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rchgiri

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Dear All,

Today dated 26/03/2014 MCA notified the commencement of 183 new sections of the Companies Act, 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014.

These will be effective from 1st April 2014.

Please find the following link for details.

http://www.mca.gov.in/Ministry/pdf/CompaniesActNotification26March2014.PDF

You can also download the same notification from ICSI websit from the below link

https://www.icsi.edu/docs/webmodules/CompaniesActNotification26March2014.pdf



Last edited by rchgiri on Mon 15 Dec 2014 - 15:20; edited 2 times in total

rchgiri

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Applicability of provisions of the Companies Act, 2013 with regard to relevant financial Year.


General Circular 08/2014
No. 1/19/2013-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, 'A' Wing, Shastri Bhavan, Dr. R P Road, New Delhi 110 001.

Dated 04.04'2014

To
All Regional Directors,
All Registrar of Companies,
All Stakeholders.

Subject: Commencement of provisions of the Companies Act, 2013 with regard to maintenance of books of accounts and preparations/adoption/filing of financial statements, auditors report, Board’s report and attachments to such statements and reports - Applicability with regard to relevant financial Year.
Sir,
A number of provisions of the Companies Act, 2013 including those relating to maintenance of books of account, preparation, adoption & filing of financial statements (and documents required to be attached thereto), Auditors reports and the Board of directors report (Board's report) have been brought into force with effect from 1st April, 2014. Provisions of Schedule II (Useful lives to compute depreciation) and Schedule III (Format of financial statements) have also been brought into force from that date' The relevant Rules pertaining to these provisions have also been notified, placed on the website of the Ministry and have come into force from the same date.

The Ministry has received requests for clarification with regard to the relevant financial year with effect from which such provisions of the new Act relating to maintenance of books of account, preparation, adoption and filing of financial statements (and attachments thereto), auditors report and Board's report wlll be applicable.

Although the position in thls behalf is quite clear, to make things absolutely clear it is hereby notified that the financial statements (and documents required to be attached thereto), auditors report and Board3report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in respect of flnancial years commencing on or after 1* April, 2014, the provisions of the new Act shall apply.

Yours faithfully,
Assistant Difector (Policy)
Ph: 23387263

Copy to:
(i) e-governance section and web contents omcer to place this clrcular on the website
(ii) Guard File

rchgiri

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No.MCA21/28/2014-eGov
Government of India
Ministry of Corporate Affairs
‘A’ Wing, Shastri Bhawan
Dr. Rajendra Prasad Road
New Delhi-110001

Dated: 11th April, 2014

PUBLIC NOTICE

This is in continuation of the Public Notice No. MCA21/28/2014-eGov dated 28th March, 2014 informing stakeholders of the availability of the new EForms prescribed under the Companies Act, 2013 from 14th April, 2014. After a careful review it has been decided that there could be a single phase roll-out instead of the earlier notified staggered roll out for convenience of all concerned. Accordingly, all E-Forms will be available for upload with effect from 28th April, 2014.

Inconvenience caused due to the revised roll out schedule is regretted.

(Anil Kumar Bhardwaj)
Director

rchgiri

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General Circular No. 42/2014

Government of India
Ministry of Corporate Affairs
5th Floor, "A" Wing, Shastri Bhawan,
Dr. R. P. Road, New Delhi.

Dated: 12th November, 2014
To
All Regional Directors,
All Registrars of Companies,
All Stakeholders.

Subject: Clarification on matters relating to the Companies (Cost Records and Audit) Rules, 2014.

Sir,
Government has received representations from stakeholders seeking clarifications about Rules 5 (1) and 6 (2) of the Companies (Cost Records and Audit) Rules, 2014 regarding maintenance of cost records and filing of notice of appointment of the Cost Auditor in Form CRA-2 in electronic mode. The matter has been examined in the Ministry and the following is clarified:

Considering delay in availability of Form CRA-2 on the MCA website,it has been decided to extend the date of filing of the said Form without any penalty/late fee up to 31st January, 2015. Form CRA-2 will be made available on the MCA website soon. It is noted that some companies have filed Form 23C for appointment of Cost Auditor for the financial year 2014-15. It is clarified that such companies need not file form CRA-2 afresh for the financial year 2014-15.

