CAIRR Update March 09, 2020

By | 2020-03-09T13:07:31+00:00 March 9th, 2020||

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 [...]

CAIRR Update March 05, 2020

By | 2020-03-05T12:01:04+00:00 March 5th, 2020||

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 [...]

CAIRR Update March 04, 2020

By | 2020-03-04T13:00:16+00:00 March 4th, 2020||

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 [...]

CAIRR Update March 03, 2020

By | 2020-03-03T13:31:30+00:00 March 3rd, 2020||

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 [...]

CAIRR Update March 02, 2020

By | 2020-03-02T12:27:37+00:00 March 2nd, 2020||

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 [...]

CAIRR Update February 26, 2020

By | 2020-02-26T14:22:26+00:00 February 26th, 2020||

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 [...]

CAIRR Update February 24, 2020

By | 2020-02-24T12:51:52+00:00 February 24th, 2020||

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 [...]

CAIRR Update February 20, 2020

By | 2020-02-20T15:37:09+00:00 February 20th, 2020||

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 [...]

CAIRR Update February 18, 2020

By | 2020-02-18T16:27:26+00:00 February 18th, 2020||

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 [...]

CAIRR Update February 17, 2020

By | 2020-02-17T11:42:46+00:00 February 17th, 2020||

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 [...]

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