Companies Act, 2013

No. 510 INDEPENDENT DIRECTOR – NEW ERA- BY AMENDMENT IN ACT Data Bank of ID/ IICA/ Online Proficiency test/ Self-assessment test/ Compliance with right to ID and Companies Independent directors have a crucial role to play for keeping good governance practices. In order to ensure the basic literacy of company law, securities law and accountancy among Independent directors and to boost Corporate Governance standards in India, the Govt. has decided to introduce online proficiency self-assessment test for Independent directors. Subsequently, MCA has notified the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, and the Companies (Accounts) Amendment Rules, 2019. The notifications shall come into force with effective from Dec 01, 2019. Applicability: The new norms shall be applicable to ·         Existing Independent directors and ·         Individual who are willing to be appointed

              CRITICALITIES – MSME – 1- Due Date 30.09.2019 In an attempt to discuss the Criticalities in preparation of MSME-1 Data and form for the half year ended 31.09.2019. Like: What should be financial year in form, which period data should be considered? Etc. In this editorial we will discuss the 10 most discussed FAQ’s on Annual Filing. Extract of Act: 2 . Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers more than 45 days as at end of half year. 3. Every specified company shall file a return as per MSME Form I annexed to this Order, half Year as per details given below S. No. Period Due Date 1.          Period April to September 31 st October 2.          Period October to March 30 th April     As per provisions of Companies Act, 2013 Specified Companies are required to file