2.This issues with the approval of the Competent Authority.

Yours faithfully,
(Kamna Sharma)

Assistant Director

rchgiri

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General Circular No. 43/2014
Government of India
Ministry of Corporate Affairs
5th Floor, "A" Wing, Shastri Bhavan,
Dr R.P. Road, New Delhi

Dated:13th November, 2014

To
All Regional Directors,
All Registrars of Companies.

Subject: Issue of Foreign Currency Convertible Bonds (FCCBs) and Foreign Currency Bonds (FCBs) - Clarification regarding applicability of provisions of Chapter III of the Companies Act, 2013.

Sir,

The Ministry has been receiving references from stakeholders seeking clarity on applicability of provisions of Chapter HI of the Companies Act, 2013 (Act) to the issue of Foreign Currency Convertible Bonds (FCCBs) and Foreign Currency Bonds (FCBs) by Indian companies exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions.


1.The matter has been examined in the Ministry in consultation with Ministry of Finance and SEBI. The issue of FCCBs and FCBs by companies is regulated by the Ministry of Finance's regulations contained in Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipts Mechanism) Scheme,1993(Scheme) and Reserve Bank of India through its various directions/regulations. It is, accordingly, clarified that unless otherwise provided in the said Scheme or thedirections/regulations issued by Reserve Bank of India, provisions of Chapter III of the Act shall not apply to an issue of a FCCB or FCB made exclusively to persons resident outside India in accordance with the above mentioned regulations.

2.This issues with the approval of the competent authority.

Yours faithfully

KMS Narayanan

Assistant Director Policy

j.padiya

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Thank you so much for sharing..

rchgiri

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Company Law
General Circular No. 45/2014

Dated: 18.11.2014

Subject: Extension of time for holding Annual General Meeting (AGM) under section 96(1) of the Companies Act, 2013-Companies registered in State of Jammu and Kashmir.

The State of Jammu and Kashmir faced unprecedented floods, particularly in the Kashmir valley in September 2014. Kashmir Chamber of Commerce and Industry and others have represented that due to the devastation caused by the floods, companies registered in the State could not convene AGMs for the financial year 2013-2014 within the stipulated time as required under the provisions of Companies Act, 2013.

2. In view of the exceptional circumstances, Registrar of Companies Jammu and Kashmir is advised to exercise powers conferred on him under the third proviso to section 96(1) of the Companies Act, 2013 to grant extension of time upto 31/12/2014 to those companies registered in the State of Jammu and Kashmir who could not hold their AGMs (other than first AGM) for the financial year 2013-14 within the stipulated time.

3. This issues with the approval of the competent authority.

F. No. 02/13/2014 CL-V

j.padiya

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Thank you sir for sharing.. Smile

rchgiri

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Please find the Companies Act,2013, The Rules made thereunder, Circulars & Notification by MCA

and

the Companies Act,1956, The Rules made thereunder, Circulars & Notification by MCA

from the following link:

http://www.mca.gov.in/MinistryV2/companiesact.html

rchgiri

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Scope of Secretarial Audit under section 204 of the Companies Act, 2013

PDII:CA-2013 , December 22, 2014

Section 204 requires every listed company and a company belonging to other class of companies as may be prescribed to annex with its Board’s report made in terms of sub-section (3) of section 134, a secretarial audit report, given by a company secretary in practice, in such form as may be prescribed.

The format of the Secretarial Audit report has been prescribed as Form no. MR. 3.

