Summary of the notification issued by IBBI on 14/07/2021 IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 with immediate effect Key Highlights of the amendment are as follows: Appointment of an Insolvency Professional (IP) as an Interim Resolution Professional (IRP): An IP shall be eligible to be appointed as an IRP [...]
Summary of the guidance note issued by the Stock Exchange on 09/07/2021 Additional disclosures to Stock Exchanges by companies undergoing Corporate Insolvency Resolution Process(CIRP) under IB Code, 2016 Through this guidance note, the Stock Exchanges, in consultation with SEBI, requires the Insolvency Professional to submit following disclosures to the Exchange, with respect to [...]
Summary of the notifications and clarification issued by MCA and Stock Exchanges on 30/06/2021 and 29/06/2021 respectively MCA extends the timeline for filing certain forms under the Companies Act, 2013 and LLP Act, 2008 MCA has extended the timeline granted vides its earlier circular dated 03/05/2021. Therefore, For forms other than CHG-1, CHG-4 and [...]
Summary of the guidelines issued by IBBI IBBI notifies Technical Standards to be adhered to by the Information Utilities under IBBI (Information Utilities) Regulations, 2017 IBBI has notified the Technical Standards, as prescribed under Regulation 13 of the said Rules, to ensure and enforce the reliability, confidentiality and security of financial information to be [...]
Summary of the notification issued by MCA on 23/06/2021 MCA enhances the threshold limits of Small and Medium Sized Companies(SMCs) for the purposes of applicability of Accounting Standards with effect from accounting periods starting on or after 01/04/2021 As a measure to improve the ease of doing business, MCA has introduced Companies (Accounting Standards) [...]
Summary of the notifications issued by MCA on 18/06/2021 MCA amends provision related to chargeability of fee w.r.t databank registration by Independent Directors(IDs) under the Companies Act, 2013 and its Rules Through this notification, MCA authorizes Indian Institute of Corporate Affairs, which is the Institute that creates and maintains the data bank of the IDs as required [...]
Summary of the circular issued by SEBI on 16/06/2021 Applicability of System Driven Disclosures to listed Debt Securities issued by Equity listed companies under SEBI (PIT) Regulations, 2015 SEBI has notified the applicability of System Driven Disclosures (SDD) under SEBI (Prohibition of Insider Trading) Regulations, 2015 to listed Debt Securities issued by Equity Listed [...]
Summary of the notification issued by MCA on 09/06/2021 MCA notifies manner of transfer of shares held by the Significant Beneficial Owners under Section 90(9) the Companies Act, 2013 to IEPF. Through this notification, MCA has amended IEPFA (Accounting, Audit, Transfer and Refund) Rules, 2016, to prescribe detailed procedure with respect to manner [...]
MCA facilitates obtaining Shops and Establishment Registration at the time of application of incorporation of a company under the Companies Act, 2013 using Form AGILE-PRO-S Through this notification, MCA has facilitated the entities applying for incorporation of a company to avail the option to get itself registered under Shops and Establishment Act using Form [...]
IBBI notifies Insolvency Professionals (IPs) to act as Interim Resolution Professionals (IRP), Liquidators, Resolution Professionals (RP) and Bankruptcy Trustees (BT) (Recommendation) Guidelines, 2021 with effect from 01/07/2021 IB Code, 2016 and its Rules requires the Board to recommend the name of an IP for appointment as IRPs, Liquidators, RP and BT under various sections for [...]