Ministry Of Corporate Affairs vide its notification dated 27th October 2023 has inserted new Rule 9B in the Companies (Prospectus and Allotment of Securities) Rules, 2014 (hereinafter referred to as the said rules). Pursuant to Rule 9B, Every Private Company other than a small company shall issue the securities only in Dematerialized Form; and facilitate the dematerialization of all its securities. A private company, which as on the last day of a financial year, ending on or after 31st March ..
The MCA notified the Companies (Management and Administration) Second Amendment Rules, 2023 on October 27, 2023. These rules are aimed at increasing transparency and accountability in companies, and to improve the corporate governance framework. The key changes introduced by the new rules are Disclosure of beneficial interests: Every company is required to maintain a register of beneficial interests in shares and contributions in Form PAS-8. This register must be updated at le..
MCA notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 on October 27, 2023. These rules are aimed at increasing transparency and efficiency in the securities market, and to reduce the risk of fraud. The key changes introduced by the new rules are Dematerialization of share warrants for public companies: Public companies that issued share warrants before the Companies Act, 2013, and have not yet converted them into shares must demateria..
MCA issued a Notification vide G.S.R. 803(E) dated October 27, 2023, amending the Limited Liability Partnership Rules, 2009, under the authority of the Limited Liability Partnership Act, 2008 (6 of 2009). The key changes introduced by the new rules are Every LLP is required to maintain a register of partners in Form 4A, which must contain details of their beneficial interests and both tangible and intangible contributions. A person whose name is entered in the register ..
Ministry of Corporate Affairs (MCA) has extended the timeline for holding Annual General Meetings (AGMs) and Extra-Ordinary General Meetings (EGMs) through video conferencing (VC) or other audio-visual means (OAVM) until September 30, 2024. Official copy of the circular is mentioned below General Circular No. 09/2023 File No. Policy -17/57/2021-CL-MCA Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, Dr. Rajendra prasad Road, ..
The Ministry of Corporate Affairs (MCA) has extended the tenure of the Company Law Committee (CLC) by another one year till September 16, 2024. The CLC was set up in September 2019 to examine and recommend on various provisions and issues pertaining to the implementation of the Companies Act, 2013 and the LLP Act, 2008. The CLC is an 11-member committee chaired by Rajesh Verma, the Corporate Affairs Secretary. The other members of the committee include representatives from the Depar..
SHORT SUMMARY In this article, the author shall discuss "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". MCA has issued General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008. MCA has mentioned that they have received so many representations in relation to technical glitches in the MCA site and mismatches in the master data, due to which LLP’s w..
The Ministry of Corporate Affairs (MCA) has introduced a condonation scheme for delays in filing Form-3, Form-4, and Form-11 under Section 67 of the Limited Liability Partnership Act, 2008 read with Section 460 of the Companies Act, 2013. The scheme is applicable to all Limited Liability Partnerships (LLPs) registered or incorporated in India. It allows for the condonation of delay in filing the following forms: Form 3: Information with regard to limited liability partnership ..
Introduction When choosing a company name, there are numerous dos and don'ts to keep in mind. Keeping these in mind, a proper name should be picked because a business's name has the ability to create or break the enterprise; also, certain names are restricted or prohibited by MCA company naming laws. So, here is the post that will contain all of the information on the MCA Restricted Words for a Company Name. Company Name Registration by MCA Before a company or LLP (Limited Liabi..
Introduction The Ministry of Corporate Affairs (MCA) is taking strong action against non-functional companies, commonly known as shell companies, as part of its ongoing efforts to combat illegal activities. MCA is planning to further intensify its crackdown on these companies, which are often used for illegal money transactions. Cracking Down on Shell Companies The MCA has already taken action by striking off a significant number of shell companies that are known for facilitating the fl..
The Ministry of Corporate Affairs (MCA) has extended the due date of filing return of deposits Form DPT-3 by 1 month till July 31, 2023. The original due date was June 30, 2023. Official copy of the circular has been mentioned below General Circular no.0/12023 F.NO. Policy-01/2/2021-CL-V-MCA-(Part- I) Government of India Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1 Dated:21"t June,2023 To, DGCoA Al1 Regiona..
Higher penalty for cartels and greater leniency provisions introduced in competition law last month will go hand in hand in tackling cartels which are by nature difficult to prove, the corporate affairs ministry said in a monthly update, indicating what would be the competition watchdog CCI's approach in market correction after it got a new chair this month. The amended competition law that received Presidential ascent last month allows a higher penalty of 10% of global turnover of an err..
The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike off process of companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE). The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean besides availability of more meaningful data to the stakeholders. The C-PACE will also benefit the stakeholders by providing a hassle-free filing, timely and process-b..
Firms applying for removal of their names from the Register of Companies will have to file financial statements and annual returns in order to cease business operations. To this effect, the Ministry of corporate affairs has introduced fresh conditions for companies that wish to de-register with the RoC. According to the changes, a firm cannot file for removal of names unless it has filed overdue financial statements and overdue annual returns up to the end of the financial year in which ..
The Ministry of Corporate Affairs has taken a serious view of professionals who help companies incorporate by falsely certifying they have visited the premises of the intended registered office. In an early indication of likely tightening of rules governing these professionals, the ministry has flagged its concerns about wrongful certification of premises of companies to its field officers and to the self-regulator of company secretaries, the Institute of Company Secretaries of India (ICSI),&..
The Corporate Affairs Ministry (MCA) had struck off as many as 29,059 non-compliant companies in FY21 and FY22, Lok Sabha was informed on Monday. Replying to an unstarred question, Rao Inderjit Singh, Minister of State for Corporate Affairs said that against this 3,21,325 new companies were incorporated during these two financial years. The total number of registered companies as on March 31, 2022 is 23,26,640 and active companies are 14,37,045. Thus approximately 1.2 per cent of..
Technology upgradation in the government departments has its positive impacts primarily for the supervision purposes. It becomes very easy for the officers to identify the non-compliances and take action so that the provisions of various acts are complied with in letter and spirit. Many a times, the persons responsible for the compliances of provisions in the corporates do not pay proper attention resulting in non compliance. Earlier it was very difficult to check the non compliances of vario..
In this article author has tried to explain the procedure to be followed for Change of name of the Company (Change of name MCA v3 portal) while filing form RUN (Reserve Unique Name), Form MGT 14 and Form INC 24 in a brief and simplified manner: Process for Name Change on new MCA V3 portal As per sub-section (2) of section 13, An existing company can change its name by a passing special resolution. First of all, the Board of Directors have to convene a board meeting for recommendation of ch..
The GST department will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base. Currently, there are 1.38 crore registered businesses and professionals under the Goods and Services Tax (GST), which was launched on July 1, 2017. Businesses in manufacturing and services sectors with annual turnover of more than Rs 40 lakh and Rs 20 lakh, respectively are requi..
SHORT SUMMARY MCA has issued a General Circular No 04/2023 on 21st Feb 2023 subject to extension for the time of filing of 47 forms on MCA V3 without additional fees. MCA has already issued two general circulars 01 and 03 or 2023 on 07th Feb 2023 and 09.01.2023 subject to extension for the time of filing of 45 company e-forms and PAS-03 in MCA 21 without additional fees. Important Point There is no extension for Spice Part B for any period. Extension is available if the Due date of..