The Companies (Registered Valuers and Valuation) Rules, 2017 notified under the Companies Act, 2013 provides a comprehensive framework for development and regulation of the profession of valuers. Subject to meeting other requirements, an individual is eligible to be a registered valuer, if he (i) is a fit and proper person, (ii) has the necessary qualification and experience, (iii) is a valuer member of a Registered Valuer Organisation (RVO), (iv) has completed a recognised educational course as...

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Category : Corporate Laws | Comments : 0 | Hits : 796

G.S.R. (E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule III to the said Act with effect from the date of publication of this notification in the Official Gazette, namely:-...

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MCA notifies 1st October, 2018 as the date of constitution of National Financial Reporting Authority. The following two notifications have been issued in this regard. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st October, 2018 S.O. 5099(E).—In exercise of the powers conferred by sub-section (1) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st October, 2018 as the date of constitution of National Financial...

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The institutional infrastructure under the Insolvency and Bankruptcy Code, 2016 (Code) envisages four key pillars, namely, the Adjudicating Authority (National Company Law Tribunal and Debt Recovery Tribunal), the Insolvency and Bankruptcy Board of India (IBBI), the Information Utilities (IUs), and the Insolvency Professionals (IPs). An IP plays a central role in resolution, liquidation and bankruptcy processes of companies, LLPs, partnership firms and individuals. The Bankruptcy Law Reforms Com...

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Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Public Notice No.25/2015-20 New Delhi, dated: 27 July, 2018 Subject: Amendment in Appendix 1B, Hand Book of Procedure 2015-20. In exercise of powers conferred under paragraph 1.03 ofForeign Trade Policy 2015-20, the Director General of Foreign Trade hereby makes the following amendment in Appendix 1B notified videPublic Notice No. 01/2015-20 dated 01.04.2015. 2. The...

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Section 21 (6A) (b) of the Insolvency and Bankruptcy Code, 2016 (Code) read with regulation 16A (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations) provide that where the corporate debtor has at least ten financial creditors in a class, the interim resolution professional shall offer a choice of three insolvency professionals and a creditor in the class may indicate its choice of an insolvency professional, fro...

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Category : Corporate Laws | Comments : 0 | Hits : 1228

When a corporate debtor undergoes corporate insolvency resolution process (CIRP), an Insolvency Professional (IP) is vested with the management of its affairs and he manages its operations as a going concern. He complies with the applicable laws on behalf of the corporate debtor. He conducts the entire CIRP. Such responsibilities of an IP require the highest level of professional excellence, dexterity and integrity. He needs to be compensated for his professional services commensurate to his abi...

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Enrolment as Valuer Member by Registered Valuers Organisation and Registration as Registered Valuer by the Authority...

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Punjab Government imposes profession tax of Rs. 200 Per Month on All such persons who are assessable under the Head Income from Salaries and/ or Wages as per the Income Tax Act, 1961 and All such persons who are assessable under the Head Income from Business and/ or Profession as per the Income Tax Act, 1961....

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The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consistent with the Code and the rules made thereunder; (c) are made by a notification published in the Official Gazette; and (d) are laid, as soon as possible, before each House of Parliament for 30 days....

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In continuation to the Ministry's General Circular No. 16/2017 dated 29/12/2017 and General Circular No. 02/2018 dated 28.03.2018 on the subject cited above and to state that the closing date of the scheme viz. 30.04.2018 is falling under gazetted holiday on account of 'Budh Purnima', therefore, this Ministry has decided to give one day extension of the said scheme i.e. up to 01.05.2018....

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The Disciplinary Committee of the Insolvency and Bankruptcy Board of India had issued an ex-parte interim order dated 8th March, 2018 against Mr. Mukesh Mohan, Insolvency Professional [Regn. No. IBBI/IPA-001/IP-P00018/2016-2017/10042] pending completion of inspection. A copy of ex-parte interim order is annexed to this order....

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In terms of the IBBI (Insolvency Professionals) Regulations, 2016, an individual is eligible for registration as an insolvency professional, subject to meeting other requirements, if he has completed a pre-registration educational course, as may be required by the Board, from an insolvency professional agency (IPA) after his enrolment as a professional member. The pre-registration educational course shall be delivered by the IPAs in not less than 50 hours either in class room sessions or in M...

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Format of ANNUAL COMPLIANCE CERTIFICATE(Annexure A) to be submitted by the IPAs to the IBBI and to be displayed on its website within 45 days of the closure of the financial year....

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The Insolvency and Bankruptcy Code, 2016 (Code) read with regulations made thereunder cast specific duties and responsibilities on an insolvency professional. An insolvency professional is required to perform certain tasks under the Code while acting as an Interim Resolution Professional, a Resolution Professional, a Liquidator or a Bankruptcy Trustee for various processes. For example, an insolvency professional is required to manage the operations of the corporate debtor as a going concern. He...

