{"id":828,"date":"2015-12-19T12:52:20","date_gmt":"2015-12-19T07:22:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=828"},"modified":"2021-12-17T15:08:57","modified_gmt":"2021-12-17T09:38:57","slug":"corporate-and-professional-update-on-company-law-december-15-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/","title":{"rendered":"corporate and professional update on company law"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e4506733823\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e4506733823\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#CORPORATE_AND_PROFESSIONAL_UPDATE_ON_COMPANY_LAW\" title=\"CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW\u00a0\">CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#FAQ_ON_COMPANY_LAW\" title=\"FAQ ON COMPANY LAW:\">FAQ ON COMPANY LAW:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#OTHERS\" title=\"OTHERS:\">OTHERS:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#FAQ_on_ESIC\" title=\"FAQ on ESIC\">FAQ on ESIC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#Read_our_articles_Top_Taxation_Relaxation_to_MSMS\" title=\"Read our articles: \u00a0Top Taxation Relaxation to MSMS\">Read our articles: \u00a0Top Taxation Relaxation to MSMS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-on-company-law-december-15-2015\/#Highlights_of_International_Taxation\" title=\"Highlights of International Taxation\">Highlights of International Taxation<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_ON_COMPANY_LAW\"><\/span><span style=\"color: #808000;\"><strong>CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>In partial modification to the earlier order of the C.L.B., the Constitution of the Chennai Bench &amp; Kolkata Bench of Company Law Boardhas been changed for the period starting from 14-12-2015 to 12-03-2016.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Version of Form-4 and Form-27 are going to be modified w.e.f 18<sup>th<\/sup>\u00a0DEC 2015. Stakeholders are requested to plan accordingly.<\/li>\n<li>Legal heir of director was entitled to file plea to seek ownership and transfer of shares in his name<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The Companies (Management and Administration) Third Amendment Rules, 2015. In exercise of the powers conferred under sub-sections (2) and (3) of section 92 read with sub-sections (1) and (2) of section 469 of the Companies Act 2013(18of2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules. 2014, namely.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Provision of mandatory reporting of fraud by auditor is effective from 14.12.2015. MCA.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Where upon death of director of company, petitioner being legal heir filed company petition seeking declaration of ownership over shares and their transfer in his name, petition would be maintainable<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Where respondents had without any sufficient cause, refused to transmit shares in name of petitioner and rectify Register of Members, it constituted an act of oppression [2015] 64\u00a0\u00a0115 (CLB &#8211; Mumbai)\u00a0Neo Finance (P.) Ltd. v. Rakesh Soni<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_ON_COMPANY_LAW\"><\/span><span style=\"color: #808000;\"><strong><span style=\"text-decoration: underline;\">FAQ ON COMPANY LAW:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20059\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/FAQ-ON-COMPANY-LAW.jpg\" alt=\"\" width=\"775\" height=\"483\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><span style=\"color: #3366ff;\"><strong>Query:<\/strong><\/span><span style=\"color: #000000;\">Is this practically possible to convert <a href=\"https:\/\/carajput.com\/blog\/tag\/process-of-forming-the-llp\/\">LLP<\/a> into Private limited?<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">Answer:<\/span>\u00a0<\/strong>No, we can only convert Private Limited Company into LLP but it is not possible to convert LLP into Company as per the provisions of Companies Act 2013 or LLP Act 2008.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Query:<\/strong><\/span>\u00a0One of our company which is a holding company is availing bank finance against immovable property held by subsidiary company as showing in subsidiary balance sheet. Now the bank wants to create ROC charge on assets held by subsidiary company. Please advise that if there is any problem on this charge as per companies act2013?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Answer:<\/strong><\/span>\u00a0Charge is required to be created on both Holding Company &amp; Subsidiary Company and separate Loan Agreements are required to be entered into by the Bank one with Holding Company regarding the loan so taken and other Agreement with the Subsidiary Company as the assets of subsidiary company are mortgaged with the Bank as Guarantee.<\/p>\n<p style=\"text-align: justify;\">So, Loan Agreement is required to be entered between Bank &amp; holding company and separate Guarantee Agreement is required to be entered between &amp; Subsidiary company.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong><span style=\"color: #3366ff;\">Query:<\/span>\u00a0<\/strong><\/span>A Company has allotted shares on 29-03-2013 but has not filed form -2 as per Companies Act 1956. Now they want to file the belated return of allotment w.e.f. 31-03-2013 with whatsoever penalty. Kindly let us know the procedure.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Answer:<\/strong><\/span>\u00a0Provisions of Companies Act 2013 has overridden the provisions of Companies Act 1956 with effect from 01\/04\/2014.<\/p>\n<p style=\"text-align: justify;\">In this case, for belated filling of forms under the Companies Act 1956, you will have to first file an application with the Central Government for condonation\u00a0in\u00a0delay of filing the form under section 460 of the Companies Act 2013 and then has to comply with the directions of Central Government, whatsoever.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Query:<\/strong><\/span>\u00a0Are Audit of foreign companies also included within the ambit of Section 141 of Companies Act 2013. Kindly clarify.