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In this article, I have tried to summarize the notifications issued by MCA from time to time in the month of June'21.

Here, you can find the gist of all notifications relating to Company Law at one place and the changes made before and after the issue of notification.

Summary of MCA notifications for the month of June 21
MCA Notifications w.r.t Amendment Rules of Companies Act, 2013 for the Month of June 2021
        EFFECT OF AMENDMENT
S.No NOTIFICATION DATE APPLICABLE PROVISION ESSENCE OF NOTIFICATION BEFORE AFTER
1 2nd June 2021   Launch of new version of MCA website    
2 7th June 2021 Companies (Incorporation)4th Amendment Rules,2021 Amendment in rule 38A of Companies (Incorporation) Rules,2014 to rename e-form INC 35 from AGILE- PRO to AGILE- PRO-S and it now includes Registration under Shops and Establishment Act also. Name of the Form: AGILE-PRO The form covered the following key registrations for businesses: i)GSTIN ii)EPFO iii) ESIC

Name of the Form: AGILE-PRO-S The form now covers the following key registrations for businesses:

i)GSTIN

ii)EPFO

iii) ESIC

iv) Registration under Shops and Establishments Act

3 16th June 2021 Companies (Meetings of Board and its Powers) Amendment Rules, 2021 Removal of Restriction on discussion on any matter in Board Meeting through Video Conferencing (Ommission of Rule 4)

According to Rule 4,The following matter shall not be dealt with in any meeting held through Video Conferencing or other Audio Visual means:

i)Approval of Annual Financial Statements;

ii)Approval of Board's report;

iii) Approval of Prospectus;

iv)Audit Committee Meetings for consideration of Financial Statement

v) Approval of matters relating to amalgamation, Merger, Demerger, Acquisition and takeover.

Companies can deal with any type of matter in the Board Meeting through Video Conferencing. Now, there is NO RESTRICTION on discussion on any matter in Board meeting through video conferencing.
4 18th June 2021 Companies(Creation and Maintenance of Data Bank of Independent Directors) Amendment Rules,2021 An Individual can be appointed as Independent Director(ID) in any company before inclusion of his/her name in the Data Bank after payment of fees of rupees One Thousand 1. If a person wants to be appointed as ID, then before such appointment , inclusion of name in the data bank was a pre-condition. 2. In case of failure in renewal of registration, the name of ID was removed from the Data Bank.

1.If an individual has not applied for inclusion of his/her name in the data bank, still such person can be appoint as Independent Director and such person can apply for inclusion of his/her name later on by paying an extra fees of Rs. 1,000/-.

2. If an individual fails to renew his/her registration in data bank within 30 days of expiry of registration, still such person can continue as Independent Director & his/her name shall not be removed from the record of data bank. Only condition is that such person has to apply for renewal by paying an extra fees of Rs. 1,000/-.

5 23rd June 2021 Companies(Accounting Standards) Rules, 2021 Increase in the Threshold Limit of Turnover and Borrowings of Small and Medium Sized Companies to align the applicable Accounting Standards with the latest definition of MSME

Old Definition- Small and Medium sized(SMC) company means, a company:

(i) whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India;

(ii) which is not a bank, financial institution or an insurance company;

(iii) whose turnover (excluding other income) does not exceed Rupees Fifty Crore in the immediately preceding accounting year;

(iv) which does not have borrowings (including public deposits) in excess of Rupees Ten Crore at any time during the immediately preceding accounting year; and

(v) which is not a holding or subsidiary company of a company which is not a small and medium-sized company.

New Definition - Small and Medium Sized (SMC) Company means, a company:

(i) whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India;

(ii) which is not a bank, financial institution or an insurance company;

(iii) whose turnover (excluding other income) does not exceed Rupees Two Hundred Fifty Crore in the immediately preceding accounting year;

(iv) which does not have borrowings (including public deposits) in excess of Rupees Fifty Crore at any time during the immediately preceding accounting year; and

(v) which is not a holding or subsidiary company of a company which is not a small and medium-sized company.

 
 

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Category Corporate Law, Other Articles by - CS Sonamm Khandelwal 



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