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Showing posts from May, 2020

NEW DUE DATES BY MCA (Name Approval, Incorporation, Re submission)

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Short Summary: Add caption Due to CoVID 19 and Lock down situation in Country, Ministry of Corporate Affairs has given further relaxation for submission of forms by Companies/ LLP for following Matters: v Name Approval v Incorporation v   Re submission  of Forms                   Issue description               Period/Days of Extension      New Due Date       1   Name Reservation Date for Incorporation of New Companies Names expiring any day between 15 th March 2020 to 31 st May would be extended by 20 days beyond 31 st May 2020.    20 th June, 2020       2   Name Reservation Date for Change of Name of Companies   Names expiring any day between   15 th March 2020 to 31 st May     would be extended by 60 days beyond 31 st May 2020.     30 th July, 2020    

Relaxation in Corporate Compliances - Atmanirbhar scheme - CoVID19

  Relaxation in Corporate Compliances Atmanirbhar scheme   (Step Towards ‘Ease of Compliances”) Short Summary: Under Atmanirbhar Scheme, Due to CoVID 19, Ministry have done relaxation to compliance burden to Corporates. In this editorial we will share brief of such relaxations. As Ministry of Corporate Affairs already has given many temporary relaxations to corporates like: ·       Holding of General Meetings through Video Conferencing ·       No additional fees on ROC Fees till 30 th September, 2020 ·       No restriction on holding of Board Meeting through video Conferencing. ·       Relaxation in due dates of filing of NFRA 2, etc.   New Relaxations:                  I.              Decriminalization  of Offence under Companies Act, 2013 -: There were many non-compliances under companies Act which was treating as criminal offence. Now the penalties has been relaxed and offences become decriminalized. Like defaults involves minor procedural errors

Process of Appointment of Additional Director (AD) as well as Managing Director (MD) - Series 392

Process of Appointment of Additional Director (AD) as well as Managing Director (MD) In this editorial author shall discuss the process and provision of appointment of a person as Additional Director as well as Managing Director in Board Meeting. For this purpose Companies have to comply with Following Sections: 1.       161(1) Appointment of Additional Director 2.      196 Appointment of Managing Director 3.      170(2) Filing of Form for Appointment of Director Many times professionals asked questions about “Whether an additional director can appoint as MD?” If yes, what shall be term of appointment of such MD etc.     As per Companies Act, 2013 Section 152, Power of appointment of Director vested with Shareholder of Company by passing of resolution in General Meeting. However, as per Section 161(1), if power is given in AOA then Board of Directors can appoint director of the Company with some conditions. There are three concepts for Director:

ICSI Credit Hour Guidelines, 2019 - sERIES 593

ICSI (CPE) Guidelines, 2019 [1] ICSI has issued New Guidelines for Yearly Credit Hours for Financial year w.e.f. 01 st April, 2020. These guidelines came into effect from 01 st April, 2020. New Credit Hour Requirements: It is mandatory for all members of the Institute, except those specified in para 5.1 of guidelines (also mentioned below) to secure 20 CPE Credits in a year through structured and unstructured learning program . However, no carry forward for excess Program Credit Hours from one year to another year will be allowed . Applicability of Guidelines These guidelines shall be mandatory for all the members irrespective of whether they are in practice or otherwise. These guidelines shall not applicable on following members: Exemption 1: The requirements of CPE Credit shall not apply to: a)      A member who attains the age of 60 years during a particular calendar year and who is neither in any gainful employment nor in practice. b)