Updates
MCA has rescheduled its roll out plan and has published a public notice in many leading newspaper and informed its every stakeholders that instead of phase wise roll out of eforms under The Companies Act,2013 now all forms will be available from 28th April,2014 onwards.Therefore the stakeholders will now be able to upload new form after 28th April,2013 To view Public Notice Click Here.  

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Commencement of provisions of the Companies AcL 2013 with regard to maintenance of books of accounts and preparaiions/adoption/filing of finan€ial statements, iud-ito.s repoG Boardt report and attachments to such statements and reports- Applicability with regard to relevant financial Year' "it is hereby notified that the financial statements (and documents required to be attached thereto), auditors report and Board3 report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in respect of flnancial years commencing on...

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The Ministry of Corporate Affairs on  26th March 2014 has further notified 183 sections of The Companies Act 2013  that shall come  into effect from 1st April 2014. Out of total 470 sections  283 sections of the new Act are notified and remaining  187 are still pending for notification. For list of sections notified till date Click Here

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MCA Clarification regarding Section 180 of The Companies Act,2013. 

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All forms under RSUB/PUCL would be marked back to respective officials of the ROC/RD/Central Government as the case may be starting midnight 25 Mar 14. The forms would be processed by the respective officials. However, “Form FTE”, “Form EES2010”, “Form EES2011”, “Refund Form”, Investor Complaint Form” and all LLP forms” would continue to be allowed for filing under RSUB/PUCL. Offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March 2014 till 31st March (both days inclusive). You are requested to make payment only through online mode (Credit/Debit Card and Net Banking). TO VIEW ON MCA CLICK

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Directors and change in its role pursuant to the companies act,2013. Minimum & Maximum Number Of Directors Minimum number of Directors in case of private and Public companies is 2 and 3 respectively and 1 director in case of One Person Company. The limit of maximum number of Directors is increased from 12 to 15.and Special Resolution (SR) will be required rather than CG’s approval in the old Act ,to go beyond 15. Requirement of a resident Director. Number of directorships Now, a person cannot become director in more than 20 companies instead of 15 as provided under the previous Act with a new restriction of and out of 10 public companies. Woman...

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     COMPARISON OF CHANGES IN COMPANIES ACT ON PRIVATE COMPANIES POINTS OF COMPARISON COMPANIES ACT,2013 COMPANIES ACT,1956 Definition of private company Maximum number of members restricted to 200 No specific clause on prohibition of acceptance of deposits is there in the definition. [Section2(68)] Maximum number of members restricted to 50. Express clause in the definition: “Prohibits any invitation or acceptance of deposits from person other than its members, directors or their relatives.” [Section3(1)(iii)] Commencement of...

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MCA issued  notification on 27 Feb,2014 regarding Companies (Corporate Social Responsibility Policy) Rules, 2014.

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MCA issued  notification on 27 Feb,2014 regarding Ammendment in Schedule VII of Companies Act 2013 

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MCA issued notification on 27th Feb,2014 regarding section 135 and Schedule VII of Companies Act 2013 that  shall come into force on 1st April 2014

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MCA has issued clarifications regard to section 185 of the Companies Act 2013. Section 185 of the companies Act 2013,prohibits guarantee given or any security provided by a holding company in respect to any loan taken by its subsidiary company except in the ordinary course of business. It is clarified that in order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 186 of the Companies Act, 2013 is notified, any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its wholly owned subsidiary company, exemption as provided in clause (d)...

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The ICAI has made important Amendments to Auditor’s Report Format after Section 133 of the Companies Act, 2013 ( Central government to prescribe accounting standards) had been notified and is required to be read with Section 227(3) of the Companies Act, 1956. The Ammendments include: Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956. Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards. Announcement 3 : Amendment to the “Auditor’s Responsibility” Paragraph Included in the Independent...

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SUBJECT Report u/s 394A of the Companies Act 1956-Taking accounts of comments/inputs from Income Tax Department and other sectoral regulators while filing report by Rds. FRAMEWORK Section 394A of the Companies Act, 1956 requires service of a notice on the Central Government wherever cases involving arrangement/compromise (under Section 391) or reconstruction / amalgamation (under Section 394) come up before the Court of competent jurisdiction. As the powers of the Central Government have been delegated to the Regional Directors (RDs) who also file representations on behalf of the Government wherever necessary. WHAT MCA HAS CLARIFIED The Regional Director concerned shall...

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MCA has received a number of representations consequent upon notifying section 2(87) of the Companies Act, 2013 which defines "subsidiary company" or "subsidiary". The stakeholders have requested this Ministry to clarify whether shares held or power exercisable by a company in a 'fiduciary capacity' will be excluded while determining if a particular company is a subsidiary of another company. The matter has been examined in the Ministry and it is hereby clarified that the shares held by a company or power exercisable by it in another company in a 'fiduciary capacity' shall not be counted for the purpose of determining the...

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Ministry has received representations seeking clarification on disclosures to be made under section 182 of the companies Act, 2013. The same have been examined. with the coming into force of the scheme relating to'Electoral rrust companies'in terms of section (24M) of the Income Tax Act, 1961 read with Ministry of Finance Notification No. s.o.309(E) dated 31st January, 2013 it will be expedient to explain the requirements of disclosure on paft of a company of any amount or amounts contributed by it to any political parties under section 182(3) of the Companies Act, 2013. It is hereby clarified as under; (i) Companies contributing any amount or amounts to an .Electoral...

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MCA has issued draft rules for cosst audit under 6th tranche for public comments.Last date for giving suggestions is 6th december 2013.   Download draft rules (6th phase) under Companies Act 2013

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MCA has issued draft rules for winding up under 5th tranche for public comments.Last date for giving suggestions is 19th december 2013. Download draft rules (5th phase) under Companies Act 2013

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SUBJECT Clarification with regard to applicability of provision of Section 372A of the Companies Act, 1956. FRAMEWORK The statements received by MCA on notifying section 185 of companies act 2013 that prohibits grant of loans and advances to its Directors and companies in which its Directors are interested which is corresponding to Section 295 of the Companies Act, 1956. Further it has created a lot of uncertainty since Section 186 of the Companies Act, 2013 has not yet notified. What MCA Has Clarified It is clarified that Section 372A of the Companies Act, 1956 dealing with inter-corporate loans continue to remain in force till section 186. of the Companies Act, 2013 is...

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