Project Office (PO) means a location of the business to constitute the interests of a foreign company, executing a project in India but excludes a Liaison Office. A project office in India is prohibited from undertaking or carrying on any activity other than the activity in relation to the execution of the project for which such office is established. Also, the PO may undertake commercial activiti......

MCA prescribes the format of indemnity bond for application for striking off name of a Government Company Ministry of Corporate Affairs vide notification dated 29th June, 2020 has amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 to provide a new format of indemnity bond in Form STK-3A in case of application for striking off name by......

Due to pandemic situations various departments are providing relaxation for ease of doing. Some of the relaxations are as follows: 1. MCA allows board meeting to be held via video conference on restricted matters for further 3 months: MCA vide notification dated 23rd June, 2020 has further relaxed the requirement of holding Board meetings with physical presence of directors means Directors c......

Good News for CS ProfessionReserve Bank of India has released the Discussion Paper on Governance in Commercial Banks in India and invited Public Comments by 15th July 2020. The objective of the discussion paper is to align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Relevant for our CS Profession or I would say......

Ministry of Corporate Affairs vide notification dated 5th June, 2020 amend has amended Companies (Share Capital and Debentures) Rules, 2014 in the following manner: In the provision of issue of sweat equity shares, the old definition of startup company which was issued by Department of Industrial Policy and Promotion vide notification GSR 180(E), dated 17th February, 2016 is substituted by De......

In light of market events due to CoVID-19 pandemic, SEBI, vide Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/58, dated March 30, 2020, extended the due date for regulatory filings for AIFs and VCFs for the periods ending March 31, 2020 and April 30, 2020. A need has been felt to further extend the timelines for regulatory filings for AIFs and VCFs. Accordingly, SEBI now clarifies vi......

What is the Sexual Harassment in General Sense? Sexual harassment is unwelcome sexual behavior which is offensive, humiliating or intimidating. It can be written, verbal or physical, and can happen in person or online. Sexual Harassment creates an insecure and hostile work environment, which discourage women's participation in work, thereby adversely affecting their social and economic empowerme......

The Institute of Chartered Accountants of India issued an advisory on 29th May 2020 for its Members and Companies to whom CSR provisions under Companies Act 2013 applies. The advisory states that: Wherever the company undertakes the CSR activity through a third party / NGO, it is advised that all such companies should obtain an Independent Practitioner’s Report on Utilisation of such C......

Due to Corona virus situation Ministry of Corporate Affairs vide Notification No. G.S.R. 313(E) dated 26th May, 2020 amending Schedule VII of Companies Act, 2013 to insert contribution towards PM CARES Funds as eligible CSR activity under item no. viii, with effect from March 28, 2020.......

LLP form of business is choosen by the startups when they just need limited liability in the business and want to save the annual expense, audit expenses and incorporation charges. But while expanding the business, the existing structure i.e. LLP may act as hindrance in growth. So the same entrepreneurs at some point have a requirement to convert to a private limited company due to various reasons......

The Ministry of Corporate Affairs vide General Circular No. 20/2020 dated 5th May 2020 has clarified that the companies are allowed to conduct Annual General Meeting (AGM) through Video Conferencing or other audio visual means due to lockdown or COVID-19 outbreak MCA has prescribed certain additional guidelines, which a company needs to follow to hold AGM through VC or OAVM in addi......

Definition of Nidhi Company or Mutual Benefit Society Nidhi or Mutual Benefit Society means a company which has been incorporated as a Nidhi with the object of: Cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and Which complies with rules of Chapter XXVI of Companies Rules, 2014. Sect......