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MCA Update !! 02.04.2020!!

MCA Published List of Forms Under CFSS, 2020 & LLP Settlement Scheme 2020

http://www.mca.gov.in/Ministry/pdf/CFSS2020_02042020.pdf

Closing of Trading Window:
01/04/2020
No further extension

Corporate Governance u/r 27(2):
Due date-15/04/2020
Extended-15/05/2020

Statement of Investor Complaints u/r 13(3):
Due date-21/04/2020
Extended-15/05/2020

Shareholding Pattern u/r 31:
Due date-21/04/2020
Extended-15/05/2020

Reconciliation of Share Capital u/r 55A:
30/04/2020
No further extension

Compliance Certificate u/r 7(3):
Due date: 30/04/2020
Extended: 31/05/2020

Compliance Certificate by PCS u/r 40(9):
Due date- 30/04/2020
Extended- 31/05/2020

Financial Results u/r 33:
Due date-30/05/2020
Extended-30/06/2020

Annual Secretarial Compliance Report u/r 24(A):
Due date-30/05/2020
Extended-30/06/2020

Disclosures of Related Party Transactions u/r 23(9):
Within 30 days of publication of financial statement.

SAST disclosure u/r 30(1), (2) and 31(4):
Due date- 7 working days from the end of FY
Extended- 7 working days from the end of June 01, 2020.

TAXATION

1. Economic package very soon
2. Income tax return for FY18-19 extended to 30.06.2020
3. Interest on delayed payment of income tax at 9% instead of 12%
4. TDS delayed payment interest at 9%
5. Aadhaar pan linking date extended to 30.06.2020
6. Vivaad se vishwas extended to 30.06.2020 and no 10% additional charge
7. All deadlines which were at 30.03.2020 is now at 30.06.2020
8. March April May gst returns with composition scheme all extended to 30.06.2020
9. No late fee and penalty. Interest at 9% for big companies with ₹5 crore and above turnover. Others no late fee interest penalty
10. Sabka vishawas scheme of indirect tax regime was till 31.03.2020. Now extended to 30.06.2020
11. Customs clearance till 30.06.2020 will work 24/7 as essential service

MCA

12. MCA 21 registry moratorium issued from 1.4.20 to 30.09.20
13. No additional fees for late filing under MCA. Period extended to 60 days for next 2 quarters.
14. Board meeting 60 days extention for next 2 quarters.
15. CARO 2020 to be applicable from 20-21 and not 19-20
16. If independent directors haven’t appeared in single meeting in 19-20 will not be penalised.
17. New companies need to file INC22A for commencement of business within 6 months of incorporation. Now extended for 6 months more.
18. Deposit reserve of 20% for FY20-21 was to be made till 30.04.2020 now extended to 30.06.2020
19. 15% of the debentures maturing during a particular year in specified instruments was to be made by 30.04.2020 now extended till 30.06.2020

IBC

20. IBC threshold of default is at ₹1lac. Now extended to ₹1 crores. Immediately implemented. This is to safeguard MSME
21. No move to impose financial emergency as was claimed by some reports
22. IBC sec 7,9,10 might get suspended if situations don’t improve post 30.04.2020

Fisheries

23. Import permit of fisheries- SIPs sanitary import permits- expiring between 1.4-15.4.20 are now extended for 3 moths.
24. Delay upto one month in import of consignment shall be condoned
25. Rebooking of quarantine cubicles of cancelled import bookings of AQF will have no additional booking charge
26. Verification of docs and NoC of quarantine will be reduced from 7 days to 3 days

Banking

27. DFS- department of financial system- debit card holders who withdraw cash from any bank atm can do it free of charge for the next 3 months
28. No minimum balance requirement fee.
29. Reduction of bank charges for digital trade transactions for digital trade transactions.
30. No extensions or modification of scheme guidelines. Extention of timeline only.

