F. No. 8/4/2018_CL-I(P) Government of India Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R.P. Road, New Delhi: 110001
Dated: 29th September, 2025
To,
The Director General of Corporate Affairs,
All Regional Directors,
All Registrars of Companies,
All Stakeholders.
Subject: Extension of Time for Filing e-form DIR-3-KYC and Web-form DIR-3-KYC-WEB Without Fee Upto 15.10.2025 – reg.
Sir/Madam,
The Ministry has received suggestions to extend the time beyond 30.09.2025 for filing of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of filing fee.
The matter has been examined in the Ministry and it has been decided to allow filing of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without filing fee upto 15th October, 2025.
This issue has been approved by the Competent Authority.
Subject: Invitation for Public Comments on Establishment of Indian Multi-Disciplinary Partnership (MDP) Firms by the Government of India – Reg.
The undersigned is directed to refer to the subject mentioned above and to say that the Government of India is committed to enabling the growth of large Indian firms capable of competing with leading international players by facilitating the establishment of Indian Multi-Disciplinary Partnership (MDP) firms. In this context, a Background Note has been prepared to identify the challenges faced by Indian firms and to seek suggestions for necessary amendments to laws, rules, and regulations. These inputs will help strengthen Indian firms to compete not only in the domestic market but also globally.
The Ministry of Corporate Affairs is actively working towards amending the relevant Acts, rules, and regulations to support the growth of domestic MDPs and enhance their international competitiveness.
All stakeholders are requested to review the Background Note and submit their responses on the same latest by 30.09.2025 on the ‘e-Consultation Module’ or at the email so-pimca@gov.in.
Stakeholders are informed that Beta Version of Master Data Services in V-3 ( for Testing purposes Only; not to be used for any statutory and legal purpose) shall be launched on 09/07/2023. Existing V-2 Master Data Services shall remain available for the stakeholders.
Ministry of Corporate Affairs (MCA) has released Offline Payment FAQs for MCA V3 platform. As we all know that there are number of technical issues at MCA V3 portal. Users of the website are not able to access the filings after November 2022.
Please download the kit related to Offline Payment process:
Audit Trail compulsory to be installed in accounting software by Companies w.e.f. 01.04.2023
1. Every business made mandatory incorporate the audit trail capability into the accounting software with effect from 1 April, 2023, it utilizes for maintains its books of account.
2. An edit log should be included in the audit trail feature to capture all transactions and any changes made at any point of time during accounting & thereafter,
3. As per the MCA issue notified (Companies (Accounts) Amendment Rules, 2021) on dated March 24, 2021, every company that utilizes accounting software to maintain its books of account shall only use accounting software that provides a characteristic of recording a –
Audit Trail of each and every transaction,
Creating an edit log of each change made in books of account along with the date when such changes were made.
Ensuring that the audit trail cannot be disabled.
The MCA has announced that the above amendments will take w.e.f. 01.04.2023, which advisory given on accounting software used by businesses will have to comply with the Accounts Rules beginning in the FY 2023-24.
According to the related amendments to The Companies (Audit and Auditor) Rules, 2014 (Audit Rules), auditors are now needed to give a statement in their statutory audit report ((in the section Report on Other Legal and Regulatory Requirements,) stating whether,
(a) All the business user whose account been audited must incorporated in characteristic of audit trail (edit logs or change log) recording via accounting software.
(b) Audit trail characteristic was started throughout FY & Same had not been Changed or tampered it and
(c) such kind of above edit logs or audit trails have been matined for duration as specified by the above rules.
6. The Business will required to make ensure that Audit trail of all accounting records can record changes to the transaction, such as when the changes were made, who made them, and what data was changed.
What is MGT-14? This is the first question in our mind. The Ministry of Corporate Affairs (MCA) regulates all the administrative work of the corporate sector of the country. There are various rules and regulations for all the companies, whether private or government, and the firm follows those rules in every context. The form was one of the measures to allow the companies’ better functioning. Many malpractices and issues are regularly highlighted in the industries among the owners or shareholders regarding implementing many changes or resolutions. To avoid these things, MCA form MGT-14 comes in use.
To run a company or a business, many necessary changes must be made at a time. These changes are decided in the meetings of the shareholders. The registrar is required to use the form and fill it out.
Did you know?
MGT-14 must be furnished through the firm within the Registrar of Companies under sections 94(1) and 117(1) under the Companies Act 2013.
What is MGT-14 Form?
MGT-14 is a form that came into existence after introducing the amendments in the Companies Act of 2013. The form is the way to make resolutions in the companies. The new changes must be filled in the form by the registrar, which is made in meetings of the board members. However, we need to take the approval of all the company board members to fill a resolution. The resolution must be filled as its type. Moreover, private companies are not required to go as the rules of the government companies.
Purpose of MGT-14 Form
registrar of the companies fills the MGT-14 as per the rules mentioned in sections 117(1) and 94(1) of the new Companies Act 2013. The purpose is to mark the resolution or agreement made in meetings of the board of directors, shareholders or creditors by a liquidator or Registrar of Companies (RoC) in form MGT-14. The objective introduced was to fill certain major resolutions with the company registrar. It is an e-form. Moreover, there are various categories for filling the resolutions. The different categories are board resolutions, special resolutions, and ordinary resolutions. The registrar only fills the MGT-14 form after approval from all board members. However, there are many paper works and documents required to fill it. Companies are also charged with form fees. Moreover, they fail to file resolutions, or the registrar does not do it through the proper legal process. The government had provisions for the penalty on the companies.
