lexspeak
Hi Folks
The last 3 weeks were marked with several celebrations or ‘Days’ as they are called. 5th September was ‘Teachers Day’ commemorating our former President, Dr. Radhakrishnan’s birthday. 8th September was World Literacy Day and 15th September was Engineers Day in the memory of Sir M Vishweshwariah, the doyen of Indian Engineering. 17th was celebrated as Ganesh Chathurthi,
the Lord of Learning ……
all relating to literacy and education in one way or the other. However as someone said “The aim of education is the knowledge, not of facts, but of values.” No wonder it is Education that maketh a Man and not mere Literacy.
30th September may well be marked as Shareholders Day since in India, this is the last day available under the law to convene the Annual General Meeting of a Company to approve financial statements and appoint auditors. Needless to say all the CAs and CSs are literally ‘burning the midnight oil’ to help companies comply with law, given that invariably things get pushed almost to the last date.
While we are in the thick of this, we have still managed to find time to bring the regulatory updates covering the 20 day period in September so far. Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.com
.

Warm regards
As per Companies (Acceptance of Deposits) second amendment Rules, 2015, Private Companies can accept loan from relatives of directors and this shall not be treated as deposit. Earlier, such exemption from deposit was available only to loan received from directors.
Time for filing of cost audit report for the FY 2014–15 in Form CRA–4 has been extended upto 30th September, 2015 without any penalty/late fee.

The much awaited Form AOC–4 (i.e. for fling financial statements), Form AOC–4 CFA (i.e. for filing consolidated financial statements) and Form AOC–4 XBRL (i.e. for filing financial statement in XBRL format) are notified by MCA. Forms will be available on MCA portal shortly.
The Central Govt. has made some alteration in Schedule III of CA 2013, which requires Companies to disclose greater details relating to Trade Payables to Micro, Small and Medium Enterprises (MSMEs) in the Balance Sheet.
Government Companies producing defence equipment including space research need not disclose certain additional information in Statement of Profit and Loss prescribed under Schedule III of the CA 2013. This exemption is subject to certain conditions.
EPCG authorization holder shall submit additional documents (relating to para 5.10(d) of the Policy) for discharge of EO in respect of the third party exports made on or after 1st April, 2015. This requirement is not there for exports made prior to 1st April, 2015.

Highlights

  • Listed Companies to seek shareholders’ approval for related party deals through ordinary resolutions instead of special resolution in line with the provisions of CA 2013.
  • Re–classification of promoters as public shareholders under various circumstances.
  • A shortened version of the listing agreement to be signed by the listed company.
  • All disclosures required to be made on the website of the listed entity have been enumerated at a single place for ease of reference and all requirements pertaining to disclosures in the annual report have been combined.

These Regulations will be implemented within 90 days from 3rd September, 2015 with certain exceptions.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.

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