RECENT IMPORTANT CIRCULARS/CHANGES INTRODUCED BY MCA

[CaRockers(Pavan)]

PAN UPDATION MADE MANDATORY THROUGH FILING DIN 4 - BY MCA - BEFORE 31.05.2011

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DIN - 4 FOR PAN UPDATION - BEFORE 31.05.2011

 

Allotment of DIN under Companies Act, 1956:

 

DIN 1 e-form can be digitally signed by:-

-Practising Company Secretary,

-Practising Chartered Accountant,

-Practising Cost Accountant - for Immediate Approval.

 

If Applicant signs Digitally then it will be disposed off within one or two days.

 

Mandatory Fields:

      a)  Name of Applicant

      b)  Father's Name of Applicant

      c)  Date of Birth

     d)  Income Tax Permanent Account Number (PAN) For all Indian Nationals

     e)  Passport in case of All Foreign Nationals.

 

At present, the PAN of the applicant is not mandatory in field in DIN eform-1.  In order to examine DIN-4 e-form through the system and to avoid duplicate DIN, it has been decided that all existing DIN Holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their PAN by filing DIN-4 e-form by

31^st May, 2011

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AMENDMENTS BY MCA IN THE COMPANIES (PARTICULARS OF EMPLOYEES) AMENDMENTS RULES 2011:-

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PRESENT LIMIT U/S 217 (2A) W.R.T PROVIDING EMPLOYEES DETAIL IN DIRECTORS' REPORT HAS BEEN ENHANCED TO SIXTY LAKH PER FINANCIAL YEAR OR FIVE LAKH PER MONTH:

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PREVIOUSLY IT WAS: 

in clause (a)  "RUPEES TWENTY FOUR LAKH PER FINANCIAL YEAR" 

                             OR 

in clause (b) "RUPEES TWO LAKH PER MONTH"

NOW REVISED TO:

in clause (a) "RUPEES SIXTY LAKH RUPEES PER FINANCIAL YEAR"

                                  OR

in clause (b) "RUPEES FIVE LAKH PER MONTH"

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SIMPLIFICATION OF PROCEDURE OF EASY EXIT
 SCHEME 2011:-

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ISSUE 1. Prosecution if pending has to be compounded or disposed by Court.

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MCA VIEWS  As Follows:

If the prosecutions are only for non filing of Annual Returns U/s 159 or Balance Sheet
U/s 220 of Companies Act 1956.

  

The co is actually a Defunct one as reflected in the Statement of Accounts submitted
along with their application under EES Scheme, Such application may be accepted.

Provided the applicants have already filed compounding application or has furnished an undertaking that the compounding application will be filed before closing of EES Scheme.

Steps for final strike off the name of the company should be taken only after disposal of compounding application be the competent authority.

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ISSUE 2. How to deal with Companies having assets and liabilities is not specifically discussed in the scheme.

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MCA VIEWS  As Follows:

Ministry is not advising Directors and Shareholders for waiver of their liabilities and distribution of assets, to the shareholder other than the process provided in the Act. 

It is for the management of the company to take action as permissible under law of the Land.

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ISSUE 3. Directors should be as per database.

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MCA VIEWS  As Follows:

Application with certificates from Practising Chartered Accountants, Practising Cost Accountants and Practisng Company Secretaries giving their membership number and 

Certifying that the applicants are present Directors of the Company can be considered.

In such case the applicant shall not be asked to file Form 32.

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ISSUE 4. As per the procedure signatories details are checked from the database and sometimes it does not match and needs clarification / Documentary evidence
in this regard.

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MCA VIEWS  As Follows:

Application with certificates from Practising Chartered Accountants, Practising Cost Accountants and Practisng Company Secretaries giving their membership number and 

Certifying that the applicants are present Directors of the Company can be considered.

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ISSUE 5. Indemnity Bond and Affidavit needs to be furnished by the directors

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MCA VIEWS  As Follows:

Foreign Nationals and NRIs have to get their Indemnity Bond and Affidavit notarized
as per their respective country's laws.

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Shared By-

S.Dhanapal
Senior Partner

S  D H A N A P A L & A S S O C I A T E S
(A firm of Practising Company Secretaries)
Third Floor,Victory Towers,
Old No.724/725, New No.486,
Poonamallee High Road,
(opp to Pachaippa's College),
Aminjikarai, Chennai - 600 029.
Land-line 044 - 4553 0256 / 0257
Dir- 42652127 Cell-9677022712

Email Id. csdha...@gmail.com