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Ministry of corporate affairs (MCA)

Amendments in Rules
  1. Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015:

    The Central Government has on 14th Dec, 2015 amended the Companies (Meetings of Board and its Powers) Rules, 2014. These rules may be called the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015:

    Rule 6A is inserted after Rule 6 as under:

    6A All related party transactions shall require approval of the Audit Committee and the audit committee may make omnibus approval for related party transactions proposed to be entered into by the Company subject to certain conditions as prescribed.

    Rule 15(3) The word ‘resolution’ is substituted for the words ‘special resolution’. Therefore, prior approval of members for related party transactions can be obtained by means of an ordinary resolution also.

    The criteria and other details for making omnibus approval are provided in the circular. These amendments shall come into force from the date of their publication in the Official Gazette.

  2. Companies (Audit and Auditors) Amendment Rules, 2015:

    The Central Government has on 14th Dec, 2015 amended the Companies (Audit and Auditors) Rules, 2014 by substituting Rule 13 as under:

    If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government.

    The others details on the report are provided in the notification. This amendment shall come into force from the date of their publication in the Official Gazette.

Circulars:

Relaxation of additional fees and extension of last date of in filing: The Ministry of Corporate Affairs has in continuation to its General Circular 15/2015 dated 30.11.2015, issued another General circular No. 16/ 2015 dated 30.12.2015 relaxing the additional fees payable in the State of Tamil Nadu and Union Territory of Puducherry on e-forms AOC4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 up to 30.01.2016, wherever additional fee is applicable.

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