1. MCA – moratorium from 01.04.2020 to 30.09.2020 – there shall be no additional fees for late filings till 30.09.2020.
2. Board meetings holding relaxed for 60 days for next 2 quarters (April 2020 to June 2020 & July 2020 to September 2020.
3. Revised CARO applicability postponed shall be Applicable from FY 2020-2021 instead of FY 2019-2020.
4. Relaxation of Section 149 (3) of Companies Act, 2013 Every company needs to have atleast 1 Resident Director in India who shall remain in india for atleast 180 days. The Said Provision Section 149 (3) has been relaxed for the FY 2019-2020.
5. No violation even if Independent Directors didn’t Held any Independent Directors meeting in the FY 2019-2020.
6. For newly incorporated companies – Commencement of business (Form INC-20A) is to be filed within 6 months, which is now extended for another 6 months.
7. Every Company Required to Create a Deposit Reserve of 20% of the deposits maturing within Next 1 Year by 30.04.2020. This deadline extended to 30.06.2020.
8. Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested till 30.04.2020 are also extended to 30.06.2020.

File SEBI Complaints via SEBI SCORES Mobile Application _ Digital SEBI ERA

SEBI LAUNCHES MOBILE APPLICATION FOR LODGING INVESTOR GRIEVANCES

https://www.sebi.gov.in/media/press-releases/mar-2020/sebi-launches-mobile-application-for-lodging-investor-grievances_46217.html

MCA Update for LLP
04.03.2020

LLP Settlement Scheme, 2020

LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar

Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020

Applicable for LLP Form 3, 4, 8 and 11.

http://www.mca.gov.in/Ministry/pdf/GeneralCircular06_04032020.pdf

One-time condonation of delay in filing statutorily required documents with the Registrar.
This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020
“DEFAULTING LLP” means a LLP registered under the Limited Liability Partnership Act, 2008 which has made a default in filing of documents on the due date(s) specified under the LLP Act, 2008 and rules made there under.
Payment of additional fee Rs 10/- per day for delay in addition to any fee as is payable for filing of such document or return, provided that such payment of additional fee shall not exceed Rs. 5,000 – per document.
The defaulting LLPs, which have filed their pending documents till 13th June 2020 and made good the default, shall not be subjected to prosecution by Registrar for such defaults.
Scheme not to apply to certain documents-
(a.) This Scheme shall not apply to the filing of documents except the following documents:-
(i.) Form-3- Information with regard to limited liability partnership agreement and changes, if any, made therein;
(ii.) Form-4- Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner and consent to become a partner/ designated partner;
(iii.) Form-S; Statement of Account & Solvency (Annual or Interim);
(iv.) Form-11- Annual Return of Limited Liability Partnership (LLP).

(b ) This Scheme shall not apply to LLPs which has made an application in Form 24 to the Registrar, for striking off its name from the register as per provisions of Rule 37(1) of the LLP Rules, 2009.

MCA update on Independent Director databank Registration

28.02.2020

Companies (Appointment and qualification of Directors) Amendment Rules, 2020

sub-rule (1), in clause (a), for the words ,,three months,, the words “five months” shall be substituted

http://www.mca.gov.in/Ministry/pdf/rule_28022020.pdf

MCA update on CARO
Tuesday !! 25.02.2020

Companies (Auditor’s Report) Order, 2020

http://www.mca.gov.in/Ministry/pdf/Orders_25022020.pdf

PAN allotment for Aadhar holders started.

The new functionality instantly allots a PAN on the basis of Aadhaar without any requirement for filing up of detailed application form and it is free of cost.

An electronic copy of PAN so allotted can also be downloaded instantly.

This facility can be used by an assessee only if the following conditions are fulfilled:

1. He has never been allotted a PAN;
2. His mobile number is linked with his Aadhar number;
3. His complete date of birth is available on the Aadhar card; and
4. He should not be a minor on the date of application for PAN

SEBI Circular dated January 22, 2020

List of penalties for Non compliance of certain provisions under SEBI LODR Regulations, 2015:

https://www.sebi.gov.in/legal/circulars/jan-2020/non-compliance-with-certain-provisions-of-the-sebi-listing-obligations-and-disclosure-requirements-regulations-2015-and-the-standard-operating-procedure-for-suspension-and-revocation-of-trading-of-_45752.html

*MCA Update*
*Monday!! 06.01.2020*

Paid up capital amount for CS appointment increased to RS. 10 Cr.