In terms of Form No. MR. 3, the Secretarial auditor needs to examine and report he compliance of: ♠ five specific laws:

1. Companies Act, 2013,
2. Securities Contracts (Regulation) Act, 1956 (‘SCRA’),
3. Depositories Act, 1996,
4. Foreign Exchange Management Act,
5. Securities and Exchange Board of India Act, 1992;
6. other laws as may be applicable specifically to the company;

secretarial standards and listing agreement

To finalise the scope of Acts to be examined by Secretarial Auditor while conducting secretarial audit, ICSI held consultation meets at various regional chapters in four regions of the Institute to get the views of company secretaries (in employment as well as in practice).

After deliberating on the views emerged from consultation meets and taking into consideration the views of members of Corporate Laws and Governance Committee, the Council at its 226th meeting held on November 21, 2014 decided as under: Scope of Secretarial Audit would include:

♠ Reporting on compliance of Five laws as mentioned in form MR-3

1. Companies Act, 2013,
2. Securities Contracts (Regulation) Act, 1956 (‘SCRA’),
3. Depositories Act, 1996,
4. Foreign Exchange Management Act,
5. Securities and Exchange Board of India Act, 1992;

♠ Reporting on compliance of ‘Other laws as may be applicable specifically to the company’ which shall include all the laws which are applicable to specific industry for example for Banks- all laws applicable to Banking Industry; for insurance company-all laws applicable to insurance industry; likewise for a company in petroleum sector- all laws applicable to petroleum industry; similarly for companies in pharmaceutical sector, cement industry etc.

♠ Examining and reporting whether the adequate systems and processes are in place to monitor and ensure compliance with general laws like labour laws, competition law, environmental laws.

♠ In case of financial laws like tax laws and Customs Act etc., Secretarial Auditor may rely on the Reports given by statutory auditors or other designated professionals.

You are all aware, that this recognition of secretarial audit has been received after long undying efforts of the Institute. Regulators have reposed faith in us, the CS professionals and hence let us all display professionalism and meet the challenges of the new law.

Let us submit quality secretarial audit reports and keep the dignity of the profession high.

Thanking you,
Yours faithfully,
R Sridharan President
(Source – ICSI)

rchgiri

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Form AOC-5 is available for filing w.e.f. January 17, 2015.

Form AOC-5: Notice of address at which books of account are maintained.

eForm AOC-5 is required to be filed pursuant to Section 128 of the Companies Act, 2013.

Section 128: (1) Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting: Provided that all or any of the books of account aforesaid and other relevant papers may be kept at such other place in India as the Board of Directors may decide and where such a decision is taken, the company shall, within seven days thereof, file with the Registrar a notice in writing giving the full address of that other place.

If the Board of Directors decides by passing the resolution to keep all or any of the books of account at any other place in India besides the registered office then, the company shall, within seven days of passing the Board Resolution, file this form giving full address of that other place in form AOC-5.

Corresponding eform under section 209(1) of the Companies Act, 1956 is eForm 23AA

rchgiri

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General Circular No, 04/2015 Dated 10/03/2015

CLARIFICATION WITH REGARD TO SECTION 185 AND 186 OF THE COMPANIES ACT, 2013 - LOANS AND ADVANCES TO EMPLOYEES

The Ministry has come up with much awaited clarification on the applicability of provisions of section 186 of the Companies Act, 2013 relating to grant of loans and advances by Companies to their employees.

-As per the notification it is hereby clarified that loans and/or advances made by the companies to their employees, other than the managing or whole time directors (which is governed by section 185) are not governed by the requirements of section 186 of the Companies Act, 2013.

-This clarification will, however, be applicable if such loans/advances to employees are in accordance with the conditions of service applicable to employees and are also in accordance with the remuneration policy, in cases where such policy is required to be formulated,

Detailed Notification Link:
http://www.mca.gov.in/Ministry/pdf/Circular_04_10032015.pdf

rchgiri

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Ministry of Corporate affairs has introduced four new E-forms which shall be available forms 11th Mar 2015, details of each E-form is as follow:



Sr. No. Name of the E-form Purpose
1 MGT-3, Notice of situation or change of situation or discontinuation of situation, of place where foreign register shall be kept {Section 88(4)}

2 MGT-15 Filing of Report on Annual General Meeting to ROC. {Section 121(2)}

3 PAS-6 Filing of private placement offer letter. {Section 42}

4 DPT-3 Return of deposits to be filed with the Registrar.
{Section 74(1)}

rchgiri

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Please find the following amendments.

