COMPANIES ACT 2013 (Latest)

Clarification for filing of form No. INC-27 for conversion of company from public to private under the provisions of Companies Act, 2013

General Circular No. 18 File No. MCA 21/72/2014 -e.Gov. Government of India Ministry of Corporate Affairs ‘A’ Wing, 5th floor, Shastri Bhawan  Dr. Rajendra Prasad, New Delhi-110001 Dated: 11 June, 2014 To All Regional Directors All Registrars of Companies All Stakeholders Subject:- Clarification for filing of form No. INC-27 for conversion of company from public to private under the provisions of Companies Act, 2013-reg. Sir, Attention of the Ministry has been drawn to difficulties being faced by stakeholders while filing form INC-27 for conversion of a public company into a private company. The relevant provisions of Companies Act, 2013 (second proviso to sub-section (1) and sub-section (2) of section 14) have not been notified.  In view of this, the corresponding provisions of Companies Act, 1956 (Proviso to sub-section (1) and sub-section (2A) of Section 31) shall remain in force till corresponding provisions of Companies Act, 2013 are notified.  The  Central Government has delegated such powers under the Companies Act, 1956 to the Registrar of Companies (ROCs) vide item No. (c) of the notification number S.O. 1538(E) dated the 10th July, 2012 and  this delegated power remains in force. Applications for such conversions, therefore, have to be filed and disposed as per the earlier provisions. 2.  This issues with the approval of the Competent Authority. Filing of MGT-10-clarification General Circular No. 17 No. MCA 21/72/2014 -e. Gov. Government of India Ministry of Corporate Affairs ‘A’ Wing, 5th floor, Shastri Bhawan Dr. Rajendra Prasad, New Delhi-110001 Dated: 11 June, 2014 To All Regional Directors All Registrars of Companies All Stakeholders Subject:- Filling of MGT-10- clarification-regarding. Sir, In continuation of General Circular No. 06/2014 dated    29.03.2014 and  09/2014 dated 25.04.2014 , I am directed to inform you that stakeholders are required to fill Form MGT-10 physically,  get it duly signed/ certified by a professional  and file it  alongwith other  required enclosures as attachments with the  prescribed  General E-Form No. GNL-2. This temporary arrangement will continue till an E-Form for MGT-10 is made available.  Fee applicable for MGT-10 will be as per the Table of Fees prescribed in Companies (Registration Offices and Fees) Rules, 2014. 2.   This issues with the approval of the Competent Authority. (Sanjay Kumar Gupta) Deputy Director Ph: 23384657 Government gives more time for companies to set up Audit Committee Making another relaxation, the government has provided more time till March 2015 for corporates to set up audit, nomination and remuneration committees as mandated under the new companies law. The Corporate Affairs Ministry has given additional time for compliance following suggestions from various stakeholders. Under the new Companies Act, certain class of companies are required to have an audit committee, among others. Many rules have already come into force. In a statement, the Ministry said it has been decided to amend Rule 6 of the Companies (Meetings and Powers of Board) Rules, 2014. "This will provide additional time for companies in constituting Audit Committees, and Nomination and Remuneration Committees till March 31, 2015," it said. Similarly amendments have been made to rules related to declaration and payment of dividend. "Clarifications have also been placed on the Ministry's website stipulating that Registers in the new format will not be required to be maintained in respect of records relating to loans/guarantee/security/acquisition of securities prior to April 1, 2014," the statement said. Already the Ministry has relaxed norms related to various provisions of the new law including those pertaining to independent directors and appointment of company secretaries Clarification on Rules prescribed under the Companies Act, 2013- Matters relating to share capital and debentures