Bookkeeping transformed into Accounting in the 15th century when it evolved from Single-Entry Bookkeeping into Double Entry Accounting System. Businessmen and managers benefited from it by being able to measure profits and understand how decision making altered their business performance. Corporate Secretarial practice, likewise, has the potential to evolve into Corporate Governance practice when [...]
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 [...]
October 23, 2019 Summary of notifications under the Companies Act, 2013 issued on 22/10/2019 which will come into effect from 01/12/2019 are listed below: 1. MCA notifies India Institute of Corporate Affairs (IICA) to maintain the data bank for the Independent Directors: The Central Government has notified the IICA at Manesar (Haryana) to be [...]
October 21, 2019 Summary of Circular and notifications issued in the SEBI(LODR), Regulations 2015 and Companies Act, 2013 respectively are listed below: 1. Resignation of statutory auditors from listed entities and their material subsidiaries dated 18/10/2019: Through this Circular, SEBI prescribes the action required by the statutory auditor in the event of their resignation. [...]
October 18, 2019 Summary of Notification issued by MCA on 16/10/2019 1.Companies (Incorporation) Eighth Amendment Rules, 2019 dated 16.10.2019 MCA vide its notification has amended Companies (Incorporation) Rules, 2014 with following amendments: 1. Proposed name of the Company is not considered as undesirable if the name includes a registered trade mark in [...]
October 15, 2019 Summary of Notification issued by MCA on 14/10/2019 1. ADMINISTRATIVE: MCA Notification on Delegation of powers to recruit officers and other employers to the President and Chairperson of the Tribunal/Appellate Tribunal. Through this notification, powers to employ staff in Tribunal and the Appellate Tribunal under Section 418 of the Companies [...]
October 14, 2019 Summary of Notifications issued by MCA on 11/10/2019 are provided below: 1. MCA clarifies eligibility criteria with respect to CSR contribution made towards Incubators, Public- funded universities, IITs and National Laboratories and Autonomous Bodies. Through this amendment to Schedule VII of the Companies Act 2013, CSR contribution made to Public- funded [...]