List of Resolutions Under MGT-14 Form
The MCA form MGT-14 has 3 types of resolutions: board resolutions, special resolutions, and written resolutions. All the resolutions must be filled according to the categories under which it comes. The registrar of the company needs to file resolutions within 30 days of passing the resolution or agreement being made. Otherwise, the institution will face a penalty.
Board Resolutions
At least 75% of the board directors have to approve to pass the board resolutions. The shareholders’ signatures are also required on the agreement made. All the details of the board resolutions must be filled in Annexure A of MGT-14. The area which comes under board resolutions are as follows:
The account data of the company and other records.
Suppose the company wants to make any political contribution, granting a loan, making a guarantee, or providing security. Moreover, the company will fill the resolutions of making any investment.
To make any transaction contracts with related parties.
Appointing personnel for a full-time managerial post. While appointing a new managing director at the same post in another firm.The variation in terms of the appointment of a managing director.
To buy back securities and to issue securities in any foreign countries.
To ask for a loan and verification of the firm’s financial statements.
Moreover, this section also covers the issues related to expanding the business, mergers, separation, and acquiring a new firm.
Ministry has simplified the payment of MCA fees via NEFT (National Electronic Fund Transfer) mode. The simplified process was made public on 11.06.2012. This document details the simplified payment mode.
Process flow of payment of MCA21 fees using NEFT:
User uploads eForm, selects ‘NEFT’ as payment option, generates a SRN and a eChallan which contains the procedure for conducting the NEFT transfer.
User transfer funds to the MCA21 account via internet banking facility offered by their bank in which they hold an account. User may quote SRN in the remark column. Users should pay only via Internet banking and not via cash at branch counters. It may not be possible to link payments made through cash at branch counters.
User’s bank provides a unique transaction number (UTN) for the NEFT transfer.
Banks will inform MCA21 system in four to five working hours about the payment along with the UTN.
User logins to MCA21 and link UTN and SRN. For verification purpose, user will have to provide account number from which the transfer was carried out and the amount. If the payment has been notified to MCA21 system and the details are matching, then the linking will be successful and MCA21 will create work item for further processing.
If details of payment for the SRN are still not received from banks, an information message is displayed to user to link SRN & UTN at a later time. If details doesn’t match an error message is shown to the user.
For transactions involving stamp duty, there will be two SRNs (one for filing fee & another for stamp duty) and separate payments should be made ; both payments should be linked prior to expiry date.
If payment is not linked within specified duration (currently it is 2 days since banks report the transactions), amount will be returned to the originating account.
SRN will expire if payment doesn’t reach MCA21 on time. Hence users should transfer funds well in advance taking into consideration of bank holidays and the settlement window.
Amount can’t be divided into multiple payments. Full amount has to be transferred in single transaction for a particular SRN.
Don’t transfer a consolidated payment for multiple SRNs. Each of the SRNs should have individual payments.
For payments involving stamp duty, generate two SRNs and make two separate payments. Make both payments – MCA fee & Stamp duty fee, into the same account.
Payment should be linked within the specified duration (currently 2 days since banks report the transaction). Unlinked payments will be returned to the originating account.
FAQs:
Q: Can I pay a single consolidated payment for multiple SRNs?
Ans: No. You need to make separate payments for separate SRNs. You will not be able to link any SRNs if you make consolidated payment.
Q: I am late in filing MCA form and there will be additional fee. I don’t know the exact fee. Can I pay approximate amount and then adjust later? Ans: No. You need to pay exact amount. If the amount paid is not equal to the amount mentioned in the SRN, then you will not be able to link the SRN.
Q: I know the exact amount that needs to be paid. Can I make a pre- payment via NEFT and then link the payment later?
Ans: No. Payment Date should be on or after the SRN Date.
Q: I have to register a company (or increase authorized capital). Can I do a single payment for both SRNs?
Ans: No. You need to make separate payments for separate SRNs. You will not be able to link any SRNs if you make consolidated payment.
Q: Can payments related to LLP also be made into the same account?
Ans: Yes. Payments related to LLP also to be made into the same account.
Q: My bank allows me to pay via cash at the branch counter for NEFT payments. Can I do the same for MCA SRNs?
Ans: While you can make such payments, note that if you are not able to link, the designated banks will not be able to reverse the payments, as there is no bank account to which the reversal can be made. Hence it is recommended not to pay via cash for NEFT payments.
Q: I made a payment on 18.06.2012. But I didn’t link the payment and SRN. When will my payment be reversed?
Ans: You are given 2 days after the banks report the transaction to MCA. Considering a scenario, where you made a payment in the evening of 18.06.2012 and the bank reported on 19.06.2012, the amount would be reversed on 22.06.2012.
Q: Where will the reversal payment be made?
Ans: Reversal of the payment will be made into the account from where the payment was made.
Information about NEFT
NEFT is a nation-wide system that facilitates electronic transfer of funds from any bank branch to account holder of any other bank branch. The list of NEFT-enabled branches is available in the RBI website.
