During October, 2017 the MCA had disqualified more than 3 lakh directors of companies who failed to submit their annual filings for 3 or more years. This move was a bit harsh on part of certain innocent and genuine directors of companies, as they were also barred from accessing the online registry, i.e., MCA21 portal. […]

A company shall be entitled to alter its memorandum to increase its share capital provided there is reasonable statutory compliance of provisions of law Facts of the case : a) The appellant- Company was incorporated with an authorized share capital of Rs.2 lakhs and later, the authorized capital was increased upto Rs.5 lakhs. b) Further, […]

1. Proviso to Section 2(40) amended and included one person company, small company, dormant company private company (if such private company is a start-up) not to prepare the cash flow statement in financial statements. 2. Provision of acceptance of Deposit u/s 73 Shall not apply to a private company: (A) which accepts from its members […]

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 16th May, 2017 G.S.R. 470(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely:— 1. […]

The Tatas are unlikely to face troubles over allegations of breach of corporate governance norms while dealing with Cyrus Mistry, particularly while removing him as the head of Tata Sons. Institute of Company Secretaries of India (ICSI), the standard setting body for corporate governance, believes a chairman of a company can be removed without prior […]

General Circular No. 12/2016 In continuance of this  Ministry’s  General Circular No. 08/2016 dated 29.07.2016, keeping in view the requests received from various stakeholders, it has been decided to further extend the last date for filing of financial statements  and annual returns  e­forms AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 as  the case may be, without payment of additional fee, […]

General Circular No. 12/2016 In continuance of this  Ministry’s  General Circular No. 08/2016 dated 29.07.2016, keeping in view the requests received from various stakeholders, it has been decided to further extend the last date for filing of financial statements  and annual returns  e­forms AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 as  the case may be, without payment of additional fee, […]

The Ministry of Corporate Affairs has launched Simplified Performa for Incorporating Company Electronically (SPICe) e-Form INC 32 through Companies (Incorporation) Fourth Amendment Rules, 2016, on the occasion of Gandhi Jayanthi 2016, with the specific objective of providing speedy incorporation related services within stipulated time frames which are in line with international best practices.   This […]

EXEMPTIONS TO A PRIVATE LIMITED COMPANY S.No. Exemption and Interpretation Section Date of Applicability 1.   DEFINITION OF RELATED PARTY RELAXED WITH RESPECT TO SECTION 188: Related Party does not include Holding, Subsidiary, Associate Company and sister concern(subsidiary of holding). Transactions entered with them and falling under section 188 does not require compliance of section […]