MCA updates e –forms for Nidhi companies
The Ministry of Corporate Affairs vide notification dated 4th February 2020 has published The Nidhi (Amendment) Rules, 2020 to substitute the existing forms with electronic form. The amendment substitutes the forms NDH-1, NDH-2, NDH-3 with new eforms.
MCA notifies the National Company Law Tribunal (Amendment) Rules, 2020.
The Ministry of Corporate Affairs on 3rd February 2020 has published the National Company Law Tribunal (Amendment) Rules, 2020 to insert new Rule to deal with grievances with respect to the takeover offer of Unlisted Companies.
CBIC extends due date for filing GST Annual Return and Audit Reports in a staggered manner.
The Central Board of Indirect Taxes and Customs vide notification dated 3rd February, 2020, has extended the time limit for furnishing of annual return or reconciliation statement in FORM GSTR-9 or FORM GSTR-9C pertaining to Financial Year 2017-18 in a staggered manner for different groups of states against the earlier due date of 31st day of January, 2020.
MCA introduces procedure for takeover of any Company by majority shareholder
The Ministry of Corporate Affairs has introduced a new Rule 5 & 6 in the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2016 which provides the procedures for a member along with others holding not less than 3/4th of shares of the Company to make a takeover offer in terms of sub-section (11) of section 230 to acquire the remaining shares of the Company.
SEBI sets position limit for market participants trading on exchanges at IFSCs for currency futures and options contracts involving the Indian rupee.
The Securities and Exchange Board of India vide notification dated 3rd February, 2020 has fixed the position limits for eligible market participants on stock exchanges at international financial services centres (IFSCs) for currency futures and options contracts involving the Indian rupee.
Information regarding Statutory Auditor and Secretarial Auditor is to be mandatorily updated in the Management Details under BSE Listing Centre.
BSE has clarified that, Information regarding Statutory Auditor and Secretarial Auditor is to be mandatorily updated in the Management Details section (Tab 3 and 4) under BSE Listing Centre as a one-time exercise and should be updated as and when there are any changes.
MCA has extended the last date for filing MGT-7 Annual Return and AOC-4 Financial Statement in J&K & Ladakh.
The extension of due dates has been done to 31 March 2020 as per the demand of the stakeholders for the filing of financial statements for the financial year ended 31.03.2019 due to disturbances in internet services and the normal work was affected in the UT of J&K and UT of Ladakh.
CBDT notifies other electronic modes for acceptance of payment for businesses.
The Ministry of Finance vide notification dated 29th January, 2020, has published the Income-tax (3rd Amendment) Rules, 2020 which prescribes the ‘other electronic modes’ for the purpose of accepting and making electronic payment under different sections of the Income-tax Act, 1961.
Application for Condonation of delay u/s 460 Companies act is now applicable to Limited liability Partnership.
Section 460 which allows companies to seek condonation of delay in filing applications before the Central Government or for delay in filing any other document with the Registrar is now available to Limited Liability Partnerships. The LLP can also make an application under 460 seeking for condonation of such delays.
FSSAI extends deadline for implementing alcoholic beverages regulation.
The Food Safety and Standards Authority of India has extended the time period for implementing the labelling requirement of Indian Brandy, as Indian Brandy (made from molasses spirit) to a later date till fresh notification is issued in this regard, as it received Industry representation that Brandy is widely made from other sources as well other than molasses.
