NCLT has been notified by MCA

The Ministry of Corporate Affairs (“MCA”) has vide notification dated 1st June 2016 bearing No. A-45011/14/2016-Ad.IV constituted the National Company Law Tribunal (“NCLT”) with effect from the 1st June 2016. The NCLT will have eleven benches across various locations in India, with the principal bench being at New Delhi. However not all provisions of the Companies Act, 2013 relating to the NCLT have been notified. Accordingly, the Company Law Board (“CLB”) stands dissolved. (more…)

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Highlights of the Companies Law Committee Report, 2016

The Companies Law Committee (“CLC”) has on 1st February, 2016 submitted its recommendations to the Government on amendments to both the Companies Act, 2013 (“Act”) and the Company Rules (“Rules”). It has proposed changes in 78 sections of the Act, which along with consequential changes, would result in about 100 amendments to the Act. It has also proposed approximately 50 amendments to the Rules. The recommendations cover significant areas of the Act, including definitions, raising of capital, accounts and audit, corporate governance, managerial remuneration, companies incorporated outside India and offences/penalties. (more…)

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Loans from relative of director would not be counted as deposits for Private Companies

The Ministry of Corporate Affairs (“MCA”) vide notification dated 15th September, 2015 amended the Companies (Acceptance of Deposits) Rules, 2014 by Companies (Acceptance of Deposits) Second Amendment Rules, 2015 pursuant to which the relative of director of private company can now also give loans to the company out of his/her own funds.  (more…)

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MCA approves Secretarial Standards 1 & 2

In accordance with Section 118(10) of the Act every company is required to observe Secretarial Standards specified by the Institute of Company Secretaries of India (“ICSI”) with respect to Board of Directors and General Meetings. (more…)

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Companies (Amendment) Act 2015

The Companies (Amendment) Bill, 2014, a bill to amend the Companies Act, 2013 (“Act”), has now been passed by both the houses of the Parliament and has received the assent of the President of India on May 25, 2015 making it the Companies (Amendment) Act, 2015 (“Amendment Act”). The provisions of the Amendment Act have come into force from May 29, 2015 (except Section 13 and 14 of the Amendment Act which will come into force on such date as will be notified by the Central Government). (more…)

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