the PAN card is not as per the ICAI

Dear Member,

Greetings from ICAI

In case you are unable to register your DSC on MCA portal because your name in the PAN card is not as per the ICAI records, you may send fill up the form in the given link :-  
http://online.icai.org/app_forms/panupdate/index.html

And kindly attach a scanned copy of your PAN card along with copy of any of the documents in which your name is as in your PAN card

Passport
Aadhar Card
Driving License
Bank passbook with a photo affixed and duly signed by the bank
Voters' Identity card

This will enable us to carry out the necessary alignment to ICAI records to share the same to MCA for their further actions.

Secretary
ICAI

MCA-Relaxation of Additional Fees

Relaxation of Additional Fees/ Extension of Last Date by MCA

A. MCA Announces Relaxation of additional Fees/ Extension of Due Date for Filing of Form AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 [30 July 2016]

MCA vide General Circular 08/2016 dt. 29 July, 2016 has announced relaxation of additional fee and extension of due date for filing of AOC-4 and MGT-7, i.e. it has decided to allow filing of financial statements/ annual returns by 29.10.2016 where due date for holding AGM is on or after 01.04.2016 without payment of additional filing fee, as under:

MCA General Circular 08/2016 dt. 29 July, 2016

1. The Ministry have revised form AOC-4 which would be deployed shortly. Further, Form AOC-4 (XBRL) and Form AOC-4 (CFS) are also under revision and this may be available for deployment by end of August, 2016.

2. As per the relevant provisions of the Companies Act, 2013, the financial statements and Annual Returns will have to be filed by the Companies within 30 days and 60 days of conclusion of AGM or the last day by which AGM ought to have been held, as the case may be

3. In the light of the above and. keeping in view that some time could be required for companies to get familiarised with filing of the new forms, it has been decided to allow companies to file financial statements and Annual Returns on or before 29.10.2016 where due date for holding of the Annual General Meeting is on or after 01.04.2016, without payment of additional filing fee.

NCLT clarifies on functioning of Single Bench & Division Bench

NCLT clarifies on functioning of Single Bench & Division Bench

NCLT clarifies that the NCLT, Division Bench is *entitled to function as a Bench and exercise powers of the Tribunals, irrespective of any class of cases* (except those specified by an Order of President); States that the Single Judicial Member posted at various benches of Tribunal are also authorized, in addition, to the Division Bench to function as Bench and exercise *powers of NCLT* in following cases:

(i) _All *cases* that have been *transferred from CLB,*_

(ii) _All *new petitions* where company involved has *paid-up share capital of Rs. 50 lacs or less where Division Bench is available.* Clarifies that, where the Division Bench is not available, the pecuniary limit of Rs. 50 lacs shall not apply,_

(iii) _Any *other matter which the President may authorize* by passing a specific/general order:_ NCLT

Unable to register your DSC on MCA portal

In case you are unable to register your DSC on MCA portal because your name in the PAN card is not as per the ICAI records, you may send fill up the form in the given link :-  
http://online.icai.org/app_forms/panupdate/index.html

And kindly attach a scanned copy of your PAN card along with copy of any of the documents in which your name is as in your PAN card

Passport
Aadhar Card
Driving License
Bank passbook with a photo affixed and duly signed by the bank
Voters' Identity card

This will enable us to carry out the necessary alignment to ICAI records to share the same to MCA for their further actions.

Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016

Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representations were received which were examined by an Expert Committee. The Committee has recommended amendments to the notified ICDS and also issuance of clarification in respect of certain points raised by the stakeholders. 

The revision of ICDS/issue of clarifications as recommended by the Committee, is under consideration. The revision of the Tax Audit Report is also being made for ensuring the compliance with the provisions of ICDS and for capturing the disclosures mandated by the ICDS. 

Some of the tax payers might have filed their return of income and obtained Tax Audit Report without incorporating the compliance with the ICDS and related disclosures in the absence of the revised Tax Audit Report. Considering these facts, it has been decided that the ICDS shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017-18). The notification to this effect will be issued shortly.

http://pib.nic.in/newsite/erelease.aspx?relid=146874  

FAQ-Company Name Reservation and Incorporation at Central Registration Centre (CRC)-MCA

FAQ-Company Name Reservation and Incorporation at Central Registration Centre (CRC)-MCA

1. What is Central Registration Centre (CRC)?

The Central Registration Centre (CRC) is an initiative of Ministry of Corporate Affairs (MCA) in Government Process Re-engineering (GPR) with the specific objective of providing speedy incorporation related services in line with global best practices.

