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Nidhi Companies to apply to the Central government for updation of their status in Form NDH-4

Nidhi Companies  to apply to the Central government for updation of their status/ declaration as Nidhi Company in Form NDH-4 in accordance to  amended provisions of the Companies Act and Nidhi Amendment Rules 2019 In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI..

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Case Study 1- IBC 2016

QUESTION M/s Jooly Private Limited (Corporate Debtor) is a company incorporated on 01.01.2005 under the provisions of Companies Act, 1956, having its registered office at Mumbai. The Authorized Share Capital of the company is Rs. 100, 00, 00,000/- and Paid-up Share Capital of the company is Rs. Rs. 99, 00, 00,000/-. M/s Jemmy Private Limited(Operational Creditor) is a company incorporated on 01.01.2006 under the provisions of Companies Act, 1956 having its registered office at Kolkata. ..

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Ease of doing business in India: An analysis

INTRODUCTION A favorable business environment is a prerequisite for the economic growth of a nation. A country like India which is among the fastest developing countries in the world has the potential to surpass the leading countries in terms of business. The Make in India initiative which has been launched by the government in 2014 with a vision of transforming India into a manufacturing hub has made efforts to enhance the Ease of Doing Business (EODB) in India by attracting more domestic an..

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LLP Form 11 for FY 2021 22 due date extended till 15th July 2022

Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 1st July 2022 ANNOUNCEMENT Sub: LLP Form 11 for FY 2021-22 due date extended till 15th July 2022   This is to inform you that Ministry of Corporate Affairs vide its General Circular dated 29th June 2022 has relaxed the payment of additional fees in case of delay in filing Form 11 (Annual Return) for the FY 2021-22 by Limited Liability Partnerships up to 15th July, 2022. ..

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Roadmap / Blueprint of External Commercial Borrowings- ECBs

Introduction Globalization has paved way for international financing which helps the organization to engage in cross-border transactions with foreign business partners, such as customers, investors, suppliers, and lenders. Indian companies have an option to mobilize funds through ECB mode from the foreign market to have optimum capital structure. What is ECB? Borrowings of commercial loans by eligible resident Indian entities from external sources i.e. entities that are resident outside..

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New Wage Code

The Modi govt is likely to implement 4 new labour codes soon. These will subsume 29 central labour regulations, aim to consolidate and simplify complex labour legislations. The centre had finalized the draft rules in Feb, 2021 and now around 23 states have pre-published draft rules on these laws.  WHEN WILL IT BE IMPLEMENTED Media reports have quoted govt officials as saying that since labour is a state subject too, the centre wants states to implement these as well in one go. Pl..

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FAQs on DIR-3 KYC: Part 1

Important Questions on Filing of DIR-3 KYC Q1.What is the due date for filing DIR-3 KYC? Ans.: Due date for filing the KYC form is 30th September of every year. Q2. Who is required to File DIR-3 KYC / Web KYC? Ans: Every Director / Designated Partner (having DIN / DPIN) who has been allotted DIN / DPIN on or before the end of the financial year, and whose DIN / DPIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC / Web KYC. Q3. A person has a..

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All about Section 8 Companies

Object of formation of Section 8 companies Section 8 of the Companies Act, 2013 deals with the formation of companies which are formed to promote the charitable objects of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment etc. Such company intends to apply its profit in promoting its objects and prohibiting the payment of any dividend to its members. Power of Central Government to issue the license This section allows the C..

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IBBI amends Grievance and Complaint Handling Procedure Regulations, 2017 and IBBI (Inspection and Investigation) Regulations, 2017

IBBI amends Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 With a view to put in place, a streamlined and swift complaint handling procedure, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 and the Insolvency and Ban..

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IBBI amends Insolvency Resolution Process for Corporate Persons Regulations, 2016

Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 The Insolvency and Bankruptcy Board of India (IBBI/Board) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 (CIRP Regulations) on 14th June, 2022. The amendment provides the operational creditors to furnish extracts of Form GSTR-..

