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MINISTRY OF CORPORATE AFFAIRS (MCA)

1. Alteration of Schedule III of The Companies Act, 2013: Ministry of Corporate Affairs vide its notification dated, 4th September, 2015, has amended Schedule III, Part I, Balance Sheet, under the Companies Act 2013. The details of these can be seen by following the link given above. The said notification shall come into force on the date of its publication in the Official Gazette. 2. Ministry of Corporate Affairs  relaxed some sections for Government Companies producing  Defence equipment; MCA vide its notification dated, 4th September, 2015, has relaxed some of the sections like 5 (ii) (a) (1), 5 (ii) (a) (2), 5(ii) (e), 5 (iii), 5 (viii) (a), 5 (viii) (b), 5 (viii) (c) and 5 (viii) (e) relating to additional information of the general instructions for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013 which shall not apply to government companies producing Defence Equipment including the Space Research subject to fulfillment of some of the conditions as stated in the notification. The details of these can be seen by following the link given above. The said notification shall come into force on the date of its publication in the Official Gazette. 3. The Companies (Accounts) Second Amendment Rules, 2015 Ministry of Corporate Affairs vide its notification dated, 4th September, 2015, has amended Rule 2(1)(d) defining “Indian Accounting Standards”. Rule 4A has been inserted after Rule 4 in relation to “Forms and items contained in financial statements” and in Rule 8(3) following proviso has been inserted at the end regarding “non-applicability of certain provisions to Government company engaged in producing defence equipment”. Further for Rule 12, sub-rule (1) is substituted regarding “filing of Form AOC-4 and Form AOC-4 CFS”. In Annexure, for Form AOC-4, the new Forms AOC-4 and AOC-4 CFS have been substituted. The details of these can be seen by following the link given above. The said notification shall come into force on the date of its publication in the Official Gazette. 4. The Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. The Ministry of Corporate Affairs vide its notification dated, 9th September, 2015, has issued new rules regarding filing of documents and forms in XBRL format. The details of these can be seen by following the link given above. They shall come into force on the date of their publication in the Official Gazette. 5. Amendment of notification dated 18th September, 2014: MCA vide its notification dated, 10th September, 2015, has made further amendments in the notification of the Government of India, Ministry of Corporate Affairs number S.O.2425 (E) dated the 18th September, 2014 published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) dated the 18th September, 2014 regarding nomination of certain members. The details of the same can be seen by following the link given above. The said notification shall come into force on the date of its publication in the Official Gazette. 6. The Companies (Acceptance Of Deposits) Second Amendment Rules, 2015 Ministry of Corporate Affairs vide its notification dated, 15th September, 2015, has amended the Companies (Acceptance of Deposits) Rules, 2014. As per the said amendments a private company can accept deposits apart from director also from a relative of director provided that relative of director from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report. Further notification has also provided that balance securities premium account will also be included in calculation of eligible amount of deposit which a company can raise earlier Rule 3 has provided only paid up share capital and free reserves. The details of the said notification can be seen by following the link given above. The said notification shall come into force on the date of its publication in the Official Gazette 7. The Companies (Management and Administration) Second Amendment Rules, 2015: The Ministry of Corporate Affairs vide its notification dated, 24th September, 2015, has made some amendments to the Companies (Management and Administration) Rules as follows: In Form No. MGT-7, in paragraph I, under serial number (i), after “Global Location Number (GLN) of the Company”, the following shall be inserted, namely: – “*Permanent Account Number (PAN) of the Company.” The details of these can be seen by following the link given above. The said notification shall come into force on the date of its publication in the Official Gazette. 8. Extension of time for filing of cost audit report to the Central Government for the Financial Year 2014-2015 in form CRA-4 – reg. MCA vide its general circular No. 12/2015 dated 1st September 2015, has extended the last date of filing of Form CRA-4 without any penalty/late fee up to 30th September, 2015. The details of the said circular can be seen by following the link given above. It shall come into force on the date of its publication in the Official Gazette. 9. Extension for High Level Committee on CSR: MCA vide its general circular No. 13/2015 dated 16th September 2015, has granted extension of another one month for CSR Committee to submit its Report.  The details of the said circular can be seen by following the link given above.
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