august 01, 2018 august 31, 2018 august 01, 2017 august31...
TRANSCRIPT
August 01, 2017 –August31, 2017
Issue No. – 008/ 2017
August 01, 2018 – August 31, 2018
Issue No. – 020/ 2018
FROM THE CHIEF EDITOR’S PEN
At the outset, through this column, I want to take a moment and thank you all for appreciating and encouraging WINS. Inthis edition of our e-newsletter “WINS” (acronym for Whitespan Information and News Services) we have covered therecent updates from RBI, SEBI, MCA, CBDT, CBEC and various other miscellaneous laws. We have also brought for you anarticle on The Insolvency Bankruptcy Code (IBC), 2016. Hope we not only help you keep updated but also save your time bybringing a brief summary of all the updates through our section on Editor’s Quick Take.
Our Editorial Board comprises the following professionals:1. Mr. Vinay Shukla - Mr. Vinay Shukla, a Fellow Member of The Institute of Company Secretaries of India (ICSI), a
graduate in Law, Commerce and Management is Co-founder of WsA having more than twenty five years’ experience inwide spectrum of corporate functions.
2. Mr. Mayank Rai – LL.M, M.Phil, is a practicing advocate having more than 26 years of experience also an Asst. Professorin Dept. of Law, V.S.S.D.College, Kanpur.
3. Ms. Jaya Yadav - Ms. Jaya Yadav, a practicing company secretary based at Gurgaon is an associate member of TheInstitute of Company Secretaries of India (ICSI) and a graduate in law and Commerce from Delhi University.
4. Mr. Himanshu Gupta - Mr. Himanshu Gupta is a General Counsel, an associate member of The Institute of CompanySecretaries of India (ICSI) and a graduate in law and Commerce.
5. Ms. Trishna Choudhary - Ms. Trishna Choudhary is an associate member of The Institute of Company Secretaries ofIndia (ICSI) and a graduate in commerce from Delhi University.
6. Ms. Ankita Pandey – Ms. Ankita Pandey is a commerce graduate from Kanpur University and an associate member ofThe Institute of Company Secretaries of India (ICSI).
7. Ms. Divya Shukla- Ms. Divya Shukla is presently pursuing law from Christ University, Bangalore.8. Ms. Prachika Agarwal -Ms. Prachika Agarwal is an associate member of Institute of Company Secretaries of India (ICSI)
and a graduate in law and Commerce from Agra University.
In this issue we have covered the following:
Corporate Updates from MCA, RBI, SEBI, CBDT, CBEC and other miscellaneous laws Case Laws on IBCAn article on Corporate Governance Compliance checklist for the month of September 2018
We hope all these would be of interest to you.
We invite articles on topics of professional interest. Please do ensure that the article is original, written in good style and adds value for the reader.
Your candid feedbacks are valuable: appreciation will encourage us; criticism will help us improve! Feedbacks can be sent at the following email id:
With warm regardsWINS (Whitespan News and Information Services)August 31, 2018
INDEX
S.No Section Page No.
1 Ministry of Corporate Affairs (MCA) 5-11
2 Securities Exchange Board of India (SEBI) 12-18
3 Reserve Bank of India (RBI) 19-20
4 Central Board of Direct Taxes (CBDT) 21-25
5 Central Board of Excise and Customs (CBEC) 26-27
6 Miscellaneous Laws 31-38
7 Case Laws on IBC 39-43
8 Article on Corporate Governance 44-50
9 Compliance Checklist 51-61
1. COMPANIES (PROSPECTUS AND ALLOTMENT OF SECURITIES) SECOND AMENDMENTRULES, 2018Date of Notification: August 07, 2018Effective Date: Date of Publication in the Official GazetteAbove notification is available at the following link:http://mca21.gov.in/Ministry/pdf/RuleProspectusSecurities07_08082018.pdf
Editor’s Quick Take:
The Ministry of Corporate Affairs (MCA) vide its notification dated August 07, 2018 has notified theCompanies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018 by replacing rule 14(Private Placement) of the Companies (Prospectus and Allotment of Securities) Rules, 2014.Amendments made in the revised section 42 and its corresponding rules such as the requirement of thevalue of offer or invitation per person of INR 20,000/- of face value of the securities has been done awaywith. Companies are no longer permitted to utilize the share application money received by it unless (i)allotment is made. The return of allotment filed with the ROC in e-form PAS – 3 is now required to filewithin 15 days of allotment instead of 30 days as prescribed earlier.Penal provisions for non-filing of e-form PAS – 3 have been introduced wherein the company, its promotersand directors shall be liable with a penalty INR 1,000/- per day but not exceeding INR 25,00,000/- fordelayed filings. Further, the penal provision has been revised from ‘the amount involved in the offer orinvitation or Rupees Two Crore, whichever is higher” to ‘the amount involved in the offer or invitation orRupees Two Crore, whichever is lower”.
2. NOTIFICATION OF SECTION 5 AND 6 OF THE COMPANIES (AMENDMENT) ACT, 2017
Date of Notification: August 07, 2018Effective Date: August 07, 2018Above notification is available at the following link:http://mca21.gov.in/Ministry/pdf/CommencementNoti07_08082018.pdf
Editor’s Quick Take:MCA vide its notification dated August 07, 2018 has notified Section 10 of the Companies(Amendment) Act, 2017:
S.NO. Section of Companies(Amendment) Act, 2017
Amended Section ofCompanies Act, 2013
Title
1 Section 10 Section 42 of theCompanies Act, 2013
Issue of shares onprivate placementbasis
3. PUBLIC NOTICE UNDER THE PROVISIONS OF THE SECTION 248(5) OF THECOMPANIES ACT, 2013 AND APPLICABLE RULE 9 OF THE COMPANIES (REMOVAL OFNAMES OF COMPANIES FROM THE REGISTER OF COMPANIES) RULES, 2016Date of Public Notice: August 08, 2018 and August 09, 2018Effective Date: August 08, 2018 and August 09, 2018
Editor’s Quick Take:
The Ministry of Corporate Affairs (MCA) vide its public notice dated August 08, 2018has pursuant to sub-section (5) of Section 248 of the Companies Act, 2013 struck offthe name of 24280 and 3259 Companies from the Register of the Companies anddeclared that the said Companies shall stand dissolved effective from 08th day ofAugust, 2018 and 09th day of August, 2018 respectively.