2. What services are offered by the CRC presently?

CRC is presently tasked to process applications for name availability (INC-1) and forms related to new companies incorporations (INC-2/INC-7/INC-29/INC-22 and DIR-12.

3. How do I apply for a name for a company?

You can use the services of check name availability for first-hand information on whether the proposed name is available and then apply for it in form INC-1 with six alternative names with deferent prefix word or INC-29 (composite Incorporation Form).

4. What do I do if the name applied for is put under resubmission due to the following reasons :

SIMILAR NAME ALREADY EXISTS :

You are requested to read the mail carefully and follow the query. Before resubmitting please recheck the name from name availability option available at MCA website www.mca.gov.in under ‘services’ tab and the Companies Incorporation rules 2014 with six alternative names .

TRADE MARK EXISTS :

You are requested to read the mail carefully and follow the query. Before resubmitting please recheck the details of Trade Marks are available at MCA website www.mca.gov.in

5. How Can I apply for names which includes words like Insurance, Bank, Stock Exchange, Venture Capital, Asset Management, Nidhi, Mutual Fund, Finance, Chits, Investment, Leasing, Hire purchase etc. or any combination thereof?
Please select ‘yes’ in field 14a of INC-1 (Whether the proposed name includes the words such as Insurance, Bank, Stock exchange, Venture Capital, Asset Management, Nidhi, or Mutual Fund etc.) if name has finance or any other indication of finance activity.

In case of INC-29 (Integrated Incorporation Form), if proposed name includes combination of above words, please select ‘yes’ in field 5 (b) (iv).

In respect of section 8 companies, declaration is required to be attached confirming that after Incorporation, all the mandated requirements of the respective Act/regulator, such as IRDA, RBI, SEBI, MCA etc will be complied with.

The above declarations are required to be given in compliance of rule 8 (2) (b) (iii) and (xiii) of the Companies (Incorporation) Rules 2014(as amended).

6. How can I apply for a name if the name of a Trade Mark is included in its proposed name?

Prescribed particulars in E-form INC-1 are required to be filled in field 11 & 12 duly supported by NOC from the Trade Mark owner.

In case of INC-29, Trade Mark details are required to be filled up in field 5(c) of duly supported by NOC from trade mark owner.

The details of Trade Marks are available at MCA Website www.mca.gov.in under Trade Mark link.

7. How can I apply for a name if combination of the proposed name contains only one word of difference with similar prefix of an existing company?
NOC by way of Board resolution from existing company is required to be attached with e-form.

8. How can I apply for a name if prefix of the proposed name is same to the existing company and activity is not mentioned?
This type of name may be allowed when accompanied with NOC by way of board resolution from the existing companies whose name is same.

9. Can I apply for a name which has the word ‘company’ though the proposed company does not fall under the category of a producer company?
Yes. However, an off-line application has to be made to the Joint Secretary, Ministry of Corporate Affairs, Shastri Bhawan, Dr Rajendra Prasad Road, New Delhi-110 001. MCA will process the application on case to case basis for necessary approval. On approval of the application a pre-formatted INC-1 or INC-29 (enabling therein the word company in its name) will be forwarded to the applicant through the jurisdictional RoC for filing purposes.

10. Can I apply for a name in INC-1 to incorporate a Section 8 company with the words ‘micro-finance’ in its name?
Yes for this type of name, you can apply along with declaration as per rule 12 of the Companies (Incorporation) Rule, 2014 if, license is issued under section 8. However, Finance activity is under regulatory control of RBI. Hence at the time of filing incorporation documents promoters/director of proposed company are required to give undertaking as per rule 12 of the Companies (Incorporation) Rules, 2014.

11. What are the steps for incorporating a Section 8 Company?

(i) To incorporate a Section 8 company the promoter/applicant has to first submit an application in INC-1 for reserving a name for a section 8 company (Select radio button of “section 8 Company”).

(ii) On the approval of this application for name, he has to file INC-12 with Jurisdictional RoC for obtaining a License. While making an application for License in INC-12, the approved SRN of INC-1 is a pre-requisite. Please refer the field 3 (* Indicate Registrar of companies (ROC) reference number for name approval (Service Request Number (SRN) of Form INC-1) of INC-12.

