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January 6, 2023
The Chamber of Tax Consultants – December, 2022
Order of Adjudicating Officer of Securities and Exchange Board of IndiaName of the Case: In the matter of Bombay Dyeing and Manufacturing Company Limited In the matter of Yadubir Singh Sajwan (Petitioner/Financial Creditor) & Ors. v Som Resorts Private Limited (Respondent/Corporate Debtor) at National Company Law Tribunal (NCLT) New Delhi dated 2nd August 2022
January 6, 2023
Extension of time for Holding Virtual general meetings
Our previous article dated 16th December 2022 was about the convening General meeting through video conferencing (VC) or other Audio-Visual Means (OAVM). In that article, we discussed at length the evolution of provisions of Companies Act, 2013 (the Act) with respect to conducting Board Meetings as well as General meetings through VC or OAVM. We
December 16, 2022
Planning to Conduct shareholders meeting through VC – Hurry up
Background: The Covid -19 pandemic was an unprecedented global crisis. During these times of pandemic, rigorous restrictions were placed on public movement, thereby forcing businesses to go digital and consequently relaxations w.r.t provisions of law were also granted so that one can cope up with these challenging times, and comply with law and run the
December 16, 2022
LODR Sixth Amendment
Securities and Exchange Board of India [“SEBI” or “Board”] vide its Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth amendment) Regulations, 2022 [LODR Sixth amendment] amended certain provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI LODR]. An analysis of these amendments is presented
December 6, 2022
Advance received in Ordinary Course vs. Deposits
Deposit” includes any receipt of money by way of deposit or loan or in any other form by a Company, but does not include such categories of amount as may be prescribed in consultation with the RBI. Further, Rule 2 (1)(c) of the Companies (Acceptance of Deposits) Rules, 2014, provides an inclusive definition of deposits.
November 25, 2022
Filing of Annual return by Auditors
Background: As per Section 132 of the Companies Act, 2013 read with National Financial Regulatory Authority (NFRA) Rules, 2018, certain companies and other entities as prescribed in these NFRA Rules and their auditors are governed by NFRA. NFRA 2 – Compliance MCA has prescribed Form NFRA-2 as the Annual Return which is to be filed
October 12, 2022
MMJC Insights dated 12 Oct, 2022
This issue of MMJC insights covers the following: Affixation of Digital Signature Certificate – Exchange clarifies on the applicability Independent Directors would be assumed to be aware of misconduct by the company if its attributable through public news about the misconduct by the company – Order of Adjudicating Officer of Securities and Exchange Board of
October 3, 2022
Uniformity for delayed reporting – Imposition of Late Submission Fee (LSF) under the Foreign Exchange Management Act, 1999 (FEMA)
The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No. 16 dated September 30, 2022 has revised the matrix for calculation of late submission fee (LSF) for reporting delays under FEMA with immediate effect. Earlier regime The concept of LSF was introduced for delayed reporting under various functions as below: Sr. No. Provision/Function
September 29, 2022
Changes introduced by the CSR Amendment Rules 2022
Corporate Social Responsibility (“CSR”) is mandatory in India for companies exceeding certain thresholds of net worth, turnover or profits. On September 20, 2022 the Ministry of Corporate Affairs (MCA/Ministry) notified various amendments to the Companies (Corporate Social Responsibility Policy) Rules, 2014. The amendments and its practical implications are as follows: 1. CSR Committee Section 135(9)
September 24, 2022
Reducing Compliance Burden – Widening of Small Companies Definition
1. Introduction: The Companies Act, 2013 has categorized certain companies into smaller companies based on their paid-up capital and turnover thresholds, so as to give various relaxations from compliance. These thresholds have now been widened to accommodate more companies under the ‘small company’ bracket. 2. Amendment: On 15th September 2022 Ministry of Corporate Affairs (“MCA”)