The weekly messenger | Edition 27.19

Regulatory News

ICAI issues Revised GN on Division I and II to the Companies Act, 2013 – 3 July 2019

The Institute of Chartered Accountants of India (ICAI), pursuant to the amendments being made in Schedule III to the Companies Act, 2013 by the Ministry of Corporate Affairs (MCA) vide its notification dated 11 October 2018, has issued the revised editions of the following Guidance Notes (GN):

• GN on Division I – Non Ind AS Schedule III to the Companies Act, 2013;
• GN on Division I – Ind AS Schedule III to the Companies Act, 2013.

For GN on Division I, click here;
For GN on Division II, click here.

Revised Edition of FAQs on Companies Act 2013 by ICAI – 3 July 2019

In February 2017, the ICAI had issued the Frequently Asked Questions (FAQs) on the Companies Act, 2013. Now, considering the new developments which are being taking place under various provisions of the Companies Act, 2013, the ICAI has again issued the revised edition of the aforesaid FAQs.
 
For more information, click here.

Commencement Notification – 1 July 2019

 
The Central Government (CG) has notified 15 August 2019 as the date from which the provisions of Section 81 of the Companies (Amendment) Act, 2017 i.e. Substitution of new section for section 406 ‘Provision relating to Nidhis and its application, etc. of the Companies Act, 2013.
 
For more information, click here.

Companies (Significant Beneficial Owners) Second Amendment Rules, 2019 – 1 July 2019

The CG has amended the Companies (Significant Beneficial Owners) Rules, 2018 with the Companies (Significant Beneficial Owners) Second Amendment Rules, 2019, wherein it has substituted the erstwhile Form No. BEN – 2 with the new form BEN-2 ‘Return to the Registrar in respect of declaration under Section 90’.
 
For more information, click here.

Last Date of Filing NFRA – 1 Form – 2 July 2019

The MCA had clarified earlier that the time limit for filing of form NFRA-1, which is to be filed by certain prescribed class of entities, thereby providing the details of their auditors to the National Financial Reporting Authority (NFRA) would be 30 days from the date of deployment of the said form on the website of MCA/NFRA. Now, since the said form has been deployed on the website of the NFRA, therefore, the MCA has clarified that the last date of filing the same will be 31 July 2019.
 
For more information, click here.