RBI - MCA Circulars

[Sneha Shah]

Dear All,

 

Enclosed please find the following –

 

1)     RBI notification on revision of definition of control. Control means –

  'Control' shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements.

 

2)     MCA clarification on commencement notification –

1.     Notice issued under earlier section 293 will do - thereby an ordinary resolution passed on or after 12th sep, 2013 will suffice and the company is not required to pass a special resolution as provided in new companies act 
2.     AoA and MoA received by RoC till 11th sep, 2013 for registration need not comply with new definition of private company as per new companies act 
3.     Notice issued on or after 12th sep, 2013 shall comply with requirement of explanatory statement as per new companies act 
4.     Till new accounting standards are notified, present accounting standard under Companies Act, 1956 will remain.