Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
    Markets climb in early trade on falling crude oil prices; RBI monetary policy decision awaited
    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
    ED searches multiple locations in Punjab, Chandigarh in PMLA case against PSIEC officials
    Rupee gains 9 paise against US dollar
    India, US working towards interim trade agreement: MEA
    Govt to adopt appropriate measures to mitigate fuel price volatility: MoS Finance
    Taxation laws (Amendment) Bill to attract more foreign capital, provide policy certainty introduced in LS
    Champion Mirabai Chanu Unveils MMTC-PAMP's 'Virasat' Recycled Gold Coin to Celebrate India's 80th Year of Independence
    Indian economy to hit USD 5-trillion mark in FY29 as per IMF: FM
    SVC Co-operative Bank Concludes 120th Annual General Meeting, Reaffirms Growth, Governance and Digital Focus
    Rupee falls 3 paise to close at 95.40 against US dollar
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

    Are you sure you want to delete "My most important" ?

    NOTE:

    News
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
    Show AI Summary
    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
    August 5, 2026
    Show AI Summary
    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
    Show AI Summary
    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
    Show AI Summary
    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.
    August 4, 2026
    Show AI Summary
    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
    Show AI Summary
    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
    Show AI Summary
    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.
    August 4, 2026
    Show AI Summary
    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    August 4, 2026
    Show AI Summary
    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
    Show AI Summary
    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
    Show AI Summary
    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.
    August 4, 2026
    Show AI Summary
    Broad-based growth strategy links tax reforms, trade resilience, industrial support and services development to medium-term economic expansion.
    The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.
    August 4, 2026
    Show AI Summary
    Co-operative bank governance and financial disclosure support digital transformation, risk management, priority-sector lending and sustainable member-focused growth.
    Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.
    August 4, 2026
    Show AI Summary
    Foreign-exchange market conditions weakened the rupee as oil prices, domestic equities and dollar strength shaped near-term currency expectations.
    The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.

    News

    Back

    All News

    Showing Results for :
    Reset Filters
      No Records Found

      News

      Back

      All News

      whatsappJoin Channel
      Showing Results for : Reset Filters
      Corp. Laws, SEBI & IBC

      NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (Incorporation) Second AMENDMENT RULES 2016

      February 18, 2016

      Contents
      Acts
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      GOVERNMENT OF INDIA

      Ministry of Corporate Affairs

      NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (Incorporation) Second  AMENDMENT RULES 2016

      Dated the 17th February, 2016

      1. The draft Companies COMPANIES (Incorporation) Second AMENDMENT RULES 2016 i.e. conversion of unlimited liability company into limited liability company has been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on the above draft.

      2. Suggestions/comments on above mentioned draft along with justification in brief may be sent latest by 02.03.2016 through email at [email protected]   It is requested that the name, Telephone number and address of the sender should be indicated clearly at the time of sending suggestions/comments.

      Name, Address, Contact No. of Stake holder __________________

      SL.No

      Rule No.or Form No.

      Suggestion

      Justification

                       

       

       

       

       

       

      To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)]

      Government of India

      Ministry of Corporate Affairs

      NOTIFICATION

      New Delhi, February, 2016

      G.S.R..-In exercise of the powers conferred by sub-sections (1), (2) and (3) of section 18 read with sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely:-

      1. (1) These rules may be called the Companies (Incorporation) Second Amendment Rules, 2016.

      (2) They shall come into force from the date of their publication in the Official Gazette.

      2. In the Companies (Incorporation) Rules, 2014,

      After existing Rule 36, the following Rules shall be inserted.-

      37. Conversion of unlimited liability company into limited liability company:-

      For effecting the conversion of an unlimited liability company into limited liability company, the company shall pass a special resolution in a general meeting and thereafter, an application shall be filed in Form INC-27 in the manner hereinafter provided.

      (2) The Company shall within seven days from the date of passing of the special resolution in a general meeting, publish a notice of such proposed conversion in newspapers (one in English and one in vernacular language) in the district in which the registered office of the company is situate and shall also  place the same on the website of the Company, if any, indicating clearly the proposal of conversion of the company into limited liability company, and seeking objections if any from the persons interested in its affairs, to such conversion and cause a copy of such notice to be dispatched to its creditors and debentures holders by registered post or electronic mode or through courier with proof of dispatch. The notice shall also state that the objections, if any, may be intimated to the Registrar and to the company within twenty-one days of the date of publication of the notice, duly indicating nature of interest and grounds of opposition.

