March 06, 2020 Summary of the General Circular issued by MCA 06/03/2020 1. MCA clarifies with respect to filing of necessary forms with MCA, by Insolvency Professionals(IPs), upon initiation of insolvency proceeding of a company under IBC, 2016 Further to MCA’s circular dated 17/02/2020, directing IPs to file necessary forms with MCA, a [...]
March 05, 2020 Summary of the circular issued by MCA on 04/03/2020 1. MCA notifies LLP Settlement Scheme, 2020 to give a one-time relaxation in additional fees and prosecution to defaulting LLPs thereby promoting ease of doing business In line with extension of Section 460 of Companies Act, 2013 for condonation of delay [...]
March 04, 2020 Summary of general circular issued by MCA on 02/03/2020 1. MCA issues clarification with respect to prosecutions/internal adjudication proceeding issued against Independent Directors (IDs), Non-Promoters, and Non-Executive directors (NEDs) Through this circular, MCA has issued Standard Operating Procedure to be followed by the Registrars with respect to initiation of proceedings [...]
March 03, 2020 Summary of the Notification and Corrigendum issued by MCA on 02/03/2020 1. MCA notifies amendment to provisions with respect to Government Companies declared under the Companies Act, 2013 MCA, vide this notification, amends its previous notification vide G.S.R.463(E) dated 05/06/2015, including insertion of explanation to definition of “Government Company” and [...]
March 02, 2020 Summary of the notification issued by MCA on 28/02/2020 1. MCA extends deadline to 1st May, 2020 for Independent Directors to get their names listed in the Online Data Bank MCA, vide Companies (Appointment and Qualification of Directors) Amendment Rules, 2020, has amended Rule 6 of the aforesaid rules to extend [...]
February 26, 2020 Summary of the order issued by MCA dated 25/02/2020 1. MCA notifies Companies (Auditor's Report) Order, 2020 Through this order, MCA has broadened the coverage on matters by adding 27 detailed points when compared with now superseded Companies (Auditor's Report) Order, 2016, which are required to be stated in the Audit Report [...]
February 24, 2020 Summary of the notification issued by MCA on 18/02/2020 1. MCA revises the effective date of implementation of revised Incorporation procedure though Companies (lncorporation) Amendment Rules, 2020 to 23rd February, 2020 Through this notification, effective date of implementation of e-Form AGILE-PRO along with the revised SPICe+ (Simplified Proforma for Incorporating Company [...]
February 20, 2020 Summary of Notification issued by MCA on 18/02/2020 1. Companies (Registration Offices and Fees) Amendment Rules, 2020 MCA vide this notification has revised the Form GNL-2, a generic form, required to be filed for many items by removing the tabs for items like Circular for inviting Deposits, Return of Deposits [...]
February 18, 2020 Summary of Corrigendum issued by IBBI and MCA on 14/02/2020 and 17/02/2020 respectively. 1. Corrigendum to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020 IBBI, through its corrigendum, has provided a revised illustration, as per which the levy of additional fees shall come [...]
February 17, 2020 Summary of the notification issued by MCA on 14/02/2020 1. Extension of deadline for registration of Nidhi Companies under Nidhi Rules, 2014 Through this notification, MCA has extended the deadline for every company referred to in Rule 2(b) of Nidhi Rules, 2014 and every Nidhi incorporated under the Act, before [...]