Company law in India is overseen by the Ministry of Corporate Affairs (MCA) under the Companies Act 2013. It encompasses laws governing the formation, functioning, and dissolution of companies. This article explores recent official update under company law by the MCA.
Do you want to be aware of all the latest developments by the MCA? If yes, this blog is for you! So, keep reading and get yourself updated.
Circular on CSR Form Due Date
On 28th March 2024, the MCA issued an advisory regarding the due date for companies to submit their CSR (Corporate Social Responsibility) form for the financial year 2022-23. This advisory emphasizes compliance with CSR regulations.
Availability of ‘Change Request Form’ (CRF)
Published on 20th February 2024, circular No. 02/2024 informed stakeholders about the availability of the ‘Change Request Form’ (CRF) on the V3 portal. This update aims to streamline processes for stakeholders interacting with the MCA.
Companies Amendment Rules 2024
On 16th February 2024, notification F. No. 01/16/2013 CL-V (Pt-I) was released, detailing the Companies Amendment Rules 2024 pertaining to Registration Offices and Fees. This notification underscores changes in registration procedures and fee structures.
Extension and Relaxation of Additional Fees
The MCA extended the deadline for filing LLP Form No. BEN-2 and Form No.4D, providing relief from additional fees. This announcement, made on 08th February 2024, encourages stakeholders to meet filing requirements promptly.
Restoration of Struck-off Company Procedure
Stakeholders were alerted on 08th February 2024 that the INC-28 form on the V3 portal serves as a placeholder for the restoration of struck-off companies under section 252(2). The MCA advises submitting INC-28 forms along with requisite documentation for streamlined restoration.
Establishment of Central Processing Centre
A notification dated 05th February 2024 (F. No. A-42/46/2023-Ad.II-MCA) announced the establishment of a Central Processing Centre in India. This initiative aims to enhance administrative processes within the MCA framework.
Technical Upgrade and Filing Delays
A scheduled technical upgrade affecting CBDT e-filing services may delay MCA eForm submissions from 2nd February 2024 to 5th February 2024. Stakeholders are urged to plan filings accordingly to mitigate inconvenience.
LEAP-1 Form Availability
Under the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024, the LEAP-1 form was made available for download on 25th January 2024 through the Compliance Related Filings in the MCA-V2 system.
Proposed Companies (Listing of Equity Shares) Rules 2024
The MCA introduced proposed rules, titled the Companies (Listing of equity shares in permissible jurisdictions) 2024, according to a notice on 25th January 2024. This signifies regulatory advancements in equity share listings.
Pre-legislative Consultation Draft
An overview of existing rules and regulations, along with a draft policy for pre-legislative consultation, was presented on 16th January 2024 by the MCA. This initiative invites feedback on legislative frameworks.
Indian Corporate Law Service Amendments
On 10th January 2024, the MCA released a notification (F.No.A-12018/2/2023-ad.II-MCA) regarding the Indian Corporate Law Service (amendment) rules, underscoring ongoing reforms in corporate governance.
Final Words
In conclusion, the official update under company law by the MCA shows major changes. It reflects the MCA’s commitment to enhancing regulatory frameworks and administrative processes governing corporate entities in India. If you are looking for legal guidance regarding company law, contact the best law firm in Kolkata. At Kshetry and Associates, we have trusted legal advisors in Kolkata.