Punkaj Oswal & Co.

Punkaj Oswal & Co. Punkaj Oswal & Co.

("POC") is a professionally managed firm of Chartered Accountants established in 1993 by qualified Chartered Accountants having rendered their services in the field of audit, consulting, accounting and allied areas in a professional and principled manner.

03/06/2015

AMENDMENT IN COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULES, 2014

Ministry of Corporate Affairs has amended “The Companies (Declaration and Payment of Dividend ) Rules, 2014. This is Third amendment in these rules. In Rue 3 sub –rule (5) has been omitted through these amendments. These amendments shall come into force form the date of their publication in official gazette.

You can download the text of said amendment form the following link:
http://mca.gov.in/Ministry/pdf/Rules_31052015_2.pdf

03/06/2015

COMMENCEMENT NOTIFICATION OF ‘THE COMPANIES (AMENDMENT) ACT, 2015

Ministry of Corporate Affairs has vide its Notification dated 29th May 2015 clarified that date of commencement of provisions of section 1 to 12 and section 15 to 23 shall come into force w.e.f. 29th May 2015.

You can download the said notification from the following link:

http://mca.gov.in/Ministry/pdf/Notification_31052015.pdf

03/06/2015

Ministry of Corporate Affairs has amended “The Companies (Share Capital and Debentures) Rules, 2014. This is second amendment in these rules. Text of amendment is as follow:

In the-Companies (Share Capital and Debentures) Rules,2014, in rute 5, in sub-rule (3),-

(i). for the words ‘issued under the seal of the company’., the words ‘issued under the seal, if any, of the company,, shall be substituted.

(ii) for clause (b), the following clause (b) shall be substituted, namely:-

“(b) the secretary or any person authorised by the Board for the purpose Provided that in case a company does not have a common seat, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary:

Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing director or a whole time director:

Provided also that, in case of a One person Company, every share certificate shall be issued under the seal, if any, of the company, which shall be affixed in the presence of and signed by one director or a person authorised by the Board of Directors of the company for the purpose and the Company Secretary, or any other person authorised by the Board for the purpose, and in case the One person Company does not have a common seal, the share Certificate Shall be signed by the persons in the presence of whom the seal is required to be affixed in this proviso.

You can download the text of said amendment form the following link:

http://mca.gov.in/Ministry/pdf/Rules_31052015_1.pdf

01/06/2015

Punkaj Oswal & Co. ("POC") is a professionally managed firm of Chartered Accountants established in 1993 by qualified Chartered Accountants having rendered their services in the field of audit, consulting, accounting and allied areas in a professional and principled manner.

Organized Bhandara on 30.05.2015
01/06/2015

Organized Bhandara on 30.05.2015

01/06/2015

Companies Amendment Act, 2015 has been notified in Official gazette on 26th May 2015. Highlights
of the amendments are as follow:
1. Requirement of minimum paid up capital to be done away with.
2. Having a Common Seal is not mandatory.
3. Section 11 pertaining to Commencement of Business Certificate to be ommited.
4. Penalty for violation of provision regarding acceptance/invitation of deposits stipulated by inserting
section 76A. Minimum penalty is 1 crore maximum is Rs. 10 Crore.
5. Dividend not to be given unless previous years losses/depreciation not provided in previous Year are
set off from current year profits.
6. Concept of omnibus approval for RPT by audit committee inserted in section 177.
7. Exemption given under rules of section 185 regarding giving loans to WOS and subsidiary to be
incorporated in section itself.
8. Only ordinary resolution will be required for related party transaction.
9. No shareholder approval reqd. in case of Related party Transaction between holding and WOS if
accounts of subsidiary company are consolidated.

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LGF 7A NRI COMPLEX MANDAKINI
Delhi
110019

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