Regulatory Updates– 7th July, 2018

MCA:
1. MCA vide notification dated 5th July, 2018 has amended the following Rules:

 Companies (Acceptance of Deposits) Amendment Rules, 2018

http://www.mca.gov.in/Ministry/pdf/CompaniesAcceptanceDepositsAmendmentRules_06072018.pdf

Companies (Appointment and Qualification of Directors) 4th Amendment Rules, 2018.

http://www.mca.gov.in/Ministry/pdf/CompaniesAppointmentQualificationRules_06072018.pdf

Companies (Authorised to Register) Second Amendment Rules, 2018

http://www.mca.gov.in/Ministry/pdf/CompaniesAuthorisedRegister_06072018.pdf

Companies (Registration of Charges) Amendment Rules, 2018

http://www.mca.gov.in/Ministry/pdf/CompaniesRegistrationChargesRules_06072018.pdf

Companies (Registration Offices and Fees) Third Amendment Rules, 2018

http://www.mca.gov.in/Ministry/pdf/CompaniesRegistrationOfficesFeesRle_06072018.pdf

 

  1. Vide a recent notification, MCA has notified that every DIN holder who has obtained DIN in a financial year, is required to file eForm DIR KYC before 30th April every year at no fees. If not filed before the due date, then fees of Rs. 5,000 is proposed to be levied. Also, for current financial year, same can be filed by 31st August, 2018 at no fees and if not filed by 31st August, 2018, then the fees of Rs. 5,000 shall be levied, else, the DIN shall be deactivated by the MCA.

IBBI:

IBBI proposes vide a discussion paper that the Insolvency resolution professionals who quit a case midway may be debarred for 5 years

 

Vide a new discussion paper released by the Insolvency and Bankruptcy Board of India (IBBI), IBBI proposes to debar Insolvency Resolution Professionals from taking fresh assignments for five years if they opt out of an ongoing case for reasons other than exceptional circumstances of physical incapacitation. They may also be excused if they become legally ineligible to pursue a case. IBBI intends to help maintain the time-bound process, which is the essence of the Insolvency and Bankruptcy Code, 2016. Comments and suggestions on the said discussion paper have to reach the IBBI by July 15.

NSE:

 NSE imposes Rs 1 crore penalty on Electrosteel for non-compliance of disclosure norms

 Electrosteel Steels Limited, which is undergoing insolvency resolution process has been imposed a penalty of over Rs 1 crore by the NSE for non-compliance of filing its financial results for the quarter and year ended on March 31, 2018, within the required time. As per regulatory norms, the company was under the obligation to submit its audited financial results for quarter and year ended March 31, 2018, within 60 days from the end of the financial year, that is by May 30, 2018.

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