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A corporate person undergoing insolvency resolution process, fast track insolvency resolution process, liquidation process or voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (Code) needs to comply with provisions of the applicable laws (Acts, Rules and Regulations, Circulars, Guidelines, Orders, Directions, etc.) during such process. For example, a corporate person undergoing insolvency resolution process, if listed on a stock exchange, needs to comply with every pro...

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It has been observed that a few insolvency professionals are using different addresses and emails while communicating with the stakeholders, despite repeated advice from the Insolvency Bankruptcy Board of India (IBBI) to use the addressees and emails registered with the IBBI in all their communications....

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F. No. 01/34/2013-CL-V Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhawan, Dr. R.P. Road, New Delhi – 110001 Dated:- 27th October, 2017 To All Regional Directors, All Registrar of Companies, All stakeholders Subject: Relaxation of additional fees and extension of last date of filing of AOC-4 and AOC-4 (XBRL Non-IndAS) under the Companies Act, 2013 – reg. 1. The Ministry of Corporate Affairs has extended the date of filing of...

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S.O. 1683(E).—Whereas, the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the said Code) received the assent of the President on 28th May, 2016 and was published in the official Gazette on the same date; And, whereas, section 252 of the said Code amended the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (1 of 2004) in the manner specified in the Eighth Schedule to the said Code;...

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MCAClarification regarding online generation of Challans for Offline payment, Circular No. 02/2017 Dated 20-04-2017...

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MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 17th April, 2017 S.O. 1185(E).—In exercise of the powers conferred by section 130 of the Finance Act, 2017 (7 of 2017), the Central Government hereby appoints the 17th day of April, 2017 as the date on which the provisions of Part I of Chapter VI of the Finance Act, 2017 (7 of 2017) shall come into force. [F. No. 6/5/CM/2002-Vol.V] PRAVEEN GARG, Jt. Secy. We are reproducing below the Extra...

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Whereas certain draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (i) vide number G.S.R. 957(E), dated the 6th October, 2016, as required by sub-section (1) of section 95 of the Employees’ State Insurance Act, 1948 (34 of 1948), inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of thirty days from the dat...

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In exercise of the powers conferred under sub-sections (2) and (3) of section 92 read with sub-sections (1) and (2) of section 469 of the Companies Act 2013(18of2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules. 2014, namely:- CLICK HERE......

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In partial modification of Notification No.F.3(515)/Policy/VAT/2015/805-816 dated 29/09/2015, I, Vijay Kumar, Commissioner, Value Added Tax in exercise of the powers conferred under section 27 of the Delhi Value Added Tax Act,2004, do hereby extend the last date for filing of online returns for the 1 st and 2 nd quarters of the year 2015-16, in Forms'EC-1I and ECIII to 16/11/2015....

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ln continuation to General Circular No.08/2015 dated 12.06.2015. the last date of filing of Form CRA-4 wihoul any penalty/late fee is hereby extended upto 30'h Septcmber, 2015....

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In exercise of the powers conferred by section 133 read with section 469 of the companies Act, 2013 (18 0f 20131 , the central Government hereby rescinds the notifications ofthe Government of India in the Ministry ofCorporate Affairs, published jn the Gazette of tndia, Extraordinary, Part ll, Section (3), 5ub-section (i), vide number G.S.R 179 (E), dated the 3.d March, 2011 and G,S.R 650 (E), dated the 29th August 2011, with immediate effect, except as respects thinSs done or omitted to be done ...

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This Ministry has received sevcral rspresentations about the difficulties fbced by stakeholders due to deactivation of Digiral signature certificate (DSC) following en masse resignation of all thc directors of a company before appointment ofnew direotors in their places. Thc difliculty arises because ofautomatic dcaativation of DSC on firing o1,DIR-11 (Notice 01'resignation ofa direcror to the Rcgisftar) by the resigncd/resigning Director (s), and nonc of the ncw Director's details having been f...

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G.S.R ..............(E) .- [n exercise of the powers conferred under sub-section (l) of section 123 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Declaration and Payment of Dividend) Rules, 2014, namelyi...

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Category : Corporate Laws | Comments : 0 | Hits : 646

In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules, namely: Notifications Description G.S.R dated 16 Feb 2015 The Companies (Indian Accounting Standards) Rules, 2015. Indian Accounting Standard ...

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Category : Corporate Laws | Comments : 0 | Hits : 874

Companies (Removal of Difficulties) Order, 2015 has been released by MCA dated February 13, 2015 - The impact is as Small Company - 'A small company is now defined as a company (other than public company) whose paid up capital is upto Rs 50 lakhs AND turnover upto Rs 2 crores. Earlier it was OR....

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Category : Corporate Laws | Comments : 0 | Hits : 1089