(iii) On obtaining the License, he may file INC-7 for incorporating the company. While filling INC-7 the relevant approved SRN of INC-1 and License Number obtained through INC-12 has to be filled in relevant fields.

Note: While INC-1/INC-2/INC-7 along with relevant linked forms viz. INC-22 and DIR-12 and INC-29 are processed by the CRC, application for License (INC-12) is processed by the jurisdictional RoC.

12. How many times ‘Resubmission/Pending for User Clarification (PUCL)’ is allowed in INC-1/INC-2/INC-7 and INC-29?

Resubmission/PUCL is allowed only ‘once’ (in aggregate) in respect of INC-1/INC-2 and INC-7. However, Resubmission/PUCL is allowed ‘thrice’ (in aggregate

Ten Features that distinguish the NCLT from CLB

The constitution of these Tribunals marks the dissolution of the Company Law Board (CLB).

Fourteen years after its introduction in the Companies (Second Amendment) Act, 2002, and after several rounds of litigation, the Government has finally constituted these tribunals. The primary objective of these tribunals is to provide simpler, speedier and more accessible dispute resolution mechanism for company related disputes, by unburdening the courts.

Provided hereunder is a brief summary of the differences between the CLB and the NCLT.

*1. Number of Benches*

While the CLB was functioning with only five benches, the NCLT will commence action with eleven benches. It is expected to eventually have benches across each state in India.

*2. Jurisdiction*

While provisions relating to mergers, restructuring and winding-up have not been notified yet, the NCLT, once fully functional, will consolidate the corporate jurisdiction of the

CLB;
Board of Industrial and Financial Reconstruction;
Appellate Authority for Industrial and Financial Reconstruction and;
Jurisdiction and powers relating to winding up, restructuring and other such provisions, currently vested in the High Courts.
Once notified, the provisions relating to mergers, restructuring and winding up will no longer be under the jurisdiction of the High Court.

*3. Amicus curiae*

The Draft National Company Law Tribunal Rules, 2013 (Draft Rules)  enable the NCLT to appoint Amicus Curiae for opinion on various specialised legal issues.

*4. Other professionals allowed to represent*

Until now, Company Secretaries, Chartered Accountants, Cost Accountants could represent their clients only before the CLB, the scope of which was limited. The Draft Rules enable other professionals to represent their clients in matters pertaining to mergers/ winding-up before the NCLT.

*5. Class action suits*

With the constitution of the NCLT, shareholders and creditors can now file class action suits against the company for breaching the provisions of the Act.

While shareholders have always been allowed to protest against the wrong doings of the management, class action suits takes this a step further. The key difference between oppression, mismanagement (Sections 241-244) and class action suits (Section 245) can be summed up in the following points:

Under Section 245, members as well as deposit holders can file an application as opposed to only member;
Application can be filed, in addition to company and its statutory appointees, against audit firms and any other independent consultants;
Application can be filed for future activities as well in addition to current or past activities.

*6. Dedicated online portal*

The Draft Rules introduce a ‘dedicated online portal’ through which all the parties or central or state government agencies and local government bodies may electronically send and receive documents to or from the NCLT and make required payments.

*7. Electronic filing*

As per the Draft Rules, electronic filing and serving of Tribunal documents shall be mandatory except as provided otherwise, with effect from the date to be notified in the official gazette

*8. Members of the Technical Committee and Selection Committee*

In the NCLT, only officers holding ranks of Secretaries or Additional Secretaries can be considered for appointment as technical members. While the CLB did not have a selection committee, the selection committee for the NCLT comprises of four members including the Chief Justice of India, who will have a casting vote.

*9. Appeals*

Appeals from the NCLT will go the NCLAT, and thereafter with the Supreme Court. The High Courts have been eliminated from the chain of appeals.

*10. Ousting of Civil Court jurisdiction*

Under the old regime, there was no express provision ousting the jurisdiction of the Civil Courts, and various judicial pronouncements have time and again reiterated the requirement of an express provision for ousting Civil Court jurisdiction.

Putting an end to the debate, Section 430 the Act expressly ousts the jurisdiction of Civil Courts.

MCA : *Special Courts Notified*

MCA : *Special Courts Notified*

In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 18th day of May, 2016 as the date on which the provisions of clause (iv) of sub-section (29) of section 2, sections 435 to 438 (both sections inclusive) and section 440 of the said Act shall come into force.

