MCA and Corporate Law:
MCA was under maintenance since last 4-5 days and few services were discontinued during the said period. It has now notified, that maintenance activity on the MCA portal has been completed. All the document related services are now available. View Public Document, Submit Application for PAN/TAN, Download form for Resubmission, and Documents in Track Payment Status / Track SRN Status / Enquire DIN status services can now be used. Stakeholders may also note that the required extensions wherever necessary have been granted. Stakeholders are requested to plan accordingly.
MCA has notified the Companies (Meetings of Board and its Powers) Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette i.e 30-03-2017. The amendments are being carried out to clarify the intent and to remove the ambiguity w.r.t the contracts or arrangements with the related party. Accordingly, the provisions are now made applicable if the turnover is exactly 10%. The words “exceeding ten per cent.” wherever they occur, the words “amounting to ten per cent or more” shall be substituted.
Shifting of registered office without notice to shareholders of Company is illegal: NCLT  80taxmann.com 46 (NCLT – Kolkata)
Where company appointed petitioner-CA firm as its Statutory Auditor for period of five years but did not ratify their appointment in its subsequent AGM, in such case the company couldn’t remove its statutory auditor without prior approval from Central Govt.: NCLT  80 taxmann.com 48 (NCLT – Hyd.)
HC dismisses application for condonation of delay in filing of appeal as it was barred by limitation.  80 taxmann.com 28 (Bombay).
MCA revised e forms for creation of charge and modification of charges. https://corporatelaws.taxmann.com/topstories/104010000000050604/mca-revises-e-forms-for-creation-and-modification-of-charges-on-assets.pdf
SEBI has prescribed the procedures for removal of names of Exclusively Listed Companies (ELCs) from Dissemination Board of Nationwide Stock Exchanges in the month of October, 2016 and last date has been extended twice up to 30-06-2017.
MCA revised e forms for creation of charge and modification of charges.
MCA hosted list of companies which have not been carrying on any business for a period of two years and have not made any application u/a 455 of the Co Act, 2013. It is proposed to strike off unless a cause is shown within thirty days from the date of this notice.
e- Form STK- 2 for Application by company to ROC for removing its name from Register of Companies is now available for download from MCA. (http://www.mca.gov.in /MinistryV2/companyformsdownload.html)
About 900,000 registered companies do not file annual returns and are potential sources of money laundering. Govt. pitched for the country’s top anti-financial crime agency to be used “expeditiously” against tax cheats.
Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Scheduleedule III to Companies Act, 2013 issued by AASB of ICAI. http:// resource.cdn.icai.org/45120icaiaasbigar.pdf
RBI has said banks cannot refuse to accept faded notes or those with scribbles. Such banknotes had to be treated as “soiled notes“ and dealt with according to the RBI’s “clean note policy“.
RBI advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors.
RBI has decided to fix the minimum Net Owned Fund (NOF) requirement for ARCs Companies at ₹ 100 crore on an ongoing basis with effect from 28-04-2017.
RBI in consultation with ICAI has clarified that the repatriation of accumulated profits shall not be considered as disposal or partial disposal of interest in non-integral foreign operations as per AS-11 (The Effects of Changes in Foreign Exchange Rates).
RBI has allowed Banks to participate in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) within the overall ceiling of 20% of their net worth permitted for direct investments in shares, convertible bonds/ debentures, units of equity-oriented mutual funds and exposures to Venture Capital Funds (VCFs).
RBI has introduced additional settlements in the NEFT system at half-hour intervals to enhance the efficiency of the system and add to customer convenience.
RBI releases Discussion Paper on ‘Wholesale & Long-Term Finance Banks it explores the scope for setting up more differentiated banks whole, specifically sale & long-term finance banks.
RBI permits banks to invest up to 10% in REITs,
The govt plans legislation that will empower the RBI to deal much more effectively with stressed Assets of NPA Loan with Banks.
RBI Policy: Projects GDP growth at 7.4% for the current fiscal, up from 6.7% in 2016-17. Keeps Repo Rate Unchanged At 6.25%
- Reverse Repo Adjusted To 6% From 5.75%
- MSF & Bank Rate Adjusted To 6.5% From 6.75%.
OTHER CORPORATE UPDATE:
SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India.
