Amendment in Sch.IV of the Companies Act 2013

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY’ PART II’ SECTION 3, SUB-SECTION (ii)] Government of India Ministry of Corporate Affairs Notification New Delhi, dated, the 5th July 2017 S.O. _ (E).- In exercise of the powers conferred by sub-section (1) of section 467 of the companies Act,2013 (18 of 2013), the central Government hereby makes the following amendments to Schedule IV of the said Act, namely:- 2. In the Companies Act,2013,in Schedule IV, – (i) in paragraph III, in sub-para (12), for the words “acting within his authority”, the words “act within their authority” shall be substituted; (ii) in paragraph VI, sub-para (2), for the words ” a period of not more than one hundred and eighty days”, the words “three months” shall be substituted; (iii) in

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CSR is getting mainstreamed through Companies Act 2013

  The Minister of State (MoS) for Finance and Corporate Affairs, Shri Arjun Ram Meghwal, says Corporate Social Responsibility (CSR) is getting mainstreamed through the Companies Act 2013 This landmark legislation has brought the issue of CSR from back rooms of corporates to their Board rooms The Minister of State for Finance and Corporate Affairs, Shri Arjun Ram Meghwal said that Corporate Social Responsibility (CSR) is getting mainstreamed through the Companies Act 2013. While highlighting that CSR has been a traditional part of the Indian culture, he said that historical struggle of Mewar was greatly supported by contributions of Bhama Shah. He underscored that paying back has now been given a formal shape through the Companies Act. Shri Meghwal was speaking on the occasion of Valedictory Ceremony of the Indian

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Notices for non-compliance with Section 148 / 233B of Companies Act, 2013- Reg.

  The Institution of cost Accountants of India (statutory body under an Act of parliament) H.Q: 12 sudder street, Kolkata-700 016 Delhi Office: 3 Institutional Area, Lodhi Road, New Delhi – 110 003 For information of Members Few Hon’ble Members of the Institute informed that they and their client companies have received letters/notices from the Courts and/or from the Cost Audit Branch or Registrar of Companies, Ministry of Corporate Affairs. These relate to purported non‐compliance with the provisions of Section 148 of the Companies Act, 2013 [or Section 233B of the Companies Act, 1956] and Rules made thereunder. In most cases, it has been brought to the notice of Institute that such letters/notices are unfounded owing to either non‐applicability of the relevant provisions, or having already complied with the relevant requirements. Notwithstanding

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Exemption to IFSC Public company U/s. of 462 of Companies Act, 2013

  Notification –Exemption to Specified IFSC Public company –under section 462 of the Companies Act,2013 GOVERNMENT OF INDIA MINISTRY OP CORPORATE AFFAIRS Notification New Delhi. the 4th January, 2017 GSR.___(E). – In exercise of the power conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of the said section of the Companies Act. 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, 2013 (18 of 2013), as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modification and adaptations as specified in column (3) of the said Table, to an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board

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Exemption to IFSC Private company U/s. of 462 of Companies Act, 2013

  GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 4th January, 2017 G.S.R.___ (E). – In exercise of the powers conferred by clauses (a) and (b) of sub­-section (1) of section 462 and in pursuance of sub-section (2) of the said section of the Companies Act., 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, 2013 (18 of 2013), as specified in column (2) of the Table, shell not apply or shall apply with such exceptions, modifications and adaptations as specified in column (3) of the said Table, to a private company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the insurance Regulatory and Development

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Notification- Commencement of sections 248 to 252 of Companies Act, 2013

  (To be published in the Gazette of India, Extra-ordinary, Part II, Section 3, Sub-Section (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 26th December, 2016 S.O. (E),-in exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 26th December, 2016 as the date on which the provisions of section 248 to 252 of the said Act, shall come into force. [F. No. 1/28/2013-CL.V]  (AMARDEEP SINGH BHATIA) Joint Secretary to the Government of India

Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act

  General Circular No. 13/2016 No. 05/05/2016-IEPF Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing Shastri Bhawan, Dr. R. P. Road New Delhi – 110001 Dated: 05.12.2016 To All Stakeholders, Nodal Officers (IEPF) of Concerned Companies, All Regional Director’s & Registrar of Companies of Min of Corp. Affairs Subject: Clarification Regarding filing of Offline Challans with IEPF Authority under Companies Act Sir, In accordance with Investor Education & Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 notified on 05.09.2016, it is mandatory for the companies depositing amounts to IEPF under Section 125 of Companies Act 2013 to:- (i) Generate challan online only (ii) File form IEPF-1 mentioning the SRN No. of challan (online mode only) 2. All companies transferring the amount to IEPF are, therefore, requested

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Amendment in Depreciation schedule of Companies Act

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION OA GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 17th November, 2016 G.S.R. 1075(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments to amend Schedule II to the said Act, namely:‑ 1. In the Companies Act, 2013, in Schedule II, under Part ‘A’, in para 3, in sub ­paragraph (ii), for the brackets, letters and words starting with “(ii) For intangible” and ending with the words “force shall apply”, the following brackets, letters and words shall be substituted, namely:‑ “(ii) For intangible assets, the relevant Indian Accounting Standards (Ind AS) shall apply. Where a company is

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Application Guide on the Provisions of Schedule II to the Companies Act, 2013 is no longer effective : ICAI

  Sub: Application Guide on the Provisions of Schedule II to the Companies Act, 2013 is no longer effective as the Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013 has been issued. The Corporate Laws & Corporate Governance Committee (CL&CGC) of the Institute of Chartered Accountants of India (ICAI) had issued an Application Guide on the Provisions of Schedule II to the Companies Act, 2013 in February, 2015. Subsequently, the Research Committee of ICAI issued the Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013 in February, 2016. This is to mention here that since the authority of the Guidance Notes issued by ICAI is above than the Application

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Clarification on the difference in requirements relating to auditor’s rotation under SQC 1 vis-à-vis Companies Act, 2013 : ICAI

  1. The Council of the Institute of Chartered Accountants of India (ICAI), at its 359th meeting held on September 16-17, 2016 considered an issue regarding the difference in requirements relating to the auditor’s rotation under the SQC 1, “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements” issued by ICAIvis-à-visthe Companies Act, 2013. At the meeting, the Council noted the following points: In case of audits of listed entities, Paragraph 27 of SQC 1 requires rotation of engagement partner after a pre-defined period normally not more than seven years (emphasis added). Since SQC 1 is applicable from April 1, 2009, the provisions regarding the rotation of engagement partner would be due from April 1, 2016 as per SQC 1 during

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