Month: October 2015

New Bankruptcy Code Soon – PM Modi

India would soon have a new bankruptcy code to hasten pace of liquidation in stress cases, Prime Minister Narendra Modi said today. “We are working on a new bankruptcy code and a company law tribunal will be set up to improve ease of doing business in India with a transparent and predictable tax regime,” PM Modi said at tech summit in Bengaluru where visiting German Chancellor Angela Merkel was present with a large delegation. Though the code was incorporated in the amended Companies Act in 2013, it could not be implemented as some issues remained unresolved. The proposed laws will govern businesses formation, contract enforcement, debt repayment and bankruptcy as they pay a critical role in economic growth. Areas of concerns for doing business in the country are the lengthy litigation process, difficult arbitration procedures and deficient bankruptcy laws. Referring to regulatory and taxation issues that were adversely impacting sentiment of foreign investors, the Prime Minister told German investors and firms that his government had taken decisive steps to remove bottlenecks. “We have expedited regulatory clearances, including security and environmental clearance; increased validity period of industrial licences; de-licenced many defence items, lifted curbs on end-use certificates and increased validity of defence industrial licences to 18 years from three years,” Mr Modi said. Similarly, the government had clarified that it would not resort to retrospective taxation and reinforced it by...

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DVAT REGISTRATION & BENEFITS

Benefits of Online Registration of DVAT NO NEED TO VISIT THE DEPARTMENT DEALER SHALL BE REGISTERED WITH THE DEPARTMENT ONLY ON SUBMISSION OF ONLINE APPLICATION AND ATTACHING SELF ATTESTED REQUISITE DOCUMENTS DEALER MUST ATTACH THE GENUINE MANDATORY SUPPORTING DOCUMENTS WITH THE APPLICATION. IN CASE, ANY INCONSISTENCY IS FOUND IN THE ATTACHED DOCUMENT(S) AT THE TIME OF VERIFICATION/SCRUTITNY OF THE REGISTRATION, THE SAME IS LIABLE TO BE CANCELED W.E.F. FROM THE DATE OF REGISTRATION ITSELF. (PLEASE REFER TO CHECK LIST OF SUPPORING DOCUMENTS IN FORM DVAT-04) THE ATTACHED DOCUMENTS MUST BE SELF ATTESTED BY THE PROPRIETOR/PARTNER/DIRECTOR/AUTHORISED SIGNATORY OF THE FIRM. ENSURE THAT THE SOFT COPY OF THE DOCUMENTS ARE READY FOR UPLOADING BEFORE FILLING THE ONLINE DVAT -04 GO THROUGH THE DETAILED INSTRUCTIONS BEFORE FILING UP THE ONLINE FORM DVAT 04 IN CASE OF ANY ASSISTANCE, PLEASE CONTACT THE DVAT HELPDESK. Documents Required For DVAT Registration (For Proprietorship Case) Name of proposed Firm Name. One passport size photograph of applicant. One Self attested copy of Pan. One Self attested copy of Address proof of applicant (Voter Card/UID/Passport) Mobile Number and Email ID. Detail Description of proposed business. Address proof of proposed office (If owned property, then self attested copy of Water Bill/Electricity Bill/Property Tax Receipt) (In case of rented – Rent agreement, NOC from landlord and Utility bill of property in name of Owner) Bank Account authentication Details (Cancelled Cheque)...

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MCA Update

New Form AOC-4 CFS (Form for filing consolidated financial statements and other documents with the Registrar) would be available for filing w.e.f 1st Nov 2015. Versions of forms AOC-4 (XBRL) and AOC-4​ Attachment are likely to be modified w.e.f 1st Nov 2015. Stakeholders are requested to plan...

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Supreme Court Accept PIL For Baning Santa-Banta Type Jokes

Websites that run jokes taking potshots at members of the Sikh community should be banned, a petitioner has asked the Supreme Court. Harvinder Chowdhury, a Sikh herself, argued that people form her community are ridiculed because of these jokes. The jokes poke fun by purportedly portraying them as “persons of low intellect, stupid and foolish”, she said. The court however observed that the “Sikh community is known for its great sense of humour” and many from the community may also enjoy it. “Even Sikhs may object to your petition. Fortunately we have a Sikh judge in the Supreme Court. Can we post this case before the judge?” the court asked. Declining the court’s offer, the petitioner said the jokes “affect the dignity” of her community. “We are being ridiculed by these jokes. We have sacrificed a lot but when we go abroad we are ridiculed. I myself have suffered it. We want these to be stopped,” the petitioner said. Admitting the public interest litigation, the court agreed to give the Ms Chowdhury a month’s time to prepare for her to present her...

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37 Points for Annual filings  to ROC

MGT-14 for Approval of Accounts & draft board report only required to file in case of public limited company. New forms AOC-4/AOC-4 XBRL (earlier 23AC/23ACA & XBRL) and MGT-7 (earlier 20B) are introduced for annual filings. Board Report shall include various disclosures as per sec 134 & other section etc. and summary of annual report in MGT 9. No ADT1 is required to be filled for ratification. Auditor shall be appointed for a period of 5 years in AGM subject to ratification every year in AGM. ADT-1 shall be filed for appointment only (i.e. ADT-1, not to be filled for ratification). Auditor or his A/R (qualified to be auditor shall be present in AGM, unless otherwise exempted by company (also mention in Minutes of the company) [Sec. 146]. All the attachments of E-form should be duly signed, Don’t file in SD copy. MGT 7 i.e. Annual Return is now in e-form. No physical annual return like previous year in 20B is required. E-form shall be signed by Company Secretary of the company or if there is no Company Secretary then form shall be certified by Practicing Company Secretary or in small companies by director. Companies have paid up capital of 10 cr or more or Turnover of 50 cr or more are required to get certificate in MGT-8 by any PCS. Special Resolution passed in general meeting shall also...

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October 2015
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