MCA notifies Form AOC-4 applicable for FY 2016-17

  MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 7th November, 2017 G.S.R. 1371(E).—In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134 and section 138 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 (Accounts) Rules, 2014, namely:- 1.  (1) These rules may be called the Companies (Accounts) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Accounts) Rules, 2014, in Annexure, for form AOC-4, the following Form shall be substituted, namely:- FORM NO. AOC-4 [Pursuant to section 137 of the Companies Act, 2013 and sub-rule

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Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Amendment, Rules, 2017

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 6th November, 2017 G.S.R.1372(E).—In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 read with section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, namely:‑ 1. Short title and commencement.– (1) These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language), Amendment, Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 (hereinafter referred to as the principal rules), for rule 3, the following rule

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Amendments to the Insolvency and Bankruptcy Board of India Regulations

  Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017  The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 yesterday. According to theAmended Regulations, a Resolution Plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the Corporate Debtor. The Amendments are available at www.mca.gov.in and www.ibbi.gov.in. PIB Dt. 06.10.2017 (The amendments are not being reflected on website as of now)

MCA invites comments on integration of name reservation with Spice form under Companies Act, 2013

  Ministry of Corporate Affairs NOTICE INVITING COMMENTS ON INTEGRATION OF NAME RESERVATION WITH SPICE E-FORM UNDER Companies Act 2013 Dated: 25th September, 2017 The Consultation Paper for integration of Name Reservation with SPICE eform under Companies Act, 2013 has been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments. Suggestions/ comments on the Consultation Paper along with justifications in brief may be sent latest by 05/11/2017 through email at comments.nameintegration@mca.gov.in. It is requested that the name, contact number, email address and postal address of the sender be indicated clearly at the time of sending suggestions/comments in the following format:- Format for sending suggestions/comments 1. Name, contact number, email address and postal address of stakeholder 2. Suggestions/comments as under Serial Number   Rule Number   Suggestions/comments   Justification    

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Panaya deal Controversy

My take on the current controversy surrounding Panaya deal by Infosys: Acquisition of another company by an Indian Company comes under the provisions of Section 186 of the Companies Act 2013. In pursuance to the provisions of Section 186(1) of the Act, a Company shall make investment through not more than two layers of investment companies. The provisions of Section 186 (1) shall not have effect in the following cases: – If a company acquires any company which is incorporated outside India and such company has investment subsidiaries beyond two layers as per the laws of such country. Per 186(2) the limits are: – 60% of its (investor company’s) paid-up share capital plus free reserves plus securities premium account or 100% of its free reserves plus securities premium account, whichever is

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Tata Power offers 51% stake in Mundra for Re 1

Facts: “After exhausting all other options, CGPL has now suggested the below mentioned option to ensure the viability of the Mundra plant and are consulting on these with stakeholders. Its bankers have made a suggestion that if 51% equity is taken over on a back-to-back basis with the procurers, then the procurers would have advantage of competitive power for full life of the plant e.g. 40 years as also unrestricted generation even beyond 80% availability would give them access to higher generation at very low and competitive price,” Tata Power said in a statement on Thursday. The price of Indonesian coal went up from $45-50 a tonne in 2006 to over $100 later Cash-strapped Coastal Gujarat Power Ltd (CGPL) has offered to sell 51 per cent stake in the 4,000

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DECISION BY THE DELHI HIGH COURT ON THE VALIDITY OF THE SHARE PURCHASE AGREEMENT BETWEEN NTT DOCOMO AND TATA SONS

  The Delhi High Court has by its order dated April 28 2017 upheld the conclusion by the London Court of International Arbitration Tribunal in the arbitration matter referred to it on the validity of the clauses in the Share Purchase Agreement between NTT DoCoMo and Tata Sons. Certain questions come in the wake of the above that remain unclear at the moment: The SHA has been verified by the Delhi HC and found that the clauses therein have not violated any applicable law Can the Indian party agree to guarantee to a nonresident buyer at a price not less than 50% of the original investment without any subjectivity to the FEMA 20 regulations? The London Court of International Arbitration Tribunal has held that section 56 of the Indian Contract

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SC stays insolvency proceedings against Jaypee Infratech before NCLT

Facts of the Case: IDBI Bank had moved National Company Law Tribunal (NCLT) for insolvency proceedings against Jaypee Infratech for default of a loan of about Rs 526 crore. IDBI Bank is a Financial Creditor through the loans amounting to Rs 526 crores issued to the corporate debtor (Jaypee Infratech) The application to the adjudicating authority under the Insolvency and Bankruptcy Code, 2016 filed by IDBI Bank under section 7(1) as a Financial creditor was approved by National Company law Tribunal under 7(5)(a) of the code. Under section 13 (1) (a) of the code, the NCLT has the authority to declare a Moratorium for the purposes referred to in section 14. The purposes for which the Moratorium under section 14(1) applies includes: (a) the institution of suits or continuation of

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Clarification regarding the timelines for making applicable/available new Form DPT-3 issued vide the Companies (Acceptance of Deposits) Second Amendment Rules, 2017

  General Circular No. 11 /2017 No. 1/8/2013- CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi Dated: 27th September,2017 To All Regional Directors, All Registrar of Companies, AII Stakeholders. Subject Clarification regarding the timelines for making applicable/available new Form DPT-3 issued vide the Companies (Acceptance of Deposits) Second Amendment Rules, 2017 -reg. Sir, This Ministry, vide notification number G.S.R. 1172(E) dated 19th September, 2017 has issued the Companies (Acceptance of Deposits) Second Amendment Rules, 2017 thereby amending the Companies (Acceptance of Deposits) Rules, 2014. The said amendment Rules inter-alia provide for substitution of existing Form DPT-3 with a new Form DPT-3. Stakeholders have sought clarifications w.r.t. timelines of the applicability/availability of the new Form DPT-3. 2. The matter

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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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