CAIRR Update February 12, 2021

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CAIRR Update February 12, 2021

February 12, 2021
Summary of the notifications issued by MCA on 11/02/2021
 MCA notifies change in timeline for acceptance of right issue offer w.e.f 1st April, 2021.
 Where right issue of shares is proposed, the offer shall be made to existing shareholders by notice specifying the number of shares offered and the time limit not being less than seven days (as opposed to fifteen days) and not exceeding thirty days from the date of the offer within which the offer, if not accepted, shall be deemed to have been declined w.e.f 1st April, 2021.
MCA notifies commencement of Chapter XXIA and insertion of Rules governing Producer Companies w.e.f 11th February 2021
  • Commencement of Chapter XXIA of the Companies Amendment Act 2020 and repeal of the provisions of Part IX A of the Companies Act,1956 governing Producer Companies w.e.f 11th February 2021
  • Insertion of Producer Companies Rules, 2021 w.e.f 11th February 2021

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Key highlights of the Rules are as under:
  • Change of place of registered office from one State to another
The rules 27, 30 and 31 of the Companies (Incorporation) Rules, 2014, including the forms stated therein i.e Form INC-22 (Notice and Verification of Change of Situation of the Registered Office), INC-23 (Shifting of Registered office from one State or Union Territory to another state), INC-28 (Obtaining Central government approval for transfer of registered office of the company from one State to another) shall be applicable for the change of registered office of a Producer Company as well.
  • Investment of general reserves.
A Producer Company shall make investments from and out of its general reserves in any one or a combination of approved securities, fixed deposits, units and bonds issued by the Central Government or State Governments, co-operative societies, co-operative banks, scheduled bank, securities specified in the Indian Trusts Act, 1882, in the shares, securities or assets of public financial institutions.

These notifications are integrated in our free-to-use website for your ready reference.

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