Friday, 14 November 2014

MCA October 2014

Notification/Circular no.
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Date
Subject Amendment
G.S.R. 722(E) October 14, 2014 The Companies (Audit and Auditors) Amendment Rules, 2014.  The Central Government has made following rules to amend the Companies (Audit & Auditors) Rules, 2014.
G.S.R. 723(E) October 14, 2014 The Companies (Accounts) Amendment Rules, 2014.  The Central Government has made following rules to amend the Companies (Accounts) Rules, 2014.
General Circular lto. 38/2O14 October 14, 2014 Right of persons other than retiring directors to stand for directorship - Refund of deposit under section 160 of the Companies Act, 2013 in certain cases. Clarity had been sought by the companies registered under the 2013 Act, about the manner in which the amount of deposit of rupees one lakh received by them under sub-section (l) of section 160 of the Companies Act, 2013 (Act) is to be handled if the depositor fails to secure more than twenty five per cent of the total valid votes. It is clarified that in such cases, the Board of directors of a section 8 company is to decide as to whether the deposit made by or on behalf of the person failing to secure more than twenty-five percent of the valid votes is to be forfeited or refunded.
General Circular No. 39/2014 October 14, 2014 Clarification on matters relating to Consolidated Financial Statement. Government has received representations from stakeholders seeking clariflcations on the manner of presentation of notes in Consolidated Financial Statement (CFS) to be prepared under Schedule III to the Companies Act, 2013(Act). It is clarified that Schedule lll to the Act read with the applicable Accounting Standards does not envisage that a company while preparing its CFS merely repeats the disclosures made by it under stand-alone accounts being consolidated. In the CFS, the company would need to give all disclosures relevant for CFS only.
General Circular No. 37/2014 October 14, 2014 Clarification with regard to Trust/trustee as a partner in the Limited Liability Partnerships (LLPS). Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust" (REIT) or "lnfrastructure Investment Trust" (lnvlTs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 1992, can become a partner in an LLP.  It has been clarified that for the purposes of these trusts it is not barred for a trustee, being a body corporate, to hold partnership in an LLP in its name without the addition of the statement that it is a trustee.
General Circular 41/2014 October 15, 2014 Company Law Settlement Scheme, 2014 (CLSS-2014) - Clarification u/s 164(2) of the Companies Act, 2013 Clarification has been sought regarding immunity from disqualification of directors pursuant to Sec. 164 (2) (a) of the 2013 Act will be applicable to companies who have filed their balance sheets and annual returns on or after 01/04/2014, but beofre coming into force of CLSS 2014 with effect from 15/08/2014.  It has been clarified that in case of such companies the disqualification under Section 164 (2) (a) will be applicable only for prospective defaults, if any, by such companies. 
General Circular 40/2014 October 15, 2014 Company Law Settlement Scheme, 2014 (CLSS-2014) The Company Law Settlement Scheme , 2014 (CLSS) has been extended upto November 25, 2014 consdering the requests received from various stakeholders.
G.S.R. 741(E) October 24, 2014 Notification dated: 24.10.2014 - Amendment in Schedule VII of the Companies Act, 2013 The Central Government has made further amendments to Schedule VII of the Companies Act, 2013.

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