Limited Liability Partnership (Amendment) Rules, 2017

  MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 16th May, 2017 G.S.R. 470(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely:— 1. (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2017. (2) They shall come into force with effect from 20th May, 2017. In the Limited Liability Partnership Rules, 2009 (herein after referred to as the Principal Rules), in rule 37, after sub-rule (1), the following sub-rule shall be inserted, namely:— “(1A) The limited liability partnership referred to in clause (b) of sub-rule (1) of rule 37 shall,— (I) file overdue returns in Form 8 and Form 11

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Changes in form 2, 3, 4 & 11 vide Limited Liability Partnership (Second Amendment) Rules 2016

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 10th, June, 2016. G.S.R (E)….. -In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009 namely:- 1. Short title and commencement.- (1) These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the official Gazette. 2. In the Limited Liability Partnership Rules, 2009,- (a) in Form 2,- (I) in Part A, in serial number 12, in

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Version of Forms 2, 4 and 17 of Limited Liability Partnership (LLP) are likely to be modified w.e.f 23rd March 2016.

Version of Forms 2, 4 and 17 of Limited Liability Partnership (LLP) are likely to be modified w.e.f 23rd March 2016. Stakeholders are requested to plan accordingly A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence. Form 2 is Incorporation document and subscriber’s statement Form 4 is Notice of appointment, cessation, change in name/ address/designation of a designated partner or partner. and consent to become a partner/designated partner Form 17 is Application and statement for conversion of a firm into Limited Liability Partnership (LLP)  

Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional

  Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional Insolvency and Bankruptcy Board of India 30th November, 2016 Limited Insolvency Examination The Board hereby publishes the syllabus, format and frequency of the “Limited Insolvency Examination” under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016: I. Syllabus for Examination The syllabus for the “Limited Insolvency Examination” is as under: Sl. No Coverage Weight (%) a. The Insolvency and Bankruptcy Code, 2016 (Entire Code) 30 b. Rules and Regulations under the Bankruptcy Code (All Rules and Regulations notified under the Code till 30th November, 2016) 25 c. Report of the Bankruptcy Law Reforms Committee (Entire Report) 05 d. (I) The Companies Act, 2013 ·         Chapter III Prospectus and Allotment of Securities ·       

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Conversion of LLP into Private Limited Company

  LLP, the worldwide recognized form of business organization was introduced in India by way of Limited Liability Partnership Act, 2008 and LLP Rules, 2009. A limited liability partnership (LLP) is a partnership in which all partners have limited liabilities. LLP is an alternative corporate form of business organization which gives the benefits of limited liability of a company and the flexibility of a partnership. Its existence will continue irrespective of changes in partners and ownership. It is capable of entering into contracts and holding property in its own name. It is a separate legal entity, and is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. In an LLP, one partner is not responsible or liable

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IBBI Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017

  Insolvency and Bankruptcy Board of India notifies Fast Track Insolvency Resolution Process for Corporate Persons Regulations The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. These regulations provide the process from initiation of insolvency resolution of eligible corporate debtors till its conclusion with approval of the resolution plan by the Adjudicating Authority. The process in these cases shall be completed within a period of 90 days, as against 180 days in other cases. However, the Adjudicating Authority may, if satisfied, extend the period of 90 days by a further

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IRDA (Outsourcing of Activities by Indian Insurers) Regulations, 2017

  REGD. NO. D. L.-33004/99  THE GAZETTE OF INDIA EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 20th April, 2017 Insurance Regulatory and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, 2017 F. No. IR DAI/Reg/5/142/2017.In exercise of the powers conferred under Section 1 14A (2) (zd) of the Insurance Act 1938 and Section 14(2)(e) of the IRDA Act 1999 read with Section 26 of the IRDA Act 1999 and in consultation with the Insurance Advisory Committee, the Authority hereby makes the following regulations, namely: 1. SHORT TITLE AND COMMENCEMENT (i) These Regulations may be called IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017. (ii) They shall come into force from the

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LLP Consultants in VARANASI

  LLP or Limited Liability Partnership is a type of partnership where liability of partners is limited. LLP formation is done through MCA unlike partnership where registration may or may not be done. LLP concept is better than company in various aspects, the most important being the flexibility in provides in terms of rules and regulations governing it. Online Law Solutions (onlinelawsolutions.com) provides all types of assistance in LLP Formation, Annual Filings, Planning etc in Varanasi and its adjoining areas. Contact Details: Phone: +(91) 9554-554-553, 9565-655-455 Email: helpdesk@onlinelawsolutions.com

IBBI Board Recognises 2 more Insolvency Professional Entities

  6th March, 2017 The Board Recognises Insolvency Professional Entities The Insolvency and Bankruptcy Code, 2016 (Code) is considered as the biggest economic reform next only to GST. It offers a market determined, time bound mechanism for orderly resolution of insolvency, wherever possible, and orderly exit, wherever required. It envisages an ecosystem comprising National Company Law Appellate Tribunal (NCLAT), National Company Law Tribunal (NCLT), Debt Recovery Appellate Tribunal (DRAT), Debt Recovery Tribunal (DRT), Insolvency and Bankruptcy Board of India (Board), Information Utilities (IUs), Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Insolvency Professional Entities (IPEs) for implementation of the Code. With concerted efforts of all concerned, there has been considerable progress in terms of putting in place some of the key elements of the ecosystem and also operationalisation of provisions relating to

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FEM(Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2017

  RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 3rd March, 2017 No. FEMA. 385/ 2017-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2017 G.S.R. 188 (E).—In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May 2000) namely:— 1. Short Title and Commencement (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment)

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