MCA Update – Producer Companies (General Reserve) Rules, 2003

By Team Lawgical Startup

MCA has notified the Producer Companies (General Reserve) Rules, 2003. These rules shall apply to a Producer Company as referred in clause (l) of section 378A. These rules shall come into force from February 11, 2020. Highlights: Change of place of registered office from one State to another. – The Rules 27 (Notice and Verification…

Extension of CFSS, LLP Settlement and various other schemes by Ministry of Corporate Affairs

By Team Lawgical Startup

The Ministry of Corporate Affairs introduced several schemes namely Companies Fresh Start Scheme, 2020 (CFSS), LLP settlement Scheme 2020, Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 and Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio…

Highlights of amendments under The Companies (Amendment) Bill, 2020

By Team Lawgical Startup

The Lok Sabha on 19th September, 2020 passed a bill to further amend around 48 sections of the Companies Act, 2013 by decriminalizing various non-compoundable offences in case of defaults, but not involving frauds, omitting imprisonment for various offences which were considered procedural and technical in nature. The bill comes at a time when companies are reeling under stress…

Holding of Annual General Meetings by Companies – MCA Notification

By Team Lawgical Startup

Ministry of Corporate Affairs (MCA) vide General Circular No. 18/2020 dated 21st April 2020 has provided certain relaxation in holding of Annual General Meeting (AGM) for those Companies whose financial year has ended on 31st December 2019. As per Section 2(46) of the Companies Act, 2013, Companies which are holding, subsidiary or associate of a…

Leveraging digital strength – EGM allowed through VC’s

By Team Lawgical Startup

Ministry of Corporate Affairs (MCA) is fully aware of the difficulties faced by companies on account of the ongoing nation-wide lockdown and social distancing due to COVID 19. The Ministry has also taken note of various representations received from industry associations and corporates on the need to facilitate companies in taking certain emergent/ urgent measures…