Presently, NEFT operates in hourly batches – there are eleven settlements from 9 am to 7 pm on weekdays and five settlements from 9 am to 1 pm on Saturdays.
NEFT transaction charges are available in the RBI website and are in addition to MCA21 filing fee. Further details on NEFT can be found in the RBI website (http://www.rbi.org.in/scripts/FAQView.aspx?Id=60)
ICSI Request MCA for extension of time period for filing of financial statements
THE INSTITUTE OF Company
Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) October 21, 2022
MCA: 2022 Shri Tarun Bajaj, IAS Secretary Ministry of Corporate Affairs, Department of Revenue Government of India Shastri Bhawan, New Delhi – 110 001 Ministry of Corporate Affairs
Subject: Request for extension of time period for filing of financial statements for the financial year ended 31.03.2022 without levying additional fee – Reg.
Sir,
This has reference to the ICSI representation dated October 11, 2022 (copy enclosed) made to your goodself pertaining to extension in the timelines provided under section 137 of the Companies Act, 2013 for filing of financial statements with the Registrar i.e. within thirty days from the date of annual general meeting.
Sir, as you are already aware that Central Board of Direct. Taxes (CBDT) on consideration of difficulties faced by the taxpayers and other stakeholders, has vide circular No. 19/2022 dated 30.09.2022, granted 7 days extension for filing of audit reports for the Assessment Year 2022-23 i.e. from 30th September, 2022 to 07th October, 2022 for filing of various reports of audit for the Assessment Year 2022-23. So, in majority cases, the audited figures are made available after 7th October, 2022.
A number of communications are being received from our stakeholders requesting extension of last date for filing of financial statement as well citing the fact that the dates of filing financial statements is coinciding with the varied festivals (Diwali, Bhai Dooj, Chhath Puja, etc.) celebrated across the length and breadth of the nation, during which corporates and professional workspaces are closed temporarily. During this period, there is lack of manpower and support staff which add to the woes. Amid festivities, with having few days for filing, the stakeholders are requesting for such extension of last date for filing of financial statement.
The extensions granted by you during the past years have not only promoted ease of compliance but have been a key role player in strengthening the governance framework.
Considering the above issues faced by corporates and professionals, you are requested to kindly consider granting extension of time for filing of financial statements for the financial year ended 31.03.2022 up to 31st December, 2022 without levying additional fee.
We shall be pleased to provide any further information or clarification in this regard on hearing from your goodself.
Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 – Framework for restricting trading by Designated Persons by freezing PAN at
IEPFA requests all the claimants to apply directly for claims refund through the official website www.iepf.gov.in by filling IEPF form 5. Any other means of application or engagement of middleman might lead to discrepancy or rejection of your case. Claimants are advised to inform IEPF Authority immediately, if approached or assured by any Broker/Middleman or Agent to get their claims refund. IEPFA acknowledges communication from the verified contact details only, provided by the claimants while filling IEPF form 5 online. Make sure no one misuses your registered contact details to approach IEPFA.
Stakeholders please note that Ministry of Corporate Affairs is launching first set of Company Forms (9 forms) on MCA21 V3 portal on 31st Aug 2022 at 12:00 AM.
Summary: Judgment dated 5th August, 2022 of the Hon’ble SC in the matter of Kotak Mahindra Bank Limited Vs. Kew Precision Parts Private Limited & Ors. [Civil Appeal No. 2176 of 2020]
Government releases two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore
1. China IPO market trounces world with $58 billion boom
From London to Hong Kong, large initial share sales have all but dried up across the world’s major financial centers this year. But the market in China is bustling with activity.
Initial public offerings on mainland exchanges have climbed to $57.8 billion so far in 2022, the largest ever for such a period, according to data compiled by Bloomberg. There have been five IPOs of above $1 billion since January, and one more is on the way. That’s versus just one such sale each in New York and Hong Kong, and none in London.
China’s IPO market has defied headwinds such as rising interest rates and fears of a US recession, which have brought major equity fundraising elsewhere to a virtual standstill. Offerings in the Asian economy – whose monetary policy is diverging from the Federal Reserve – are largely geared toward local investors.
“Companies have a stronger willingness for IPO because they see first half as a better time window to get listed than the time ahead,” said Shen Meng, a director at investment bank Chanson & Co. “They have a weaker outlook for the market and worry that factors including earnings uncertainty could make listing in future harder.”
2. Avalon Technologies files Rs 1,025-cr IPO papers with Sebi
Electronic manufacturing services firm Avalon Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,025 crore through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer-for- Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.
The company may consider raising Rs 80 crore through a pre-IPO placement and if such a placement is undertaken the size of the fresh issue will be reduced. Proceeds from the fresh issue would be used towards debt payment, funding the working capital requirements and general corporate purposes.
It has 12 manufacturing units located across the United States and India. As of fiscal 2022, its revenue from operations was at Rs 840 crore with an order book worth Rs 1,039 crore as of June 30, 2022. To read more: Click Here
3. Sebi puts Biba Fashion IPO in ‘abeyance’
Capital markets regulator Sebi has kept in “abeyance” the proposed initial share sale of ethnic wear fashion label Biba Fashion. However, the Securities and Exchange Board of India (Sebi) did not clarify further.
The company, which is backed by Warburg Pincus and Faering Capital, had filed preliminary papers with Sebi on April 12 to raise funds through an initial public offering (IPO).
