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Compliance under Companies Act for September 2020

Dear Reader!

This article contains various Compliance requirements under the Companies Act 2013. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

 Applicable Laws/Acts Due Dates  Compliance Particulars  Forms / Filing mode
 

Companies Act, 2013

 

Within 180 Days From The Date Of Incorporation Of The Company + An additional time of 6 more months shall be allowed by MCA

(6+6 months)

 

As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.

CLICK HERE

MCA E- Form INC 20A

(one time compliance)

Companies Act, 2013

 

First declaration within 90 days from the date of notification Dt. 08.02.2019

 

 

A person having Significant beneficial owner shall file a declaration to the reporting company

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf

i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019

 

In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

 

Form BEN-1

Draft Format available at

LINK

Companies Act, 2013

 

30.09.2020

 

(Due Date Extended as covered under CFSS 2020 Scheme

 

Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

(Within 30 days from deployment of the E –form (earlier the date of receipt of declaration in BEN-1 )

CLICK HERE

BEN -2 due date extended till 31.03.2020

Circulars Link:

CLICK HERE

Form BEN – 2

(e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013

 

File between 1st April, 2020 to 30th September, 2020 without any Additional filing fee (Rs. 10,000/-)  

Filing of the particulars of the Company & its registered office.

(by every company incorporated on or before the 31.12.2017.)

Due date extended- Link :

CLICK HERE

 

Active Form

INC -22A

Companies Act, 2013

 

File between 1st April, 2020 to 30th September, 2020 without any Additional filing fee (Rs. 5,000/-) *DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th November 2019

CLICK HERE

Annual Exercise:

CLICK HERE

Penalty after due date is Rs. 5000/-(one time)

 

E-Form DIR – 3 KYC

(Web Based and E-form)

 

Companies Act, 2013

 

within 60 days from the date of deployment of this form on the website of the

Ministry.

 

Reconciliation of Share Capital Audit Report (Half-yearly)

Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014

To be filed all unlisted companies, deemed public companies

Till further clarification to be filled in GNL-2

Applicable w.e.f. 30.09.2019

Extension Notification:

 

E-Form PAS – 6

Available w.e.f. 15.07.2020

Companies Act, 2013 Within 270 days from the date of deployment of this Form Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

Click Here

Note on NFRA -2 Click Here

NFRA-2

(NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013 Due date was 30.06.2020 and can be filed till 30.09.2020 under Moratorium period / CFSS DPT 3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.

 

Company can file Form DPT-3 upto 30.09.2020 without any additional fee

DPT-3
  • Important Updates

  1. MCA update on Extract on Annual Return (MGT – 9)

Ministry of Corporate Affairs (MCA) vide Gazette ID CG-DL-E-28082020-221419 dated 28th day of august 2020 has issued and published the Companies (Management and Administration) Amendment Rules, 2020, In exercise of the powers conferred under sub-section (3) of section 92, read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014.

Applicable w.e.f. from 28th day of August, 2020.

Crux of this notification:

“Provided that a company shall not be required to attach the extract of the annual return with the Board’s report in Form No. MGT.9, in case the web link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013.”

For circular, Click here

  • MCA Monthly Update Calendar: August 2020

 

Sl.

 

Particulars of the Circulars

 

Link

1 Report of the Committee on Business Responsibility Reporting Click here
 

2

The timeline for receiving the proposals for Research studies on Corporate Governance has expired. It will be informed when applications are being accepted again.  

Click here

 

3

Shri Keshav Chandra, IAS (AGMUT: 1995) has been appointed as Director in the Serious Fraud Investigation Office (SFIO) under Ministry of Corporate Affairs, with effect from the forenoon of 03.08.2020, for an overall tenure of five years up to 17.12.2022 or until further orders, whichever is earlier.  

 

Click Here

 

4

Filling up the posts of Joint Registrar, Deputy Registrar, Assistant Registrar, Programmer, Court Officer, Private Secretary, Senior Legal Assistant, Assistant Library Information Officer, etc. on deputation basis in National Company Law Tribunal (NCLT) Benches. – Last date of receipt of applications is 19.10.2020.  

 

 

Click here

5. Clarification on Extension of Annual General Meeting (AGM) for the financial year ended 31.03.2020, Companies Act, 2013  

Click here

6 NFRA issues Audit Quality Review Report of the Statutory Audit for FY 2017-18 of IL&FS Financial Services Limited  

Click here

7 Amendment of item no. (ix) in the Schedule VII of the Companies Act, 2013  

Click here

8 Amendment of the Companies (CSR Policy) Rules, 2014 of the Companies Act, 2013  

Click here

9 The timeline for receiving the proposals for Research studies on Corporate Governance has expired. It will be informed when applications are being accepted again.  

Click here

IBC / IBBI Updates {Insolvency and Bankruptcy Board of India}

Due to the emerging financial distress faced by most companies, it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent the triggering of insolvency proceedings against MSMEs.

Important Notifications and Circulars Tracker

 

Sl.

 

Notification(s) Link(s)
1. IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

 

Click here
2. IBBI amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 Click here
3 Judgment dated 14th August, 2020 of the Hon’ble Supreme Court of India in the matter of Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Private Limited & Anr. [Civil Appeal No. 6347 of 2019]  

Click here

4 In the matter of Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Pvt. Ltd. & Anr., Civil Appeal No. 6347 of 2019  

Click here

5 In the matter of Univalue Projects Pvt. Ltd. vs. The Union of India & Ors. W. P. No. 5595 (W) of 2020 With C.A.N. 3347 of 2020 and others petitions  

Click here

6 In the matter of RV Registration Click here
7 In the matter of State Bank of India Vs. Anil Dhirajlal Ambani in IA No. 1009 of 2020 in CP(IB) 916 (MB) of 2020 & IA No. 1010 of 2020 in CP(IB) 917 (MB) of 2020  

Click here

8 In the matter of Mr. Rajneesh Singhvi, Insolvency Professional Click here
9 Invitation of Public comments: Discussion Paper on Corporate Liquidation Process  

Click here

 NCLT & NCLAT UPDATES

Sl. No. Particulars Link
1 Constitution of  Special Bench NCLT  Kolkata  from 24.8.2020 to 26.8.2020 Click here
2 Constitution of  Bench at NCLT Hyderabd  on  28.8.2020 & 31.8.2020 Click here
3 Corrigendum to advertisement issued vide O.M. No. 10/57/2016-NCLT (Pt.III) dated 17.08.2020 regarding Filling up various posts on deputation basis in NCLT  

Click Here

4 Take notice that the matter listed on 25.08.2020 in the Court of Chairperson will not be taken up due to non-availability of the Bench. The next date of hearing will be notified later. Click Here
5. Take notice that the matter adjourned on 17.08.2020 in the Court – II will be listed Click Here
6. Filing of default record from Information Utility in petitions filed U/s 7 of IBC. Click Here

 

CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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