      (3) The Company shall within sixty days of passing of the special resolution  file an application as prescribed in sub rule (1) for its conversion into Limited Liability Company alongwith the fees as provided in the Companies (Registration offices and Fees) Rules, 2014, by attaching the following documents, namely:-

      a. Notice of the general meeting along with explanatory statement;

      b.  Copy of the resolution passed in the general meeting;

      c. Copy of the newspaper publication;

      d. A copy of altered Memorandum of Association as well as Articles of Association duly certified by any one of the directors duly authorised in this behalf.

      e. Declaration from all the directors of the Company that such conversion shall not affect any debts, liabilities, obligations or contracts incurred or entered into by or on behalf of the Company before conversion (except to the extent that the liability of the members shall become limited).

      f. A complete list of creditors and debenture holders, drawn up to the latest practicable date preceding the date of filing of application by not more than thirty days, setting forth the following details, namely:-

      (i) the names and address of every creditor and debenture holder of the Company;

      (ii) the nature and respective amounts due to them in respect of debts, claims or liabilities:

      (iii) declaration by a director of the company that notice as  required in sub-rule (2) has been dispatched to all creditors and debenture holders with proof of dispatch.

      g. A declaration signed by not less than two directors of the company, one of whom shall be a managing director where there is one, to the effect that they have made a full enquiry into the affairs of the Company and, having done so, have formed an opinion that the list of creditors is correct, and that the estimated value as given in the list of the debts or claims payable on a contingency or not ascertained are proper estimates of the values of such debts and claims and that there are no other debts of or claims against the Company to their knowledge.

      h. A declaration of solvency signed by at least two directors of the company, one of whom shall be the managing director where there in one to the effect that the Board of Directors of the company have made a full inquiry into the affairs of the company, as a result of which they have formed an opinion that it is capable of meeting its liabilities and will not be rendered insolvent within a period of one year from the date of declaration, through a resolution, passed in a duly convened meeting.

      i. The company should also obtain a certificate from the Statutory Auditors that the company is solvent and that it is a going concern as on the date of passing of resolution by the Board certifying solvency as per (h) above.

      j. NOC from sectoral regulator, where necessary.

      k. NOCs from all secured creditors, if any.

      (4) Declaration from all the directors of the Company that no complaints are pending against the company from the members or investors.

      (5) Where no objection has been received from any persons, who have been duly served with notice, the application shall be decided by the Registrar on merits.  Where an objection has been received, the company shall either obtain the objector’s consent to the conversion or his debt or claim has been discharged or determined or has been secured as the case may be, to the satisfaction of the Registrar.

      (6) The certificate of incorporation consequent to conversion of unlimited liability company to the limited liability company in Form INC-11A shall be issued to the company upon grant of approval for conversion.

      (7) Conditions to be complied with, subsequent to conversion:-

      (i) Company shall not change its name for a period of one year from the date of such conversion.

      (ii)  The company shall not declare or distribute any dividend without satisfying past debts, liabilities, obligations or contracts incurred or entered into before conversion.

      (8) An Unlimited Liability Company shall not be eligible for conversion into Limited Liability Company in case ;-

      (a) Its networth is negative, or

      (b)  It has incurred losses continuously for the past three financial years, or

      (c) Scrutiny or inquiry or investigation is pending and where it is completed and prosecution is pending against the company or its directors under the provisions of the Companies Act, 1956/2013 as consequence thereof, or

      (d) An application is pending under the provisions of the Companies Act 1956/2013 for striking off its name, or

      (e)  The company has defaulted in filing Annual Returns and or financial statements under the provisions of the Companies Act.

      (ii) For the existing form INC-27 the following form INC-27 shall be substituted.

      (iii) After the existing Form INC-11, the form no. INC-11A shall be inserted

      Form No. INC-11A

      Certificate of Incorporation pursuant to conversion of Unlimited Liability company into Limited Liability Company

      [pursuant to section 18 of the Companies Act, 2013 read with Rule 37 of the Companies (Incorporation) Rules, 2014]

      I hereby certify that……………(name of the company prior to conversion) having unlimited liability has been converted into……….(name of the company after conversion) company having limited liability with effect from the date of this certificate on the company is limited by shares/limited by guarantee.