SEBI said Promoters and directors of a listed company are required to disclose details about shares received by way of gift and through off-market transactions.
SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India.  81 taxmann.com 175 (ATFFE/FERAB).
The Govt. is considering scrapping Foreign Investment Promotion Board and considering doing away with prior government approval for investments in most sectors including single-brand retail.
Real Estate (Regulation and Development) Act, 2016 which seeks to protect home-buyers as well as to boost investments in the real estate industry, will come into force across the country from 1st May, 2017. Under the Act, all the States will constitute a Real Estate Regulatory Authority (RERA).
Power of attorney holder can also file complaint under section 138 for dishonoring of cheque: HC 80 taxmann.com 72 (Madras).
Major Role: Secretarial, Legal Compliances and FEMA Compliances, Banking related documentation, etc. The work done is categorized below:
Secretarial & legal compliances:
Filing of replies for notices of strike off of Companies · Advisory services to Corporates- Legal opinions · Incorporation of Companies as per Companies Act, 2013
Preparation of Directors’ Report, Management Discussion and Analysis, Corporate Governance Report, · Convening of Board Meetings and EGM of Private and Public Limited Companies · Preparation of various e – Forms CHG-1, CHG-4, INC 7, INC 1, INC 22, INC 24, MR1, GNL 2, DIR 12 and addendum forms & Annual returns filing of the Private and Public Limited Companies. · Filing of MGT-14 for various purposes.
Handling XBRL and non XBRL Annual Filings, E-forms and Secretarial Compliances with MCA portal · Prepare Minutes of Board Meetings, Annual General Meetings & Extra-Ordinary General Meetings. · Drafting of various documents, e.g. Notice, Resolutions, Board Report, Minutes, etc. · Work relating to increase in authorized capital, alteration in MOA, change of name, change of registered office. · Apply & obtaining of DIN & DSC of class 2 and class 3.
Maintaining the statutory register & records under Companies, Act 2013
Liasoning & dealing with Registrar of Companies, Revenue Department, DGFT etc. · Preparation of share certificates & payment of stamp duty online on allotment of shares of the Company. · Inspection of Company document by paying requisite fees in MCA -21.
Allotment of Shares through Preferential cum Private Placement Basis and Right Issue.
Preparation of various Board resolutions & authorization letters for various purposes like execution of MOU, lease deed, sale deed, registration in sales tax, service tax, VAT, obtaining license from PESO and various other industries
Vetting of various agreements like Lease Agreements, Takeover agreement, Shareholder agreement, etc. · Formation & winding up of LLPs
Compliance in relation to appointment and remuneration of KMP in accordance with Companies Act, 2013. · Issue of Debentures · E-voting
FEMA, DGFT & other related Compliances: · Online Reporting of FDI to RBI through AD banker in ARF form. · Filing of online FCGPR with RBI · Filing of Foreign Liabilities & Assets return (FLA) with RBI · Compliances related to Downstream Investment · Application and online modification of IEC with DGFT, also done some compliances related to the application of EPCG license. · Liasoning with various Banks for the documents like KYC, UIN, FCGPR registration no. & other acknowledgements related to FDI.
Application of Registration Cum Membership Certificate (RCMC) from Federation of Indian Export Organization (FIEO). · Liasoning with NIC. · Registration of Trust under FCRA (Foreign Contribution Regulation Act) · Registration of Societies and Trusts.
Banking, Demat, Pledge & other Compliances: · Preparing Due Diligence Report of the Company · Preparing Search Report of the Company · Vetting of the availing of term loan and working capital limits documents with various Banks. · Opening of Bank accounts · Preparation of Corporate Action Information Forms for the demat of shares · Opening of Demat Account of Individuals & Companies. · Pledging of shares with the Bank. · Liasoning with Depository, Depository Participant & RTA in relation to the demat of shares. · Entering into agreement with Depository for opening of demat account of Companies. · Application of PAN & TAN of Companies
Application of Trademarks, Copyrights and other Intellectual Properties: Application of trademarks, copyrights, patents, designs, logos and filing their replies.
Attending hearing We provide services to CA firms, Corporates, individuals into their own business for ROC and other related work. We look forward to the opportunity to work with you in the near future.
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