J V Thummar & Associates

05/11/2021

02/11/2021

Happy Dhanteras to all.

06/03/2020

LLP settlement Scheme, 2020-reg.

As part of Government's constant efforts to promote ease of doing business it has been decided to give a Onetime relaxation in additional fees to the defaulting LLPs to make good their default by filing pending documents and to serve as a compliant LLP in future.

This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020.

this settlement scheme for Any "defaulting LLP" who made such default in filing of documents to the registrar, and they have permitted to file belated documents, which were due for filing till 31st October, 2019 with the payment of additional fees which is 10 rs. per day for delay in addition to any fee as is payable for filing of such document or return, provided
that such payment of additional fee shall not exceed Rs. 5,000/- per document.

For more details-

29/02/2020

In line up with 'Ease of Doing Business' Ministry of Corporate Affairs have amended the Companies (Incorporation) Amendment Rules, 2020 to enable the Formation of companies very simple and faster. Now many statutory registrations can be done at the time of Incorporation of the company itself.

For more detail:

29/02/2020

"MCA has amended the Companies (Auditor's Report) Order, 2020 (CARO)"

Vide above amendment few more disclosure requirements have been added.

For more detail:

29/02/2020

"MCA has amended Companies (Appointment and Qualification of Directors) Rules, 2014"

Vide above amendment MCA has increase the time limit for registration of Director as an Independent Director in ID Databank till 30th April, 2020.

For more detail:

14/08/2019

Simplification of process of Incorporation of Section 8 Companies:

1) With a view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019.

2) Henceforth, Section 8 Companies can be incorporated by either reserving names through Run and filing SPICe thereafter or by directly filing SPICe. Licence No. for a section 8 company shall henceforth be allotted at the time of incorporation itself.

3) In view of the above, all pending INC-12 SRNs for new Companies pending at respective RoCs would be marked as ‘Rejected’ on 15th August 2019. Such applicants may thereafter directly file SPICe for obtaining License Number and for incorporation of Section 8 Companies.

4) Stakeholders who have already obtained License Numbers and are yet to file SPICe form for incorporating Sec 8 companies may do so at their convenience but may please note that the forms shall be processed only after a certain time lag to allow for work flow changes to take effect.

5) Those stakeholders who have already filed SPICe forms which are pending at CRC may kindly await processing of these forms after the work flow changes take effect.

02/08/2019

Centre plans to regulate Limited Liability Partnerships in lines of Companies Act

* The government is amending Section 67 of LLPs Act 2008 Under which, the government can impose sections of Companies Act 2013 on LLPs in the public interest.

* Many provisions like capping the number of partners, authorizing Registrar of Companies for inspection and implementation of Accounting Standards will be applied to LLPs also

* LLPs cannot be revived currently, so if someone does nefarious activities and closes the LLP, the government had no right to revive it and go behind it. After the amendment is notified, such LLPs can be revived.

* The major amendment will be capping the number of partnerships in an LLP,

* By increasing the rights of RoCs, the government will be able to take action against entities which are taking the shield of LLPs Act and hiding their business activities.

* The major amendment is the application of Accounting Standards on LLPs.