The weekly messenger: Edition 01.16
This is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Regulatory news
Companies (Share Capital and Debentures) Third Amendment Rules, 2016 – 19 July 2016
The Ministry of Corporate Affairs (‘MCA’) has issued these Rules. These amendment Rules has modified certain provisions of the existing Rules, including with respect to:
- issue of equity shares with differential rights;
- issue of sweat equity share by startup companies;
- certain new exemptions in case of a startup companies for 5 years;
- revision in the terms of convertible securities offered on a preferential basis;
- issue of debentures, secured by the creation of a charge on certain properties or assets;
- premature redemption of debentures
These Rules shall come into force on the date of their publication in the Official Gazette.
For more information click here
National Company Law Tribunal Rules, 2016 – 21 July 2016
MCA has issued these new Rules. These Rules consists of 20 parts giving detailed information about applicable definitions, forms, powers and functions of President, Registrar and Secretary, institution of proceedings, appeals, examination of witness, disposal of cases and pronouncement of orders etc.
These Rules shall come into force on the date of their publication in the Official Gazette
For more information click here
National Company Law Appellate Tribunal Rules, 2016 – 21 July 2016
MCA has issued these new Rules. These Rules consists of 25 parts, giving detailed information about applicable definitions, forms, powers of Registrar, record of proceedings, fee for appeal, process fee, inspection of records, affidavit etc.
These Rules shall come into force on the date of their publication in the Official Gazette.
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Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015- 20 July 2016
The Union Cabinet has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.
The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as to overcome certain implementation issues.
For more information click here