IEPF Authority share transfer restrictions tightened; funds received for minority shareholders creditable to IEPF after verification.
The amendment restricts transfer or dealings in shares held in the Authority's DEMAT account to returning shares to claimants or transfers under specified sub-rules, and permits the Authority to receive amounts paid on behalf of minority shareholders under section 236 after verifying statutory conditions and company reports, crediting proceeds to a separate Fund ledger; companies must remit such amounts to the specified IEPF account and file Form IEPF-7 within thirty days, while the Authority bears no liability and claimants receive only amounts credited without interest.

Corrigendum to company law notification corrects sub-rule reference, replacing an incorrect sub-rule citation with the correct one.
Corrigendum correcting a misreference in G.S.R. 785(E): in the English version of the Gazette entry, line 9 is amended by substituting "sub-rule (2)" for the originally stated "sub-rule (7)", thereby correcting the textual citation in the earlier notification.

Investor Education and Protection Fund Authority rules rename nominees as claimants, raise thresholds to Rs.5 lakh and tighten transmission documents.
Amendments to the IEPF Authority Rules substitute the term "nominee" with "claimant", raise the monetary threshold from Rs. 2,00,000 to Rs. 5,00,000 per issuer, and require succession certificate or equivalent court/tribunal decree for transfers above the enhanced threshold. They prescribe attestation of death certificates or transaction statements, permit companies to increase the limit by board resolution under the referenced securities schedule, modify loss-of-securities procedures (notarisation to self attestation; removal of market-value clause; increase of specified monetary figure), alter certain verification steps in disposal procedure, and replace Form IEPF-5.

Special Court designation enables speedy trial of company law offences under section 435(2)(b), ensuring focused prosecution.
The Central Government, under section 435 of the Companies Act, 2013 and with the concurrence of the Chief Justice of the High Court of Jharkhand, designates the Court of Sub Divisional Judicial Magistrate at Ranchi as a Special Court for the speedy trial of offences under clause (b) of sub section (2) of section 435, applying to the State of Jharkhand.

Capacity building reporting for independent directors requires institutes to deliver annual participation reports to directors and their companies.
Institutes maintaining the independent directors databank must, within sixty days from financial year end, send a standardized annual report to each listed individual and to each company where the individual is appointed, identifying the director (name, DIN, databank registration, subscription, membership validity, self assessment status) and reporting participation counts for e learning modules, other training courses, and colloquia/workshops/events during the year and cumulatively as set out in the prescribed Schedule.

Director qualification rules revised: specified government pay-scale experience defined and seasoned advocates/accountants/cs exempted from online test.
The amendment to rule 6(4) substitutes clause (B) to include persons in the pay scale of Director or equivalent or above in any Central or State Government Ministry/Department with specified experience in commerce, corporate affairs, finance, industry, public enterprises or in affairs of Government companies or statutory corporations carrying on commercial activities; and inserts a proviso exempting individuals who are, or have been for at least ten years, advocates, practising chartered accountants, practising cost accountants, or practising company secretaries from the online proficiency self-assessment test.

Exemption for foreign companies from prospectus and subscription requirements in IFSCs under the Special Economic Zones framework.
The Central Government exempts foreign companies (incorporated outside India) from sections 387-392 of the Companies Act insofar as those provisions govern offering for subscription, prospectus requirements, and incidental matters within International Financial Services Centres established under the Special Economic Zones Act, 2005.

Electronic mode exclusion: IFSC electronic offerings and listings not treated as electronic mode under specified clause of the Act.
The Companies (Specification of definitions details) Third Amendment Rules, 2021 add an explanation to clause (h) of sub-rule (1) of rule 2 clarifying that electronic-based offering, subscription or listing of securities in International Financial Services Centres under the Special Economic Zones Act shall not be construed as electronic mode for the purposes of clause (42) of section 2 of the Companies Act.

Electronic mode exclusion clarified for securities offerings in international financial services centres, not treated as electronic mode under Companies Act.
Clarification that electronic-based offerings, subscriptions or listings of securities in International Financial Services Centres shall not be construed as electronic mode for purposes of clause (42) of section 2 of the Companies Act, by inserting an explanation in rule 2(1)(c) of the Companies (Registration of Foreign Companies) Rules, 2014.

Commencement of Section 4 of the Companies (Amendment) Act set for 1 September to bring that provision into force.
Commencement of Section 4 of the Companies (Amendment) Act, 2020 is effected by a Central Government notification under sub section (2) of section 1, appointing 1 September 2021 as the date on which the provisions of Section 4 shall come into force.

