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AMENDMENTS UNDER COMPANIES ACT 2013

*Exemptions to Private Companies under Companies Act, 2013:* As we all know that some exemptions were granted by MCA to Private Companies on 05.06.2015, the MCA has added more exemptions by amending the notification issued on 5th June, 2015 and by notifying further exemptions on 13th June, 2017: 1. New Concept of *Start-up/ Start-up Companies* has been introduced: Start up Private Companies are not required to prepare the Cash Flow Statements under Companies Act, 2013. For the purposes of this Act, the term 'start-up' or "start-up company" means a private company incorporated under the Companies Act, 2013 (18 of 20'l3) or the Companies Act, 1956 ('l of 1956) and recognized as start-up in accordance with the notification issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry." 2. The Private Companies which are small companies are not required to mention the amount of *remuneration drawn* by Directors ...
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SEBI UPDATE

Capital market regulator SEBI is seeking major changes to the structure of equity trading in India, evidently driven by the government’s recent realisation that it may be losing chunks of tax revenues due to a high concentration of equity trading volumes in the derivative segment. Alarming rise SEBI may soon announce measures to boost cash equity volumes and curb excessive derivative speculation, two sources close to the regulator told  BusinessLine . India’s emergence as the second-most speculative equity market globally — due to derivative trading — after South Korea, has rattled the government and SEBI. A recent study showed that the ratio of equity derivative turnover to cash segment turnover stood at 15.2:1. That is, more than 15 trades in derivatives were being conducted for every cash market trade. Sources say the fact that derivative trading was way higher than cash was causing heartburn in the Prime Minister’s Office and the Finance Ministry as the government d...
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CPMANIES ACT UPDATE

MCA Updates: Major amendments with respect to shifting of registered office of a Company MCA, on 27th July, 2017, has issued a notification amending Companies (Incorporation) Rules, 2014 with respect to: Rule 28 - Shifting of registered office within same state but from one ROC to another Rule 30 - Shifting of registered office from one state/UT to another Major Changes in Rule 28: 1. There is no need to publish advertisement in news paper 2. There is no need to issue individual notices to debenture holders, creditors and depositor. 3. Revised rule has mentioned specified documents to be attached with Form INC-23. Major Changes in Rule 30: 1. No hearing with Regional Director will be held, if no objection is received. 2. Notice to creditors and advertisements in newspaper shall be made not more than 30 days before the date of filing Form INC-23. Earlier, it used to be "not more than 14 days before the date of hearing." 3. Company needs to attach w...
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