MCA
MCA has notified various exemptions to the Section 8 Companies vide notification dated 5th June, 2015. MCA has come out with further exemptions and notified the amendments to the principal notification dated 5th June, 2015. Now onward a Section 8 Company can appoint more than 15 Directors without passing Special Resolution. Further, a company in which twenty-six per cent or more of the paid-up share capital is held by the Central Government or one or more State Governments or both, can give loan for funding Industrial Research and Development projects at a rate of interest lower than the prevailing yield of one year, three year, five year or ten year Government Security closest to the tenor of the loan under Section 186(7) of the Companies Act, 2013.
SEBI
SEBI has issued a Circular regarding imposition of fines on the Listed Companies for non-compliance with certain provisions of ICDR Regulations 2009. Therefore, a fine of Rupees 20,000 per day of non-compliance till the date of compliance and If non-compliance continues for more than 15 days, additional fine of 0.01 % of paid up capital of the entity or Rupees 1 crore, whichever is less shall be imposed on listed entities in case such as delay in completion of bonus issue pursuant to Regulation 95 (1), Companies not allotting the shares on conversion of convertible securities within 18 months issue pursuant to Regulation 75 and Issuer not approaching the exchange for listing of equity shares within 20 days from date of allotment pursuant to Regulation 108 (2). The amount of fine realized as per the above structure shall be credited to the "Investor Protection Fund" of the concerned recognized stock exchange. The fine shall be paid within 15 days of notice for the same.
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