Without disclosing the reason, Sebi said “issuance of observations (has been) kept in abeyance” with regard to the IPO of Biba Fashion, an update on the regulator’s website showed on Monday.
The information was updated on August 5. The issuance of observations by Sebi implies its go-ahead for an IPO. Sebi usually gives its observations on IPO papers in 30 days.
13. CURRENT AFFAIRS QUIZ (TAKEN FROM VARIOUS SOURCES)
Sl.
Questions
Answers
1
Which is the first global Big Tech Company to join the Open Network for Digital Commerce (ONDC)?
Microsoft
2
Manisha Kalyan, who was seen in the news, is associated with which sports?
Football
3
When is the ‘World Bio-fuel Day’ celebrated?
August 10
4
Which company developed the ‘2nd generation (2G) Ethanol Plant’,
which was recently inaugurated?
IOCL
5
Which Indian Armed Force launched the ‘Him Drone-a-thon’
programme?
Indian Army
6
V Pranav, who was seen in the news, is associated with which sports?
Chess
7
The world’s highest railway bridge is located in which Indian state/UT?
Jammu and Kashmir
8
Who chairs the Governing Council meeting of NITI Aayog?
Prime Minister of India
9
Which state appointed Deloitte India as its consultant?
Uttar Pradesh
10
Who has been selected as the 14th Vice President of India?
Jagdeep Dhankhar
Top 7 Current Affairs:
Indian statutory insurance and investment corporation, Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list. The nation’s biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. This is the first outing of LIC on the list, which ranks listed companies by sales.
India adds 10 more wetlands designated as Ramsar sites to make a total of 64 sites in the country. The 10 new sites include Six (6) sites in Tamil Nadu and One (1) each in Goa, Karnataka, Madhya Pradesh and Odisha. Designation of these sites would help in the conservation and management of wetlands and the wise use of their resources. India is one of the Contracting Parties to the Ramsar Convention, signed in Ramsar, Iran, in India signed it on 1st Feb 1982. So far 64 wetlands covering an area of 12,50,361 ha have been designated as Ramsar Sites of International Importance in India, till date.
The Reserve Bank of India has retained its retail inflation forecast for the current fiscal year at 6.7 per cent. It has increased the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40 per cent with immediate effect. RBI hiked the policy repo rate for the third time in a row. The Reserve Bank of India’s Monetary Policy Committee is headed by the Reserve Bank of India (RBI) Governor Shaktikanta The next meeting of the rate-setting panel is scheduled for September 28-30, 2022.
Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency. The unprecedented move was announced by the country’s central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency. The coin is called ‘Mosi-oa-Tunya’ which refers to Victoria Falls in the local Tonga language. The coins will have liquid asset status so that they could be easily converted to cash and locally and internationally tradable. The cost of one coin was $1,824 at the time of launch.
5. The BSE and NSE stock exchanges have given Zee Entertainment their approval for Zee Entertainment’s proposed merger with Sony Pictures Networks India. According to a statement by Zee Entertainment Enterprises Ltd., both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have accepted the planned merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India).
6. Amazon India has engaged with the Railway of India to boost its delivery services in the country. Through this partnership, Amazon India will be able to transport packages on more than 110 inter-city routes, ensuring one to two-day delivery for its customer. Amazon began working with the Indian Railways in 2019. The company has increased its transportation lanes five-fold, it said.
7. CoinDCX, an Indian homegrown crypto exchange company, has announced to host ‘UNFOLD 2022′ from 26th August 2022 to 28th August 2022 in The UNFOLD 2022 is a mega event in which the developers, investors, web3 startups, and regulators will showcase their ideas and discuss how can India can leverage its Web 3 talent and become a known global leader.
Disclaimer:This write – up is prepared as a Knowledge Sharing Initiative. *Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. .In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
· In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM.
· Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9.
· To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:
(1).Company e-Filings on V2 portal will be disabled from 15th Aug 2022 12:00 AM for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.
(2).Offline payments for the above 9 forms in V2 using Pay later option would be stopped from 07th Aug 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking).
Stakeholders please note that issue of COI is a fully automated process. For any help or assistance on COI or any other e-forms, please reach out either to helpdesk or write to MCA. Beware of any third person making a call for extending any help.
Summary: Judgment dated 12th July, 2022 of the Hon’ble SC in the matter Vidarbha Industries Power Limited Vs. Axis Bank Limited [Civil appeal No. 4633 of 2021]
1. India’s startup story intact, tech innovation vibrant, relevant: HCL Tech CEO C Vijayakumar
India’s startup story is “intact” and its tech innovation fundamentals remain vibrant and relevant in spite of fluctuating valuations in the startup space, according to HCL Technologies Chief Executive Officer C Vijayakumar.
The comment by the Indian IT major HCL Technologies’ top honcho comes at a time when investments and venture capital deal volumes in the startup space have started to taper, as investors turn wary of committing large cheques amid uncertain market conditions.
After a dream run and heady valuations in past years, the wave of venture capital chasing the Indian startup ecosystem (the third largest startup ecosystem in the world) appears to be dwindling somewhat. Spooked by concerns over profitability, cash burn, and corporate governance issues, investors are raising their guard, while stock market corrections have taken the sheen off newly-listed startups.