Above public notice is available at the following link:http://www.mca.gov.in/MinistryV2/roc_delhi5_7.html
4. THE COMPANIES (REGISTRATION OFFICES AND FEES) FOURTH AMENDMENT RULES, 2018Date of Public Notice: August 21, 2018Effective Date: August 21, 2018Above notification is available at the following link:http://www.mca.gov.in/Ministry/pdf/CoRegistrationRule21_22083018.pdf
Editor’s Quick Take:
The Ministry of Corporate Affairs (MCA) vide its notification dated August 21, 2018has notified the Companies (Registration Offices and Fees) Fourth AmendmentRules, 2018 by extending the last date for filling of Form DIR-3 KYC from August 31,2018 to September 15, 2018 for the current financial year (2018-2019), and no feeshall be chargeable till the 15th September, 2018. Further, a fee of Rs. 5,000/- shallbe payable on all delayed filing on or after the 16th September,2018.
5. DUPLICATE/ MULTIPLE DINDate of Public Notice: August 27, 2018Effective Date: August 27, 2018Above clarification is available at the following link:http://www.mca.gov.in/
Editor’s Quick Take:
MCA vide its clarification dated August 27, 2018 has clarified that an individual whois in possession of Duplicate/Multiple DINs, he can retain the Oldest DIN only. DINsobtained later have to be surrendered in DIN e-form DIR 5. Further DIN onceassociated is NOT eligiblefor surrender.
6. FILLING UP OF 22 (TWENTY TWO) POSTS OF TECHNICAL MEMBER IN THE NATIONALCOMPANY LAW TRIBUNAL (NCL T) AND 14 (FOURTEEN) POSTS OF JUDICIAL MEMBER IN THENATIONAL COMPANY LAW TRIBUNAL (NCLT)Date of Notice: August 23, 2018Above clarification is available at the following link:http://www.mca.gov.in/Ministry/pdf/VacancyJudicalNCLT14_23082018.pdfhttp://www.mca.gov.in/Ministry/pdf/VacancyTechNCLT22_23082018.pdf
Editor’s Quick Take:
MCA vide its notices dated August 23, 2018 has release the advertisement for Filling up of 22(twenty two) posts of Technical Member in the National Company Law Tribunal (NCL T) AND14 (Fourteen) posts of Judicial Member in the National Company Law Tribunal (NCLT).Interested persons may apply for the posts on the portal https://apptrbmembermca.gov.infrom 24.08.2018 till 14th September at 5:30 PM. Print out of the applications after finalsubmission on online portal duly completed and through proper channel, wherever applicable,should reach Shri Amar Singh Meena, Director, Ministry of Corporate Affairs, Room No 530, A'Wing, 5th floor, Shastri Bhawan, New Delhi-11000 Iatest by 24th September, 2018.
1. ROLE OF SUB-BROKER (SB) VIS-A-VIS AUTHORIZED PERSON (AP) Date of Circular: August 03, 2018 Effective Date: August 03, 2018 Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/aug-2018/role-of-sub-broker-sb-vis-a-vis-authorized-person-ap-_39825.html
Editor’s Quick Take:SEBI vide its circular dated August 03, 2018 has decided to discontinue with Sub-Broker as anintermediary to be registered with SEBI.a) No fresh registration shall be granted to any person as Sub-Broker. Any pending applications forregistration as Sub-Brokers under process, shall be returned to the concerned Stock Exchanges foronward transmission to the applicant.b) The registered Sub-Brokers shall have time till March 31, 2019 in order to migrate to act as an AP and/ or Trading Member (TM). The Sub-Brokers, who do not choose to migrate into AP and /or TM, shalldeemed to have surrendered their registration with SEBI as Sub-Broker, w.e.f. March 31, 2019.c) Consequent upon migration / deemed surrender, the certificate of registration granted to the Sub-Brokers by SEBI shall stand withdrawn.The circular covers the migration path for existing registered Sub-Brokers.All the existing Sub-Brokers shall be required to pay renewal fees to SEBI up to financial year 2018-19;and renewal fees paid by Sub-Broker for the financial years beyond 2018-19 shall be refunded onreceipt of recommendation from respective Stock Exchange.
2. ENHANCED MONITORING OF QUALIFIED REGISTRARS TO AN ISSUE AND SHARE TRANSFER AGENTS Date of Circular: August 10, 2018 Effective Date: August 10, 2018 Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/aug-2018/enhanced-monitoring-of-qualified-registrars-to-an-issue-and-share-transfer-agents_39945.html
Editor’s Quick Take:SEBI vide its circular dated August 10, 2018 has advised the QRTAs to formulate and implement a comprehensive policyframework, approved by the Board of Directors (“BoD”) of the QRTAs, which shall include the following aspects:Risk Management Policy• Business Continuity Plan• Manner of keeping records• Wind-down Plan• Data Access and Data Protection Policy• Ensuring Integrity of Operations• Scalable infrastructure• Board of Directors (BoD) / Committees of BoD of QRTAs• Investor Services and Service Standards• Insurance against RisksQRTAs shall formulate and implement the policy framework, and also comply with the additional reporting requirements withinsix months from the date of this circular. The first compliance with these guidelines shall be submitted within 30 days from theend of six months period. The compliance report of the enhanced reporting norms shall be submitted to SEBI duly reviewed bythe BoD of QRTAs, within 60 days of expiry of each calendar quarter.
3. STREAMLINING THE PROCESS OF PUBLIC ISSUE UNDER THE SEBI (ISSUE AND LISTING OF DEBT SECURITIES)REGULATIONS, 2008 (SEBI ILDS), SEBI (ISSUE AND LISTING OF NON-CONVERTIBLE REDEEMABLE PREFERENCESHARES) REGULATIONS, 2013 (SEBI NCRPS), SEBI (PUBLIC OFFER AND LISTING OF SECURITISED DEBTINSTRUMENTS) REGULATIONS, 2008 (SEBI SDI) AND SEBI (ISSUE AND LISTING OF DEBT SECURITIES BYMUNICIPALITIES) REGULATIONS, 2015 (SEBI ILDM)Date of Circular: August 16, 2018Effective Date: October 01, 2018
Editor’s Quick Take:
SEBI vide its circular dated August 16, 2018 has reduced the time taken for listing after the closure of the issue to 6 working days as against the present requirement of 12 working days. The revised indicative timelines for various activities are specified in the circular. The circular shall be applicable for all public issues of debt securities, NCRPS and SDI opening on or after October 01, 2018.
Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/aug-2018/streamlining-the-process-of-public-issue-under-the-sebi-issue-and-listing-of-debt-securities-regulations-2008-sebi-issue-and-listing-of-non-convertible-redeemable-preference-shares-regulations-_40004.html
4. ELECTRONIC BOOK MECHANISM FOR ISSUANCE OF SECURITIES ON PRIVATE PLACEMENTBASIS – CLARIFICATIONSDate of Circular: August 16, 2018 Effective Date: October 01, 2018 Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/aug-2018/electronic-book-mechanism-for-issuance-of-securities-on-private-placement-basis-clarifications-_40007.html
Editor’s Quick Take:SEBI vide its circular dated August 16, 2018 has in continuation to its circular dated January 05,2018 which mandated the use of Electronic Book Provider platform (EBP Platform), for privateplacement of securities has decided to provide for the following additional facilities:
• Closed bidding• Multiple yield allotment• Multiple bids by an investor• Allotment on yield-time priority basis• Pay-in of funds through escrow bank account of issuer• Depositories to act as EBP
5. AMENDMENT TO SEBI CIRCULAR NO. CIR/IMD/FPIC/CIR/P/2018/64 DATED APRIL10, 2018 ON KNOW YOUR CLIENT REQUIREMENTS FOR FOREIGN PORTFOLIOINVESTORS (FPIS)Date of Circular: August 21, 2018 Effective Date: August 21, 2018
Editor’s Quick Take:
SEBI vide its circular dated August 21, 2018 has extended all the timelines prescribed via SEBICircular No. CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 on Know Your ClientRequirements for Foreign Portfolio Investors (FPIs) to December 31, 2018.
Above circular is available at the following link:
https://www.sebi.gov.in/legal/circulars/aug-2018/amendment-to-sebi-circular-no-cir-imd-fpic-cir-p-2018-64-dated-april-10-2018-on-know-your-client-requirements-for-foreign-portfolio-investors-fpis-_40065.html
6. EXTENSION OF TRADING HOURS OF SECURITIES LENDING AND BORROWING (SLB) SEGMENT Date of Circular: August 24, 2018 Effective Date: August 24, 2018 Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/aug-2018/extension-of-trading-hours-of-securities-lending-and-borrowing-slb-segment_40091.html
Editor’s Quick Take:
SEBI vide its circular dated August 24, 2018 has with a view to facilitate physical settlement ofequity derivatives contracts, decided to permit Stock Exchanges to set their trading hours in theSLB Segment, subject to the condition that:
a) The trading hours are between 9 AM and 5 PM, and
b) The Exchange/Clearing Corporation has in place risk management system and infrastructure commensurate to the trading hours.
1. CIRCULARS RELEASED BY RBI DUIRNG THE MONTH
Date Name of the Notification Link
August 16, 2018
Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Scheduled Co-operative Banks
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11361&Mode=0
August 16, 2018
Investments in Non-SLR Securities by Primary (Urban) Co-operative Banks – Approved counterparties for secondary market transactions
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11360&Mode=0
August 29, 2018
Rupee Drawing Arrangement – Remittance to the Chief Minister’s Distress Relief Fund-Kerala
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11366&Mode=0
1. Order under section 119 of the Income-tax Act, 1961 Date of Order: August 17, 2018 Effective Date: August 17, 2018Above order is available at the following link:https://www.incometaxindia.gov.in/news/circular6-2018.pdf
Editor’s Quick Take:
CBDT vide its circular dated August 17, 2018 has in view of representations received by theBoard with regard to the implementation of reporting requirements under the proposedclause 30C (pertaining to General Anti-Avoidance Rules (GAAR) and proposed clause 44(pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may bedeferred has declared that reporting under the proposed clause 30C and proposed clause 44of the Tax Audit Report shall be kept in abeyance till 31st March, 2019. Therefore, for TaxAudit Reports to be furnished on or after 20th August, 2018 but before 1st April, 2019, thetax auditors will not be required to furnish details called for under the said clause 30C andclause 44 of the Tax Audit Report.
2. DRAFT NOTIFICATION PROPOSING AN AMENDMENT OF THE INCOME-TAX RULES, 1962 FOR MAKING THE PROCESS OF ISSUE OF CERTIFICATE FOR NO DEDUCTION, LOWER DEDUCTION AND COLLECTION OF TAX ELECTRONIC – REG. Date of Draft Notification: August 17, 2018 Above order is available at the following link:https://www.incometaxindia.gov.in/news/draft-notification-197-tds-certificate-misccomm-17-8-2018.pdf
Editor’s Quick Take:
CBDT vide its draft notification dated August 17, 2018 has in order to rationalise and makethe process of issuance of certificate for no deduction of tax or deduction/collection of tax atlower rate electronic, proposed to amend the existing Form No.13 and rules 28, 28AA, 28AB,37G and 37H of the Income-tax Rules, 1962.Section 197 of the Income-tax Act, 1961 (“the Act‟) contains provisions enabling theAssessing Officer (“AO‟) to give the assessee a certificate for deduction of income-tax at anylower rates or no deduction of income-tax, if he is satisfied, upon an application made by theassessee in this behalf, that the total income of the recipient justifies no deduction ordeduction at lower rates. Similarly, sub-sections section 206C of the Act contain provisionsenabling the AO to give a certificate for collection at lower rate if he is satisfied and upon anapplication made by the assessee in this behalf. Further, rules 28, 28AA & 28AB, 37G & 37Hand Form No. 13 have been inserted in the Income-tax Rules, 1962 (“the Rules”) to specifythe form and manner in which the application for grant of the certificate for lower rate ofdeduction or collection or no deduction may be made.
3. ORDER UNDER SECTION 119 OF THE INCOME-TAX ACT, 1961 Date of Order: August 17, 2018 Effective Date: August 17, 2018Above order is available at the following link:https://www.incometaxindia.gov.in/news/circular6-2018.pdf
Editor’s Quick Take:
CBDT vide its circular dated August 17, 2018 in view of representations received by the Boardwith regard to the implementation of reporting requirements under the proposed clause 30C(pertaining to General Anti-Avoidance Rules (GAAR) and proposed clause 44 (pertaining toGoods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred has declaredthat reporting under the proposed clause 30C and proposed clause 44 of the Tax AuditReport shall be kept in abeyance till 31st March, 2019. Therefore, for Tax Audit Reports to befurnished on or after 20th August, 2018 but before 1st April, 2019, the tax auditors will notbe required to furnish details called for under the said clause 30C and clause 44 of the TaxAudit Report.
