November 29, 2019 Summary of Circulars and Notifications issued by MCA and IBBI dated 28/11/2019 and 27/11/2019 are listed below: 1. Extension of time for filing of Financial Statements for the FY 2018-19 for companies falling under UT of J&K and Ladakh jurisdiction Due date for filing of e-Forms AOC-4, AOC-4(CFS), AOC-4(XBRL), and MGT-7 by [...]
November 22, 2019 Summary of Circular issued by SEBI on 21/11/2019 1. Disclosure of default in payment of interest/installments on Loans from Banks and Financial Institutions by Listed Entities with effect from 1st January, 2020: SEBI mandates the disclosure by entities that have listed specified securities (equity and convertible securities), Non-Convertible Debt (NCDs), Non-Convertible Redeemable Preference [...]
November 25, 2019 Summary of Regulations issued by IBBI on 20/11/2019 which shall come into effect from 01/12/2019: 1. Detailed procedure on Bankruptcy Process for Personal Guarantors to Corporate Debtors introduced though Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019: Following the introduction of procedure for [...]
November 28, 2019 Summary of Circular in the Companies Act, 2013 issued on 27.11.2019 is listed below: 1. General Circular extending the last date to file Form NFRA-2: MCA vide this Circular has extended the last date to file Form NFRA-2 (i.e., Annual Return to be filed by Auditor with the National Financial Reporting Authority) [...]
November 21, 2019 Summary of Corrigendum issued by MCA on 19/11/2019 1. Labs established under Dept of Biotechnology added to Schedule VII dealing with CSR Contribution under the Companies Act, 2013 As per this corrigendum, contribution to National Laboratories and Autonomous Bodies, established under the auspices Department of Biotechnology (DBT) would also be treated as CSR Contribution [...]
November 19, 2019 Summary of Notifications in the Companies Act, 2013 and the IB Code, 2016 issued on 18/11/2019 is listed below: 1. The Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019: Rule 15 is amended to relax the monetory restrictions to enter into contracts or arrangements with Related Parties subject to [...]
November 18, 2019 Summary of Notifications issued by IBBI dated 15/11/2019. 1. IBBI notifies sections pertaining to personal guarantors to Corporate Debtors Sections namely 2(e), 78 (except w.r.t fresh start process), 79, 94 to 187, 239(2)(g) to 239(2)(i), 239(2)(m) to 239(2)(zc) , 240(2)(zs) to 240(2)(zn) and 249, in so far as they relate [...]
November 06, 2019 Summary of Circular in SEBI (LODR), 2015 issued on 5/11/2019 is listed below: 1. SEBI Circular on Enhanced Due Diligence for Dematerialization of Physical Securities SEBI vide this circular has directed the Depositories and the listed companies / RTAs to implement the following enhanced due diligence process in order to augment [...]
November 04, 2019 Summary of Circular issued by SEBI and NSE dated 31/10/2019 and 01/11/2019 1. Listed Banks to disclose divergences in the asset classification and provisioning beyond specified threshold to Stock Exchanges within 24 hours under Regulation 30 of SEBI(LODR), 2015. Disclosures in respect of divergence in provisioning beyond specified threshold, as mandated by the [...]
October 31, 2019 Summary of Notification issued by IBBI on 25/10/2019 1. IBBI notification on the requirement to submit Compliance Certificate by Insolvency Professional Entities to the Board under Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016: Clause (cb) is inserted in the Regulation 13(2), dealing with conditions pre-requisite to recognition of the [...]