Fire accident cannot be termed as ‘Act of God’ if it did not happen due to external natural force – Supreme Court observed
The Hon’ble Supreme Court of India in the judgment passed on January 05, 2022 in the matter – State of UP Vs Mcdowell and Company Limited observed that a fire accident cannot be said to an ‘act of God’ if it did not happen due to the operation of any forces of nature. In the instant case […]
Notification under Section 14 of the Insolvency and Bankruptcy Code, 2016
In exercise of its powers conferred by clause (a) of sub-section (3) of section 14 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), the Ministry of Corporate Affairs (“MCA”) notified that the provisions of sub-section (1) of section 14 of IBC, shall not apply where the corporate debtor has entered into any of the following transactions, arrangements or […]
MCA amends the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016
MCA, by exercising the powers conferred by sub-sections (1), (2) and (4) of Section 248 read with Section 469 of the Companies Act, 2013, has introduced further rules to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, namely:- In the Companies (Removal of Names of Companies from the […]
Master Directions on the Compounding of Contraventions under the Foreign Exchange Management Act, 1999 – Notified by RBI
The Reserve Bank of India (“RBI”), on April 22, 2025, notified revised Master Directions on the Compounding of Contraventions (“Master Directions”) under the Foreign Exchange Management Act, 1999 (“FEMA”), thereby superseding the previous directions issued on May 24, 2022 (“Erstwhile Directions”). The purpose of notifying the Master Directions is primarily aimed at: Key Highlights: In essence, these Master Directions […]
MCA further relaxes the levy of additional fees in the filing of e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL, AOC-4 Non-XBRL, and MGT-7/ MGT-7A
The Ministry of Corporate Affairs vide General Circular no. 01/ 2022 dated February 14, 2022, has declared that no additional fees shall be levied up to 15.03.2022 for the filing of e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL, AOC-4 Non-XBRL, and up to 31.03.2022 for filing of e-forms MGT-7/ MGT-7A in respect of the financial year ended on 31.03.2021 […]
Foreign Exchange (Compounding Proceedings) Rules, 2024
The Ministry of Finance (Department of Economic Affairs) vide its Notification dated 12th September, 2024 issued the Foreign Exchange (Compounding Proceedings) Rules, 2024 (“Amended Rules”) that supersede the Foreign Exchange (Compounding Proceedings) Rules, 2000 (“Erstwhile Rules”). While a large portion of the Erstwhile Rules remains untouched, key changes have been incorporated under Rule 4, apart from a newly […]
Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024
The Ministry of Finance has, by way of notification dated August 16th, 2024, amended the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (‘Principal Rules’) with effect from the date of the notification. The key amendments brought about by the amendment are set out below: 1.Definition of Control Pursuant to the amendment, the Principal Rules now provide for […]
MCA allows companies to conduct their EGMs through VC or OAVM
The Ministry of Corporate Affairs vide General Circular no. 20/ 2021 dated December 08, 2021 has decided to allow companies to conduct their EGMs through Video Conference (VC) or Other Audio Visual Means (OAVM) or transact items through postal ballot upto June 30, 2022.
Formation Of Private Trust By Foreigners For Upkeeping Of Property In India – Whether A Possibility Under FCRA?
Broadly speaking, whenever a question arises of transfer of any article by a foreigner where India is even remotely connected, the first thing that comes to our mind is the rigour of Foreign Contribution (Regulation) Act, 2010 (“FCRA”). The FCRA came into force on May 01, 2011, by replacing earlier Act of 1976. The basic purpose […]
MCA extends the time for filing of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB, without fee
MCA vide its notification dated September 28, 2022 has extended the time for filing of e-form DIR-3-KYC (to be filed by every DIN holder who is filing his KYC details for the first time with MCA and any DIN holder who wants to update any information of his KYC details) and web-form DIR-3-KYC-WEB (to filed mandatorily by […]