MCA clarification on offsetting the excess CSR spent on “PM CARES Fund” for FY 2019-20
The Ministry of Corporate Affairs (“MCA”) vide a Circular dated 20.05.2021 (“aforesaid circular”) has issued a clarification for offsetting the excess Corporate Social Responsibility (“CSR”) contribution spent for FY 2019-20. The MCA has clarified with the aforesaid circular for setting off the excess CSR amount spent by the companies in FY 2019-20 by way of […]
SEBI (LODR) (2ND AMENDMENT) REGULATIONS, 2021
Securities and Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”). SEBI has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021 (“Amended LODR”) which come into force from 6th May 2021. The amendments […]
RELAXATION FROM COMPLIANCE WITH CERTAIN PROVISIONS OF THE SEBI
THE SEBI (LISTING OBLIGATIONS DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 / OTHER APPLICABLE CIRCULARS The SEBI vide Circular no SEBI/HO/DDHS/DDHS_Div1//P/CIR/2021/556 and 557 dated April 29, 2021, has provided relaxations from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) / other applicable circulars due to the CoVID -19 pandemic Listed entities […]
MCA CIRCULAR REGARDING RELAXATION OF ADDITIONAL FEES IN FILING OF CERTAIN FORMS UNDER THE COMPANIES ACT, 2013 AND LLP ACT, 2008
MCA CIRCULAR NO. 6/2021 After receiving a various request from various stakeholders for relaxation on the levy of additional fees for filing of various forms under the Companies Act, 2013 and LLP Act, 2008, the Ministry of Corporate Affairs (MCA) has issued MCA Circular no 6/ 2021 dated May 3, 2021, for relaxation of additional […]
CLARIFICATION ON SPENDING OF CSR FUNDS FOR SETTING UP MAKESHIFT HOSPITALS AND TEMPORARY COVID CARE FACILITIES
Ministry of Corporate Affairs (“MCA”) has issued clarification by circular no 05/ 2021 dated April 22, 2021, on the spending of CSR funds for setting makeshift hospitals and temporary COVID care centres in continuation to the MCA’s General Circular No. 10/2020 dated March 23, 2020, wherein it was clarified that spending of CSR funds for […]
CERTAIN COMPANIES NOT TO BE CONSIDERED AS LISTED COMPANY
Introduction: The Ministry of Corporate Affairs (MCA) vide Notification No. G.R. E. 123 (E) dated 19th February, 2021, has issued ‘Companies (Specification of definitions details) Second Amendment Rules, 2021’ to further amend the ‘Companies (Specification of definitions details) Rules, 2014’. Amendment: The amendment has inserted another rule after rule 2. The newly inserted rule 2-A excludes the […]
REVISED THRESHOLD LIMITS BY MCA FOR SMALL PERSON COMPANIES AND THE BENEFITS GRANTED UNDER THE COMPANIES ACT, 2013
INTRODUCTION: The Hon’ble Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2021 on February 1, 2021. The Budget leads the way for various amendments in the Companies Act, 2013, one of them being the proposal for change in the definition of Small Person Company (SPC) as mentioned in the Companies Act, 2013 (“Act”). This is expected […]
THE COMPANIES (AUDIT AND AUDITORS) AMENDMENT RULES, 2021
The Ministry of Corporate Affairs (MCA) vide Notification dated 24th March, 2021, has issued ‘The Companies (Audit and Auditor) Amendment Rules, 2021’ to further amend the Companies (Audit and Auditors) Rules, 2014 (“Rules”). The amendments are effective from 1st April,2022 The following are the amendments: Insertion of following 3 clauses to Auditor’s report (in addition to the other […]
THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2021
The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 205(E), dated 24th March, 2021, has issued ‘Companies (Accounts) Amendment Rules, 2021’ to further amend the Companies (Accounts) Rules, 2014. The following are the amendments as per both the aforesaid Rules: Mandatory use of accounting software having recording audit trail: (As per notification, in rule 3, sub-rule […]
ICSI AUDITING STANDARDS (CSAS-1 to CSAS-4) W.e.f. April 1, 2021
ICSI AUDITING STANDARDS (CSAS-1 to CSAS-4) INTRODUCTION The Institute of Company Secretaries of India (ICSI) issued the following four Auditing Standards applicable on the Audit Engagements accepted by the Auditor: · Auditing Standard on Audit Engagement (CSAS-1) Auditing Standard on Audit Process and Documentation (CSAS-2) Auditing Standard on Forming of Opinion (CSAS-3) Auditing Standard on […]