Govt. withdraws old Ind AS notified in 2011 for Companies

[To be published in the Gazette of India, Extraordtnary, part-ll, Section 3, Sub_section (i]

 Government of lndia

 Ministry of Corporate Affairs

Notification New Dethi,

dated. 18th May, 2o15

G.S.R............(E).- In exercise of the powers conferred by section 133 read with section 469 of the companies Act, 2013 (18 0f 20131 , the central Government hereby rescinds the notifications of the Government of India in the Ministry of Corporate Affairs, published jn the Gazette of tndia, Extraordinary, Part ll, Section (3), 5ub-section (i), vide number G.S.R 179 (E), dated the 3.d March, 2011 and G,S.R 650 (E), dated the 29th August 2011, with immediate effect, except as respects things done or omitted to be done before such rescission.

[File Number 01/01/2009 CL-V]

[Amardeep Singh Bhatia]

-sd-

 Joint secretary,

Ministry of Corporate Affairs

Amendments in Companies Act 2013 by Companies(Amendment) Bill, 2014

Parliament approved the Companies(Amendment) Bill, 2014 on 13th May, 2015

The proposed amendments cover provisions which include empowering Audit Committee to give omnibus approvals for related party transactions on annual basis; doing away with the declaration by companies before commencement of business; ordinary resolution for related party transactions in certain cases; enabling provisions to prescribe thresholds beyond which fraud shall be reported by the auditors to the Central Government; public inspection of Board resolutions; restrictions on bail to apply only for offence relating to fraud u/s 447; making common seal optional; omitting requirement for minimum paid-up share capital; strength of benches for hearing winding up cases; jurisdiction of special courts to try offences;  setting off of past losses/depreciation before declaring dividend and exemptions for giving of loans/guarantee/security by holding companies to its subsidiaries, etc.
 
The details of the amendments are appended below:
 
 
1. Requirement of minimum paid- up share capital for private and public companies is proposed to be omitted. (For ease of doing business)

AMENDMENT IN COMPANIES ACT 2013

AMENDMENT IN COMPANIES ACT 2013 AS PASSED BY LOK SABHA ON ON MAY 7,2015

The Bill, namely, the Companies (Amendment) Bill, 2014, inter alia, contains the amendments to the Companies Act, 2013 as under:—

1. to amend clauses (68), (71) of section 2 and section 11 of the said Act to omit the requirement for minimum paid-up share capital, and consequential changes;
2.  to amend sections 9, 12, 22, 46 and 223 of the said Act for making common seal optional, and consequential changes for authorisation for execution of documents;
3.  to insert a new section 76A to provide for punishment for deposits accepted in violation of the provisions of the said Act;
   

How to Surrender DIN ?

Provisions related to Director Identification Number (DIN) Under Companies Act, 1956 and Under Companies Act, 2013

 Companies Act, 1956

As per Section 266A of Companies Act, 1956:  Every individual intending to be appointed as director of Company should obtain Director Identification Number (DIN).

As per Section 266C of Companies Act, 1956:  No individual, who had already been allotted a Director Identification Number under Section 266B, shall apply, obtain or process another Director Identification Number.

As per Section 266G of Companies Act, 1956:  If any individual or director, referred to in section 266A or section 266C, contravenes any of the provisions of those sections, every such individual or director or the company, as the case may be, who or which, is in default, shall be punishable with

• Fine which may extend to Rs. 5000/- (five thousand rupees only) and
• where the contravention is a continuing one, with a further fine which may extend to Rs. 500/- (five hundred rupees) for every day after the first during which the contravention continues.

How to Register Trademark in India

APPLICATION FOR REGISTRATION OF TRADEMARK UNDER  TRADEMARKS ACT, 1999

A Trade Mark is a visual symbol in the form of a word, a device,or a label applied to articles of commerce with a view to indicate to the purchasing public that is a good manufactured or otherwise dealt in by a particular person as distinguished from similar goods dealt or manufacture by other persons. The objective of the Trade Marks Act, 1999 is to register trademarks applied for in the country and to provide for better protection of trade mark for goods and services and also to prevent fraudulent use of the mark.

The Trademarks Act, 1999 provides protection to the owner of a trademark and imposes criminal liabilities for the infringement of the trademark owner’s rights. To enjoy protection, the owner of a trademark must apply for registration with the Trademark Registrar of the Registry of Trademarks, India. The Trademarks Act is also applicable to the protection of service marks, certificate marks and collective marks. The Trade Mark Registry Office performs the statutory duties in connection with the registration of Trade mark and other activities related thereto. Trade Mark offices are located in Ahmadabad, Chennai, Kolkata, Mumbai and New Delhi.

TYPES OF TRADEMARK THAT CAN BE REGISTERED

INC-29: Integrated e-Form for Incorporation of Company in India

The Ministry of Corporate Affairs has introduced a new integrated e-form INC-29 w.e.t 1st May. 2015. 
INC-29 will be available for incorporating of companies other than section 8 companies and will accommodate applications for up to three new DIN applicants who will be Directors of the company being incorporated. 

In addition e-Forms INC-30 and INC-31 are also being made available for the purposes of Memorandum of Association (MoA) and Articles of Association (AoA) to be attached with INC-29. 

The Instruction kit for filling the e-forms INC-29. INC-30 and INC 31 may be accessed on the MCA21 portal. 
Standalone e-Forms DIR-3. INC-1 and INC-2 or INC-7 for DIN, Name Reservation and Incorporation of a company will continue to be available as before for stakeholders wanting to avail these services separately. 

For any further queries or difficulties, helpdesk facility of the MCA21 portal may be contacted at appl.helpdesk@mca.gov.in or at 0124-4832500.

In pursuance of sections 4,7,12,152 and 153 of the Companies Act, 2013 read with rules made there under)

Purpose of the eForm –