Ajay K. Ratra Blog
Ajay K. Ratra Blog
Government identified 2,38,223 companies as shell companies and struck off between the years 2018-2021. This information was shared by the Ministry of Corporate Affairs (MCA) vide PIB press release dated 27th July, 2021.
Shell Company has become one of the fancy words in the media. Lets understand the meaning of Shell Company and whether it is illegal?
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Ministry of Corporate Affairs (MCA) has issued Companies (Incorporation) Fifth Amendment Rules, 2021 which will be effective from 1st Sept, 2021. Vide this amendment, in the Companies (Incorporation) Rules, 2014, a new rule 33A has been inserted, which provides for allotment of a new name to the existing company under section 16(3) of the Companies Act, 2013.
This situation arises in case of rectification of name of company u/s 16 of the act, if through inadvertance a company is registered with a name which is identical with existing company.
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Continuing with the practice of issuing notification on last date, Ministry of Corporate Affairs (MCA) has given relaxation on levy of additional fees in filing of certain forms under the Companies Act,203 and LLP Act 2008 meaning thereby that Extension of time has been given in filing of certain forms.
MCA has issued a General Circular No.11/2021 dated 30th June, 2021 on receipt of various requests for extension of timelines specified in earlier issued General Circular No.06/2021 dt. 03.05.2021.
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Ministry of Corporate Affairs (MCA) vide circular dated 23rd June, 2021 has allowed companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the prescribed Circulars upto 31st December, 2021.
The above stated MCA circular can be accessed at https://mca.gov.in/bin/dms/getdocument?mds=fYGpVQRhK8ssM3lRSs7fsg%253D%253D&type=open
The Ministry of Corporate Affairs (MCA) notified the accounting standards for small and medium companies (SMC) that revise the turnover and borrowing limits and help in making disclosure requirements less onerous. The Government notified on 23 June , 2021, the Companies (Accounting Standards) Rules, 2021. The notification has included the revised definition of SMCs. Under the revised SMC definition, the turnover limit has been increased from Rs 50 crore to not exceeding Rs 250 crore and with borrowings not exceeding Rs 50 crore. This is in addition to the requirements that such entities should be unlisted companies, which are not banks, financial institutions or insurance companies.
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