      The CIN of the company is……………………………

      Given under my hand at…………… this………………… day of…………… two thousand………………

      SEAL:                                                                                                                     …………………

      Registrar of Companies …………………………

      (State)

      [F. No. 1/13/2013 CL-V]

      AMARDEEP SINGH BHATIA, Jt. Secy.

      Note: - The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, sub-section (i), vide number G.S.R. 250(E), dated the 31st March, 2014, amended vide number G.S.R 349(E) dated 1st May, 2015, amended vide G.S.R. 442 (E) dated 29.05.2015 and lastly vide number G.S.R. 99(E) dated 22.01.2016.

      Form No. INC-11A

      Certificate of Incorporation pursuant to conversion of Unlimited Liability company into Limited Liability Company

      [pursuant to Rule 37 of the Companies (Incorporation) Rules, 2014]

      I hereby certify that (name of the company) has been converted from……………. to………………….. with effect from the date of this certificate on the company is limited by shares/limited by guarantee.

      The CIN of the company is……………………………

      Given under my hand at…………… this………………… day of…………… two thousand………………

      SEAL:

       …………………

      Registrar of Companies

      …………………………

      (State)

       

      GOVERNMENT OF INDIA

      Ministry of Corporate Affairs

      NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (Incorporation) Second  AMENDMENT RULES 2016

      Dated the 17th February, 2016

       

      1. The draft Companies COMPANIES (Incorporation) Second AMENDMENT RULES 2016 i.e. conversion of unlimited liability company into limited liability company has been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on the above draft.

      2. Suggestions/comments on above mentioned draft along with justification in brief may be sent latest by 02.03.2016 through email at [email protected]   It is requested that the name, Telephone number and address of the sender should be indicated clearly at the time of sending suggestions/comments.

      Name, Address, Contact No. of Stake holder __________________

      SL.No

      Rule No.or Form No.

      Suggestion

      Justification

                       

       

       

       

       

      To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i)]

      Government of India

      Ministry of Corporate Affairs

      NOTIFICATION

      New Delhi, February, 2016

      G.S.R..-In exercise of the powers conferred by sub-sections (1), (2) and (3) of section 18 read with sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely:-

      1. (1) These rules may be called the Companies (Incorporation) Second Amendment Rules, 2016.

      (2) They shall come into force from the date of their publication in the Official Gazette.

      2. In the Companies (Incorporation) Rules, 2014,

      After existing Rule 36, the following Rules shall be inserted.-

      37. Conversion of unlimited liability company into limited liability company:-

      For effecting the conversion of an unlimited liability company into limited liability company, the company shall pass a special resolution in a general meeting and thereafter, an application shall be filed in Form INC-27 in the manner hereinafter provided.

      (2) The Company shall within seven days from the date of passing of the special resolution in a general meeting, publish a notice of such proposed conversion in newspapers (one in English and one in vernacular language) in the district in which the registered office of the company is situate and shall also  place the same on the website of the Company, if any, indicating clearly the proposal of conversion of the company into limited liability company, and seeking objections if any from the persons interested in its affairs, to such conversion and cause a copy of such notice to be dispatched to its creditors and debentures holders by registered post or electronic mode or through courier with proof of dispatch. The notice shall also state that the objections, if any, may be intimated to the Registrar and to the company within twenty-one days of the date of publication of the notice, duly indicating nature of interest and grounds of opposition.

      (3) The Company shall within sixty days of passing of the special resolution  file an application as prescribed in sub rule (1) for its conversion into Limited Liability Company alongwith the fees as provided in the Companies (Registration offices and Fees) Rules, 2014, by attaching the following documents, namely:-

      a. Notice of the general meeting along with explanatory statement;

      b.  Copy of the resolution passed in the general meeting;

      c. Copy of the newspaper publication;

      d. A copy of altered Memorandum of Association as well as Articles of Association duly certified by any one of the directors duly authorised in this behalf.

      e. Declaration from all the directors of the Company that such conversion shall not affect any debts, liabilities, obligations or contracts incurred or entered into by or on behalf of the Company before conversion (except to the extent that the liability of the members shall become limited).

      f. A complete list of creditors and debenture holders, drawn up to the latest practicable date preceding the date of filing of application by not more than thirty days, setting forth the following details, namely:-

      (i) the names and address of every creditor and debenture holder of the Company;

      (ii) the nature and respective amounts due to them in respect of debts, claims or liabilities:

