Companies (Audit and Auditors) Second Amendment Rules, 2017

Following rules are made by the Central Government to further amend the Companies (Audit and Auditors) Rules, 2014, namely:—

In Rule 5, clause (b) of the Companies (Audit and Auditors) Rules, 2014 the word “twenty”, will be replaced by the word “fifty”.

This notification shall come into effect on the date of their publication in the Official Gazette. (i.e w.e.f. 22nd June, 2017.)

It implies that;

From now on, the provisions of section 139(2) of the Companies Act, 2013 i.e. [related to Rotation of auditor] shall be applicable on all Private Companies having paid up share capital of Rupees Fifty Crore or more instead of Rupees Twenty Crores or more.

All other class of Companies as mentioned in Rule 5 of the Companies (Audit and Auditors) Rules, 2014 shall remain the same.

For more details:

Refer http://egazette.nic.in/WriteReadData/2017/176824.pdf

Withdrawal of Circular on “TRANSFER OF SHARES TO IEPF AUTHORITY” by MCA

Ministry of Corporate Affairs (MCA) has withdrawn General circular No. 3/2017 dated 27.04.2017 regarding “Transfer of shares to IEPF Authority” vide General Circular No.05/2017 dated 16.05.2017.

 

For Detailed information: http://www.mca.gov.in/Ministry/pdf/Circular_16052017.pdf

 

 

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

GOODS AND SERVICES TAX

The Hon’ble President, Mr. Pranab Mukherjee, has given his assent to the four key Goods and Services Tax (“GST”) Bills, on 12th April, 2017.

The four GST Bills i.e. The Central Goods and Services Tax Act, 2017The Integrated Goods and Services Tax Act, 2017The Goods and Services Tax(Compensation to States) Act, 2017The Union Territory Goods and Services Tax Act, 2017 which are now notified and enacted.

With the President nod, the much-awaited indirect tax reform i.e. GST further moves closer for the roll out of one-nation-one-tax regime from July 1, 2017. Further, the State Governments need to pass the State GST Bill in their respective assemblies to switch on to the GST regime, which would be more or less the replica of the CGST and UTGST Bills.

For detailed information: http://www.egazette.nic.in/WriteReadData/2017/175314.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

AMENDMENT TO SCHEDULE III OF THE COMPANIES ACT, 2013

Ministry of Corporate Affairs has carried out further amendments to Schedule III of the Companies Act, 2013 with effect from the date of publication of this notification in the Official Gazette.

In Companies Act, 2013, in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6 a new clause has been inserted which requires every company to disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 as prescribed in Table given there.

For Detailed Information: http://mca.gov.in/Ministry/pdf/AmendmentinScheduleIII_Notification31032017.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

​THE COMPANIES (AUDIT AND AUDITORS) AMENDMENT RULES, 2017

MCA has notified the Companies (Audit and Auditors) Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette i.e. 30-03-2017.

The amendment are being made to put additional responsibility on the shoulders of the Statutory Auditors to check, report and provide requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016.

For Detailed Information:

http://mca.gov.in/Ministry/pdf/ScannedCompaniesAuditandAuditorsRules_31032017.pdf

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

Insolvency and Bankruptcy Board of India Recognises Insolvency Professional Entities (IPE)

A limited liability partnership, A Registered Partnership Firm or a Company may be recognised by the Board as an IPE if:

(a) A majority of the partners of the limited liability partnership or registered partnership firm are registered as insolvency professionals; or

 (b) A majority of the whole-time directors of the company are registered as insolvency professionals, as the case may be.

 An IPE is jointly and severally liable for all acts or omissions of its partners or directors as IPs committed during such partnership or directorship.

The Board has recently recognised two IPEs as under:

S. No Name of IPE Constitution Address
1 IRR Insolvency Professionals Private Limited Limited Company D-55, Defence Colony, New Delhi – 110024
2 AAA Insolvency Professionals LLP Limited Liability Partnership E-10A, Lower Ground Floor, Kailash Colony, New Delhi -110048

For Detailed Information: http://ibbi.gov.in/press-release6march.html

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

The Trademark Rules, 2017

The Trademark Rules, 2017 have been notified by Ministry of Commerce & Industry to come into effect from 6th March, 2017. These Rules will replace the earlier Trade Mark Rules, 2002.

Key features of the Trademark Rules, 2017 are:

  • Number of Trade Mark (TM) Forms have been reduced to 8 from the existing 74.
  • The fee for online filing has been kept at 10% lower than that for physical filing, to promote e-filing of TM applications.

Some of the other features are as follows:

  • The fees for Individuals, Start-ups and Small Enterprises have been reduced from that proposed in the draft Rules i.e. only Rs 4,500 as against Rs 8,000 for e-filing of TM applications proposed at the draft stage.
  • The number of adjournments in opposition proceedings has been restricted to a maximum of two by each party, which will help dispose off matters in time.
  • For the first time, modalities for determination of well-known trademarks have been laid out.
  • The provisions relating to expedited processing of an application for registration of a trade mark have been extended right up to registration stage (hitherto, it was only up to examination stage).
  • Overall fees have been rationalised by reducing the number of entries in Schedule I from 88 to just 23.
  • The Modalities for service of documents from applicants to the Registry and vice-versa through electronic means have been introduced to expedite the process; e-mail has been made an essential part of address for service to be provided by the applicant or any party to the proceedings so that the office communication may be sent through email.
  • Hearing through video conferencing has been introduced.

For Detailed Information: http://www.ipindia.nic.in/writereaddata/Portal/News/312_1_TRADE_MARKS_RULES_2017__English.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.