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Vistra India Update 386

October 16 - October 31, 2019

COMPANY LAW

1.    Companies (Accounts) Amendment Rules, 2019
Ministry of Corporate Affairs (MCA) has amended Companies Accounts Rules 2014 to provide that in the matters to be included in the Board of Directors report an addition is made with respect to a statement regarding opinion of the Board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year. 

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2.    Creation and Maintenance of Data Bank of Independent Directors Rules, 2019 
Ministry of Corporate Affairs (MCA) has made Companies (Creation and Maintenance of Data bank of Independent Directors) Rules, 2019 to provide Creation and maintenance of data bank by the Indian Institute of Corporate Affairs. The Rules also provide, among other things, information to be collected and maintained by the Institute, Duties of the Institute.

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3.    Companies (Incorporation)  8th Amendment Rules, 2019
Ministry of Corporate Affairs (MCA)  issued Companies (Incorporation) Eigth Amendment Rules, 2019. Among other amendments in the said rules , MCA has added   DIR 12 filing, subject to certain carve outs,  as one of the informational change filing that will not be accepted/recorded by the Registrar from such companies marked as “ACTIVE-non-compliant”, unless ” e-Form ACTIVE” is filed. Other important change made through these rules is with respect to shifting of Registered office within the same State wherein Regional Director is entrusted with the responsibility to dispose of the application either accepting or rejecting such request without hearing within fifteen days of receipt of application. In addition copy of the order of Regional Director approving the alteration of memorandum for Registered Office of the Company within the same State is to be filed in Form INC-28 within 30 days from receipt of certified copy of such order.

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4.    Relaxation of additional fee AOC-4 and MGT-7
Ministry of Corporate Affairs (MCA) has extended the due date for filing e-forms AOC-4, AOC-4 (CFS) AOC-4 XBRL to 30th November, 2019 and e-form MGT-7 to 31st December, 2019 for financials of year ending 31st March 2019 without payment of additional fees.  

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5.    Appointment and Qualification of Independent Director 5th Amendment Rules, 2019
Ministry of Corporate Affairs (MCA) has amended Companies Appointment and Qualification Rules, 2014 to provide rules on Compliances required by a person eligible and willing to be appointed as an independent director. The requirement includes:
a.    The person to apply online to the Indian Institute of Corporate Affairs (institute) for inclusion of his name in the data bank for a period of one year or five years or for his life-time, and from time to time take steps as specified till he continues to hold the office of an independent director in any company
b.    The person whose name has been so included in the data bank shall file an application for renewal for a further period of one year or five years or for his life-time, within a period of thirty days from the date of expiry of the period upto which the name of the individual was applied for inclusion in the data bank
c.    Every individual whose name is so included in the data bank shall pass an online proficiency self-assessment test conducted by the institute within a period of one year from the date of inclusion of his name in the data bank

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CUSTOMS

6.    Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 76/2019 - 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 18th of October 2019.  

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