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Answer:<\/strong><\/span>\u00a0As per clause (g) of section 141(3) of the Companies Act, 2013, a person shall not be eligible for appointment as an auditor of a company if such person or partner is at the date of such appointment or reappointment holding appointment as an auditor of more than twenty companies excluding Private Companies<\/p>\n<p style=\"text-align: justify;\">Therefore, according to this section, audit of all companies would be taken into consideration while computing the ceiling limit of number of audits.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Query:<\/strong><\/span>\u00a0We are associated with a newly incorporated Limited company. Here, three directors were appointed on same day (Date of incorporation). Now how shall we deal with their retirement with rotation?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Answer:<\/strong><\/span>\u00a0In terms of section 152(6)(d) of the Companies Act, 2013, if two or more directors have been appointed on the same day at the same AGM, their retirement will be determined either mutually among them\u00a0 \u00a0or by lot.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHERS\"><\/span><span style=\"color: #808000;\"><strong><span style=\"text-decoration: underline;\">OTHERS:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>DGFT had prescribed a procedure to be followed for claiming rewards under MEIS where exports had been made through EDI generated shipping bills between 01.04.2015 to 31.05.2015.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Clarification on availability of benefit under Focus Product Scheme of Foreign Trade Policy 2009-14 on the export of items mentioned at SI No. 269 of Appendix 37-D, Table 1 of Foreign Trade Policy 2009-14 of kind used on bicycle (ITC HS 8481). Click here to view.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ICAI launched ICAI Tamilnadu Flood Relief Fund for helping the families of people who died and thousands left homeless<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The ICAI: 15 DEC 2015 is Last date for Submission of the PAN details Card of Members \/ Firms to ICAI.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>SEBI had introduced the facility of \u201cBasic Services Demat Account\u201d (BSDA) with limited services for eligible individuals in the year 2012 with the objective of achieving wider financial inclusion and to encourage holding of demat accounts<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 place obligations with respect to Scheme of Arrangement on Listed Entities.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST<\/a>\u00a0<strong>rate will be much less than 18% &#8211; Says FM<\/strong><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>\u00a0Subramanian Panel suggests GST rate structure to fulfil Make in India objective by making One India<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_on_ESIC\"><\/span>FAQ on ESIC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #808000;\"><strong>Query:<\/strong><\/span> Employers likely to pay service-tax on forfeiture of retention bonus or deposits of employees<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #808000;\">Answer:<\/span>\u00a0In some cases, employers collect security deposits from employees which could be forfeited if employee is unable to serve the specified period.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>EPF Organisation has launched simple forms for settling claims based on UAN EPF forms and employer\u2019s attestations are no longer necessary for filing PF claims<\/li>\n<li>NCLT and NCLAT are likely to become functional from next Financial Year: Arun Jaitely<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>allows e-registration and e-payment of fees under FCRA<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>US Fed finally exits zero-rate policy, hikes interest rate by 25 bps.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>NHAI: Rs.10,000 Crores Tax Free Bonds opens TOMORROW (17<sup>th<\/sup>\u00a0DEC 2015). Coupon Rates (Retail) for 10 \u00a0Years &#8211; 7.39% , 15 Years &#8211; 7.60%.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Banks to follow Marginal Cost of Funds based lending rate method for advancing loans from April 1, 2016:<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #808000;\"><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Payment of D-VAT TDS for November (DVAT 20):\u00a015\/12\/2015<\/p>\n<p style=\"text-align: justify;\">Payment of Advance Income Tax: Companies (75%) &amp; Others (60%):\u00a015\/12\/2015<\/p>\n<p style=\"text-align: justify;\">E-Payment of Provident Fund for November:\u00a015\/12\/2015\u00a0(cheque to be cleared by 20<sup>th<\/sup>)<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Read_our_articles_Top_Taxation_Relaxation_to_MSMS\"><\/span>Read our articles: \u00a0<a href=\"https:\/\/carajput.com\/blog\/relevant-parts-of-the-honorable-fm-press-conference\/\">Top Taxation Relaxation to MSMS<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Highlights_of_International_Taxation\"><\/span><a href=\"https:\/\/carajput.com\/blog\/international-taxation\/\">Highlights of International Taxation<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW\u00a0 In partial modification to the earlier order of the C.L.B., the Constitution of the Chennai Bench &amp; Kolkata Bench of Company Law Boardhas been changed for the period starting from 14-12-2015 to 12-03-2016. Version of Form-4 and Form-27 are going to be modified w.e.f 18th\u00a0DEC 2015. Stakeholders are &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,43,172],"tags":[3844,3846,3847,3843,3845,3842],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/828"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=828"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/828\/revisions"}],"predecessor-version":[{"id":20065,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/828\/revisions\/20065"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}