©orporate Updates on 28.9.2019
Ø India turns to UAE to fill in for Saudi Oil
Ø Govt plans PSU Selling spree; to let go of 'Whatever is Saleable'
Ø RBI eases withdrawal limit for PMC Customer's
Ø Pawan Hans divestment: Third extension in three months
Ø RBI Group suggests longer term REPO to manage liquidity
Ø IL&FS seeks release of Rs. 145 Cr held by Gujarat discom
Ø NCLAT allows Jet Airways' Dutch Insolvency Court to be part of CoC
Ø No Liquidity Crisis, says FM Sitharaman after Bankers meeting
Ø New Resolution Framework for Finance Companies likely on Friday
Ø SEBI refuses to lift Market Ban on 19 entities for sending misleading SMSes
Ø India jumps 4 Places to 44th rank in world Digital Competitiveness Rankings
Ø India-Chile set to expand Preferential trade, explore possibility of a Free Trade Pact
Ø Indian Economy to start recovering from late FY20: Report
Ø Eveready looks to raise Rs. 250-300 Crore from sale of Non-Core Assets
Ø Tata Steel eyes new businesses to tackle Future Challenges
Ø Mergers and Acquisitions activity records 70% Growth in 2018: Study
Ø Economy to start looking up in days ahead: FM after meeting Pvt Sector Lenders
Ø Fairfax sells ICICI Lombard stake worth over Rs. 2,500 Crore
Ø AP Govt. cancels Bauxite mining in Visakhapatnam
Ø Vivriti Capital to raise ₹500 Crore Debt Fund
Ø Bitcoin falls below $8,000 for first time since June
Ø CBDT gives one more month to file returns of Income Tax cases that need audit
Ø PMO convenes meeting of Secretaries on Draft National Logistics Policy
Ø RBI data shows Bank Credit grows by 10.26%, Deposits 10.02%
Ø Telecom Capex intensity to see moderation till 5G comes in: ICRA
Ø Govt to appoint Global Consultant to sell Surplus land of PSUs
Ø Mehul Choksi a crook, Indian officials free to investigate him: Antigua PM
Ø Rupee darts up 16 Paise to 70.88 against USD as Trump dangles Trade Deal hopes
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Some Mandatory compliances of Company:
1. Company Name Board- Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed, outside every office or place in which its business is carried on, in legible letters.
2. Letter Head of Company- Every Company shall get its name, address of registered office, CIN, telephone and email printed on all business letters, billheads, letter papers, notices and other official publications.
3. First Board Meeting- First Meeting of Board of Directors is required to be held within 30 days of Incorporation of Company. Notice of BM must be send to every director at least 7 days before the meeting.
4. Subsequent Board Meetings- Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings. In case of small company, it is sufficient to conduct only two Board Meetings.
5. Issuing of Share Certificate - Company is required to issue Share Certificates to the subscribers of memorandum within 60 days of Incorporation of Company.
6. Filing of Disclosure of interest by Directors- Every director at:
‐ First meeting in which he participates as director; or
‐ First meeting of Board in every FY; or
‐ Whenever there is change in disclosures
shall disclose in Form MBP‐1 (along with list of relatives and concern of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm or other association of individuals (including shareholding interest).
Form MBP‐1 shall be kept in the records of the company.
7. Resident Director- Every Company is required to appoint at least one Director who has stayed in India for a total period of not less than 182 days in the previous calendar year.
8. Alteration in MOA and AOA- Every alteration of Articles and Memorandum shall be filed with Registrar together with copy of altered Articles, notice of meeting and SR within 30 days of passing Special Resolution. Every alteration made in MOA and AOA shall be noted in every copy thereof.
9. Registers- Every Company shall keep and maintain following Registers in the specified format:
‐ Register of Members MGT-1
‐ Register of other Security Holders residing outside India MGT-3
– Register of Transfer and Transmission of Shares SH-6
– Register of Charge CHG-7
‐ Index of the Registers
10. Other Registers- Every Company shall keep at its Registered Office, a Register of Directors and KMP in the prescribed format containing prescribed particulars.
11. Resolution- Copy of every resolution (with explanatory statement, if any) or Agreement for the specified matters to be filed with ROC in Form MGT‐14 within 30 days. Articles of Company shall have copy of resolution effecting amendment in AOA and Agreements referred in Section 117(3) of the Act.
12. Minutes of Meeting- Minutes of every general meeting, Creditors, Board and Committee shall be prepared and kept within 30 days of conclusion of every meeting concerned. All appointments in the meeting shall be included in the minutes. Minutes of each meeting shall be entered into Minutes Book along with date of such entry.
13. Appointment of Director- Every person to be appointed as Director shall provide his consent in Form DIR‐2 and such consent shall be filed by the Company with ROC in Form DIR‐12, within 30 Days of appointment.
14. Provisions related to DIN- Every individual intending to be appointed as director shall make an electronic application in Form DIR-3 to Central Government for allotment of DIN.
