SEBI UPDATE

Clarification regarding applicability of Indian Accounting Standards to disclosures in offer documents under SEBI (ICDR) Regulations, 2009

1. SEBI (ICDR) Regulations, 2009 require disclosure of financial information for each of the five financial years immediately preceding the filing of the offer document...Continue Reading

RBI UPDATE

Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector

The extant FDI policy for Insurance sector has since been reviewed by the Government of India and accordingly it has been decided to enhance the limit of foreign investment in insurance sector from 26 to 49 percent under the automatic route subject to certain terms and...Continue Reading

MCA UPDATE

Companies (Accounting Standards) Amendment Rules, 2016

In exercise of the powers conferred by clause (a) of sub-section (1) of Section 642 of the Companies Act, 1956 read with Section 210A and Section (3C) of Section 211 of the Companies Act, 1956, the Ministry of Corporate Affairs in consultation with National Advisory Committee on Accounting Standard has amended...Continue Reading

RBI UPDATE

External Commercial Borrowings (ECB) – Revised framework

The extant ECB guidelines have been reviewed in consultation with the Government of India taking into account prevailing external funding sources, particularly for long term lending and the critical needs of infrastructure sector of the country. Accordingly, it has been decided to make the following changes in the ECB framework:...Continue Reading

RBI UPDATE

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB dated 3rd May 2000), in...Continue Reading

MCA UPDATE

Companies (Indian Accounting Standards) Amendment Rules, 2016

In exercise of the powers conferred by Section 133 read with Section 469 of the Companies Act, 2013 and sub-section (1) of Section 210A of the Companies Act, 1956, the Ministry of Corporate Affairs in consultation with National Advisory Committee on Accounting Standard has amended the Companies (Indian Accounting...Continue Reading

MCA UPDATE

The Companies (Removal of Difficulties) Order, 2016

Ministry of Corporate Affairs vide Order No. S.O.1226(E) dated 29.03.2016 issued the Companies (Removal of Difficulties) Order, 2016 whereby the following proviso has been inserted after sub-section (2) of Section 143:

“Provided that until the National Financial Reporting Authority is constituted under section 132, the...Continue Reading

MCA UPDATE

The Companies (Removal of Difficulties) Second Order, 2016

Ministry of Corporate Affairs vide Order No. S.O. 1227(E) dated 29.03.2016 issued the Companies (Removal of Difficulties) Second Order, 2016 whereby the following proviso has been inserted after Section 133:

“Provided that until the National Financial Reporting Authority is constituted under section...Continue Reading

MCA UPDATE

The Companies (Auditor's Report) Order, 2016

In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013, the Ministry of Corporate Affairs vide Order No. S.O. 1228(E) dated 29.03.2016 and after consultation with the, committee constituted under proviso to sub-section (11) of section 143 of the Companies Act, 2013 has amended...Continue Reading

MCA UPDATE

The Companies (Share Capital and Debentures) Second Amendment Rules, 2016

In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Ministry of Corporate Affairs vide Notification No. G.S.R. 358(E) dated 29.03.2016 has amended the Companies (Share Capital and Debentures) Rules, 2014...Continue Reading