2. Omega Seiki plans to come out with IPO worth up to USD 250 million
Electric vehicle maker Omega Seiki Mobility plans to come out with an IPO worth USD 200- 250 million by the first quarter of the next fiscal, according to its Chairman Uday Narang. Narang, who is also the company’s founder, said that initially, the plan was to come out with
the Initial Public Offering (IPO) by March 2023 but now it has been delayed by a few months.
The company, part of the Anglian Omega Group, manufactures cargo and passenger electric three-wheelers and small commercial vehicle M1KA. Besides, it is in the process of launching an electric two-wheeler as well as trucks in the higher range.
He also said that the IPO size is expected to be USD 200-250-million and merchant bankers have been roped in with respect to the proposed offer. At current exchange rate, it will amount to Rs 1,580 crore to Rs 1,975 crore.
Omega Seiki is getting ready for the global play with all backward integration such as charging infra, battery management system, Powertrain and motor manufacturing. The company claims its three-wheelers order book stands at over 50,000 vehicles.
Recently, the company also opened an integrated manufacturing facility in Chakan in Pune with an annual capacity of 6,000 vehicles per annum. The capacity at the plant, which is the fourth for the company, is planned to be scaled up to 30,000 EVs per annum.
Wine producer and seller Sula Vineyards has filed its draft red herring prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The issue with a face value of Rs 2 per equity share is a complete offer for sale (OFS) aggregating to 25,546,186 equity shares.
The Mumbai-based winemaker is one of the fastest-growing alcoholic beverage companies as of March 31, 2021. It has grown at a compound annual growth rate of 13.7 per cent between the financial year 2011 and 2021, according to a Technopak report, the note in the DRHP mentioned.
Sula Vineyards is the category leader in the Indian wine industry in terms of sales volume and value since fiscal 2009. It set up its first vineyard in 1996, and in the year 2000 introduced wines such as Sauvignon Blanc, Chenin Blanc and Riesling.
CCI approves proposed combination involving indirect subscription of over 30% of total number of issued shares of CitiusTech by Bain Capital and Bain Credit
Centre amends the Legal Metrology (Packaged Commodities) Rules 2011 for ease of doing business and reducing the compliance burden for the electronic industries
13.CURRENT AFFAIRS QUIZ (TAKEN FROM VARIOUS SOURCES)
Sl.
Questions
Answers
1
Which Union Ministry implements the ‘Mission Shakti’ scheme’?
Ministry of Women & Child Development
2
India reported its first monkey-pox case in which state/UT?
Kerala
3
What is the rate of inflation based on All-India Wholesale Price Index (WPI) in June 2022?
15.18 %
4
Rebate of State and Central Taxes and Levies (RoSCTL) Scheme is associated with which Union Ministry?
Ministry of Commerce & Industry
5
Which Indian state is included in the ‘World’s 50 Greatest Places of 2022’ by Time Magazine?
Rs 2516 Crore
6
Which institution releases the ‘Global Gender Gap Report’?
World Economic Forum
7
In which city, Ministry of Culture hosted the ‘Dhammacakka Day 2022 celebration’?
Sarnath
8
What is the rate of retail inflation recorded in India in June 2022?
7.01 per cent
9
Which institution releases the Index of Industrial Production (IIP) output data?
National Statistical Office (NSO)
10
Which is the venue of the ‘National Conference of State Agriculture & Horticulture Ministers’?
Bengaluru
Top 5 Current Affairs:
Geo-Portal for NCR known as ‘PARIMAN’ was launched on 31.08.2021 in the 40th meeting of the Board by Shri Hardeep Singh Puri, Chairman, NCRPB and Union Minister for Housing & Urban Affairs. For the purpose of effective utilization of remote sensing and GIS technology, a web geo-portal has been developed by National Informatics Centre (NIC), initially for use by the National Capital Region (NCR) participating states and the office of the National Capital Region Planning Board (NCRPB).
With the help of the ISRO System for Safe and Sustainable Space Operation and Management (IS4OM), India has increased its ability to protect its space assets on its Mr. S Somanath, Secretary of the Department of Space and Chairman of the Indian Space Research Organization, are slated to officially launch the IS4OM in the presence of Dr. Jitendra Singh, Minister of Science and Technology, Earth Sciences.
The Unique Identification Authority of India (UIDAI) has launched a face authentication feature through a new mobile app called “AadhaarFaceRd”. For
authentication, Aadhaar card holders no longer need to physically visit an enrollment centre for iris and fingerprint scans. The UIDAI has started using face authentication as a method of confirming an Aadhaar holder’s identity. Once your facial authentication is successful, it verifies your identity.
The e-FIR service and the Uttarakhand police app were introduced by chief minister Pushkar Singh Dhami. The State police’s five online services are all integrated into the police app. Dhami, who spoke at the event, asserted that the app will provide better services to the
External Affairs Minister Jaishankar launched ‘Connecting through Culture’, an anthology of essays on various aspects of India’s soft power strengths, at Sushma Swaraj Bhavan in New Delhi, India. The Minister described the book as the “good cop” in diplomacy and said that it can be used to encourage others to work with India because “it creates a comfort about India.