      (iii) declaration by a director of the company that notice as  required in sub-rule (2) has been dispatched to all creditors and debenture holders with proof of dispatch.

      g. A declaration signed by not less than two directors of the company, one of whom shall be a managing director where there is one, to the effect that they have made a full enquiry into the affairs of the Company and, having done so, have formed an opinion that the list of creditors is correct, and that the estimated value as given in the list of the debts or claims payable on a contingency or not ascertained are proper estimates of the values of such debts and claims and that there are no other debts of or claims against the Company to their knowledge.

      h. A declaration of solvency signed by at least two directors of the company, one of whom shall be the managing director where there in one to the effect that the Board of Directors of the company have made a full inquiry into the affairs of the company, as a result of which they have formed an opinion that it is capable of meeting its liabilities and will not be rendered insolvent within a period of one year from the date of declaration, through a resolution, passed in a duly convened meeting.

      i. The company should also obtain a certificate from the Statutory Auditors that the company is solvent and that it is a going concern as on the date of passing of resolution by the Board certifying solvency as per (h) above.

      j. NOC from sectoral regulator, where necessary.

      k. NOCs from all secured creditors, if any.

      (4) Declaration from all the directors of the Company that no complaints are pending against the company from the members or investors.

      (5) Where no objection has been received from any persons, who have been duly served with notice, the application shall be decided by the Registrar on merits.  Where an objection has been received, the company shall either obtain the objector’s consent to the conversion or his debt or claim has been discharged or determined or has been secured as the case may be, to the satisfaction of the Registrar.

      (6) The certificate of incorporation consequent to conversion of unlimited liability company to the limited liability company in Form INC-11A shall be issued to the company upon grant of approval for conversion.

      (7) Conditions to be complied with, subsequent to conversion:-

      (i) Company shall not change its name for a period of one year from the date of such conversion.

      (ii)  The company shall not declare or distribute any dividend without satisfying past debts, liabilities, obligations or contracts incurred or entered into before conversion.

      (8) An Unlimited Liability Company shall not be eligible for conversion into Limited Liability Company in case ;-

      (a) Its networth is negative, or

      (b)  It has incurred losses continuously for the past three financial years, or

      (c) Scrutiny or inquiry or investigation is pending and where it is completed and prosecution is pending against the company or its directors under the provisions of the Companies Act, 1956/2013 as consequence thereof, or

      (d) An application is pending under the provisions of the Companies Act 1956/2013 for striking off its name, or

      (e)  The company has defaulted in filing Annual Returns and or financial statements under the provisions of the Companies Act.

      (ii) For the existing form INC-27 the following form INC-27 shall be substituted.

      (iii) After the existing Form INC-11, the form no. INC-11A shall be inserted

      Form No. INC-11A

      Certificate of Incorporation pursuant to conversion of Unlimited Liability company into Limited Liability Company

      [pursuant to section 18 of the Companies Act, 2013 read with Rule 37 of the Companies (Incorporation) Rules, 2014]

      I hereby certify that……………(name of the company prior to conversion) having unlimited liability has been converted into……….(name of the company after conversion) company having limited liability with effect from the date of this certificate on the company is limited by shares/limited by guarantee.

      The CIN of the company is……………………………

      Given under my hand at…………… this………………… day of…………… two thousand………………

      SEAL:                                                                                                                     …………………

      Registrar of Companies …………………………

      (State)

      [F. No. 1/13/2013 CL-V]

      AMARDEEP SINGH BHATIA, Jt. Secy.

      Note: - The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, sub-section (i), vide number G.S.R. 250(E), dated the 31st March, 2014, amended vide number G.S.R 349(E) dated 1st May, 2015, amended vide G.S.R. 442 (E) dated 29.05.2015 and lastly vide number G.S.R. 99(E) dated 22.01.2016.

      Form No. INC-11A

      Certificate of Incorporation pursuant to conversion of Unlimited Liability company into Limited Liability Company

      [pursuant to Rule 37 of the Companies (Incorporation) Rules, 2014]

      I hereby certify that (name of the company) has been converted from……………. to………………….. with effect from the date of this certificate on the company is limited by shares/limited by guarantee.

      The CIN of the company is……………………………

      Given under my hand at…………… this………………… day of…………… two thousand………………

      SEAL:

       …………………

      Registrar of Companies

      …………………………

      (State)

      Topics

      ActsIncome Tax