Company Law:

Chapter 4

Companies (Share Capital and Debentures) Amendment Rules, 2015

http://www.mca.gov.in/Ministry/pdf/Chapter4_Rules_19032015.pdf


Chapter 7

Companies (Management and Administration) Amendment Rules. 2015

http://www.mca.gov.in/Ministry/pdf/Chapter7_Rules_19032015.pdf


Chapter 12

Companies (Meetings of Board and its Powers) Amendment Rules, 2015

http://www.mca.gov.in/Ministry/pdf/Chapter12_Rules_19032015.pdf

rchgiri

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Govt. announces list of ROCs appointed as adjudicating officers for adjudging penalties under Cos Act, 2013

ln exercise of the powers conferred by section 454 of the Companies Act,20l3 read with the Companies (Adjudication of Penalties) Rules, 2014, the Central Government hereby appoints following Registrars of Companies as adjudicating officers for the purposes of this Act in respect of jurisdictions indicated against each Registrar.

Read more at:

http://www.mca.gov.in/Ministry/pdf/Notification_26032015.pdf

rchgiri

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GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION

GENERAL CIRCULAR NO. 05/2015

New Delhi, 30th March, 2015

Clarification regarding applicability of Companies (Acceptance of Deposits) Rules, 2014.

MCA has clarified by this circular that amounts received by private companies from their members, directors or their relatives prior to 1st April, 2014 shall be considered as deposits under the Companies Act, 2013 as such amounts were not treated as 'deposits' under section 58A of the Companies Act, 1956 and rules made thereunder.

The matter has been examined in consultation with RBI and it is clarified that such amounts received by private companies prior to 1st April, 2014 shall not be treated as 'deposits' under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.

Any renewal or acceptance of fresh deposits on or after 1st April, 2014 shall, however, be in accordance with the provisions of Companies Act, 2013 and rules made thereunder.

Please find the circular from the below link,

http://www.mca.gov.in/Ministry/pdf/General_Circular_5-2015.pdf

rchgiri

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Secretarial Standards 1 and 2 would apply to meetings in respect of which notices are issued after June 30, 2015

The Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2) (together referred to as the Secretarial Standards), as approved by the Central Government, have been issued by the Institute of Company Secretaries of India (ICSI) under the provisions of Section 118(10) of the Companies Act, 2013 (the Act), vide ICSI Notification No. 1 (SS) of 2015 dated April 23rd, 2015 and published in the Gazette of India Extraordinary Part III - Section 4. These Secretarial Standards shall come into force w.e.f. 1st July 2015.

Read more at:
https://www.icsi.edu/docs/Website/Clarification%20on%20Applicability%20of%20Secretarial%20Standards.pdf

18 THE COMPANIES (AMENDMENT) ACT, 2015 on Thu 28 May 2015 - 9:50

rchgiri

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THE COMPANIES (AMENDMENT) ACT, 2015

Source: http://www.mca.gov.in/Ministry/pdf/AmendmentAct_2015.pdf

The Companies (Amendment) Bill received the assent of the President on the 25th May, 2015 and published in official Gazette of India on 26th May, 2015 and became “THE COMPANIES (AMENDMENT) ACT, 2015. This Act shall come into force on 26th May, 2015

The proposed amendments deal with related party transactions, fraud reporting by auditors, public inspection of Board resolutions, responsibilities of audit committee, restrictions on bail, making common seal optional, requirement for minimum paid-up share capital, strength of benches for hearing winding up cases, jurisdiction of special courts to try offences.

