Ministry of Corporate Affairs (MCA) has issued a notification dated 27th July, 2018 to notify Section 5 and Section 6 of Companies (Amendment) Act, 2017. As per this notification, MCA has appointed 27th July, 2018 as the date on which Section 5 and Section 6 of Companies (Amendment) Act, 2017 shall come into force. 1. Section 6 - …

Ministry of Corporate Affairs (MCA) has notified amendments in rules with respect to OPC and Company Incorporation. MCA, on 27th July, 2018 , by issuing a notification , has amended Companies (Incorporation) Rules, 2014 by changing following rules. 1. Rule 3 - One Person Company In the sub-rule (1) of Rule 3 of Incorporation Rules,…

Ordinary Resolution passed at a General Meeting appointing the First Auditor(S) where board fails to appoint within thirty days of Incorporation date “ RESOLVED THAT pursuant to provisos to Sub-section (6) of Section 139 of the Companies Act, 2013, Shri _________, Chartered Accountant, _________, be and is hereby appointed as the a…

Ordinary Resolution for appointment of an Auditor of the Company to fill casual vacancy caused by resignation “ RESOLVED THAT , pursuant to proviso to Sub-section (8) of Section 139 of the Companies Act, 2013, M/s________________ Chartered Accountants ____________, New Delhi, be and are hereby appointed as the auditors of the compan…

Ordinary Resolution to be passed at an Annual General Meeting to authorise Board Of Directors to appoint Branch Auditor “ RESOLVED THAT pursuant to section 143(8) of the Companies Act, 2013, the accounts for the year ending 31 st   March, _____ of the Company’s branch office/s at _______ be audited by such person/s, other than the C…

Board Resolution for approval for preparing Annual Report in Form AOC-3 for sending to the members “ RESOLVED THAT pursuant to the provisions of First proviso of sub – section (1) of Section 136 of the Companies Act, 2013 and Rule 10 of the Companies (Accounts) Rules 2014, the Annual Reports comprising of the Balance Sheet, Profit …

Board Resolution for keeping and maintaining books of Accounts at a place other than the Registered Office “ RESOLVED THAT pursuant to the proviso to Section 128(1) of the Companies Act, 2013, the books of accounts of the company be kept and maintained at the company’s head office at __________ with effect from ____________ and tha…

Board Resolution for recommending payment of dividend on equity shares out of current profits “ RESOLVED THAT in accordance with the provisions of Section 123 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Declaration and Payment of Dividend) Rules, 2014, the Board of directors of the company…

Board Resolution for recommending declaration of dividend out of reserves "RESOLVED THAT the Board of directors of the company do hereby recommend to the members of the company, the declaration and payment of a dividend at the rate of ten per cent on all the fully paid equity shares of the company out of the free reserves of t…

The Ministry of Finance, by issuing an order dated 26th July, 2018 , has extended due date for filing income tax return from 31st July, 2018 to 31st August, 2018 . Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was in…

Following is the basic procedure to change the name of Company. 1. Name Availability Company is required to file an application for availability of proposed name of the Company. This application is filed in  RUN Application . 2. Shareholders Approval Once the new name is reserved, shareholders’ approval is required to pass following…

The GST Council in its 28 th  meeting held on 21st July, 2018, has recommended certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act. The major recommendations are as described below: 1. Upper limit of turnover for opting for composition scheme to be raised from Rs. 1 crore to Rs. 1.5 crore…

The GST Council in its 28 th  meeting held on 21st July, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats and associated changes in law. It may be recalled that in the 27 th  meeting held on 4 th  of May, 2018 the Council had appr…

Markets regulator SEBI, by issuing a Circular on 13th July, 2018 , said that allotment of shares to foreign portfolio investors (FPIs) in initial public offers would need to be verified with PANs to check against any breach of investment limit through multiple entities. Under the rules, purchase of equity shares of each company by a…

Ministry of Corporate Affairs (MCA) has notified, on 06th July, 2018, that ROC may, on application by Company or charge holder, allow Company to file an intimation for satisfaction of a charge within 300 days after making payment for additional fees. In the Companies Amendment Act, 2017, MCA has included Section 20 with respect to a…

This is a notice to be submitted under Section 160 of Companies Act, 2013 by a person who wants to be appointed as Director in a Company.

Reserve Bank of India (RBI) allowed Category II and Category III Alternative Investment Funds (AIFs) who are registered with SEBI to act as "Qualified Buyers" under SARFAESI Act. By issuing a notification dated 05th July, 2018, RBI has allowed AIFs registered with SEBI to act as "Qualified buyers" under clause (u…

SEBI on 05 th July, 2018, issued a Circular for reviewing the mechanism of dividend adjustment for stock options and allowed alteration in strike price. According to the SEBI, adjustment in strike price will be carried out in case dividend declared by a company is above 5 per cent of the underlying stocks. Besides, adjustment in st…

SEBI by issuing a Circular dated 03rd July, 2018 enhanced the overseas investment limit of Alternative Investment Fund (AIFs) and Venture Capital Fund (VCFs) to USD 750 million from the current USD 500 million The decision has been taken in consultation with the Reserve Bank of India, the Securities and Exchange Board of India (SEBI…

MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Update 25/07/2018: Click here for more detailed information on DIN KYC Following points to be kept in mind in this regard by every director. 1. Every Director who has been allotted DIN on or …