Director Identification Number: Form DIN 1 now requires declaration of whether the applicant is resident in India.
Amendment to the Companies (Director Identification Number) Rules, 2006 adds a new serial entry to Form DIN-1 asking "4A Whether resident in India O Yes O No," under the Companies Director Identification Number (Second Amendment) Rules, 2012, effective 11 June 2012.

Substitution of company form: Form 23AB replaced, amending Companies General Rules with commencement upon Gazette publication.
The Central Government, exercising rulemaking power under section 642(1) of the Companies Act, amends the Companies (Central Government's) General Rules and Forms, 1956 by substituting a new Form 23AB in Annexure 'A'. The Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012 take effect on publication in the Official Gazette.

Director identification verification now requires attested photographs, residential status and updated annexure verifications in DIN filings.
The amendment requires that photographs and documents attached to Form DIN-1 and Form DIN-4 belong to the applicant and be duly attested by the applicant or by a Public Notary or a Gazetted Officer; Form DIN-4 is expanded to include a director's/designated partner's photograph, residential status, verification cross-references to Annexures 1 and 2, and a question on residency, while Annexure checklists and attestation declarations are updated to reflect these additions.

Investor unclaimed and unpaid amounts: companies must annually file Form 5 INV and upload investor wise details online.
Companies must, within 90 days after the AGM and annually for seven years, file eForm 5 INV and upload on company and government websites a statement of unclaimed and unpaid amounts listing each entitled person, address, nature and amount due and the due date for transfer to the Investor Education and Protection Fund; the eForm must be certified by a practising CA/CS/Cost Accountant or the statutory auditors, and investor wise excel details must be uploaded to the IEPF portal within 14 days with prescribed validations and confirmation procedures.

Intangible asset amortization rules for toll-road concessions establish revenue-linked amortization and annual projection review mechanism
Addition to Schedule XIV prescribes revenue-linked amortization for toll-road intangible assets under PPP concessions: annual amortization equals asset cost multiplied by actual year revenue divided by total projected concession revenue, with amortization rate as amortization amount over asset cost. Cost follows Accounting Standards, actual revenue is tolls received, and projected revenue is the total forecast presented at financial closure. Projections must be reviewed annually and adjusted so the asset is fully amortized over the concession period.

National Advisory Committee on Accounting Standards established to advise government on formulation and adoption of company accounting standards.
Constitution of the National Advisory Committee on Accounting Standards establishes a time-limited advisory body to assist the Central Government in formulating and laying down accounting policies and accounting standards for adoption by companies or classes of companies, appointing a chairperson, institutional nominees and special invitees, and recording later substitutions to certain nominees.

Prescribed authority appointment: Assistant Commissioner of Income tax, Guwahati designated under Companies Rules to perform clause (a) functions.
The Central Government, exercising power under sub rule (1) of rule 5A of the Companies (Central Government's) General Rules and Forms, 1956, appoints the Assistant Commissioner of Income tax, Guwahati as the prescribed authority for clause (a) of the sub section linked to section 108 of the Companies Act, by Notification S.O. 733(E) dated 4-4-2012, conferring the specified administrative role on that income tax office.

Accounting for government loans: historical cost measurement with carrying amount reporting and mandated three part disclosure.
IGAS 3 mandates recognition of loans as assets on actual disbursement, measurement at Historical Cost with subsequent presentation at carrying amount adjusted for disbursements, repayments and write-offs, and extensive three-part disclosure in Annual Finance Accounts showing opening and closing carrying amounts, separate reporting of interest in arrears, loanee group-wise and sector-wise summaries, detailed major/minor head schedules, and additional disclosures on fresh loans, loans in perpetuity and loans with unsettled terms.

Commencement of Company Secretaries Amendment Act: government appoints date to bring its provisions into force nationwide.
The Central Government, exercising the power under sub section (2) of section I of the Company Secretaries (Amendment) Act, 2011, appoints the 1st day of February, 2012 as the date on which the provisions of that Act shall come into force by formal notification.

Commencement of Cost and Works Accountants Amendment Act: central government appoints a formal commencement date for the Act.
In exercise of the power conferred by sub-section (2) of section 1 of the Cost and Works Accountants (Amendment) Act, 2011, the Central Government appoints the first day of February, 2012 as the date on which the provisions of the Act shall come into force as a formal commencement notification.

Commencement of Chartered Accountants (Amendment) Act: government appoints operative date and brings its provisions into force.
The Central Government, exercising the power under sub section (2) of section 1 of the Chartered Accountants (Amendment) Act, 2011, by notification S.O.190(E) dated 30 1 2012, appointed the 1st day of February, 2012 as the date on which the provisions of the Amendment Act shall come into force.

Right to inspect records: access allowed as of right for parties, with fees and mandated supply timelines.
Amendment to regulation 30 provides a right to inspect records and obtain certified copies for parties and their authorised representatives on written application and payment of prescribed fees, with inspection as a pre-requirement for supply. Applications must specify the records and be filed at the counter or by post with fees. Non-parties may access records only with the filing party's consent or by Bench order. Inspection is barred on hearing dates without Bench permission. Inspection must be allowed within two working days and certified copies supplied within three working days.

Sitting fees for Quality Review Board members formalised and specified rates for meetings and other sittings under amendment rules.
Amendment inserts Rule 3A prescribing Sitting Fees for the Chairperson and Members of the Quality Review Board: a sitting fee of twenty thousand rupees for each meeting of the Quality Review Board and a sitting fee of five thousand rupees for any other meeting called by the Quality Review Board or a sub-committee. The Amendment Rules, 2012, come into force on publication in the Official Gazette.