Company Law

1.   MCA is actively considering Aadhaar
Integration for availing various MCA21 related services. As a preparatory step,
all individual stakeholders viz. DIN holders/Directors/Key Managerial
Personnel/Professionals of the Institute of Company Secretaries of
India-Institute of Chartered Accountants of India-Institute of Cost Accountants
of India (whether in employment or in practice) are requested to obtain Aadhaar
as early as possible for integrating their details with MCA21 and also ensure
that the information in Aadhaar is in harmony with PAN. When implemented, all
MCA21 services shall be available based on Aadhaar based authentication ONLY.
The date of Aadhaar integration with MCA21 would be announced shortly.
Stakeholders are requested to plan accordingly on PRIORITY so as to avoid
future inconvenience.

2.   Form STK-2 –Form for application by company
for removing its name from register of companies is now available on the MCA
Portal.

3.   The Companies ( Registration of Charges)
Amendment Rules 2017

      The Ministry of Corporate Affairs has vide
Notification dated 7^th April 2017 revised the Forms CHG-1, CHG-4 and
CHG-9. The following details are also required to be filled:

(i)   ranking of charges,

(ii)  particulars of the principal terms and
conditions of the charge,

(iii)  particulars of the property or asset(s)
charged (including complete address and location of the property),

(iv) description of document by which the
borrower/third party acquired the title etc.

(v)  If the ‘Type of Charge’ is ‘immovable property
or any interest therein’, the location parameters (Latitude and Longitude)
shall be mandatory

   The full notification can be accessed at
http://www.mca.gov.in/Ministry/pdf/companiesRegistrationofChargesAmendmentRules_08042017.pdf

4.   Form 3 (Information with regard to Limited
Liability Partnership agreement and changes, if any, made therein) has been
mandatorily filed for initial agreement before filing of Form 8 (Statement of
Account & Solvency) and Form 11 (Annual Return of Limited Liability
Partnership (LLP).

5.   The Companies ( Removal of Names of
Companies from the register of Companies ) Amendment Rules 2017

    The Ministry of Corporate Affairs has vide
Notification dated 12^th April 2017 inserted the following Proviso
after the proviso to Rule 7 (1) which provides for the  publication of the Public notice pursuant to
it and  Section 248(1) and 248 (4) of the
Companies Act 2013 in the format as per Form No STK-5A

  The full notification can be accessed
athttp://www.mca.gov.in/Ministry/pdf/CompRemovalofNamesRules_13042017.pdf

6.   Companies (Meetings of Board and its Powers)
Amendment Rules, 2017.

     The Ministry of Corporate Affairs has vide
Notification dated 30^th March 2017 amended the Companies (Meetings
of Board and its Powers) Rules, 2014. In rule 15, in sub-rule (3), in clause
(a)—

     in item (i), item (ii), item (iii) and
item (iv), for the words “exceeding ten per cent.” Whereverthey occur, the
words “amounting to ten per cent. or more” shall be substituted;

      and(b) in item (iii), for the words “ten
per cent. of turnover” the words “ten per cent. or more ofturnover” shall be
substituted.

   The full notification can be accessed at
http://www.mca.gov.in/Ministry/pdf/CompaniesMeetingsofBoard_31032017.pdf

7.   The Companies (Indian Accounting
Standards)(Amendment) Rules, 2017

      The Central Government, in consultation
with the National Advisory Committee on Accounting Standardshas vide
Notification dated 17^th March 2017 amended the the Companies (Indian
Accounting Standards) Rules, 2015

      The full notification can be accessed at

       http://www.mca.gov.in/Ministry/pdf/CompaniesIndianAccountingStandards_21032017.pdf

8.   Section 234 of the Companies Act 2013
pertaining to Merger and Amalgamation of company with Foreign Company notified

      The Ministry of Corporate Affairs has vide
Notification dated 13^th April, 2017 informed that Section 234 of
Companies Act 2013 pertaining to Merger and Amalgamation of company with
Foreign Company is effective w.e.f 13^th April 2017.

      The full notification can be accessed at

      http://www.mca.gov.in/MinistryV2/companiesact2013.html

9. The Companies (Compromises, Arrangements and
Amalgamations) Amendment Rules, 2017

      The Ministry of Corporate Affairs has vide
Notification dated 13^th April 2017, inserted Clause 25A pertaining
to Merger or Amalgamation of a foreign Company with a Company and vice
versa.

   The full notification can be accessed at
http://www.mca.gov.in/Ministry/pdf/CompaniesCompromises_14042017.pdf

10. Amendments to Schedule III of the Companies Act
2013

      The Central Government has vide
Notification dated 30^th March 2017 
no G.S.R. 308(E) issued the following 
amendments to Schedule III of the said Act with effect from the date of
publication of this notification in the Official Gazette, namely:-

      In the 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, after clause ‘W’, the following
clause shall be inserted namely:-

“X.
Every company shall disclose the details of Specified Bank Notes (SBN) held and
transacted during the period from 8^th November, 2016 to 30^th
December, 2016 as provided in the Table below:-

Explanation : For the purposes of this clause, the
term ‘Specified Bank Notes’ shall have the same meaning provided in the
notification of the Government of India, in the Ministry of Finance, Department
of Economic Affairs number S.O. 3407(E), dated the 8^th November, 2016.”

In the Companies Act, in Schedule III, in Division II, in
Part I under the heading “General instructions for preparation of Balance
Sheet” in paragraph 6, after clause ‘J’, the following clause shall be inserted
namely:-

“K. Every company shall disclose the details of
Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to
30/12/2016 as provided in the Table below:- 

Full Notification can be
accessed at 
http://www.mca.gov.in/MinistryV2/companiesact2013.html