Ajay K. Ratra Blog
Ajay K. Ratra Blog
There’s an important legal principle that says “ignorance of the law is no excuse.”
But, if law enforcement agencies uses the law that was quashed many years back; what would you say….
Government identified 2,38,223 companies as shell companies and struck off between the years 2018-2021. This information was shared by the Ministry of Corporate Affairs (MCA) vide PIB press release dated 27th July, 2021.
Shell Company has become one of the fancy words in the media. Lets understand the meaning of Shell Company and whether it is illegal?
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Ministry of Corporate Affairs (MCA) has issued Companies (Incorporation) Fifth Amendment Rules, 2021 which will be effective from 1st Sept, 2021. Vide this amendment, in the Companies (Incorporation) Rules, 2014, a new rule 33A has been inserted, which provides for allotment of a new name to the existing company under section 16(3) of the Companies Act, 2013.
This situation arises in case of rectification of name of company u/s 16 of the act, if through inadvertance a company is registered with a name which is identical with existing company.
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International Financial Services Centres Authority (IFSCA) has recognized the Company Secretary as ‘Compliance Officer’ to be appointed under Regulation 130 of IFSCA (Issuance and Listing of Securities) Regulations, 2021 issued vide gazette notification dated 16th July, 2021.
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After extensive consultations with Depositories, Clearing Corporations and Stock Exchanges, SEBI has issued a circular to provide a mechanism of block in the demat account of clients undertaking sale transactions. When the client intends to make a sale transaction, shares will be blocked in the demat account of the client in favour of Clearing Corporation. If sale transaction is not executed, shares shall continue to remain in the client’s demat account and will be unblocked at the end of the T day. Thus, this mechanism will do away with the movement of shares from client’s demat account for early pay-in and back to client’s demat account if trade is not executed.
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When the Minister of MSME Shri Nitin Gadkari announced on 2nd July, 2021 that the Government has decided to include Retail and wholesale trades as MSMEs and they are allowed to be registered on Udyam Registration Portal, the entire media got flooded with such newsreports; little knowing the fact that there is a rider with it too.
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Much awaited, draft Consumer Protection Rules (Direct Selling) 2021 has been issued by Ministry of Consumer Affairs and the Ministry has sought views/ comments/ suggestions from the public and stakeholders on these rules by July 21, 2021. It’s a welcome step by the Government to regulate the direct selling industry; yes, of course, better late than never.
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Securities and Exchange Board of India (SEBI) has approved the amendments in Regulatory provisions related to Independent Directors (IDs). SEBI in its Board Meeting held on 29th June, 2021 approved amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of provisions related to IDs.
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Government has revised the guidelines to include retail and wholesale trade as MSME (micro, small and medium enterprises); meaning thereby extending to them the benefit of priority sector lending under RBI guidelines. In the year 2017, Retail and Wholesale trade were left out of the ambit of MSME, now they have been reinstated in this category.
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Continuing with the practice of issuing notification on last date, Ministry of Corporate Affairs (MCA) has given relaxation on levy of additional fees in filing of certain forms under the Companies Act,203 and LLP Act 2008 meaning thereby that Extension of time has been given in filing of certain forms.
MCA has issued a General Circular No.11/2021 dated 30th June, 2021 on receipt of various requests for extension of timelines specified in earlier issued General Circular No.06/2021 dt. 03.05.2021.
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