R.S Seth&Associates

R.S Seth&Associates CS FIRM/ SECRETARIAL AUDITOR

13/04/2017

The Bombay High Court has issued a circular directing the practitioners not to useprefixes like Mr/ Ms/ Mrs/ M/s in the title of legal proceedings. The circular, is in pursuance of the observation by Justice GS Patel while hearing an arbitration case, that for companies, both private limited and public – practitioners are habituated to affixing the abbreviation ‘M/s’ before the name of the entity, which is completely incorrect. The judge had observed that a company is not a firm, and the prefix is only ever used for a firm and that in the title of legal proceedings, no prefixes are ever to be permitted, and, for that matter, prefixes ‘Mr/ Ms/ Mrs’ are also not to be used. The Section Officer concerned and clerk of centralised filing and lodging department, while scrutinising the pleadings, shall verify the compliance of the aforementioned directions scrupulously.

13/04/2017

The Registrar of Companies pursuant to sub-section (1) and sub-section (4) of Section 248 of the Companies Act, 2013 and Rule 7 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 have issued Public Notice for Striking of Name of Companies in their respective jurisdiction to be struck off from Register of Companies in next 30 days unless they get letter from Company or director giving information sought for. Any person objecting to the proposed removal/striking off of name of the companies from the register of companies may send his/her objection to the office address mentioned here above within thirty days from the date of publication of this notice.

13/04/2017

MCA is actively considering Aadhaar Integration for availing various MCA21 related services. As a preparatory step, all individual stakeholders viz. DIN holders / Directors / Key Managerial Personnel/Professionals of the Institute of Company Secretaries of India-Institute of Chartered Accountants of India-Institute of Cost Accountants of India (whether in employment or in practice) are requested to obtain Aadhaar as early as possible for integrating their details with MCA21 and also ensure that the information in Aadhaar is in harmony with PAN. When implemented, all MCA21 services shall be available based on Aadhaar based authentication ONLY. The date of Aadhaar integration with MCA21 would be announced shortly. Stakeholders are requested to plan accordingly on PRIORITY so as to avoid future inconvenience.

03/04/2017

The Ministry of Corporate Affairs has amended the Companies (Meeting of Board and its Powers) Rules, 2014. These rules may be called the Companies (Meeting of Board and its Powers) Amendment Rules, 2017. The Ministry has amended the provisions of Rule 15 (Contract or Arrangement with a Related Party) and replaced the words “exceeding ten percent” with the words “amounting to ten percent or more” for Rule 15(3) (a) item (i) to item (iv). They shall come into force on the date of their publication in the Official Gazette.

03/04/2017

IBBI has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016 which shall come into effect from 1 st April, 2017. The regulations provide the process from initiation of voluntary liquidation of a companies, limited liability partnerships and any other persons incorporated with limited liability - till its dissolution. A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the effect that it has no debt or it will be able to pay its debts in full from the proceeds of the assets to be sold under the proposed liquidation, and it is not being liquidated to defraud any person. The regulations specify the manner and content of public announcement, receipt and verification of claims of stakeholders, reports and registers to be maintained, preserved and submitted by the liquidator, realisation of assets and distribution of proceeds to stakeholders, distribution of residual assets, and finally dissolution of corporate person. These oblige a liquidator to preserve a physical or an electronic copy of the reports, registers and books of account for at least eight years after the dissolution of the corporate person, either with himself or with an information utility.

31/03/2017

BSE has decided that with effect from April 01, 2017 onwards, all listed entities with BSE, would be required to make their filings in respect of Financial Results (Regulation 33 and Regulation 52) in XBRL mode within 24 hours of submission of results in PDF mode. This requirement however, would not apply to Insurance Companies which can continue to make their filings for Financial Results in PDF mode only. Financial Results are required to be submitted along with the Limited Review Report / Audit Report first, in PDF mode through the Listing Centre website – Corporate Announcement Filing System (CAFS) within 30 minutes of the conclusion of the Board Meeting. This is required to be followed by filing of the result in XBRL mode within 24 hours from the conclusion of the Board Meeting.

30/03/2017

CBEC has issued a circular regarding extension of e-payment deadline and of banking hours, wherein it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open up to 8,00 pm on March 30. 2017 and up to 6.00 p.m. on March 31, 2017. All electronic transactions would, however, continue till midnight of March 31, 2017, and allowing assessees to make e-payment till the midnight of March 31, 2017.

29/03/2017

MCA has notified the Companies (Indian Accounting Standards) (Amendment) Rules, 2017 which shall come into force on the 1st day of April, 2017. The amendment are focusing majorly on the treatment of Share-based Payment, Treatment of vesting and non-vesting conditions, Share-based payment transactions with a net settlement feature for withholding tax obligations, Transitional provisions and Accounting for a modification of a share-based payment transaction that changes its classification from cash-settled to equity-settled.

29/03/2017

The Securities and Exchange Board of India has issued circular for exclusively Listed Companies of De-recognized/ Non-operational/ exited Stock Exchanges placed in the Dissemination Board (DB). The Board has provided a period of three months to the ELCs on the DB to submit an action plan to list or to provide exit to shareholders to the designated stock exchanges vide circular dated 10th October, 2016. In light of representation received seeking extension of time to submit plan of action, it is decided to extend the time till 30th June, 2017. In January 2017, the Board had extended the time to submit plan of action till 31st March, 2017. All other conditions as mentioned in the SEBI circular dated 10th October, 2016 remain unchanged.

29/03/2017

The Ministry of Corporate Affairs has modified the e-Forms 20B and PAS-3. The new version of e-Forms 20B (Filing annual return by a Company having a share capital with the Registrar) and PAS-3 (Return of Allotment) are available w.e.f. 29th March, 2017. Only new version of e-form will be acceptable and Stakeholders are requested to plan accordingly.

23/03/2017

RBI has notified that all branches of Bharatiya Mahila Bank Limited will function as branches of State Bank of India from April 1, 2017. Customers, including depositors of Bharatiya Mahila Bank Limited will be treated as customers of State Bank of India with effect from April 1, 2017. The Government of India has issued the Acquisition of Bharatiya Mahila Bank Limited Order 2017. The Order dated March 20, 2017 issued by the Government of India was published in the Gazette of India sanctioning the acquisition of Bharatiya Mahila Bank Limited by State Bank of India in terms of sub section (2) of Section 35 of the State Bank of India Act, 1955.

23/03/2017

FUND OF FUNDs FOR START-UPS (FFS):

The Union Cabinet had approved the proposal to establish a Fund of Funds for Start-ups (FFS) with a total corpus of Ruppes 10,000 Crores, with contribution spread over the 14th & 15th Finance Commission cycles based on progress of implementation and availability of funds. It was decided that the FFS shall contribute to the corpus of Alternative Investment Funds (AIFs) for investing in equity and equity linked instruments of various start-ups at early stage, seed stage and growth stages.

The Union Cabinet has approved the proposal with regard to the Fund of Funds of Start-ups (FFS) which was established in June 2016 with a corpus of Ruppes 1,000 Crores. Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in Start-ups qualifying as per the Gazette Notification G.S.R.180 (E) dated 17/02/2016. Further, if the amount committed for a Start-up in whole has not been released before a Start-up ceases to be so, the balance funding can continue thereafter.

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