COMPANY SECRETARIES CAN ALSO CERTIFY THE REFUND PROCESS OF THE COMPANIES

SEBI ALLOWS COMPANY SECRETARIES TO CERTIFY COS' REFUND PROCESS

Securities and Exchange Board of India (“SEBI”) allowed Independent Practising Company Secretaries to certify the refund made by firms in a public offer involving allotment of securities to more than 49.However, the limit is restricted to 200 investors in a financial year.

Currently, only Independent Practising Chartered Accountants are allowed to certify the repayments.

SEBI, in December 2015, directed that the unlisted companies raising funds through securities without having a public offer document will be exempted from penal action if they provide a refund option along with 15 per cent interest rate at the time of issuance.

Above stated relaxation is be applicable to entities that have raised funds by issuing securities to more than 49 persons, but up to 200 individuals in a financial year.

“According to the Para 7 of the Circular issued the SEBI dated December 31, 2015 earlier:

Which require submission of a certificate from an independent peer reviewed practicing Chartered Accountant certifying compliance.

Now, It has been decided that the certification as provided in Para 7 of the Circular dated December 31, 2015 may also be provided by an independent peer reviewed practicing Company Secretary.”

SEBI Circular No. CFD/DIL3/CIR/ P/2016 / 53, dated May 3, 2016.

MCA HAS RELAXED THE ADDITIONAL FEES AND EXTENDED THE LAST DATE OF FILING OF VARIOUS E-FORMS UNDER THE COMPANIES ACT

This is in view of the V2R2 system, being launched by the Ministry of Corporate Affairs (“MCA”) on 28th March, 2016.

After its launch, a number of stakeholders have faced issues and representations have been received from stakeholders and from ICSI also to resolve the issues including, for allowing waiver of additional fee till the new system stabilizes.

Considering the same, MCA has decided to relax the additional fee payable on e-forms which are due for filing by companies between 25th March 2016 to 30th April, 2016 as one time waiver of additional fee and it is also clarified to stakeholders that if such due e-forms are filed after 10^th April, 2016, no such relaxation shall be allowed.

Link to download the circular

MCA HAS MODIFIED THE VERSION OF CERTAIN FORMS

The Ministry of Corporate Affairs (“MCA”) vide General Notice has issued modified versions of some Forms under the Companies Act, 2013, namely:-

• INC-2 (One Person Company- Application for Incorporation);
• INC-7 [Application for Incorporation of Company (Other than OPC)];
• INC-29 (Integrated Incorporation Form);
• MGT-10 (Changes in shareholding position of promoters and top Ten shareholders);
• FTE (Application for striking off the name of company under the Fast Track Exit Mode);
• PAS-3 (Return of allotment).

(Source: MCA)

BILL OF ENTRY TO BE REPLACED BY INTEGRATED DECLARATION WEF APRIL 1, 2016

F. No. 450/147/2015-Cus-IV Dated the March 31, 2016

Following the issue of CBEC Circular 10/2016-Cus dated March 15, 2016 regarding implementation of the Single Window “Integrated Declaration” with effect from April 1, 2016.

The ‘Bill of Entry’ will be replaced by an ‘Integrated Declaration’, which covers all information required for import clearance by the other government agencies. The Customs Broker or Importer shall submit the “Integrated Declaration” electronically to a single entry point, i.e., the Customs Gateway (ICEGATE).

Separate application forms (both online and hardcopy) required by different Participating Government Agencies (PGAs) like Drug Controller, AQCS, WCCB, PQIS and FSSAI would be dispensed with.

EXTENSION OF E-PAYMENT DEADLINE AND OF BANKING HOURS

Circular No. 191/01/2016-Service Tax, Dated: March 29, 2016

The Reserve Bank of India (“RBI”) has issued instructions vide notification RBI/2015-16/342 dated March 17, 2016 wherein it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for full day on March 30, 2016, and till 8.00 p.m. on March 31, 2016.

All electronic transactions would, however, continue till midnight of March 31, 2016. Thus, the Assessees can make e-payment till the mid night of March 31, 2016.

It is requested that the trade notice may be issued to publicize the extended e-payment hours as well as the extended banking hours.

Link to download the notification:-

http://www.cbec.gov.in/resources//htdocs-servicetax/st-circulars/st-circulars-2016/st-circ-191-2016.pdf

KEY HIGHLIGHTS OF DELHI BUDGET 2016-17

KEY HIGHLIGHTS OF DELHI BUDGET 2016-17

The Aam Aadmi Party (“AAP”) presented a “Zero Tax” budget for 2016-17 to the Delhi Assembly on 28 March, 2016.

