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Circulars
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01/2008 - 01-07-2008 Companies Law
Rescission of General Circular No.13 of 2007 dated 27-9-2007 passed under section 141 of the Companies Act, 1956
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Condonation of delay in charge registration: procedure reverted to prior statutory process; delayed filings require formal condonation.
The Ministry rescinded the interim Circular allowing Registrar-level acceptance of delayed registration, modification and satisfaction of charges up to 300 days with additional fee, restoring the prior judicial condonation procedure. From the stated effective date, documents filed after the prescribed statutory periods will not be registered by Registrars unless delay is condoned through the judicial process, and Registrars must strictly comply with this reinstated procedure.
05/2008 - 26-05-2008 Companies Law
Circulation of copy of notifications No S.O -901(E). GSR-329(E), GSR-374 (E) and GSR-387 (E),
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National Advisory Committee on Accounting Standards circulated alongside Nidhi company declarations, SFIO prosecution authorizations and tribunal selection rules.
Four notifications are circulated: constitution of the National Advisory Committee on Accounting Standards; declaration of twenty-four companies as Nidhi companies under the Companies Act; authorization of Serious Fraud Investigation Office officers to file and conduct prosecutions under the Companies Act; and notification of rules governing the selection committee term and manner of selecting a panel for the Competition Appellate Tribunal. Recipients are to note, act as necessary, and acknowledge receipt.
Empanelment of Chartered Accountants for Official Liquidator as Auditors in Companies under liquidation
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Empanelment of chartered accountants as auditors in liquidations: eligibility, documentation, and fund dependent remuneration process.
Empanelment of chartered accountants is invited to serve as auditors for companies under liquidation by the Official Liquidator. Applicants must be ICAI members in active practice for at least three years and submit bio-data with income details for the last three years, two recommendations from practising chartered accountants with at least ten years' practice, expected remuneration, and a declaration of no pending disciplinary proceedings. Professional fees will be subject to the fund position of the company in liquidation and applications must be sent to the Official Liquidator within the prescribed timeline.
Constitution of Board of Company Law Administration - Notified Benches
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Constitution of benches allocates company law matters by subject and permits bench sittings outside jurisdiction with consent.
Constitution of a multi-bench adjudicatory structure allocates company law matters by subject to specified benches, naming members empowered to sit for each bench. The Principal Bench is assigned particular statutory categories while other benches handle remaining company law matters. Benches may hold sittings outside their jurisdiction with party consent and may refer matters to the Principal Bench for joint consultation and disposal. The order supersedes prior orders and takes effect from the operative date.
02/2008 - 26-02-2008 Companies Law
Circulation of copy of notification No S.O -298(E)
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Declaration of Public Financial Institution: notification circulated to regional directors and registrars under Companies Act, prompting administrative action.
Circulation of a government notification declaring a company to be a Public Financial Institution under the Companies Act is forwarded to Regional Directors and Registrars of Companies for information, acknowledgement, and necessary administrative action to ensure regulatory follow-up and record-keeping.
01/2008 - 17-01-2008 Companies Law
Circulation of copy of notifications No S.O -2218(E) and S O -2219(E)
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Company licensing rules updated: prior notification rescinded and related notification amended, affecting licensed charitable companies' compliance obligations.
The Ministry circulated two Gazette notifications affecting companies licensed under the Companies Act, 1956: one rescinds a prior notification from 1962 and the other amends a 1961 notification, directing Regional Directors and Registrars of Companies to take note, act as necessary and acknowledge receipt.

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Empanelment of Chartered Accountants for Official Liquidator as Auditors in Companies under liquidation

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Empanelment of chartered accountants as auditors in liquidations: eligibility, documentation, and fund dependent remuneration process.
Empanelment of chartered accountants is invited to serve as auditors for companies under liquidation by the Official Liquidator. Applicants must be ICAI ... Summary

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Acts Income Tax