MCA Waives Addl Penalty

MCA waives off additional fee on e-forms due for filing from 25-03-2016 to 30-04-2016

April 14, 2016

SECTION 398 OF THE COMPANIES ACT, 2013 - PROVISIONS RELATING TO FILING OF APPLICATIONS, DOCUMENTS, INSPECTION, ETC., IN ELECTRONIC FORM - RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE OF FILING OF VARIOUS E-FORMS UNDER COMPANIES ACT

GENERAL CIRCULAR NO.3/2016 [F.NO.01/34/2013 CL-V], DATED 12-4-2016

This Ministry has launched V2R2 on 28th March, 2016, downtime was given to Infosys from 25th March, 2016 to 27th March, 2016. Since the launch of the system, a number of stakeholders have faced issues and representations have been received from stakeholders to resolve the issues including, for allowing waiver of additional fee till the new system stabilizes.

2. In view of the above, it has been decided to relax the additional fee payable on e-forms which are due for filing by companies between 25th March, 2016 to 30th April, 2016 as one time waiver of additional fee and it is also clarified to stakeholders that if such due e-forms are filed after 10-5-2016, no such relaxation shall be allowed.

3. This issues with the approval of the Competent Authority.

CARO 2016 Notified

MCA notifies CARO, 2016, applicable for FY beginning on or after April 1, 2015

10 key takeaways from Companies Amendment Bill, 2016. Analysis on Companies Amendment Bill,2016

Companies Amendment Bill, 2016 (the bill) was introduced in Lok Sabha on 16^th March, 2016. Most of the amendments proposed in bill are broadly aimed at addressing difficulties in implementation of provisions of Companies Act, 2013.

Key amendments proposed in the bill are as follows:

  1) Appointment of auditors: It has been proposed to do away with the requirements of annual ratification by members with respect to appointment of auditors. Further, under the exisitng provisions, the auditor who has resigned from the company needs to file Form No. ADT-3 with the company and ROC. His failure to do so may attract maximum penalty of Rs 5 lakhs. Now it has been proposed to reduce such penalty to Rs 50,000. However, such penalty should not exceed the remuneration of auditor.

  2) Prohibition on loan or guarantee: Bill seeks to limit the prohibition on loans, advances, etc., to any person in which any of the director is interested in. It has been proposed to allow companies to give loan's or guarantee's or provide security to any person in whom any of the director is interested in subject to passing of special resolution by the company and utilisation of loans by the borrower for its principal business activities.

  3) Restrictions on layers of investment companies: Under the existing provisions a company shall make investment through not more than two layers of investment companies. The Bill proposes to delete the restrictions on layers of investments.

  4) Managerial remuneration: It has been proposed to do away with requirement of obtaining special resolution and approval of Central Govt. for payment of managerial remuneration in excess of prescribed limits of Schedule V. However, for making such payments prior approval of bank or public financial institution or non-convertible debenture holder or secured creditor is also required before taking approval from shareholders.

  5) DIN: It has been proposed to recognise any other identification number, as may be prescribed, in place of DIN.

  6) Repayment of deposit: Under the exising provisions, pubic deposits shall be repaid within one year from commencement of the Companies Act, 2013 or from due date of payment, whichever is earlier. Now the bill proposes to provide that such public deposits shall be repaid within 3 years from the enforcement of Section 74 (Repayment of deposit etc., accepted before commencement of the Act) of the Companies Act, 2013 or before expiry of the period for which deposits were accepted, whichever is earlier.

  7) Simplification of private placement: Bill proposes to simplify the requirements with reference to private placements, such as doing away with separate offer letter, reducing number of filings with registrar.

  8) Liberty on public issue: Bill proposes to remove the restriction which requires company to make issue only after one year has elapsed from the date of commencement of its business.

  9) Annual Return: Bill proposes to remove the extract of annual return forming part of Board's report and provide disclosure of web address/web-link of the annual return in Board's report. It also proposes to omit requirement regarding disclosure of indebtedness, and modify requirement of disclosure of names, addresses, countries of incorporation, registration and percentage of shareholding of Foreign Institutional Investors.

10) Maintenance of registered office: Under the existing provisions, the company has to maintain its registered office within 15 days of its incorporation. The bill proposed to provide that a company to has to maintain its registered office within 30 days of incorporation.

