Please find attached circular issued by MCA (Scheme for condonation of delay in filing of forms with ROC for companies restored on the Registrar of Companies between 01.12.2020 and 31.12.2020 under Section 252 of the Companies Act, 2013) . The brief summary of the circular is detailed below: 1 Circular date 15.01.2021 2 Subject Scheme for condonation of delay  in filing of forms with ROC for companies restored on the Registrar of Companies between 01.12.2020 and 31.12.2020 under Section 252 of…

  Please find attached circular issued by MCA (Clarification of holding Annual General Meeting (AGM) through video conferrencing (VC) or other audio visual means (OAVM) . The brief summary of the circular is detailed below: 1 Circular date 13.01.2021 2 Subject Clarification of holding Annual General Meeting (AGM) through video conferrencing (VC) or other audio visual means (OAVM) 3 Effective date  13.01.2021 4 Applicability As per circular attached   5   Brief description In continuation of this Ministry’s General Circular No. 20/2020,…

CSR funds can be spent for Awareness and public outreach on COVID-19 Vaccination programme. Please find attached circular issued by MCA (Clarification on spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme) . The brief summary of the circular is detailed below: 1 Circular date 13.01.2021 2 Subject Clarification on spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme 3 Effective date  13.01.2021 4 Applicability As per circular attached   5   Brief…

  Retrospective amendments as the name suggests are made applicable from a previous specified date. Such amendments are made to undo certain decisions taken by judicial authorities to remove the lacunas & loopholes in law. By retrospectively amending statues, the legislature often repeals an existing law or widens the tax bracket/opens up newer avenues of taxation. Thus, retrospective amendments have always been a matter of controversy. Click here to read more.

  Please find attached amended rules on Companies (Meetings of Board and its Powers) issued by MCA. The brief summary of the amendment is detailed below: 1 Rule date 31.12.2020 2 Subject Companies (Meetings of Board and its Powers) Rules, 2014 3 Effective date  31.12.2020 4 Applicability As per rule attached   5   Brief description   MCA has further extended the dates for conducting Board Meetings through video conference (VC)/ other Audio-Visual means (OAVM), for approving financial statements and other…

  Please find attached amended rules on Companies (Share Capital and Debentures) issued by MCA. The brief summary of the amendment is detailed below: 1 Rule date 24.12.2020 2 Subject Companies (Share Capital and Debentures) Second Amendment Rules, 2020 3 Effective date 24.12.2020 4 Applicability As per rule attached   5   Brief description The said rules amends the Companies (Share Capital and Debentures) Rules 2014 by substituting the Form SH-7. New point inserted in Purpose of form SH-7, “…

  Please find attached amended rules on Companies (Incorporation) issued by MCA. The brief summary of the amendment is detailed below: 1 Rule date 24.12.2020 2 Subject Companies (Incorporation) Third Amendment Rules, 2020 3 Effective date   Rule 9A has been inserted with effect of January 26, 2021 which specify Extension of reservation of name in certain cases. 4 Applicability As per rule attached   5   Brief description   MCA has vide Companies (Incorporation) Third Amendment Rules, 2020 notified…

  Please find attached amended rules on Companies (Appointment and Qualification of Directors) issued by MCA. The brief summary of the amendment is detailed below: 1 Rule date  18.12.2020 2 Subject Companies (Appointment and Qualification of Directors) Fifth Amendment Rules 2020. 3 Effective date 18.12.2020 4 Applicability  As per rule attached 5 Brief description Time line is changed to 2 years i.e. now an Independent Director (ID) can give exam within period of 2 years after his name enrolled in the data bank. Timeline changed from one…

OECD: Guidance on transfer pricing implications of COVID-19 pandemic The Organisation for Economic Cooperation and Development (OECD) released guidance that is intended to clarify and illustrate the practical application of the arm’s length principle to unique fact patterns and specific challenges resulting from the COVID-19 pandemic. According to an OECD release, the guidance—Guidance on the transfer pricing implications of the COVID-19 pandemic—was developed and approved by the 137 members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (‘BEPS’) and…

The RBI has decided to make RTGS available round the clock on all days w.e.f 14th December 2020. Currently, RBI is available for customers from 7.00am to 6.00pm on all working days of the week except second & fourth Saturday of every month.