Certain Unlisted public companies need not appoint Independent Directors

  General Circular No 09/2017 No.1,/22/2013-CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi Dated: 5th September, 2017 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Exemptions given to certain unlisted public companies under the companies (Appointment and Qualification of Directors)Rules,2014 from the appointment of independent directors – reg. Sir, This Ministry, vide notification number G.S.R. 839(E) dated 5th July, 2017 issued the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017 inter-alia amending rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014. The said amended Rule 4 inter-alia provides that an unlisted public company which is a joint venture, a wholly owned subsidiary or a dormant company will not be required to

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Designation of Special Court

  [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, the 31st August, 2017 S.0  (E).- In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Judicature at Patna, hereby designates the following Court mentioned in column (1) the Table below as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said sub-section, namely:- Table Court (1)   Jurisdiction as Special Court (2)   Court of Additional District and Sessions Judge, Patna State of Bihar    

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Commencement of sub-sections (8) to (10) of section 212 of CA 2013

  [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (ii)l Government of India MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 24h August, 2017 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 24th day of August,2017 as the date on which the provisions of sub-sections (8), (9) and sub-section (10) of section 212 of the said Act shall come into force. [F.No. 1/12/2013 CL-V] AMARDEEP SINGH BHATIA, Jt. Secy.

Clarification regarding applicability of exemption given to certain private companies under section 143(3)(i) of the Companies Act, 2013

  General Circular No. 08 /2017 F.No. 1/1/2014-CL-V  Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi. Dated: 25th July, 2017 To All Regional Directors, All Registrar of Companies, All Stakeholders. Sub: Clarification regarding applicability of exemption given to certain private companies under section 143(3)(i) of the Companies Act 2013_ reg. Sir, Stakeholders have drawn attention of this Ministry to the serial no. 5 of notification No GSR. 583(E) dated 13th June, 2017 which states that requirements of reporting under section 143(3)(i) of the Companies Act 2013 shall not apply to certain private companies as mentioned therein and have sought clarification w.r.t. the financial year(s) in respect of which the said exemption shall be applicable. The issue has been -examined

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Companies (Appointment and Qualification of Directors) Rules,2017

  G.S.R, -(E).- In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4), clause (f) of sub-section (6) of section 149, subsections (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157, section 160, sub-section (1) of section 158 and section 170 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: – 1. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Appointment and Qualification

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National Company Law Tribunal (Amendment) Rules,2017

  [To be published section in the Gazette of India, Extra-ordinary, Part-ll, Section 3]  MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, dated the 5th July,2017 G.S.R. _ (E).- In exercise of the powers conferred by sub-section (l) and sub-section (2) of section 469 of the Companies Act, 20 13 ( 18 of 2013), the Central Government hereby makes the following rules further to amend the National Company Law Tribunal Rules, 2016, namely:- ( 1) These rules may be called the National Company Law Tribunal (Amendment) Rules, 20 17. (2) They shall come into force on the date of their publication in the Official Gazette. In the National Company Law Tribunal Rules, 2016, after rule 87, the following rule shall be inserted, namely:- ’87A. Appeal or application under sub-section (I) and

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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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MCA proposes to strike off name of 81 LLPs

  PUBLIC NOTICE [Pursuant to the Rule 37(2) of the LLP Rules, 2009] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS OFFICE OF THE ROC -cum- OL, ODISHA CORPORATE BHAWAN PLOT NO. 9(P), SECTOR : I, CDA, CUTACK : 753 014. Public Notice No- ROC/LLP/Sec.75/ Dated the 30th June, 2017. Reference: In the matter of striking off of LLPs under section 75 of the LLP Act, 2008 read with the Rule 37 of the LLP Rules, 2009. 1. Notice is hereby given that the Registrar has a reasonable cause to believe that “The following LLPs in Table “A” (List of 81 Nos. LLPs) have not been carrying on any business or operation for a period of two immediately preceding financial years.” And, therefore, proposes to remove/strike off the names of the

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Companies (Audit and Auditors) Second Amendment Rules, 2017

New Rule Clause 5: Class of Companies.- For the purposes of sub-section (2) of section 139, the class of companies shall mean the following classes of companies excluding one person companies and small companies:- (a) all unlisted public companies having paid up share capital of rupees ten crore or more; (b) all private limited companies having paid up share capital of rupees fifty crore (earlier 20 crores) or more; (c) all companies having paid up share capital of below threshold limit mentioned in (a) and (b) above, but having public borrowings from financial institutions, banks or public deposits of rupees fifty crores or more.   [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,

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Clarification on transmission of Securities by Operation of Law -Reg.

  General Circular No. 07/2017 No. 05/23/2016-IEPF Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi Dated: 05th June, 2017 To, All Stakeholders, Nodal Officer’s (IEPF) of Concerned Companies All Regional Director’s & Registrar of Companies of Min of Corp. Affairs Subject: Clarification regarding transmission of Securities by Operation of Law – Reg. Sir/ Madam, Clarity has been sought by stakeholders w.r.t. issue of duplicate shares under Rule 6 (3)(d) of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. It has been stated that since transfer of shares to IEPF under section 124 (6) of the Companies Act, 2013 read with rules referred to above takes place on account of operation of law hence the procedure followed during

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