4. DRAFT NOTIFICATION PROPOSING AN AMENDMENT OF THE INCOME-TAX RULES, 1962 FORMAKING THE PROCESS OF ISSUE OF CERTIFICATE FOR NO DEDUCTION, LOWER DEDUCTIONAND COLLECTION OF TAX ELECTRONIC – REG.Date of Draft Notification: August 17, 2018 Above order is available at the following link:https://www.incometaxindia.gov.in/news/draft-notification-197-tds-certificate-misccomm-17-8-2018.pdf
Editor’s Quick Take:
CBDT vide its draft notification dated August 17, 2018 in order to rationalise and make the process ofissuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, hasproposed to amend the existing Form No.13 and rules 28, 28AA, 28AB, 37G and 37H of the Income-taxRules, 1962.Section 197 of the Income-tax Act, 1961 (“the Act”) contains provisions enabling the Assessing Officer(“AO”) to give the assessee a certificate for deduction of income-tax at any lower rates or no deduction ofincome-tax, if he is satisfied, upon an application made by the assessee in this behalf, that the totalincome of the recipient justifies no deduction or deduction at lower rates. Similarly, sub-sections section206C of the Act contain provisions enabling the AO to give a certificate for collection at lower rate if he issatisfied and upon an application made by the assessee in this behalf. Further, rules 28, 28AA & 28AB, 37G& 37H and Form No. 13 have been inserted in the Income-tax Rules, 1962 (“the Rules”) to specify the formand manner in which the application for grant of the certificate for lower rate of deduction or collection orno deduction may be made.
1. GRANT OF PERMISSION TO PROVISIONAL IDENTIFICATION NUMBER (PID) TO APPLY FOR GOODS AND SERVICE TAX IDENTIFICATION NUMBER (GSTIN)
Date of Notification: August 06, 2018 Effective Date: August 06, 2018 Above notification is available at the following link:http://egazette.nic.in/WriteReadData/2018/188166.pdf
Editor’s Quick Take:
Central Board of Indirect Taxes and Customs vide its notification dated August 06, 2018 hasgranted permission to apply for the goods and services tax identification number by August31, 2018 to persons who did not file the complete FORM GST REG-26 of the Central Goodsand Services Tax Rules, 2017 but received only a Provisional Identification Number (PID) tillthe 31st December, 2017. The special procedure as prescribed, to be followed for registrationof such taxpayers.
2. STANDARD OPERATING PROCEDURES FOR DISCHARGE OF BONDS EXECUTED BY NOMINATED AGENCIES/ BANKS UNDER NOTIFICATION NO. 57/2000-CUSTOMS DATED 08.05.2000Date of Circular: August 08, 2018 Effective Date: August 08, 2018 Above notification is available at the following link:http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2018/Circular_No._25-2018-Customs.pdf;jsessionid=E6561204FF8AE4C271DFD3D6B6956C80
Editor’s Quick Take:
Central Board of Indirect Taxes and Customs vide its circular dated August 08, 2018 has in theinterest of trade facilitation prescribed standard operating procedures for discharge of bondsexecuted by nominated agencies/ banks under Notification no. 57/2000-Customs dated08.05.2000
3. EXEMPTION TO ALL GOODS FALLING UNDER THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975 (51 OF1975) IN CASE OF IMPORT TO INDIA AND INTENDED FOR DONATION FOR THE RELIEF AND REHABILITATION OFTHE PEOPLE AFFECTED BY THE RECENT FLOODS IN THE STATE OF KERALADate of Notification: August 21, 2018 Effective Date: August 21, 2018 Above notification is available at the following link:http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2018/cs-tarr2018/cs59-2018.pdf;jsessionid=EB17B3578633F193C2146941FDF64E80
Editor’s Quick Take:
Central Board of Indirect Taxes and Customs vide its notification dated August 21, 2018 has inview of the relief and rehabilitation of the people affected by the recent floods in the state ofKerala exempted all goods falling under the First Schedule to the Customs Tariff Act, 1975 (51of 1975) when imported into India from:
(a) the whole of the duty of customs leviable thereon under the First Schedule to the saidCustoms Tariff Act; and
(b) the whole of integrated tax leviable thereon under sub-section (7) of section 3 of the saidCustoms Tariff Act.
The notification shall remain in force upto and inclusive of the 31st December, 2018.
4. EXTENSION OF LAST DATE FOR FILING GSTR-3B FOR JULY, 2018 Date of Notification: August 21, 2018 Effective Date: August 21, 2018 Above notification is available at the following link:http://www.cbic.gov.in/resources//htdocs-cbec/press-release/LastDate_GSTR-3B.pdf
Editor’s Quick Take:
Central Board of Indirect Taxes and Customs vide its notification dated August 21, 2018 hasextended the last date for filing of return in FORM GSTR-3B for the month of July, 2018 till24th August, 2018 for all class of taxpayers by the competent authority.
1. THE SPECIFIC RELIEF (AMENDMENT) ACT, 2018 Date of Notification: August 01, 2018 Effective Date: Date of Publication in the Official Gazette Above press release is available at the following link:http://www.egazette.nic.in/WriteReadData/2018/187919.pdf
Editor’s Quick Take:
The Ministry of Law and Justice vide its notification dated August 01, 2018 has notified the Specific Relief (Amendment) Act,2018 by amending the Specific Relief Act, 1963. Section 10 of the Act provides for Cases in which specific performance ofcontract is enforceable with a new Section 10 which states that specific performance of a contract shall be enforced by thecourt subject to the provisions contained in sub-section (2) of section 11, section 14 and section 16. Thus, through theaforesaid amendment, effort has been made to curtail discretionary powers of the Court while making an order for specificperformance of the contract as the cases in which specific performance of contract is enforceable would be subject to Section11(2) relating to contract made by Trustee in excess of his powers and Section 14 (contracts not specifically enforceable) andSection 16 (personal bars to relief). The amended Section 22 states where the contract is broken due to non-performance ofpromise by any party, the party who suffers by such breach shall have the option of substituted performance through a thirdparty or by his own agency, and, recover the expenses and other costs actually incurred, spent or suffered by him, from theparty committing such breach. The Amendment incorporates Section 20A which enumerates provision for contract relating toinfrastructure project. Section 20A provides that the Court shall not grant any injunction in a suit under this Act involving acontract relating to an infrastructure project, where granting injunction would cause impediment or delay in the progress orcompletion of such infrastructure project.
