Summary of Notification and Circular in the Companies Act, 2013 and the IBBI Code, 2016 issued on 05/09/2019 and 07/09/2019 respectively are listed below:
- The National Financial Reporting Authority (Amendment) Rules, 2019:
- Explanation to Rule 3(1) (c) has been inserted wherein the definition of Banking Company would now include ‘corresponding new bank’ under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and ‘subsidiary bank’ defined in the State bank of India (Subsidiary Act), 1959.
- Rule 5 has been amended to revise the deadline for filing Annual Return on or before 30th November every year in NFRA-2 and the format of the same has been enclosed in the notification.
- Proviso to Rule 11(5) has been inserted wherein if the Division does not dispose off the show-cause notice within the said period, it shall record the reason of not recording the same and the Chairperson may take into consideration the reasons may grant additional period not exceeding 90 days. If the chairperson may think fit, can grant the extension period more than once. (Read more…)
- The Statutory Repositories under regulation 21(2)(c)(ii) of the IBBI (Information Utilities) Regulations, 2017:
The Board has approved MCA21 database of MCA and Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) as the statutory repositories for the said regulations. (Read more…)