The weekly messenger | Edition 18.22

Regulatory News

Relaxation in paying additional fees in case of delay in filing Form 11 (Annual Return) by LLPs – 27 May 2022

Due to transition from version-2 of MCA-21 to version-3 and to promote compliance on part of Limited Liability Partnership (LLPs), the Ministry of Corporate Affairs (MCA) has decided to extend the timeline for filing e-form 11 (Annual Return of LLP) by the LLPs for the FY 2021-2022 till 30 June 2022.

For more information, click here.

Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022 – 30 May 2022

The MCA has issued the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022, wherein the following amendments have been made in the principal rules:

• In Rule 25 A ‘Merger or Amalgamation of a foreign company with a company and vice versa’, a new sub-rule (4) has been inserted, which states: “Notwithstanding anything contained in sub-rule (3), in case of a compromise or an arrangement or merger or demerger between an Indian company and a company or body corporate which has been incorporated in a country which shares land border with India, a declaration in Form No. CAA-16 shall be required at the stage of submission of application under section 230 of the Act”. 

• In Annexure A, a new form i.e., Form No. CAA.16 ‘Declaration in terms of Rule 25A’ has been inserted.

These Rules shall come into force w.e.f. 30 May 2022.

For more information, click here.

Revision of Health Insurance Regulatory Returns – 23 May 2022

The Insurance Regulatory and Development Authority of India in partial modification of its Master Circular dated 22 July 2020 on ‘Standardization of health insurance products’ has made the following modifications w.r.t. the Health Insurance Regulatory Returns:

• In respect of ‘Quarterly Returns – (HIR-18)’, ‘For the period’ return to be submitted is dispensed with. However, insurers shall continue to submit ‘up to the period’ return as specified by the above referred guidelines.

• The frequency of the following returns is modified as under:

             - HIR-19 return to be submitted annually instead of quarterly

             - HIR-14 to HIR - 17 returns to be submitted annually instead of Half-yearly

• GHIS return (HIR-20) on Information on Government Sponsored Health Insurance Schemes and GHISAR Return (HIR-21) stands dispensed with.

These norms are applicable with immediate effect and are applicable to all returns to be filed for FY 2021-22 onwards.

For more information, click here.