15. Qualification of Director- Declaration from Director at the time of appointment or reappointment in Form DIR‐8 .Annual disclosure from Director to be taken.
16. Number of Directorship- No person shall be a director in more than 20 companies. Maximum number of public companies can be 10 (Director in Section-8 Co. and Dormant Director not to be included)
17. Resignation by Director- Director shall intimate his resignation to the Company, which the Company shall file with ROC in Form DIR‐12 in 30 days. Company shall put resignation details on its website and in its Directors’ Report.
18. Return of Director and KMP- Return of Directors and KMP to be filed with ROC in Form DIR 12, within 30 days of appointment or change.
19. Meeting at shorter notice- Meeting can be convened on a shorter notice for urgent matters. Consent from not less than 95% of members entitled to vote thereat.
20. Quorum‐ Quorum shall be one‐third or two directors, whichever is higher. Directors participating through Video Conferencing shall be counted for the purpose of quorum.
21. First Auditor- First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. In case of First Auditor, filing of ADT-1 is not mandatory.
22. Subsequent Auditor- The BOD shall appoint the auditor in first AGM of company who shall hold the office till the conclusion of 6th AGM and shall inform the same to ROC by filing ADT-1. The responsibility to file Form ADT 1 is that of the Company and not of the auditor within 15 days from the date of appointment.
23. Ratification of Auditor- Shareholders will ratify the appointment of Auditor in every AGM but there is no need to file ADT-1 for ratification.
24. Casual Vacancy of Auditor- If Casual Vacancy is arising due to the resignation of auditor, it shall be filled within 30 days of BOD meeting, subject to approval in General Meeting (AGM or EGM). Any auditor appointed in a Casual Vacancy shall hold office until the conclusion of the next Annual General Meeting.
25. ADT-3- The auditor shall file with the Company a resignation letter stating the reason for resigning and file Form ADT-3 with the registrar within 30 days from the date of resignation. Filing form ADT-3 is the responsibility of the auditor and can only be filed if ADT-1 of the relevant auditor was filed.
26. Annual General Meeting- Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated. A 21 clear days’ notice is required to be given for the same.
27. Filing of Financial Statements- Every Company is required to file its Financial Statements within 30 days of its Annual General Meeting with Registrar of Company in E-Form AOC-4. The same shall be digitally signed by one director and certified by CA/CS/Cost Accountant in Practice.
28. Filing of Annual Return- Every company is required to file its Annual Return with Registrar of Companies within 60 days of Annual General Meeting in E-Form MGT-7. A company having turnover of INR 50 Crore or more shall be certified by a Practicing CS in Form MGT-8.
29. Regularisation of Additional Director- If company wants to appoint additional director as director, then it shall regularize the person as director in General Meeting by passing Shareholder Resolution. File form DIR-12 for Change in Designation of Director along with ordinary resolution within 30 days of AGM.
30. Directors’ Report- Directors’ Report is to be filed within 30 days of AGM along with Form AOC-4. It should be signed by the “Chairperson” authorized by the Board, where he is not so authorized by at least 2 Directors.
31. Filing of Financial Statements of a Foreign Co. -Every Foreign Company is required to file Annual accounts (consolidated financial statements/ global accounts) along with the list of all principal places of business in India within 6 months of close of the Financial Year.
32. Filing of Annual Return of a Foreign Co.- Every foreign company shall prepare and file annual return of the company in e-Form FC-4 within 60 days from the close of financial year.
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GST Council recommends relaxation in filing of annual returns for MSMEs:
READ MORE- https://www.gststation.in/gst-council-recommends-relaxation-in-filing-of-annual-returns-for-msmes/
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income-tax department has identified about 400,000 taxpayers who will face scrutiny under the new faceless assessment scheme. Notices were being served to a little over 100,000 assesses, seeking explanation on the returns filed within 15 days.
Old & unpaid liability for sundry creditors- Exhaustion of period of limitation may prevent filing of recovery proceedings in a Court of law, nevertheless it cannot be stated by itself that the liability to repay the amount had ceased. Such liability cannot be termed as bogus. PCIT vs. Pukhraj S. Jain (Bombay High Court).
SEBI clarifies Any extension given to a corporate entity by extending the debt instrument’s maturity needs to be considered a ‘default’ for the purpose of valuation. The norm was laid out in a circular issued, a day before Essel Group announced that lenders had granted it more time to repay its dues.
NSE & BSE have issued a circular to all listed companies and announced additional surveillance measures for firms wherein creditors of a listed firm may have or are in the process of taking action as per the Insolvency and bankruptcy code (IBC)or Inter Creditor Agreement (ICA) resolution process.
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👉GST Network Launches Online Refund Process. With the deployment of online refund functionality, taxpayers can now file refund application (in RFD 01 form) easily and tax officers can process the same online.
