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Updates/Amendments

A. MINISTRY OF CORPORATE AFFAIRS   1. Corrigendum to Company Law Settlement Scheme, 2011 (CLSS, 2011): MCA vide General Circular No: 60/2011 dated, 10th August 2011has clarified that the CLSS, 2011  shall cover Form 52 (filing of annual accounts by a foreign company) as foreign companies are included in the scheme. All the terms and conditions of the General Circular No. 59/2011dated 5.8.2011 will remain the same.   2.      Company Law Settlement Scheme, 2011 (CLSS, 2011): MCA vide Circular No: 59/2011, dated 5th August 2011, has introduced CLSS, 2011 as per which defaulting Companies can file their belated annual filing documents by paying only 25% of actual additional fees. The Scheme will be force from 12th August 2011 up to 31st October 2011.The above scheme is not applicable for filling of documents other than Form-20B, Form-21A, Form-23AC, 23 ACA and Form 66. The scheme shall not apply to the Companies against which action under sub-section (5) of section 560 of the Companies Act has been initiated by the Registrar of Companies.   3.      Corrigendum to General Circular No. 54/2011: MCA vide General General Circular No: 58/2011 dated, 1st August 2011 has decided to amend Para (c) the Circular No. 54/2011 dated 26th July, 2011. As per the amendment, the information which the Court directs the management of the company to  submit on the request of the OL can be duly verified by a Company Secretary/a Cost Accountant in practice in addition to a Practicing Chartered Accountant“   4.      Substitution of Form 23AC, 23ACA: MCA vide Notification G.S.R.(E) dated 11th August 2011has substituted the existing Form 23AC and 23ACA with the new forms and  the same shall  be effective from 12th August 2011.   B. SECURITIES AND EXCHANGE BOARD OF INDIA: Processing of Investor Complaints in SEBI Complaints Redress System (SCORES): Securities and Exchange Board of India (SEBI) vide  its circular dated 2nd August, 2011 has commenced processing of investor complaints in a centralized web based complaints redress system 'Scores'. The details of the circular can be viewed at : http://www.sebi.gov.in/cms/sebi_data/attachdocs/1312454622977.pdf. Accordingly, henceforth all complaints shall be forwarded electronically through SCORES only and the pending complaints can be viewed at http://scores.gov.in/admin.   C. RESERVE BANK OF INDIA (RBI):   1. Investment in the units of Domestic Mutual funds : RBI vide its circular A.P. (DIR Series) Circular No. 08 dated 9th August, 2011 in consultation with the Government and the SEBI, has decided to allow non- resident investors (other than SEBI registered FIIs and SEBI registered FVCIs) who meet the KYC requirements of SEBI, hereinafter called ‘Qualified Foreign Investors’ (QFIs), to purchase on repatriation basis rupee denominated units of equity schemes of domestic MFs issued by SEBI registered domestic MFs in accordance with the terms and conditions as stipulated by the SEBI and the RBI from time to time in this regard. The details of the circular are available at  the following link : A.P.(DIR Series)Circular No.08, dated 09th August 2011 The QFIs may invest in rupee denominated units of equity schemes of domestic MFs issued by the SEBI registered domestic MFs under the two routes, namely:   1. Direct route - Holding MF units in demat account through a SEBI registered depository participant (DP). 2. Indirect route- Holding MF units via Unit Confirmation Receipt (UCR).   These investments would be subject to the specified terms and conditions.   2. Issuance of Non-Convertible Debentures (NCDs)-Minimum Rating of     NCDs : In view of the standardisation of rating symbols and definitions for credit rating agencies by Securities Exchange Board of India (SEBI), the Reserve Bank of India has issued an amendment Direction, i.e., Issuance of Non-Convertible Debentures (Reserve Bank) (Amendment) Directions, 2011, inter alia, revising the symbol of minimum rating required for issuing NCDs of maturity up to one year. More details can be viewed at RBI VIDE IDMD.PCD. 08/14.03.03/2011-12, dated 23rd August 2011.
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