Draft Format of Financial Statements

MCA issues draft format for financial statements in line with Ind AS   On 9th February, 2016, Ministry of Corporate Affairs issued draft format for financial statements (Revised Schedule III) in line with Indian Accounting Standards (Ind AS). The said format, if approved, shall be applicable on companies who are applying Ind AS voluntarily or shall apply mandatorily w.e.f 1st Aril 2016 or 1st April, 2017, as the case may be which is specified in Companies (Indian Accounting Standards) Rules, 2015.   Proposed revised Schedule III is similar to existing Schedule III of the Companies Act, 2013 subject to some differences. The major differences are as follows:   (i) The first half of the balance sheet requires presentation of assets and second part requires presentation of equity and liabilities, unlike present schedule III which requires presentation of equity and liabilities first and then assets.   (ii) Investment property, biological assets other than bearer plants, financial assets (categorised into investments, trade receivables, loans and others) shall be disclosed on the face of balance sheet under 'Non-current assets'.   (iii) Reserves and surplus, money received against share warrants and share application money pending allotment shall be clubbed into a single heading "Other Equity" in the balance sheet.   (iv) "Other non-current assets" shall be classified into capital advances and advances other than capital advances.   (v) Preference shares shall be classified and presented as 'Equity' or 'Liability' in accordance with the requirements of relevant Ind AS.   (vi) The Statement of profit and loss will include profit (a) profit or loss for the period; and (b) other comprehensive income for the period.   Stakeholders can provide their comments on the draft by 23rd February, 2016.   

6 Changes in Name Availability

6 changes you must know for registration of company's name under new Rules

The Govt. has notified the Companies (Incorporation) Amendment Rules, 2016 ('Amended Incorporation Rules'). Now the process of reservation of name of companies has been simplified. Following changes have been made for ease of doing business in India:

1) Name of company need not to be in consonance with principal object:

Under extant norms, the company's name was necessarily required to be in consonance with principal object, if such name resembled any object of company. Now as per the amended Rules the name of company will not be considered undesirable even if it is not in consonance with the principal objects of the company as set out in Memorandum of association. Let us understand this condition with the help of an example. Suppose if a company wants to opt its name as 'ABC Builders Pvt. Ltd.' then it is not necessary that its principal object should be related to construction and development only. Thus, now company is free to choose such name which is not in consonance with principal object.

2) Usage of vague or an abbreviated name:

Under the extant norms there was restriction on usage of vague and abbreviated name. How many of us knows about ANI Technologies Pvt. Ltd but if one would say 'OLA' then most us might have heard of it and even enjoyed its first free ride. 'OLA' could have registered its name containing 'OLA' if there was no such restriction on usage of abbreviated name. The Amended rules does away with restriction on usage of vague and abbreviated name. Now a company can use either vague or an abbreviated names such as 'ABC limited' or '23K limited' or 'DJMO' Ltd.

3) No need to change name on change in business activity:

As per the extant norms if any company has changed its activities which are not reflected in its name then it would be required to change its name in line with its activities. However, such requirement has now been done away with under the amended Rules.

4) Central registry to dispose of name reservation application:

Now an application for the reservation of a name made in INC.1 shall be approved or rejected by the Registrar, Central Registration Centre. Earlier, the authority to dispose application for reservation of name was with respective ROCs.

5) Additional opportunity to remove defects:

Now while going for the fast-track mode of incorporation the registrar can give third opportunity to company to remove such defects or deficiencies.

6) Usage of Name containing Name of other person:

Under the extant norms, in case the key word used in the proposed name of a company is the name of a person other than the name(s) of the promoters or their close blood relatives, then NOC from such other person(s) and the proof of relation were required to be attached, respectively. Now such requirement of furnishing NOC and proof of relation has been removed.

(Source:taxmann)

clarification that HUF or Karta can not become Partner or Designated Par ter in LLP.