Deputy Chief Minister of delhi Mr. Manish Sisodia has presented the annual budget for 2016-17 amounting to rupees Rs. 46,600 crore, pegging plan outlay at Rs. 20,600 crore and a non-planned outlay of Rs. 26,000 crore.

Here are some of the point wise key statements made by Mr. Sisodia in his budget speech.

SCHOOL EDUCATION:-

Rs. 102 crore has been set aside for recruitment of new teachers and for training existing teachers in Delhi.

All government school classrooms will be enabled with CCTV cameras. Government has allocated Rs. 100 for the purpose.

Providing adequate sports facilities is an important part of school education. Rs. 48 crore has been allocated for the improvement of sports facilities in government schools.

HIGHER EDUCATION:-

Government plans to establish 100 smart career colleges for skills development and training. The government plans a budgetary allocation of about Rs. 152 crores for vocational training.

A total of Rs. 10,690 crore has been allocated for education sector; this constitutes about 23 percent of the total budget.

HEALTHCARE:-

Healthcare is another focus area of the Delhi Government. About 1000 new Mohalla clinics, 100 polyclinics, and 10,000 beds (in government hospitals) will be added this financial year.

Rs. 5259 crore has been allocated for health care (including Rs. 3200 crore planned budget); this constitutes about 16 per cent of the total budgetary outlay.

PUBLIC TRANSPORT SYSTEM:-

Subsidy on e-rickshaws in Delhi has been increased from Rs. 15000 crore to Rs. 30000 crore.

1000 new non-AC buses will be introduced this FY.

Rs. 325 crore has been allocated for improvement of bus services in Delhi.

Two new elevated BRT corridors (from Anand Vihar to Peeragarhi and from Wazirabad to Airport) are to be constructed this year. 11 existing roads will be redesigned with safety mechanisms for cyclists. Rs. 2208 crore has been allocated for this purpose.

Government has allocated Rs. 763 crore for the maintenance of Delhi metro.

TACKLING POLLUTION:-

Vacuum cleaners will be used to clean road and curb pollution. Rs. 100 crore has been allocated to make Delhi roads cleaner and greener.

WOMEN’S SAFETY:-

Rs. 114 crores has been allocated to light up about 42,000 dark areas in Delhi for the Safety and security purposes.

Rs. 200 crore shall be allocated to Mohalla Rakshak Dal in all constituencies for safety of the women.

A further Rs. 200 crore will be allocated for setting up CCTVs across the city. A working women’s hostel will be set up in Dwarka.

INFRASTRUCTURE:-

Late payment fines on disputed water bills have been waived and people have been given incentives to install new meters. Rs. 178 crore has been collected due to such installations.

Rs. 2466 crore has been set aside for development of the city’s infrastructure.

Roads and drains will be constructed by the DSIIDC in unauthorised colonies. Rs. 300 crore has been set aside for this purpose. This will include rehabilitation of slums in Delhi.

Rs. 350 crores has been allocated for Swaraj implementation to Mohalla sabhas.

Wi-Fi projects in buses, Burari, and some NDMC areas have been launched. More efficient systems will be introduced.

DELHI TOURISM:-

The tourism sector will receive Rs. 10 crore to boost tourism in Delhi.

The tourism board will hold a Delhi festival that will showcase the city’s rich culture, food, and films. Rs. 30 crore has been allocated to build Brand Delhi.

REDUCTION OF VAT:-

To keep VAT at par with neighbouring states, the Deputy CM announced a reduction of VAT on footwear, school bags, battery, operated vehicles, sweets and snacks, ready-made garments, and marble from 12.5 percent to 5 percent. Watches will be taxed at 12.5 percent, though.

*****

CSR Activities by Corporate Houses

Corporate Social Responsibility ("CSR") provision of the Companies Act, 2013 came into force from 1st April, 2014. The year 2014-15 was the first year of implementation of CSR by companies under the legislation. During this year, a total of 460 listed companies which have placed annual CSR returns on their websites, have spent about Rs. 6337 crores on CSR, as summarised below:

1. By PSUs (Total 51 companies )- Rs. 2386.60crs

2. By Private Sector Companies(Total 409 companies)-3950.76crs

For more Info subscribes us at:singhpraveencs.blogspot.in