Corporate Updates 22.07.2016

MCA

MCA has notified the Relaxation to Foreign Company which is an ‘Airline Company’. MCA has clarified that it will be deemed to be a sufficient compliance u/s 381(1)(a) by a foreign company which is an ‘airlines company’ having a share capital, if in respect of the period ending on or after March 31, 2016, it submits, documents relating to copies of latest consolidated financial statements of the parent Foreign Company, as submitted by it to the prescribed authority in the country of its incorporation and in respect of its Indian Business operations, a statement of receipts and payments for the financial year, duly authenticated by a Chartered Accountant in India. All documents required to be filed under Rule 4(2) of Companies (Registration of Foreign Companies) Rules, 2014. Further, the company shall, furnish to the Central Government such information with regard to its accounts as the Central Government may require.

 

NCLT

National Company Law Tribunal vide Order dated July 19, 2016, directed that certain matters to be list before National Company Law Tribunal, Principal Bench, New Delhi. The matters are relating to Section 245, i.e., Class Action Suits, Section 379 to 393, i.e., Application of Act to Foreign Companies and Section 394, i.e., Annual reports of Government Companies, shall be assigned to the National Company Law Tribunal, Principal Bench, New Delhi. Further, if any matter relating to such Sections is filed before other benches, it shall be transferred to the Principal Bench, New Delhi immediately.