November 7

Company Law Board(Fees on Applications and Petitions) Amendment rules, 2014

Company Law Board(Fees on Applications and Petitions) Amendment rules, 2014

The Ministry of Corporate Affairs has issued a notification dated 3rd November, 2014 with respect to the Company Law Board(Fees on Applications and Petitions) Amendment Rules, 2014 and in the said schedule of the fees the following points shall be inserted after point no. 33:
34: 2(41) of the Companies Act, 2013; Allowing any period other than April to March as financial year: Rs. 5,000
35: 58 and 59 of the Companies Act, 2013; Rectification of Register of members; Rs. 500
36: 73(4) of the Companies Act, 2013 read with section 76; Directing the Company to pay the sum due or for any loss or damage incurred as a result of such non-payment: Rs. 100
37: 74(2) of the Companies Act, 2013; Allow further time as considered reasonable to the company to repay the deposit: Rs. 5,000
The notification shall come into force from the date of notification in the official gazette.
The amendment rules containing the full details and particulars can also be accessed at the link given below.

The Company Law Board (Fees on Applications and Petitions) Amendment Rules, 2014

June 30

Clarification with regard to format of annual return

General Clrcular No. 22l2O14
No. 1/ 34 /2013-CL-V (Part-I)
Government of India
Ministry of Corporate Affairs
5th Floor, A Wing, Shastri Bhavan,
Dr R.P. Road, New Delhi.
Dated  25th June. 2014

To
All Regional Directors,
All Registrars of Companies,
All Stakeholders.
Subject: Cladfication wlth regard to format of antrual return appllcable for
Flnancial Year 2013-14 and fees to be charged by companles for
allowlng lnspectlon of r€cords.
Sir,
Government has received requests for clarification about the applicability of form of annual return (MGT-7) prescribed under r-ule 11(1) of the Companies (Management and Administration) Ru1es, 2014 for financial year(s) commencing earlier thall 16t April, 2014. The matter has been examined in the light of provisions of section 92(1) of the Act lehich requires annual return to contain particulars as they stood on the close of the financial year. It is, clarilied that Form MGT-7 shall not apply to annual returns in respect of companies whose financial year ended on or before 1st April, 2014 and for annual returns pertaining to earlier years. These companies may file their returns in the relevant Form applicable under the Companies Act, 1956.
2. Companies have also sought clarity about permitting Free of cost inspectionof records under rule 14(2) ard rule 16 ol the rules cited above and till a fee is prescribed for the purpose in the Articles. It is clarified that until the requisite fee is specified by companies, inspections could be allowed wlthout lely of fee.
3. This issues with the approval oi the competent authority.

Yours faithfully,

(KMS Aarayanan)
Assistant Dirdctor (Policv)
233a7263
Copy to:- 1. e-Governance Section and Web Contents Officer to place this
circular on the Miflistrf’s \irebsj.te
2. Guard File

June 6

RBI Updates : Foreign investment in the Insurance Sector – Amendment to the Foreign Direct Investment Scheme

The Main text : available at http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8924&Mode=0

RBI/2013-14/629
A.P. (DIR Series) Circular No.139

June 5, 2014

To
All Category – I Authorised Dealer Banks

Madam/ Sir,

Foreign investment in the Insurance Sector – Amendment to the Foreign Direct Investment Scheme

Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (the Principal Regulations), notified vide Notification No. FEMA. 20/2000-RB dated May 3, 2000, as amended from time to time, wherein entry route, sectoral cap and other conditions for sectors/activities in which FDI is permitted are specified. In terms of the Schedule ibid, Foreign Direct Investment (FDI) up to 26 per cent is permitted under automatic route in insurance sector.

2. The extant FDI policy for insurance sector has since been reviewed. Accordingly, effective from February 4, 2014, foreign investment by way of FDI, investment by FIIs/FPIs and NRIs up to 26% under automatic route shall be permitted in insurance sector subject to the conditions specified in the Press Note 2 (2014 Series) dated February 4, 2014.

3. A copy of Press Note No.2 (2014 Series) dated February 4, 2014 issued in this regard by Department of Industrial Policy and Promotion, Ministry of Commerce & Industry, Government of India is enclosed.

4. Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2014 notified vide Notification No. FEMA. 301/2014-RB dated April 4, 2014 c.f. G.S.R. No. 361(E) dated May 27, 2014.

5. AD Category – I banks may bring the contents of the circular to the notice of their customers/constituents concerned.

6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(B P Kanungo)
Principal Chief General Manager

May 31

RBI warns about Fake Website in its Name

t has come to the notice of the Reserve Bank of India today that a fake website has been created at http://www.rbi-inonline.org/savings.html by some unknown persons offering various banking facilities and asking members of public to apply on-line for opening “RBI Savings Account”.

The Reserve Bank clarifies that as India’s central bank, the Reserve Bank of India does not offer services offered by commercial banks, such as, savings bank account, current bank account or credit cards. As such, the question of the Reserve Bank offering online banking services, as is indicated on the fake site, does not arise. The Reserve Bank has cautioned members of public not to fall prey to spurious offers made by the fake website. The Reserve Bank has further cautioned members of public that applying on line on that website could result in compromising one’s own crucial personal information, that may be misused to cause financial and other loss to them.

Members of public may visit the official website of RBI at rbi.org.in and see press releases issued earlier which are made available as scrolling headlines for more information about various kinds of fictitious offers of huge moneys sent in the name of the Reserve Bank or its Governor and other senior officials and what to do in case of receiving such offers.

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