The United Nations released the twenty-seventh edition of the official population estimates and projections titled ‘World Population Prospects 2022’ on World Population Day, July 11, 2022. As per the publication, India is projected to surpass China as the world’s most populous country in 2023. The global population is projected to reach eight billion by November 15, 2022, could grow to around 8.5 billion in 2030 and 9.7 billion in
US President Biden unveiled an image taken by the James Webb Space Telescope. It is the oldest documented light in the history of the universe from 13 billion years
The image is called by the name of SMACS 0723. It is a patch of sky visible from the Southern Hemisphere on Earth and visited by Hubble and other telescopes in search of the past.
Disclaimer:
This write – up is prepared as a Knowledge Sharing Initiative. *Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. . In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
MCA Update on Passing of Resolutions– Clarification on passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013 read with rules made thereunder on account of COVID-19-Extention of timeline-reg.
Ministry of Corporate Affairshas further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 with the mission and vision of Government of India of Ease of Living and Ease of Doing Business.
Companies Act, 2013 and rules made thereunder, as amended from time to time, mandates that businesses transfer to IEPF all the dues to shareholders which are unpaid or unclaimed for seven years. Shareholders can seek a refund of the same from IEPF. The new regime envisages a trust-based model for faster citizen centric services and turnaround time. Thisstepwill make the process of refund easier for shareholders.
Investor Education and Protection Fund Authority (IEPFA) has been established with an objective to promote Investor Education, Awareness & Protection, refund unclaimed shares, dividends and other amounts transferred to it under the applicable provisions ofthe Companies Act 2013. IEPFA works under the administrative control of MCA.
The refund process is simplified by issuing the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2021.
Key Highlights:
For claimants:
Advance Receipt:Requirement of Advance Receipt has been waived off,
Succession Certificate/ Probate of Will/ Will: Requirement of Succession Certificate/ Probate of Will/ Will has been relaxed up to Rs 5,00,000 (five lakh) both for Physical & DEMAT shares,
Notary:notarization of documents has been replaced with self-attestation and
Affidavits:Requirements of Affidavits and Surety relatively have been eased.
Ease in Process: MCA focused to make the process simpler and quicker for the claimants.
For companies,
Attachments / proof: Requirement of attaching documents related to Unclaimed Suspense Account has been eased.
Acceptance of Transmission related Documents: Companies have been given flexibility to accept transmission document viz. Succession Certificate, Will etc. as per their internal approved procedures and
Advertisement in case Share Certificate Lost:Newspaper Advertisement requirement for loss of physical Share Certificate has been waived off up to an amount of Rs.5,00,000.
So far, IEPFA has approved more than 20,000 claims refunding more than 1.29 crore shares. Shares of the market value of more than ₹1,011 crore and dividends and other amounts exceeding ₹20 crore have been refunded.
Source: Press Info
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Q1. Can an existing partnership firm be converted to LLP?
Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act.
ROC – Filings:Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP.
Q 2. Can an existing company be converted to LLP?
Yes, any existing private company or existing unlisted public company can be converted into LLP by complying with the Provisions of clause 58 and Schedule III and IV of the LLP Act.
ROC- Filings:Form 18 needs to be filed with the registrar along with Form 2 for such conversion.
Q 3. Can an existing company be converted to LLP?
No, only private / unlisted public company can be converted into LLP.
Q 4. Financial Year of LLP
Every LLP has to maintain uniform financial year (April to March) ending on 31st March of a year.
Q 5. Is it mandatory to file the charge details to the registrar office?
it is not mandatory to file the charge details with the office of Registrar but the stakeholders can voluntarily file the same.
ROC – Filing: The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim).
Q 6. Can we incorporate a LLP with words like ‘Limited’ or ‘Pvt. Limited’ at the end?
No, name of the LLP shall end with either ‘Limited Liability Partnership’ or ‘LLP’.
Q 7. What is the due date for Filing Form 8 for FY 2020-21?
Ministry of Corporate Affairs (MCA) vide General Circular No. 16/2021 dated 26.10.2021 has issued notification / circular and provided Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30th December, 2021.
Q8. Can a HUF be treated as a body corporate for the purposes of LLP Act, 2008?
An HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become a partner or designated partner in LLP.
Q9: What are the Governing Laws for a LLP:
Act – Limited Liability Partnership Act, 2008 and
Rules – Limited Liability Partnership Rules, 2009
Q10: What are the Fixed Mandatory LLP ROC Compliances?
Sl. No.
E-Form
Due Date
1.
Annual Return (Form 11)
within 60 days of closer of financial year
2.
Statement of Account & Solvency (Form 8)
on or before 30th October every year (due date extended for this year)
3
DIR 3 KYC DPIN KYC through DIR 3 KYC Form is an Annual Exercise.
For every DPIN holder – on or before 30th September
LLP Form- 8 due date extended till 30.12.2021
Ministry of Corporate Affairs (MCA) vide General Circular No. 16/2021 dated 26.10.2021 has issued notification / circular and provided Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30.12.2021.
Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.In case of any query, you may please connect with the author @ cslalitrajput@gmail.com // +91 9625483520
MCA issued notification dated 19 Aug 21 providing some further relaxation from online proficiency test for appointment as ID after database registration. A person practicing as Advocate, CA, CMA, CS for more than 10 years will not be required to qualify the test. Read below notification for details-
4,540 companies admitted into CIRP; 394 companies stand resolved with 36% realisation of claims by financial creditors under IBC
Posted On: 10 AUG 2021 7:05PM by PIB Delhi
As on 30th June 2021, 4,540 companies were admitted into Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC). This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today.