MCA  Circular dated 15th January, 2016

clarification  that HUF or Karta can not become Partner or Designated Par
ter in LLP.

http://mca.gov.in/Ministry/pdf/General_Circular_2_2016.pdf

FAQ on CSR

MCA issues FAQs on CSR   MCA has been receiving several queries and reference seeking further clarifications on various issues relating to CSR provisions and in this regard list of FAQs has been issued.
The key FAQs are as under  

  i. Applicability: CSR provisions shall be applicable to all companies satisfying the criteria laid down under Section 135 of the Companies Act, 2013 and relevant Rules.  

  ii. Tax benefits: With regard to the Tax benefits, it has been clarified that no specific tax exemptions that has been extended to CSR expenditure per se, however it clarified that spending on certain activities like contributions to Prime Minister's Relief fund, Scientific research , Rural development projects, skill development projects, agricultural extension projects etc. prescribed in Schedule VII already enjoy exemptions under different provisions of Income Tax Act, 1961  

 iii. Computation of Average net profit: With respect to 'average net profit' criteria u/s 135(5), It has been clarified that computation of net profit shall be as per section 198, which is primarily 'profit before tax'  

  iv. CSR as business expenditure: MCA clarified that the amount spent by company towards CSR cannot be claimed as 'business expenditure'  

  v. Carry forward of CSR expenditure: Any excess amount spent (i.e. more than 2% as specified in section 135) cannot be carried forward to the subsequent years and adjusted against that year's CSR expenditure   vi. Activities that are not covered under CSR: MCA specified some activities which would not qualify as CSR, which includes: (i) CSR Projects or programs or activities that are only for employees' benefit, (ii) one-off events such as marathons/awards/sponsorship of tv programmes etc, (iii) expenses incurred for compliance of any other Act / Regulation, (iv) Contribution of any amount directly or indirectly to any to political party, etc.   vii. Section 8 Companies: Since no exemption is given to section 8 companies therefore, any such Company which is fulfilling the prescribed criteria, is also required to comply with CSR provisions.   viii. Display of CSR policy on Co's website: Clarifies on mandatory display of CSR policy on company's website and reporting in Boards' Report.

Relaxation of Additional Fees

Relaxation of additional fees and extension of last date of filing of for ms M GT-7 (Annual Retur n) and AOC-4 (Financial Statement). Looking to the delay in notification of the electronic versions of forms AOC-4, AOC-4 (XBRL), MGT-7 and AOC-4 CFS, the MCA has decided to relax the additional fees payable on forms AOC-4, AOC-4 XBRL and MGT-7 up to 31/10/2015. Further, a Company which is not required to file its financial statement in XBRL format and required to file its CFS (Consolidated Financial Statements) would be able to do so in the separate form for CFS without any additional fees up to 30/11/2015. [F. No. 1/34/2013-CL-V dated 13th July, 2015]

MCA Annual filing available wef 25-09-2015

MCA to make Annual filing forms available w.e.f. 25th September, 2015

The Ministry of Corporate Affairs has issued a General notice dated 24th September, 2015 for the introduction of New forms AOC-4(Non-XBRL), MGT-7, ADT-2 & SH-9 is being made available w.e.f 25th September 2015 along with C&I Validation tool beta version. You are requested to plan accordingly.
New Versions of forms CRA-4 and CHG-4 are also likely to be modified w.e.f 25th Sept 2015.
Stakeholders are requested to plan accordingly.

MCA Update on Deposit From Relative By Private Limited Company:

MCA Update on Deposit From Relative By Private Limited Company:

Deposits rules are quickly getting aligned with old 58A exempted rules to private limited company.

Without any upper limit of amount, now a private company can  accept unsecured loans apart from director even from a relative (as per definition) of a director of the company with simple declaration saying the relative has not borrowed same from others. The relative need not be a shareholder of the company.

http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_15092015.pdf

SEBI Guidance Note on Insider Trading

SEBI issues Guidance Note on Insider Trading Regulations, clarifies on ESOPs & contra-trades

SEBI issues Guidance Note on Insider Trading Regulations, 2015; Clarifies that exercise of ESOPs shall not be considered to be "trading" except for the purposes of Chapter III (relating to 'disclosure of trading by insiders'); States that any derivative contract that is settled in cash on expiry shall be considered to be 'contra-trade' and the trading in index futures or such other derivatives where scrip is part of such derivatives, need not be reported; States that buy-back offers, open offers, rights issues, FPOs, bonus are available to designated persons, and 'contra-trade' restrictions shall not apply; Clarifies that pledgor / pledgee may demonstrate that creation of pledge or invocation of pledge was bona fide and prove their innocence under proviso to Reg. 4(1) of the Regulations (relating to 'Trading when in possession of unpublished price sensitive information'); With respect to the trades done by compliance officer, SEBI clarifies that board of directors of the company shall be the approving authority and may stipulate procedures as are deemed necessary for ensuring necessary compliances: SEBI