2. THE NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT, 2018
Date of Notification: August 02, 2018 Effective Date: Date of Publication in the Official Gazette Above press release is available at the following link:http://www.egazette.nic.in/WriteReadData/2018/188048.pdf
Editor’s Quick Take:
The Ministry of Law and Justice vide its notification dated August 02, 2018 has notified the NegotiableInstruments (Amendment) Act, 2018 by amending the Negotiable Instruments Act, 1881 . Following newprovisions have bee introduced by way of this amendment:
Section 143A - Power to direct interim compensation.
Section 148 - Power of Appellate Court to order payment pending appeal against conviction.
3. NOTICE FOR MEETINGS OF THE COMMITTEE OF CREDITORS UNDER SECTION 24 (3) (A) OFTHE INSOLVENCY AND BANKRUPTCY CODE, 2016 READ WITH REGULATION 21 OF THEINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FORCORPORATE PERSONS) REGULATIONS, 2016Date of Circular: August 10, 2018 Effective Date: Date of Publication in the Official Gazette
Editor’s Quick Take:
The Insolvency and Bankruptcy Code, 2016 (Code) confers certain privileges on financial creditors on thepremise, as reasoned by the Bankruptcy Law Reforms Committee. Section 24 (3) (a) of the Code requires theresolution professional to give notice of each meeting of the CoC to members of the CoC and other persons.Regulation 21 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for CorporatePersons) Regulations, 2016 specifies the content of the notice for meetings of the CoC. From now on theinterim resolution professional or the resolution professional, as the case may be, is directed that he shall,in every notice of meeting of the CoC and any other communication addressed to the financial creditors,other than creditors under section 21 (6A) (b), require that they must be represented in the CoC or in anymeeting of the CoC by such persons who are competent and are authorised to take decisions on the spotand without deferring decisions for want of any internal approval from the financial creditors.
Above circular is available at the following link:http://ibbi.gov.in/webadmin/pdf/whatsnew/2018/Aug/coc%20circular-1_2018-08-10%2019:37:16.pdf
4. THE NATIONAL COMPANY LAW TRIBUNAL
Date of Notice: August 16, 2018 Effective Date: August 27, 2018 Above notice is available at the link below:https://nclt.gov.in/sites/default/files/All-PDF/E-filling%20application-petition-appeal-reply%20etc..pdf
Editor’s Quick Take:
The National Company Law Tribunal vide its notice dated August 16, 2018 has issuesa notice stating the NCLT, New Delhi Bench plans to start e-filling and hasaccordingly requested all concerned to file complete Application / Petition / Appeal/ Reply / Rejoinder etc. in soft copy (in PDF Format only) in Pen Drive, along withthe two complete sets of Application / Petition / Appeal / Reply / Rejoinder etc.(Legal Size) in hard copy before the NCLT, New Delhi w.e.f 27-02-2018. This noticeseems to be applicable only filings to be done before New Delhi Benches of NCLTand not for any other Benches, as of now
5. THE INSOLVENCY AND BANKRUPTCY CODE (SECOND AMENDMENT) ACT, 2018Date of Notification: August 17, 2018 Effective Date: June 06, 2018 Above notification is available at the link below:http://ibbi.gov.in/webadmin/pdf/whatsnew/2018/Aug/The%20Insolvency%20and%20Bankruptcy%20Code%20(Second%20Amendment)%20Act,%202018_2018-08-18%2018:42:09.pdf
Editor’s Quick Take:
IBBI vide its notification dated August 17, 2018 has notified the Insolvency andBankruptcy Code (Second Amendment) Act, 2018 by amending the Insolvency andBankruptcy Code, 2016. The amendment has repealed the Insolvency andBankruptcy Code (Amendment) Ordinance, 2018 and has brought in variouschanges in the Insolvency and Bankruptcy Code, 2016.
6. NATIONAL COMPANY LAW TRIBUNAL
Date of Office Order – August 23, 2018 Above office order is available at the link below:https://nclt.gov.in/sites/default/files/All-PDF/scan0223.pdf
Editor’s Quick Take:
NCLT vide its office order dated August 23, 2018 has by the order of the Hon'blePresident, National Company Law Tribunal reconstituted its "Internal ComplaintsCommittee in terms of section 4 of the Sexual Harassment of Women at Workplace(Prevention, Prohibition and Redressal) Act, 2013", constituted for all benches ofNational Company Law Tribunal, for a period of three years :- .
Presiding Officer - Ms. Ina Malhotra, Member (Judicial)Members1. Shri R. Vardharajan, Member (Judicial)2. Shri Shiv Ram Bairwa, Registrar, NCLT3. Ms. Ranjana Roy Gawai, Advocate.
7. REGARDING SHIFTING OF CAPITAL GOODS IMPORTED UNDER THE EPCG SCHEMEDate of Public Notice – August 29, 2018Effective Date – August 29, 2018 Above public notice is available at the link below:http://dgft.gov.in/sites/default/files/Pn%20No.31%20english.pdf
Editor’s Quick Take:
DGFT vide its public notice dated August 29, 2018 has Regarding shifting of CapitalGoods imported under the EPCG Scheme. From now on EPCG authorisation holdersare permitted to shift the capital goods imported during the entire export obligationperiod to their other units mentioned in the lEC and RCMC subject to conditionsspecified. The authorization holder shall be permitted to shift capital goods duringthe entire export obligation period to other units mentioned in the lEC and RCMC ofthe authorization holder subject to production of fresh installation certificate to theRA concerned within six months of the shifting.
Case Laws on IBC
1. Allahabad Bank v. Runeecha Textiles Limited 451 / 2018
Facts-
The Financial creditor (Allahabad Bank) had filed an application under Section 7 of the Code against the Corporate Debtor (Runeecha Textiles Ltd.)
