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 [...]
October 30, 2019 Summary of Circular issued by MCA on 29/10/2019 1. Extension of deadline for filing of form MGT-7 (Annual Return) and AOC-4 (Financial Statement): MCA has extended the deadlines of Annual filings for the FY ended 31/03/2019 without any additional fee i.e., Form MGT-7 up to 31/12/2019 and Forms AOC-4, AOC (CFS) and [...]
October 28, 2019 Summary of Circulars issued by MCA on 24/10/2019 and 25/10/2019 1. Extension of deadline for filing of form CRA-4 MCA has extended the deadline for filing of Form CRA-4(Form for filing Cost Audit Report with the Central Government), for all the eligible companies that are required to submit the cost audit report [...]