👉CBDT on Thursday extended the deadline up to December 31 for the Income-tax department to complete the final assessment of about 87,000 entities that made suspicious deposits post-demonetisation.
👉With an aim to safeguard mutual fund investors from high-risk assets, SEBI asks asset management companies to make all their investments in listed or to-be-listed equity securities.
👉Bank credit and deposits grew at 10.26 per cent and 10.02 per cent to Rs 97.01 lakh crore and Rs 127.22 lakh crore, respectively, in the fortnight ended September 13.
👉A panel set up by the RBI has recommended that the central bank’s liquidity framework be made flexible enough to adapt to conditions when the system requires liquidity to be in surplus mode.
👉Govt may trim PSU ownership below 51% as it plans to sell 'whatever is saleable'.
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MCA update on Form INC-23 - dated 27.09.2019
Form got Revised
Purpose of the E-form Application to Regional Director for approval to shift the Registered office of the Company from one State to another state or from jurisdiction of one ROC to Another ROC with in same state
MCA notification
Form INC-23 Is likely to be revised on MCA21 Company Forms Download page w.e.f 28th September, 2019. Stakeholders are advised to check the latest version before filing.
Previous revision 19.01.2019
Source: www.mca.gov.in
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ICAI-MEF: Extended last date for submission of online Multipurpose Empanelment Form for the year 2019-20 till 30th September, 2019. The last date for submission of Declaration is 30th September, 2019. For query mail at mefpdc@icai.in
# ICAI Reforms in examination: one high level independent committee is formed under the leadership of PC Jain (Principal of SRCC) including CA Ved Jain, CA Amarjeet Chopra and Dr. Girish Ahuja Sir. Hope to see best solution for students concern very soon.
# MCA: 30-09-2019 - E-Form DIR – 3 KYC (Web Based). Ten Forms can be filed through single user in a day.
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GST refund: 90% of overdue as on Aug 23 have been cleared, says FM Sitharaman:
READ MORE- https://www.gststation.in/gst-refund-90-of-overdue-as-on-aug-23-have-been-cleared-says-fm-sitharaman/
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👉The income-tax department will start faceless assessment from October 8, 2019 but it won’t be mandatory for taxpayers who don’t have an e-filing account or a PAN, as per directive issued by CBDT.
👉Finance Minister has directed ministries to clear off all payments due to goods and service providers within the next few days. She has also asked ministries to spell out their capital expenditure (capex) plans for the next four quarters within a week.
👉India may cut duties on 80% of Chinese imports under Regional Comprehensive Economic Partnership (RCEP).
👉NCLT initiates insolvency proceedings against Reliance Communications Infrastructure under Section 7 read with Rule 4 of the Insolvency and Bankruptcy Code 2016.
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CBDT has issued Circular No. 26 of 2019 dated 26.9.2019 clarifying certain issues relating to ITR 5, ITR 6 and ITR 7 of AY 2019-20.
CBDT has compulsorily retired yet another 15 very senior officers of the rank of Pr. CIT, CIT, JCIT, Addl CIT, ACIT today under Fundamental Rule 56 (J) in the public interest, due to corruption and other charges and CBI traps.
ITR-6 In Schedule SH-l in ITR, mention NORES9999N for non-resident shareholder not having PAN & NOAVL9999N if PAN Not available in other cases. CBDT Circular 26 of 26.9-19.
MCA has recently issued a circular clarifying section 232(6) of the Companies Act, 2013, which deals with the requirement of indicating an ‘appointed date’ in the scheme of mergers and amalgamations, which would also be the ‘effective date’ of the merger/amalgamation coming into force.
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Security firm admits to evading tax worth Rs 6 crore: GST Intelligence:
READ MORE- https://www.gststation.in/security-firm-admits-to-evading-tax-worth-rs-6-crore-gst-intelligence/
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Forwarded as received -
Director KYC date will extend till 15/10/2019
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GSTN starts online refund process to bridge communication gap between taxpayers and tax officers:
READ MORE- https://www.gststation.in/gstn-starts-online-refund-process-to-bridge-communication-gap-between-taxpayers-and-tax-officers/
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PAN-Aadhaar linking deadline extended to December 31 - https://economictimes.indiatimes.com/wealth/tax/pan-aadhaar-linking-deadline-extended-to-december-31/articleshow/71348647.cms
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MCA notifies annual return Form NFRA-2 for auditors, to be filed by November 30 every year; Through the said Form, requires auditors to furnish details of all audit clients with detailed fee breakdown, along with audit report qualifications and disclaimers, resignations and withdrawals from audits from past 3 years, and disciplinary or other proceedings initiated against partner or employee in past 5 years; Specifies that auditors also need to comply with request for production of documents in connection with Form NFRA 2; Clarifies that banking company includes 'corresponding new bank' & 'subsidiary bank'; Further, permits NFRA to extend disciplinary proceeding up to 90 days in case of delays in disposal of SCN issued: MCA
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