The Cabinet, chaired by Prime Minister Narendra Modi, had approved the 14 proposed changes in various provisions of the new Companies Act, 2013, which came into force with effect from April 1, 2014.

HIGHLIGHTS OF AMENDMENTS MADE BY THE COMPANIES (AMENDMENT) ACT, 2015

Elimination of minimum paid up share capital requirement - In case of Private and Public company now there is no requirement of minimum paid up capital [amendment in clauses (68), (71) of section 2 and section 11]

Common seal now make optional - Common seal is now optional, and consequential changes for authorisation for execution of certain documents.[Amendment in sections 9, 12, 22, 46 and 223]

Punishment for violation to accept deposit – Insertion a new section 76A to provide for punishment for deposits accepted in violation of the provisions of the said Act.

Prohibition on public inspection of Board resolutions – Prohibition on public inspection of Board resolutions filed in the Registry. [Amendment in clause (g) of sub-section (3) of section 117].

Mandatory requirement to set-off past losses / depreciation before declaring dividend – To include provisions for writing off past losses / depreciation before declaring dividend for the year.[ amendment sub-section (1) of section 123]

Rectification in requirement of transferring equity shares for which unclaimed dividend transferred to IEPF – For rectifying the requirement of transferring equity shares for which unclaimed/unpaid dividend has been transferred to the Investors Education and Protection Fund even though subsequent dividend(s) has been claimed. [By amendment in sub-section (6) of section 124]

Threshold limit for reporting of Fraud to CG – To incorporate enabling provisions to prescribe thresholds beyond which fraud shall be reported to the Central Government (below the threshold, it will be reported to the Audit Committee). Disclosures for the latter category also to be made in the Board’s Report. [Amendment in sub-section (3) of section 134 and sub-section (12) of section 143]

Related party Transactions –To provide for empowering Audit Committee to give omnibus approvals for related party transactions on annual basis. [Amendment in clause (iv) of sub-section (4) of section 177]

Loan / Guarantees given by Holding company to Subsidiaries exempt from requirement of section 185– To provide for exemption under section 185 (Loans to Directors) provided for loans to wholly owned subsidiaries and guarantees/securities on loans taken from banks by subsidiaries.[ Amendment in section 185 ]

Change in resolution type from special to ordinary for approval of related party transactions – For replacing ‘special resolution’ with ‘resolution’ for approval of related party transactions by non-related shareholders.[ By amendment in sub-section (1) of section 188]

Exemption from approval of related party transactions between holding and wholly owned subsidiaries – To exempt related party transactions between holding companies and wholly owned subsidiaries (WOS) from the requirement of approval of non-related shareholders. [ By amendment in sub-section (1) of section 188]

Bail restrictions only for Fraud u/s 447 – To provide for bail restrictions to apply only for offence relating to fraud u/s 447[ Amendment in sub-section (6) of section 212]

Change in bench size from 3 member to 2 member for hearing winding up cases – To provide for winding up cases to be heard by 2-member Bench instead of a 3-member Bench.[ amendment in sub-section (4) of section 419]

Special Courts to try only offences carrying imprisonment of 2 years or more – To provide for that Special Courts to try only offences carrying imprisonment of two years or more.[ By amendment in sections 435 and 436 of the said Act]

rchgiri

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MCA has introduced a New Integrated Incorporation Form: INC 29 w.e.f. 01/05/2015

Source: http://www.mca.gov.in/MinistryV2/Download_eForm_choose.html#inc29

Description e-Form with Instruction kit e-Form Form Version

Integrated Incorporation Form Form INC-29 Form INC-29 01-May-2015

rchgiri

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With new Companies Act, 2013, Company Secretaries can now act as whistleblowers


KOLKATA: With the new Companies Act in place, company secretaries (CS) like other statutory auditors can now act as whistleblowers if they detect any fraud.

"There is a provision of whistle blower in the new Companies Act. It is now mandated in the act of 2013," Institute of Company Secretaries of India (ICSI) President Atul Mehta said.