The Financial Creditor placed on record a list of all the financial facilities granted to the CorporateDebtor. Further, lists of documents were submitted on record to prove the financial debt.Further, the Debtor filed a detailed written statement and raised a number of objections as
follows-• The form in which the instant application has been filed is itself at variance from the Form 1.• The application makes no mention of the amounts actually disbursed or the respective dates of
disbursement.• The amounts claimed to be in default under the application Form 1 widely vary from therecords of default annexed to the application pursuant to the requirements of the Code• The Financial Creditor is mandatorily required to attach a copy of a registration certificatecreating charge as issued by Registrar of Companies but same has not been complied with.• If the Financial Creditor had been proactive and reasonable, the proposal of National TextileCorp. offered a viable and good opportunity for the Corporate Debtor to revive it’s operationsand therefore the admission of the petition would undermine the same.• Requirements of Section 2A(a) of Bankers Books Evidence Act 1891 has not been fulfilled
• Existence of discrepancies in CIBIL report attached with the application.Subsequently, the submissions made on behalf of the applicant-Financial Creditor stated the
following-• Admitted to proceedings pending before Debts Recovery Tribunal, New Delhi• Application is complete as per requirements of Section 7(2) of the Code and other conditionsprescribed by Rule 4(1)• Details of the default along with it’s dates have been clearly stated in Part IV along with theminute details.
Order-
The NCLT had made the following observances:• The date of NPA itself is self-explanatory that on that date the account of the Corporate Debtorwas running irregularly and there was default in repayment of it’s dues for 90 days.• If there is any discrepancy in calculation then it does not materially affect the admission ofsuch application.• If the pendency of proceeding was not disclosed by the Financial Creditor in the applicationand subsequently admitted in the rejoinder then it cannot be treated as concealment.• A certified copy of entries in a Banker’s Book is to be regarded as prima facie evidence of alllegal proceedings with regard to the existence of such entry.Therefore, NCLT held that all requirements under the Code were fulfilled and thereby admittedthe application.
2. Darshan Bhatt v. Ashok Transformers Pvt Ltd. 219 / 2018Facts-Mr.Darshan Y.Bhatt (Operational Creditor) raised bill toward the accounting and consulting fees to M/s. AshokTransformers Pvt Ltd. (Corporate Debtor) which was duly received by them. Operational creditor issueddemand notice to the registered office along with invoices. The corporate debtor failed to appear for thehearing twice and notice issued by the registry returned undelivered. Hence the notice of dispute was notraised by the corporate debtor. The operational creditor filed an application under section 9 of the code toinitiate the CIRP against the corporate debtor and filed all the relevant documents necessary under theprovisions of IBC.Contentions by the Operational Creditor:
• The operational creditor issued demand notice to the corporate debtor to make the payment along withsupporting invoices and calculations which was not responded by the corporate debtor• The petitioner enclosed all the copies of invoice along with notice of demand, the letter from Bank of Indiaverifying the SB account of the creditor was submitted.• The operational creditor filed the proof of service of notice of date of hearing of respondent. The noticeissued was undelivered, hence it is evident that no notice of dispute is filed by corporate debtor.
Order-The NCLT observed that there was default on part of the debtor to make appearance, hence, the applicationwas admitted. The IRP proposed by the Operational Creditor was appointed and the CIRP was initiated as norepresentation was made on behalf of the corporate debtor.
3. Mr. Sureshchand Bhawarlal Sutaliya v. Gitanjali Jewellery Retail Ltd. 1463 / 2017
Facts:The Application was filed by the Operational Creditor (Mr. Sureshchand Bhawarlal Sutaliya) against theCorporate Debtor (Gitanjali Jewellery Retail Ltd) stating that the Corporate Debtor has defaulted in paying theDebt Rs. 46, 52,961 including the interest at 18% per annum towards lease rent and maintenance charges ofthe society.
Some of the Directors of the Debtor Company along with others had indulged in cheating the Punjab NationalBank by taking out more than Rs.1, 20,00,00,00,000. Therefore several investigating agencies haveinvestigated against all the companies connected to this fraud and in the backdrop of this sordid background.
Order-The NCLT hearing the parties stated that it this application is admitted, it will be difficult for the ResolutionProfessional to collate the claims to proceed further either for approval of the Resolution Plan or liquidation ofthe company and to do his duties since most of the records are under the custody of various InvestigatingAgencies. Hence the NCLT dismissed the petition giving liberty to the Operational creditor to file this casewithin three months after investigation in relation to this fraud is completed.
CORPORATE GOVERNANCE IN TODAY’S ERA
“Corporate governance refers to the system by which corporations are directed and controlled”
The framework of rules and practices by which a board of directors ensures accountability,fairness, and transparency in a company's relationship with its all stakeholders (financiers,customers, management, employees, government, and the community).The corporate governance framework consists of (1) explicit and implicit contracts between thecompany and the stakeholders for distribution of responsibilities, rights, and rewards, (2)procedures for reconciling the sometimes conflicting interests of stakeholders in accordancewith their duties, privileges, and roles, and (3) procedures for proper supervision, control, andinformation-flows to serve as a system of checks-and-balances.Corporate governance is the broad term describes the processes, customs, policies, laws andinstitutions that directs the organizations and corporations in the way they act, administer andcontrol their operations. It works to achieve the goal of the organization and manages therelationship among the stakeholders including the board of directors and the shareholders. Italso deals with the accountability of the individuals through a mechanism which reduces theprincipal-agent problem in the organization. Fine corporate governance is an essential standardfor establishing the striking investment environment which is needed by competitive companiesto gain strong position in efficient financial markets.
Corporate governance is a process that aims to allocate corporate resources in a manner thatmaximizes value for all stakeholders – shareholders, investors, employees, customers, suppliers,environment and the community at large and holds those at the helms to account by evaluatingtheir decisions on transparency, inclusivity, equity and responsibility.
The World Bank defines governance as the exercise of political authority and the use ofinstitutional resources to manage society's problems and affairs.
Corporate governance also includes the relationships among the many stakeholders involvedand the goals for which the corporation is governed. In contemporary business corporations, themain external stakeholder groups are shareholders, debt holders, trade creditors, suppliers,customers and communities affected by the corporation's activities. Internal stakeholders arethe board of directors, executives, and other employees.
Corporations are created as legal persons by the laws and regulations of a particular jurisdiction.These may vary in many respects between countries, but a corporation's legal person status isfundamental to all jurisdictions and is conferred by statute. This allows the entity to holdproperty in its own right without reference to any particular real person. It also results in theperpetual existence that characterizes the modern corporation.
PRINCIPLES OF CORPORATE GOVERNANCE:Rights and equitable treatment of shareholders: Organizations should respect the rights ofshareholders and help shareholders to exercise those rights. They can help shareholders exercisetheir rights by effectively communicating information that is understandable and accessible andencouraging shareholders to participate in general meetings.