Giving details on the resolution status, the Minister stated that 394 companies were resolved till 30th June 2021 wherein financial creditors (FCs) including financial institutions, had total claims amounting to Rs 6.80 lakh crore, out of which Rs 2.45 lakh crore have been realised, which is 36% of their claims.
The Minister further stated that the insolvency resolution process of the corporate debtor (CD) is market driven and the outcome depends on market forces which varies from case to case and sector to sector. The value realised by creditors depends on available assets at the stage of admission of case under the Code. Details of cases are available in public domain on the website of Insolvency and Bankruptcy Board of India (www.ibbi.gov.in) which is periodically updated.
RM/KMN
Author can be reached at cajayprakashpandcompany@gmail.com
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The author, CA Jayprakash Pandey is a practicing Chartered Accountant (Founder of Jayprakash P & Company) having Office at Mumbai, with more than 5 years of professional cum practical experience, Direct Tax, International Taxation, Indirect Tax & FEMA related advisory, litigation & compliance matters.
Disclaimer:
The purpose of this is to share knowledge and it is for education purpose only. This does NOT constitute NOR does this form part of neither it is to be construed as, A LEGAL OPINION. The analysis is solely based on the reading abilities of the Author. They may be correct/incorrect as per you. No representation or warranty, express or implied, is made or given in respect of any information provided. UNDER NO circumstances should any recipient rely on this communication as a basis for any legal decision. The views expressed are of personal to the author. They do not reflect the views of any organization he may be directly/indirectly associated with. Neither author nor any of its affiliates accepts any legal liability, or responsibility, for, or provides any assurance or guarantee of accuracy, authenticity, completeness, correctness, dependability, reliability, suitability or timeliness of, any part of this article. The contents of this article are based only on the understanding of the Law, Rules, Notifications, etc. of the author and THEY ARE NOT BASIS FOR ANY LEGAL OPINION.
The Cabinet on 28th day of July, 2021, Wednesday, approved amendments to the Limited Liability Partnership (LLP) Act for decriminalising offences under the law as the government looks to improve ease of doing business and encourage start-ups.LLPs are becoming popular among start-ups.
Currently, there are 24 penal provisions in the LLP Act, 21 compoundable offences, and three non-compoundable offences. After the amendments, the penal provisions will be cut to 22, compoundable offences will be only seven and non-compoundable will remain the same.
Key Highlights:
Total of 12 offences to be decriminalized under LLPs.
Many of the startups can also benefit from the ease of doing business.
Criminality has been removed to provide ease of doing business to law-abiding corporates in LLP firms.
The 12 decriminalised offences will then get shifted to an internal adjudication mechanism to help unclog criminal courts from routine cases.
The government has also approved creation of a class of small LLPs to encourage entrepreneurs. These LLPs will be subject to fewer compliances, reduced fee or additional fee, and smaller penalties in the event of default.
The changes, including removing criminal action for failure to comply with provisions of the Act, will help about 2.30 lakh such firms in the country.
“A penalty in the form of a fine has been decided for violations of general trends. This boosts Aatmanirbhar Bharat.
New Concepts:
Definition of Small Company:
The government will also introduce a new definition of small LLPs based on their turnover size and contributions by partners or proprietors. At present, there are relaxations for thresholds up to turnover size and partner’s contribution of Rs 40 lakh and Rs 25 lakh, respectively.
“Now, Rs 25 lakh will go to Rs 5 crore and Rs 40 lakh turnover size will now be treated as Rs 50 crore. So, even Rs 5 crore contribution and Rs 40 crore or Rs 50 crore turnover will be treated as a small LLP, which means we are expanding the scope of what can be a small LLP.
Lower compliance will incentivise unincorporated micro and small partnerships to convert into the organised structure of an LLP and derive its benefits.The corporate affairs ministry is also working towards setting up an e-adjudication platform as part of the new version of the MCA21 portal.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
The amendment to the Limited Liability Partnership (LLP) Act was approved on Wednesday. In this, removal of provisions of criminal action for non-compliance of certain rules is prominent.
At present the turnover of LLP is 40 lakhs and partner’s participation is limited to Rs 25 lakhs. After the amendment, the turnover limit will increase to Rs 50 crore and partner’s participation will also reach up to Rs 5 crore.
Giving information, Finance Minister Nirmala Sitharaman said that at present there are total 24 provisions of punishment in the LLP Act. We have put half of these in the default category. Which has now become 22 provisions of punishment in the LLP Act.
Twelve types of violations have been decriminalized in the LLP case. A lot of startups will also benefit from the amendments: Nirmala Sitharaman, Finance Minister
320 foreign companies registered in India between 2018 and 2021
A total of 320 foreign companies registered in the country during the last three years. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today.
Giving more details, the Minister stated that “Foreign Company” is defined under section 2 (42) of the Companies Act, 2013 (the Act) as any company or body corporate incorporated outside India which (a) has a place of business in India by itself or through an agent, physically or thorough electronic mode and (b) conducts any business activity in India in any other manner.
