Corporate and Professional Updates – MCA Updates

MCA Updates:

MCA

MCA has initiated the process of the constitution of the NCLT & NCLAT and in this regard notified the vacancies for the post of Technical Member & Judicial Member in the National Company Law Tribunal to be constituted under the provisions of Section 410 of the Companies Act, 2013. The selected candidates will be required to serve at NCLT / NCLAT Benches to be established anywhere in the country and the appointment carries All India Transfer liability. The required qualification for the post shall be as per the provisions of the Sec 411(3) of the Companies Act, 2013 read with the Judgment dated 14-05-2013 of Hon’ble Supreme Court of India. Further the initial appointment shall be for 5 years with an option to renew it for another period of 5 years till the age of 67 years.

• Initial MSME 1 within 30 days from date of availability of form on MCA portal.
• One time DPT 3 within 90days from date of notifications i.e 20th April 2019.
• E form Active (INC 22A) on or before 25th April 2019.
• DIN 3KYC: on or before 30th April 2019.
• MSME 1 (1st half) on or before 30th April 2019.
• Annual DPT 3 on or before 30th June 2019.
• Annual Filling AOC 4 on or before 30th October 2019.
• MSME 1 (2nd half) on or before 30th October 2019.
• Annual Return MGT 7 on or before 29th November 2019.
• Late Fees of Rs. 10000 for newly notified e-form ACTIVE – MCA
• MCA has notified vide ‘Companies Amendment Rules, 2019’ fees for filing of new notified e -form ACTIVE. Fees – Nil for filing till 25.04.2019 and Rs. 10000/- for Filing after 25.04.2019.

MCA Update | 18.02.2021

Stakeholders are hereby informed that the Central Government, in Ministry of Corporate Affairs, under section 67(1) of LLP Act, 2008 will be extending

• Subsections (1) to (11) of section 90-Register of significant beneficial owners in a company
• Subsections (1) and (2) of section 164-Disqualifications for Appointment of Director/DP
• Sub-sections (1) and (3) to (6) of section 165-Number of Directorships
• Sub-section (1) to (3) of section 167- Vacation of Office of Director
• Sub-section (5) of section 206-Power to Call for Information, Inspect Books and Conduct Inquiries
• sub-section (3) of section 207- Conduct of Inspection and Inquiry
• Sub-sections (1) to (3) of section 252- Appeal to Tribunal
• and Sub-sections (1) to (4) of Section 439- Offences to be Non-cognizable of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon.

Accordingly, limited liability Partnerships, Partners, and Designated partners thereof are advised to take note of the same for appropriate action.

NEW MCA UPDATE RULES

• Companies (Incorporation) 2nd Amendment Rules 2021:- 120 days substituted
• Companies (Specification of Definition details) Amendment Rules 2021:- Small Companies Definition Revised
• Companies (compromises, arrangements and amalgamations) Amendment Rules 2021:- Start-up Companies merger or amalgamation

RBI Updates:

• The Reserve Bank of India on Friday allowed bank exposures to all non-banking financial companies, excluding core investment companies, to be risk weighted according to the ratings assigned by the rating agencies. RBI had said it would consider this when it released its statement on developmental and regulatory policies on 7 February and is expected to facilitate the flow of credit to well-rated NBFCs.
• Exposures on rated as well as unrated non-deposit taking systemically important NBFCs other than asset finance companies (AFCs), NBFCs–infrastructure finance companies (NBFCs-IFC), and NBFCs–infrastructure development funds (NBFCs-IDF), are uniformly risk weighted at 100%.
• Exposures to AFCs, NBFCs – IFC, NBFCs–IDF and other NBFCs that are not NBFCND-SI are risk-weighted according to ratings assigned by the rating agencies accredited by RBI. Risk-weighted assets are used to determine the minimum amount of capital that must be held by banks and other institutions to reduce the risk of insolvency and the capital requirement is based on a risk assessment for each type of bank asset.
• It has been decided that exposures to all NBFCs, excluding core investment companies will be risk weighted as per the ratings assigned by the rating agencies registered with Sebi and accredited by the Reserve Bank of India, in a manner similar to that of corporates.

Other Updates:

• Merger of Vijaya Bank and Dena Bank with BoB to be effective from April 1. Bank of Baroda said the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the govt.
• The Reserve Bank of India (RBI) on Friday allowed bank exposures to all non-banking financial companies (NBFCs), excluding core investment companies (CICs), to be risk weighted according to the ratings assigned by the rating agencies. RBI had said it would consider this when it released its statement on developmental and regulatory policies on 7 February and is expected to facilitate the flow of credit to well-rated NBFCs. Exposures on rated as well as unrated non-deposit taking systemically important NBFCs (NB F C-N D-S I), other than asset finance companies (AFCs), NBFCs–infrastructure finance companies (NBFCs-IFC), and NBFCs–infrastructure development funds (NBFCs-IDF), are uniformly risk weighted at 100%.
• Exposures to AFCs, NBFCs – IFC, NBFCs–IDF and other NBFCs that are not NBFCND-SI are risk-weighted according to ratings assigned by the rating agencies accredited by RBI. Risk-weighted assets are used to determine the minimum amount of capital that must be held by banks and other institutions to reduce the risk of insolvency and the capital requirement is based on a risk assessment for each type of bank asset. “It has been decided that exposures to all NBFCs, excluding core investment companies will be risk weighted as per the ratings assigned by the rating agencies registered with Sebi and accredited by the Reserve Bank of India, in a manner similar to that of corporate.

Key Due dates:

• Due Date of GSTR 3B has been Extended upto 22nd February 2019.