Practising company secretaries, he added, will be mandatorily required to carry out the secretarial audit of companies whose paid-up capital is more than Rs 50 crore and a turnover exceeding Rs 250 crore.

This was akin to the kind of audit carried out by statutory auditors for financial audit and cost accountants for cost audit for listed companies, he told reporters here today.

Mehta said that if any fraud was detected by the practising CS, it will have to be reported either to the audit committee or the Corporate Affairs Ministry, depending on the quantum of the money involved.

"The new Act has made this mandatory," Mehta said adding that the secretarial auditor will also have to attach his report, along with the board of directors statement in the annual report.

The secretarial auditor will be allowed to make any qualifying remarks in the report like the statutory auditor.

The corporates will have to follow the secretarial standards and need to comply by July 1, 2015.

Meanwhile, ICSI is setting up a centre of excellence for corporate governance in the city.

Read more at:
http://economictimes.indiatimes.com/articleshow/47481425.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

rchgiri

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Applicability of Cash Flow Statements

The Applicability of Cash Flow Statements is now governed by the Companies (Accounting Standards) Rules, 2006.

The inclusion of cash flow along with Balance Sheet and P&L for all Companies is a new requirement. Earlier only listed companies under listing agreement clause no. 32 were required to prepare cash flow statement as per AS 3 (Accounting standards) issued by the ICAI.

Now Cash Flow statements shall be prepared by all Companies (including Private Company). However, exemption is provided to OPC (Sec 2(62)), Dormant Companies (Sec 455 ) and Small Companies (Sec 2(85)).

Since Companies Act, 2013 does not lay down any format for preparation of Cash Flow statement, Companies will need to follow AS 3 in this regard.

According to the listing agreement , listed companies require to follow indirect method whereas non-listed companies will have a choice of either applying the direct or indirect method under AS 3 to prepare the Cash Flow Statement.

rchgiri

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Government of India
Ministry of Corporate Affairs

General Circular No. 09/2015
Dated:18th June,2015

Clarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under section 74 of the said Act.


This Ministry has received representations seeking clarification regarding processing of the deposits related complaints received from investors under section 74 of the Companies Act, 2013 (the said Act) in respect of defaults made by companies in repayment of deposits accepted by them before the commencement of the said Act i.e. before 1st April, 2014 and filing of prosecutions against defaulting companies by the Registrars of Companies/Regional Directors.

2. The matter has been examined in the Ministry and it is clarified that vide Removal of Difficulties (Second) Order [S.O. 1428(E)] dated 2nd June, 2014 and Removal of Difficulties (Fourth) Order [S.O. 146O(E)] dated 6th June, 20 14, the Company Law Board has been empowered to exercise the powers of National Company taw Tribunal under sub-section (4) of section 73 and subsection (2) of section 74 of the said Act, till the latter's constitution. Thus, a depositor is free to file an application under section 73(4) of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. Further the company may also file application under section 74(2) of the said Act with the Company Law Board seeking extension of time in making the repayment of deposits accepted by it before the commencement of the provisions of the said Act.

3. Further, attention is also drawn to Explanation appearing below Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014 which clarifies the conditions subject to which a company would be deemed to have complied with the requirements laid down in Section 74(1) (b) of the Companies Act, 2013. Companies can repay deposits accepted prior to 1st April, 2O14 in accordance with terms and conditions for which the deposits had been accepted.

4. It is also clarified that there is no bar on the Registrar of Companies for filing of prosecution against a company if such company fails to make repayment of deposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013, subject to the contents of para 3 above.


The detailed circular can be read by clicking on the below mentioned link:

http://www.mca.gov.in/Ministry/pdf/General_Circular_9-2015.pdf

23 The Companies Auditors Report Order 2015 on Sat 20 Jun 2015 - 23:06

rchgiri

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The Ministry of Corporate Affairs (MCA) has notified the Companies (Auditor’s Report) Order, 2015 on 10th April 2015.