Interests of other stakeholders: Organizations should recognize that they have legal and otherobligations to all legitimate stakeholders.
Role and responsibilities of the board: The board needs a range of skills and understanding tobe able to deal with various business issues and have the ability to review and challengemanagement performance. It needs to be of sufficient size and have an appropriate level ofcommitment to fulfill its responsibilities and duties. There are issues about the appropriate mixof executive and non-executive directors.
Integrity and ethical behaviour: Ethical and responsible decision making is not only importantfor public relations, but it is also a necessary element in risk management and avoiding lawsuits.Organizations should develop a code of conduct for their directors and executives that promotesethical and responsible decision making. It is important to understand, though, that reliance by acompany on the integrity and ethics of individuals is bound to eventual failure. Because of this,many organizations establish Compliance and Ethics Programs to minimize the risk that the firmsteps outside of ethical and legal boundaries.
Disclosure and transparency: Organizations should clarify and make publicly known the rolesand responsibilities of board and management to provide shareholders with a level ofaccountability. They should also implement procedures to independently verify and safeguardthe integrity of the company's financial reporting. Disclosure of material matters concerning theorganization should be timely and balanced to ensure that all investors have access to clear,factual information.
Mechanisms and controls: Corporate governance mechanisms and controls are designed toreduce the inefficiencies that arise from moral hazard and adverse selection. For example, tomonitor managers' behaviour, an independent third party (the external auditor) attests theaccuracy of information provided by management to investors. An ideal control system shouldregulate both motivation and ability.
Internal corporate governance controls: Internal corporate governance controls monitoractivities and then take corrective action to accomplish organizational goals.
Monitoring by the board of directors: The board of directors, with its legal authority to hire, fireand compensate top management, safeguards invested capital. Regular board meetings allowpotential problems to be identified, discussed and avoided. Whilst non-executive directors arethought to be more independent, they may not always result in more effective corporategovernance and may not increase performance.
Different board structures are optimal for different firms. Moreover, the ability of the board tomonitor the firm's executives is a function of its access to information. Executive directorspossess superior knowledge of the decision-making process and therefore evaluate topmanagement on the basis of the quality of its decisions that lead to financial performanceoutcomes, ex ante. It could be argued, therefore, that executive directors look beyond thefinancial criteria.
Internal control procedures and internal auditors: Internal control procedures are policiesimplemented by an entity's board of directors, audit committee, management, and otherpersonnel to provide reasonable assurance of the entity achieving its objectives related toreliable financial reporting, operating efficiency, and compliance with laws and regulations.Internal auditors are personnel within an organization who test the design and implementationof the entity's internal control procedures and the reliability of its financial reporting.
Balance of power: The simplest balance of power is very common; require that the President bea different person from the Treasurer. This application of separation of power is furtherdeveloped in companies where separate divisions check and balance each other's actions. Onegroup may propose company-wide administrative changes, another group review and can vetothe changes, and a third group check that the interests of people (customers, shareholders,employees) outside the three groups are being met.
Remuneration: Performance-based remuneration is designed to relate some proportion ofsalary to individual performance. It may be in the form of cash or non-cash payments such asshares and share options, superannuation or other benefits. Such incentive schemes, however,are reactive in the sense that they provide no mechanism for preventing mistakes oropportunistic behaviour and can elicit myopic behaviour.
In today’s era it is required that there is a need to view Corporate Governance as more than justregulatory requirements as there exists a fundamental link with the organization of business,corporate responsibility and shareholder wealth maximization.
CS Ankita PandeyAssistant Secretary
Haryana Real Estate Regulatory Authority
S. No Activities Sections/Rules/ Clauses, etc.
Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
Income Tax Related Compliances
1 Contractor’s Bill / Advertising /
Professional service Bill - TDS collected
for the previous month Section 194J
Section 194C
Section 194J
Income-tax Act,
1961
07th of Every
Month
Income Tax
Authorities
2 Monthly payment of TCS Section 206 Income-tax Act,
1961
07th of Every
Month
Income Tax
Authorities
3 TDS from Salaries for the previous
month
Section 192 Income-tax Act,
1961
07th of Every
Month
Income Tax
Authorities
4 Deposit TDS from salaries for the
previous month in Challan No.281
Section 192 Income-tax Act,
1961
07th of Every
Month
Income Tax
Authorities
5 Monthly payment of TDS for the Previous
Month on all types of payments
Section 200 Income-tax Act,
1961
30th of Every
Month
Income Tax
Authorities
6 Due date for issue of TDS Certificate for
tax deducted Under Section 194-IA and
Section 194-IB
Section 194-
IA
Section 194-
IB
Income-tax Act,
1961
14th
September
Income Tax
Authorities
S. No Activities Sections/Rules/ Clauses, etc.
Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
7 Due date for furnishing of Form 24G by
an office of the Government where TDS
for the month of August, 2018 has been
paid without the production of a challan
Form 24G Income-tax Act,
1961
15th September Income Tax
Authorities
8 Second instalment of advance tax for the
assessment year 2018-19
Section 44AD Income-tax Act,
1961
15th
September
Income Tax
Authorities
9 Annual return of income for the
assessment year 2018-19 if the assesse
(not having any international or specified
domestic transaction) is
(a) corporate-assesse or
(b) non-corporate assesse (whose books
of account are required to be audited) or
(c) working partner of a firm whose
accounts are required to be audited).
Income-tax Act,
1961
30th
September
Income Tax
Authorities
S. No Activities Sections/Rules/ Clauses, etc.
Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
10 Due date for payment of last instalment
(i.e., 50% of tax, surcharge and penalty)
under Income
Disclosure
Scheme, 2016
Income-tax Act,
1961
30th September Income Tax
Authorities
11 Due date of intimation under section
286(1) by a resident constituent entity of
an international group whose parent is
non-resident.
Section 286(1) Income-tax Act,
1961
30th September Income Tax
Authorities
12 Audit report under section 44AB for the
assessment year 2018-19 in the case of a
corporate-assesse or non-corporate
assesse (who is required to submit his/its
return of income on September 30, 2018).
Section 44AB Income-tax Act,
1961
30th
September
Income Tax
Authorities
RBI Related Compliances
13 Monthly statement of short term dynamic
liquidity in Form ALM-I
DNBS
(PD).CC.No.15
/02.01/2000-
2001 dated
June 27, 2001
Circular 10th of Next
month
RBI
14 Monthly return (NBS-6) on exposure to
capital market
Para 13B NBFC
Prudential
Norms
(Reserve Bank)
Directions,
1998
07th of Every
Month
RBI
15 Annual Returns By Residuary Non-Banking
Company for the year ended on 31st March
30th Sept RBI
16 Monthly Return on Important Financial
Parameters
DNBS (RID) C.C.