Company name change: automatic 'ORDNC' naming and mandatory disclosure if Regional Director order not complied.
Rule 33A provides that if a company fails to change its name as directed by the Regional Director within three months, its name automatically becomes "ORDNC" plus year, serial number and CIN, the Registrar shall record the new name and issue a certificate in Form INC-11C, pending e-form INC-24 suspends this only while pending, and the renamed company must promptly comply with registration requirements and display the prescribed "Order of Regional Director Not Complied" statement beneath its name unless it subsequently changes name lawfully.

Companies (Accounting Standards) Rules require companies to apply specified Accounting Standards and outline SMC exemptions and disclosure obligations.
Notification prescribes the Companies (Accounting Standards) Rules, 2021, specifying Accounting Standards 1-5, 7 and 9-29 for companies not subject to Ind AS, effective for periods commencing on or after 1 April 2021. Every company (except those to which Ind AS apply) and its auditors must comply with these Accounting Standards in preparing financial statements. The rules define a Small and Medium Sized Company (SMC), permit limited exemptions or relaxations for SMCs subject to disclosure, and require a two period SMC continuity test before new SMC reliefs apply.

Interest rate benchmark reform practical expedients introduced to ease transition for financial instruments and hedge accounting.
The amendment rules revise numerous Ind ASs to align references with the ICAI Conceptual Framework, substitute terminology (eg "costs of disposal"), and implement practical expedients and transitional provisions for Interest Rate Benchmark Reform-Phase 2 and select COVID-19 rent-concession clarifications. Key operative measures include practical expedients for changes in contractual cash-flow bases and lease modifications required by benchmark reform (subject to economic equivalence), hedge-accounting amendments (amendment of designations, treatment of hedge reserves, subgrouping and a 24 month deemed-identifiability rule), disclosure requirements on reform exposure and transition progress, and retrospective application guidance with relief where retrospective application is impracticable or unduly costly.

Databank of independent directors: late inclusion or renewal may be accepted under rule 6 subject to a late fee.
The amendment adds "or renewal" to applications for inclusion in the databank and inserts a new provision allowing the institute to accept delayed applications for inclusion or renewal under rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, on payment of an additional fee for such delay; it also sets the short title and commencement and is made under the powers of section 150 read with section 469 of the Companies Act, 2013.

Amendment to board meeting rules removes Rule 4, altering board meeting governance and effective on publication.
The Central Government issues the Companies (Meetings of Board and its Powers) Amendment Rules, 2021, which omit Rule 4 of the 2014 Rules; the amendment is promulgated under statutory powers conferred by the Companies Act and comes into force on publication in the Official Gazette.

Investor Education and Protection Fund rules mandate transfer of shares to a DEMAT account and credit of benefits to the Fund.
The amendments provide that all shares and resultant benefits transferred under section 90(9) shall be credited to a dedicated DEMAT account of the Authority within thirty days and transferred by companies as transmissions; companies must follow specified procedures for demat and physical shares, file Form IEPF-4 within thirty days with Tribunal order and declaration, preserve records for inspection, and remit dividends and proceeds (including from delisting or winding up) to the Fund with details filed in Form IEPF-7.

Companies incorporation rules add AGILE-PRO-S for GSTIN, EPFO/ESIC, profession tax, bank and shops registration processes.
The Companies (Incorporation) Rules, 2014 are amended to revise rule 38A: the heading is expanded to include Shops and Establishment Registration, AGILE-PRO is renamed AGILE-PRO-S, clauses substitute that Profession Tax Registration and Opening of Bank Account operate with effect from 23 February 2020, and Shops and Establishment Registration is added. The Annexure e-Form INC-35 is replaced with a revised form integrating GSTIN, EPFO, ESIC, Profession Tax, Bank Account and Shops and Establishment Registration as part of the SPICe+ process.

Amendment to Audit Rules limits rule 11(g)'s application to financial years commencing on or after 1 April 2022.
Amendment narrows the temporal scope of rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 by substituting the clause's opening words so that it applies only in respect of financial years commencing on or after 1 April 2022, thereby delimiting the applicability of rule 11(g) by the specified financial year cut off.

Commencement date amendment in Companies Accounts Rules postpones application of a proviso until next year under statutory authority.
The amendment replaces the commencement date in the proviso to sub rule (1) of rule 3 of the Companies (Accounts) Rules, 2014 with a later date, thereby postponing the proviso's applicability; the rules are made under section 134 read with section 469 of the Companies Act, 2013 and are titled Companies (Accounts) Second Amendment Rules, 2021.

Commencement of sections 23 and 45: specified provisions of Companies (Amendment) Act come into force on appointed date.
The Central Government, exercising the power under sub section (2) of section 1 of the Companies (Amendment) Act, 2020, appointed 24 March 2021 as the date on which sections 23 and 45 of the Companies (Amendment) Act, 2020 shall come into force by official notification.