Secretarial Audit is applicable for all companies including private companies with borrowing amount exceeding 100 Cr.

*Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020.*

Link: http://www.mca.gov.in/Ministry/pdf/AmdtRules_06012020.pdf

*MCA Update of D-Day*

_Extension of Form BEN-2_

MCA has extended the due date of filing Form BEN-1 & 2 without any additional fees upto *31st March, 2020.*

Link:
http://www.mca.gov.in/Ministry/pdf/Circular1_01012020.pdf

*MCA update 31.12.2019*

*Relaxation of additional fees and extension of last date of filing of CRA-4 (cost audit report) for FY 2018-19 under the Companies Act, 2013 – reg.(649 KB)*

http://www.mca.gov.in/Ministry/pdf/Circular17_30122019.pdf

*Most awaited MCA Update about Company Deadlock*

Now company which is inactive for non filing of KYC and Directors were also disqualified, Now they can appoint the Directors to remove the Deadlock

*Link attached of the said Rules*

Companies Incorporation Eighth Amendment Rules,2019
http://www.mca.gov.in/Ministry/pdf/CompIncEighthAmndtRules_18102019.pdf

*RBI update*
_6 December, 2019_

*Availability of National Electronic Funds Transfer (NEFT) System on 24×7 basis*

https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=11750&Mode=0

*For Registration with Independent Directors Databank*

https://www.independentdirectorsdatabank.in/

MCA UPDATE: FILLING OF “MSME FORM I” BY SPECIFIED COMPANIES

Reference to the above, Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprises Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services. (Hereafter referred to as “Specified Company”).

Specified Companies as referred above, shall have to File a “MSME Form I” which includes Details of all outstanding dues to such Enterprises Suppliers (hereafter referred to as “Specified Dues”) existing on the Date of Notification of this Order within 30 days from the Date of Publication of this Notification as below;

In addition to the above, Every Specified Company is required to file a return as per MSME Form I, on half yearly basis as below;

Further, if the Company fails to comply with the above, provisions of Sub Section (4) of Section 405 (Power of Central Government to direct companies to furnish information or statistics) shall apply.

DEFINITIONS:

The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: Enterprises engaged in the manufacture or production, processing, services or preservation of goods as specified below:

THE DAY OF ACCEPTANCE” MEANS:

1. The day of the actual delivery of goods or the rendering of services; or
2. where any objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day on which· such objection is removed by the supplier;

THE DAY OF DEEMED ACCEPTANCE” MEANS:

where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services;

Sources for your ready reference:

www.mca.gov.in

https://msme.gov.in/

www.msmeregistration.org

MCA Notification dated January 22, 2019

MSMED Notification dated November 2, 2018.

Dear Sir/Madam

As per the amendment to the COmpanies (Incorporation) Rules, 2014, Every company registered on or before 31/12/2017 has to file particulars of company and registered office on or before 25/04/2019 in the Form INC 22A.

Consequences of non -filing

1) The status of the company shall be deactivated and the company cannot do any further filings

2) Penalty of RS.10,000/-

Those companies Whose annual filings are pending (E-form AOC 4, E-form Mgt 7 and e-Form ADT 1) are pending cannot file this form unless the annual filing is completed.

Requirements:
1) 2 Photo of registered office building
2) 2 Photo of cabin where any Director sit with any Director in working position with Laptop
3) Registered office address board out side the offiice in English and MArathi. GST to be mentioned on it

PROFESSIONAL CHARGES FOR PREPARING, CERTIFYING, AND FILING E-FORM 22A WILL BE RS.1000/-

FOLLOWING ARE THE STEPS THAT HAVE TO FOLLOW WHILE TAKING PHOTO OF
THE EXTERNAL BUILDING OF THE REGISTERED OFFICE AND PHOTO OF THE CABIN
OF THE DIRECTOR ALONG WITH THE DIRECTOR.

LINK : Steps For Taking Video