Corporate Updates 11.04.2018

MCA

The MCA has issued Notice on its website stating that it is proposed to amend shortly, the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @ Rs. 100/- per day for filings under Section 92 (Annual Return) or Section 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @ Rs. 100/- per day (beyond the normal date of filing) shall become payable in respect of Form 23AC & Form 23ACA, Form 23AC XBRL & Form 23ACA XBRL, Form MGT-7, Form AoC-4, Form AoC-4 XBRL and Form AoC-4 CFS. As of now it is difficult to say whether the revised fee shall be applicable only on the filings due after the date of notification or also on the belated filings for last years. Another concern could be for the companies which have filed their Appeal / Application under Section 252 and same is pending with the NCLT Bench and final order might be received only after the notification of the said Rule. All Stakeholders are advised to take note and plan accordingly.

  

SEBI

SEBI has issued a circular w.r.t Monitoring of Foreign Investment limits in Listed Indian Companies. The Foreign Exchange Management Act, 1999 (FEMA) prescribes the various foreign investment limits in listed Indian Companies. These include the aggregate FPI limit, the aggregate NRI limit and the sectoral cap. Further, in order to facilitate the Listed Indian Companies to ensure compliance with the various Foreign Investment Limits, SEBI in consultation with RBI has decided to put in place a new system for monitoring the foreign investment limits. The architecture of the new system has been explained in this circular. The  depositories (NSDL  and  CDSL) and Stock Exchanges shall put in place the necessary infrastructure and IT systems for operationalizing the monitoring mechanism, in respect of listed Indian companies. The new system for monitoring shall be made operational on 01^st May, 2018. The existing mechanism for monitoring the foreign investment limits shall be done away with once the new system is operationalized.


CS Shivam Rastogi

M.Com., LL.B., ACS
SVR & Co.                      

Company Secretaries 

(Managing Partner)

                                                                                    

# 5, IInd Floor, P 37/38, Gomti Complex,

Near Ahlcon Public School, Mayur Vihar,

Phase-1, New Delhi – 110091

Call: 78279-84434 | 011-42828296

 www.csshivamrastogi.com