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Role of resolution professionals /liquidators in respect of avoidance transactions

As you are aware that the Insolvency and Bankruptcy Code, 2016 has been introduced by the government with aims to maximise the value of company's assets and resolution of insolvency status of company through resolution and conciliation. The main objective of the Code,2016 is to restructure and resolve insolvency of corporate persons, partnership firms and individuals promptly for leveraging the maximum value of assets of such persons. While proceeding therewith to also promote the entreprene..

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Compliance Calendar for the FY 2022-23

I am listing down the key reporting forms and due dates for various compliances, which must be filed by all registered businesses, irrespective of their entity structure. It also provides the relevant particulars of the 196 reporting mandates and applicable timeframe.   For Example – 1. Companies and LLPs in India are required to comply with annual filings under the Companies Act, 2013 and the Limited Liability Partnership Act, 2008. The filings with the ROC (R..

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MCA notified Companies (Appointment and Qualification of Directors) Second Amendment, Rules 2022

Central Government hereby makes rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014. Read the official notification below: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA  MINISTRY OF CORPORATE AFFAIRS  NOTIFICATION  New Delhi, the . June, 2022  G.S R  (E). - In exercise of the powers conferred by section 149 read with section 469 of the Companies Act, ..

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Analysis of The Companies (Appointment and Qualification of Directors) Amendment Rules, 2022

The Ministry of Corporate Affairs (MCA) vide its notification dated June 01, 2022, has notified The Companies (Appointment and Qualification of Directors) Amendment Rules, 2022, and the said rules are applicable from immediate effect i.e. June 01, 2022. The Amendments provides for the following 1. After the first proviso the following new proviso has been inserted in Rule 8 of The Companies (Appointment and Qualification of Directors) Rules, 2014: "Provided further that in case the..

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MCA notifies Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022

MCA on June 9, 2022, has issued The Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 to further amend The Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. This has come into force on June 9, 2022. The following amendment has been made namely: -   Rule 4 which specifies “Application for removal of name of company” sub-rule (3) has been substituted namely:  "(a) Where the Regis..

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Online Gaming (Regulation) Bill, 2022

As you are aware that we are going though deadly pandemic "COVID-19" period. We have suffered a lot in previous two years, there was loss of life, loss of business ,lockdown and much more. The whole world was locked down for safety of life and property of people. The schools, collages , educational institutions etc. have been closed and activities of imparting education has been shifted from off line to on line platform. The whole world has locked into their homes and communicating thr..

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MCA Guidelines for Person belonging to Countries Sharing Land Border with India

SHORT SUMMARY In this article, the author shall discuss the latest amendment made by Ministry of Corporate Affairs (MCA) in respect to person/ company belong to country sharing land border with India: MCA has amended Companies (Appointment and Qualification of Directors) Rules, 2014 w.e.f. June 01, 2022. MCA has amended Companies (Incorporation) Second Amendment Rules, 2022 w.e.f. May 20, 2022. MCA has amended Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022 ..

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ICAI releases Exposure Draft Guidance Note on CARO 2020

The Central Government, in exercise of the powers conferred, under sub-section (11) of section 143 of the Companies Act, 2013 (hereinafter referred to as "the Act"), issued the Companies (Auditor's Report) Order, 2020, (CARO 2020/ "the Order") vide Order number S.O. 849(E) dated 25th February 2020. CARO 2020 was initially applicable for audits of financial year 2019-20 and onwards. Subsequently, vide notifications dated 24th March 2020 and 17th December 2020, its applicab..

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Corporate Compliance Calendar for the m/o June, 2022

1. Compliance requirement under Income Tax act, 1961 Sl. Compliance Particulars Due Dates 1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month (May, 2022). 07.06.2022 2. Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of April, 2022 14.06.2022 3 ..

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Everything about DPT-3

SHORT SUMMARY In this article, author shall discuss the provision, applicability, Due Date, purpose, non-applicability etc of DPT-3. DPT-3 introduced by MCA on 22nd January 2019 by amendment in Deposit Rules. By these amended rules "One explanation added in Rule 16" Explanation: It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars not considered as deposit or both by every company other than Government Company A. Rules for D..

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