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IntroductionThe concept of Significant Beneficial Ownership brought by the Ministry of Corporate Affairs (“MCA”) to identify those individuals who indirectly control or exercise significant shareholding in the Company through layers of artificial entities like Company’s or LLP’s. For Example: If Mr. X is holding shares of more than 50% in ABC Limited and ABC Limited is hol......
This article is in continuation of our previous article on Significant Beneficial Ownership which explains about this new concept.If you have missed reading the first article, click here to read the Part 1. Rule 3(2) of SBO Rules provide that every individual, who subsequently becomes a SBO, or where his significant beneficial ownership undergoes any change shall file a declaration in&n......
This article is in continuation of my previous articles on Significant Beneficial Ownership which explains about this new concept.Below are some illustrations for better understanding of this new concept: Where Member is a Body Corporate1. Mr. A is holding 51% share holding in ABC Limited. ABC Limited is holding 51% and 4% shareholding in PQR Limited and XYZ Limited respectively. PQR ......
Dear CCL Readers,As per Section 96 of the Companies Act, 2013 (“Act”), every Company other than OPC shall in each year, hold a General Meeting as itsAnnual General Meeting (“AGM”). Every Company shall hold its first AGM within nine months from the date of closing of the first financial year of the Company and thereafter in each year within six months from the closure of the......
For Reconciliation of Share Capital Audit ReportMinistry of Corporate Affairs (“MCA”) vide its notification dated 10th September, 2018, inserted Rule 9A of Companies (Prospectus and Allotment of Securities), Rules, 2014, (hereinafter called “said rules”) for Issue of securities in dematerialised form by unlisted public companies which is effective from 02nd October, 2018. ......
There is a lot of confusions amongst the professionals with respect to getting immunity certificate (filing Form CFSS after 1st October) for Form DPT-3 and other Forms whose due date falling between 01st April, 2020 and 30th September, 2020 and filed before 30th September, 2020. In this write up, we discuss and interpret the same. In the Month of March, 2020, MCA issued two circulars: 1. MCA CIR......
The Ministry of Corporate Affairs (“MCA”) vide its General Circular dated 17th June, 2020 has introduced a “scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013” for the purpose of condoning the delay in filing certain forms related to creation/ modification of charges. The companies are required to fil......
MINISTRY OF CORPORATE AFFAIRS (MCA) vide its Order dated February 25, 2020 substituted the Companies (Auditor's Report) Order, 2016 by Companies (Auditor's Report) Order, 2020 after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013. It shall come into force on the date of its publication in the Official Gazette (i.e. 2......
The Ministry of Corporate Affairs (MCA) has come with the following new notifications dated 22nd October, 2019 (effective from 31st December, 2019) for introduction of databank of Independent Directors (IDs) in accordance with the provisions of Section 150 of the Companies Act, 2013. A brief detail of the said notifications is detailed below:A. Notification No. 1: The Ministry of Corporate ......
The Ministry of Corporate Affairs (MCA) has made certain amendments in Schedule III of the Companies Act, 2013 vide its notification dated 11th October 2018. Pursuant to the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standard......