The Minister tabled a state-wise breakup of details of the number of foreign companies registered in the country during each of the last three years as under:
States
2018-19
2019-20
2020-21
Assam
0
0
0
Andhra Pradesh
2
0
1
Bihar
1
0
1
Delhi
26
28
15
Goa
1
0
0
Gujarat
2
1
4
Haryana
19
22
4
Himachal Pradesh
0
0
1
Karnataka
7
8
9
Kerala
1
1
0
Maharashtra
42
40
23
Manipur
1
0
0
Orissa
0
1
1
Rajasthan
1
2
1
Tamil Nadu
6
7
9
Telangana
1
3
2
Uttar Pradesh
1
8
3
Uttarakhand
1
1
1
West Bengal
6
2
3
Total
118
124
78
The Minister further stated that revenue earned from foreign companies by States/UTs is not maintained sector-wise.
The Minister tabled details of fees collected on account of registration & forms filed by such foreign companies in the country during each of the last three years as under:
Details
2019
2020
2021
No. of Foreign companies registered
118
124
78
Fees collected on account of registration & forms filed by such foreign companies (in Rs.)
AGM EXTENSION BY TOP 100 LISTED ENTITIES BY MARKET CAPITALIZATION
Securities and Exchange Board of India (SEBI) vide notification / Circular SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021, has introduced and published “Extension of time for holding the Annual General Meeting (AGM) by top 100 listed entities by market capitalization” in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 101 and 102 of the LODR and the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder
Circular issued to:
1. All listed entities that have listed their specified securities
2. All Recognized Stock Exchanges
Requirements:
Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI LODR’/ ‘LODR’) requires top 100 listed entities by market capitalization to hold their AGM within a period of five months from the date of closing of the financial year.
Representation made:
SEBI is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI) requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the CoVID-19 pandemic.
Extension granted:
After consideration, it has been decided to extend the timeline for conduct of AGM by top100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21.
Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
MCA has issued Cos (Incorporation) Fifth Amendment Rules, 2021 to be effective from 1st Sept, 2021.
Allotment of new Name to be made effective automatically in case of ORDNC is not complied with within timeline.
In the Companies (Incorporation) Rules, 2014, after rule 33, the following rule shall be inserted, namely:
“33A. Allotment of a new name to the existing company under section 16(3) of the Act.
(1) In case a company fails to change its name or new name, as the case may be, in accordance with the direction issued under sub-section (1) of section 16 of the Act within a period of three months from the date of issue of such direction, the letters “ORDNC” (which is an abbreviation of the words “Order of Regional Director Not Complied”), the year of passing of the direction, the serial number and the existing Corporate Identity Number (CIN) of the company shall become the new name of the company without any further act or deed by the company, and the Registrar shall accordingly make entry of the new name in the register of companies and issue a fresh certificate of incorporation in Form No.INC-11C: Provided that nothing contained in sub-rule
(1) shall apply in case e-form INC-24 filed by the company is pending for disposal at the expiry of three months from the date of issue of direction by Regional Director, unless the said e-form is subsequently rejected.
(2) A company whose name has been changed under sub-rule (1) shall at once make necessary compliance with the provisions of section 12 of the Act and the statement, “Order of Regional Director Not Complied (under section 16 of the Companies Act, 2013)” shall be mentioned in brackets below the name of company, wherever its name is printed, affixed or engraved: Provided that no such statement shall be required to be mentioned in case the company subsequently changes its name in accordance with the provisions of section 13 of the Act.”.
(3) In the Annexure, after Form No.INC-11B, the following form shall be inserted, namely:
1. Clarification on passing of ordinary and special resolutions:
It has been decided by MCA to allow companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the aforesaid Circulars upto 31st December, 2021. All other requirements provided in the said Circulars shall remain unchanged.
In exercise of the powers conferred by section 133 🎉 read with section 469 of the Companies Act, 2013 (18 of 2013) and in supersession of the Companies (Accounting Standards) Rules, 2006.
MCA allows Stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees.
Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly.
List of forms providing waiver of additional fee as per Circular no. 06/2021 and 07/2021
Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly. CLICK HERE_PDF_FEE WAIVER
Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees.
The changes required in the MCA-21 System to implement this decision are being made.
The Competition Commission of India (CCI) approves proposed acquisition of 100% shareholding and sole control of Ingram Micro Inc. by Imola Acquisition Corporation.
The proposed combination concerns the proposed acquisition of 100% shareholding and sole control of Ingram Micro Inc. together with its parent companies (i) GCL Investment Management Inc. and GCL Investment Holding Inc. and (ii) its direct and indirect subsidiaries (collectively referred to as Ingram Micro).
Imola is a newly incorporated entity belonging to Platinum Equity Group. Platinum Equity Group specialises in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of businesses, including information technology, telecommunications, logistics, metal services, manufacturing and distribution.
Ingram Micro is a US Headquartered IT company that specialises in technology distribution and logistics, cloud solutions, and e-commerce supply chain services.
The Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees. The changes required in the MCA-21 System to implement this decision are being made and stakeholders would be informed in this regard in due course through a similar Notice. The stakeholders may, therefore, plan accordingly.
also read
CFSS Circular MCA : Scheme for condonation of delay for companies restored during Dec 2020 u/s 252 of the CA 2013
The Company act has made the amendment in schedule V of companies Act 2013 regarding the maximum limit in Director Remuneration vide notification dated 18/03/2021 as follows :
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