Sunday, 1 July, 2018 - Sunday, 15 July, 2018

Vistra India Update 355

COMPANY LAW

Notification of Effective date for certain provisions of Companies Amendment Act, 2017

Ministry of Corporate Affairs appoints 15th August, 2018 as the effective date on which the below sections of Companies Amendment Act, 2017 will be effective.

  1. Section 15 – Alteration of memorandum or articles to be noted in every copy
  2. Section 16 – Rectification of name of company
  3. Section 75 – Damages for fraud
  4. Section 76 -  Acceptance of deposits from public by certain companies

Click to view the circular

Companies (Acceptance of Deposits) Amendment Rules 2018

Ministry of Corporate Affairs has amended Companies (Acceptance of Deposits) Rules, 2014  to provide, among others, the following:

  1. Every company intending to invite deposit from its members shall in addition to other requirements, attach a certificate of the statutory auditors in Form DPT 1 stating the fact of either Company has not committed a default in the repayment of deposit/interest on deposit or in case a company had committed a default in the repayment of deposits accepted / interest on such deposits, the certificate to state if the company had made good the default and a period of five years has lapsed since the date of making good the default as the case may be
  2. Requirement for Company to enter in to a contract for deposit insurance has been removed
  3. With regard to maintaining deposit with scheduled bank as Deposit reserve, the amount to be deposited in such account with scheduled bank shall not at any time fall below twenty per cent of the amount of deposits maturing during the financial year

Click to view the circular.

Companies (Appointment and Qualification of Directors) 4th Amendment Rules 2018

As part of updating its registry, MCA has amended Companies (Appointment and Qualification of Directors) Rules, 2014 to provide that

  1. Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018.
  2. While filing the form, the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password (OTP).
  3. The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA).
  4. Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
  5. After expiry of the due date by which the KYC form is to be filed, the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’.
  6. The de activated DIN can be re-activated only after Form DIR-3 KYC’ is filed along with fee as prescribed under Companies (Registration Offices and Fees) Rules, 2014.

Click to view the circular

Companies (Authorized to Register) 2nd Amendment Rule, 2018

Ministry of Corporate Affairs has amended Companies (Authorized to Register) Rules, 2018 to provide procedures for registration of trust, firm, LLP, Societies as Company under Companies Act, 2013.

Click to view the circular

Companies (Registration Charges) Amendment Rules, 2018

Ministry of Corporate Affairs has amended Companies (Registration of charges) Rules, 2014 to extend the time limit from 30 days to 330 days to intimate the payment or “satisfaction in full” of any charge registered to the Registrar in Form No. CHG 4 along with the fee.

Click to view the circular

Companies (Registration of Offices and Fees) 3rd Amendment Rules, 2018

With the introduction of filing KYC requirement in Form DIR -3, Ministry of Corporate Affairs has amended Companies (Registration of offices and Fees) Rules,2014 to prescribe fees for filing Form DIR - 3.

Click to view the circular

CUSTOMS

Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 60 /2018 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 6th of July 2018.  The Notification is appended below for reference:

Click to view the circular

Events

Toronto | 29 Aug
Amsterdam | 30 Aug
Vienna | 20 Sep
San Francisco | 21 Sep
Monaco | 26 Sep - 29 Sep
26 Sep
Singapore | 27 Sep
Mexico City | 4 Oct - 5 Oct

Archive