Please click on the following link for the text of the aforesaid Order.

http://www.mca.gov.in/Ministry/pdf/Companies_Auditors_Report_Order_2015.pdf

rchgiri

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Government of India

Ministry of Corporate Affairs

General Circular No. 10/2015
Dated: 13th July,2015

Relaxation of the additional fees and extension of last date of in filing of forms MGT-7(Annual Return) and AOC-4 ( Financial Statement) under the Companies Act, 2013- reg.

This Ministry has clarified vide general circular 8/2014 dated 04/04/2014 that provisions of the Companies Act, 2013 relating to financial statement, auditors report and board’s report shall apply in respect of the financial years commencing on or after 1st April,2014. Form AOC-4 or Form AOC-4 XBRL(Format of filing of financial statement) shall, as applicable, have to be used for filing of such statement for financial years commencing on and after 1st April,2014. Attention is also invited to this Ministry’s general Circular 22/2014 dated 25/06/2014 wherein it has been clarified that MGT-7( Form of Annual Return) shall apply to annual returns in respect of financial years ending 1st April,2014.

2. The electronic version of the Forms AOC-4, AOC-4 XBRL and MGT-7 are being developed and shall be made available for electronic filing latest by 30th September 2015. In addition, a separate form for filing of Consolidated Financial Statement (CFS) with the nomenclature AOC-4 CFS will be made available latest by October 2015. MGT-7 has been notified while AOC-4, AOC-4 XBRL and AOC-4 CFS will be notified shortly.

3. In view of this, it has been decided to relax the additional fee payable on Forms AOC-4, AOC-4 XBRL and Form MGT-7 upto 31/10/2015. Further, a Company which is not required to file its financial Statement in XBRL format and is required to file its CFS would be able to do so in the separate form for CFS without any additional fees up to 30/11/2015.

4. This issues with the approval of the competent authority.



Source: http://www.mca.gov.in/Ministry/pdf/General_Circular_10-2015.pdf

25 Integrated Incorporation Form - INC-29 on Tue 21 Jul 2015 - 17:27

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Message from ICSI's President on Integrated Incorporation Form - INC-29 addressed to All CS Members.

This is reproduced for the benefit of the CS students.

CA:2013 21st July, 2015

Dear Professional Colleagues,

Sub. : Integrated Incorporation Form - INC-29

The Ministry of Corporate Affairs has introduced the Integrated Incorporation Form - INC-29 with the intent to ease the procedure for incorporation of companies.

INC-29 is one Single form for incorporating a company and addresses of the procedural requirements pursuant to sections 4, 7, 12, 152 and 153 of the Companies Act, 2013.

Form - INC-29 takes care of three separate processes with this single form namely application for DIN, application for name approval and application for incorporation of companies.

Consequently, the filing of the following e-forms is not required:

Form DIR-3 (Application for allotment of DIN in case proposed Directors have no DIN)
Form INC-1/INC-2 (Application for Reservation of name)
Form INC-7 (Application for incorporation of a company other than OPC)
Form DIR-12 (Details of Directors)
Form INC-22 (Details of registered office) (Optional at the time of incorporation)

INC- 29 aims to reduce of time and money while incorporating companies. Fee for the form is Rs. 2000/- plus registration fee.

Incorporation of the company through this integrated form for incorporation INC-29 is optional. Standalone e-Forms DIR-3, INC-1/ INC-2, INC-7, DIR-12, INC-22 will continue to be available at MCA website. In case any stakeholder wants to avail any of these services separately/ independently, he may use the existing e-forms and follow the existing process.

Facility for using ‘integrated form’ is not available for incorporating Section 8 companies.

We hope you are making use of the new form INC-29 for incorporation of companies. However, if you are facing any concerns or difficulties in using the new form INC-29. You may write to us at efiling@icsi.edu.

Regards

CS Atul Mehta
President

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