No.57/02.05.15/
2005- 06 dated
Sep 6, 2005
Circular 07th of Every
Month
RBI
17 Reporting of actual transactions of ECB in form
ECB-2 within 7 working days (May)
ECB Rules FEMA, 1999 08th June RBI through
Authorized
Dealer
Economic, Industrial & Labour Law Related Compliance
18 Monthly payment of Provident Fund (PF) (Non
Corporate)
(a) Paragraph 38
of Employees
Provident Funds
Scheme, 1952
(a) Employees’
Provident Funds and
Misc. Provisions Act,
1952
(b) Exempted Scheme
15th Of Next
month
Provident Fund
Authorities
Trustees of
Provident Fund
19 File monthly return for employees leaving / joining
during the previous month (Form No.5)
Paragraph 20(2)
read with
Paragraph 36(1) &
(2)
The Employees
Pension Scheme,
1995 (For exempted
establishments under
Employees Provident
Fund and Misc.
Provisions Act, 1952)
15th of Next
Month
Provident Fund
Commissioner
S. No Activities Sections/Rules/ Clauses, etc.
Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
20 File monthly return for
employees leaving / joining
during the previous month
(Form No.5)
Paragraph 20(2) read
with Paragraph 36(1)
& (2)
The Employees Pension
Scheme, 1995 (For exempted
establishments under
Employees Provident Fund
and Misc. Provisions Act,
1952)
15th of Next
Month
Provident Fund
Commissioner
21 i) File monthly Return of
employees entitled
for membership of
Insurance Fund (Form
No.2(IF))
ii) File monthly Return
for members of
Insurance Fund
leaving service during
the month of April
(Form no. 3(IF))
iii) File monthly return of
members joining
service during the month
of April (Form no.F4(PS)
Paragraph 10 The Employees Deposit
Linked Insurance Scheme,
1976 (For exempted
establishments under
Employees Provident Fund
and Misc. Provisions Act,
1952)
15th of Next
Month
Provident Fund
Commissioner
S. No Activities Sections/Rules/ Clauses, etc.
Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
22 Payment of ESI contribution for the previous
month
Regulation 31 Employees’ State
Insurance Act,
1948 and
Employees State
Insurance (Gen.)
Regulations, 1950
15th of Next
Month
ESIC
Authorities
23 Monthly return of Provident Fund for the
previous month Provident funds
Paragraph 38 of
Employees’
Provident Act,
1952
Employees
Provident Funds
and Misc.
Scheme, 1952
15th of Next
Month
Provident
Fund
Authorities
24. Monthly return of Provident Fund for the
previous month with respect to International
Workers.
Paragraph 36 The Employees'
Provident Funds
Scheme, 1952
15th of Next
Month
Provident
Fund
Authorities
S. No Activities Form No. Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
Good and Service Tax Related Compliances
25. Details of outward supplies of taxable goods and /or services effected
# [Quarterly Returns (Taxpayers with Annual Turnover upto Rs. 1.5 Crore can opt for quarterly return filing)]
GSTR-1 Chapter IX of
CGST Act,2017
10th of Next
Month
Registered
Taxable
Supplier
26. GSTR-2 and GSTR-3 filing currently suspended but the dates for July 2017 to March 2018 will be worked out later by a
Committee of Officers.
27. Simple return GSTR-3B Chapter IX of
CGST Act,2017
20th September Registered
Taxable
Person
28. Return for Non- Resident foreign Taxable person GSTR-5 Chapter IX of
CGST Act,2017
20th of Next
Month
Non- Resident
Taxable
Person
S. No Activities Form No. Acts/Regulations etc.
Compliance Due Date To whom to be submitted
29. Return for Input Service distributor
*[Due date of GSTR-6 filing for the
months from July 2017 to August
2018 is extended to 30th Sept 2018.
(Notification dated 30th Jul 2018)]
GSTR-6 Chapter IX of CGST
Act,2017
*30th September Input service
distributor
30. Return for authorities deducting tax
at source
GSTR-7 Chapter IX of CGST
Act,2017
10th of Next Month
31. Details of suppliers effected through
e-commerce operator and the
amount of tax collected
GSTR-8 Chapter IX of CGST
Act,2017
10th of Next Month E-Commerce
operator/ Tax
Collector.
32. Details of Inward supplies to be
furnished by a person having UIN
GSTR-11 Chapter IX of CGST
Act,2017
28th of the month
following the month for
which statement is filed.
Person having
UIN and
Calming
refund
S. No Activities Form No. Acts/Regulations etc.
Compliance Due Date
To whom to be submitted
MCA & ROC related CompliancesDue Date for FY 2017-2018
(If AGM is held on 30th September 2018)
33. Appointment of Auditor
* Only for fresh appointment/ reappointment not for ratification
Form ADT-1 Section 139 of
Companies Act
2013
15 days from
the conclusion
of AGM
Registrar of
Companies
34. Filing of Annual Accounts Form AOC-4 and
Form AOC-4 CFS
(in case of
Consolidated
financial
statements)
Section 134 of
Companies Act
2013
30th October,
2017
* Within 180
days in
case of
one person co
mpany from
the closure of
Financial
year)
Registrar of
Companies
35. Filing of Annual Return Form MGT-7 Section 92 of
Companies Act
2013
60 days from
the conclusion
of AGM
Registrar of
Companies
36. Filing of resolutions with MCA regarding Board
Report and Annual Accounts
Form MGT-14 Only for Public/
Listed
Companies not
for Private
Companies
(vide MCA
notification
dated
05.06.2015)
Within 30 days
from the date
of passing the
Board
Resolution
Registrar of
Companies
37. Filing of Cost Audit Report
For Companies satisfying the limits specified
under Companies Act-2018
CRA-4 Within 30 days
from the
receipt of a
copy of cost
audit report.
Registrar of
Companies
For further information please contact:
NCR OF DELHI MUMBAI LGF, 152P, Sector 38, 506, Arcadia, 195, Nariman Point, Near Medanta, the Medicity, Mumbai – 400 023 Gurgaon 122-002 Telephone – 0124-2204242, 63
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