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18Jun
MSME Ministry extends validity of Udhyog Aadhaar Memorandum till Dec 31, 2021

Ministry of Micro, Small and Medium Enterprises vide notification no. 2347(E) dated 16.06.2021 has extended Validity of Udyog Aadhaar Memorandum (UAM) from 31st March, 2021 to 31st December, 2021.

This will help EM Part-II and UAMs certificate holders to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME.

The said amendment has been made considering the hardships being faced by MSMEs during the prevailing Covid-19 situation and the representations received from the various MSME associations, financial institutions and government departments dealing with the interest of MSME sector.
16Jun
MCA removes the restriction of matters to be transacted only at physical meetings

MCA has issued notification dated June 15, 2021, w.r.t. amendment in Companies (Meetings of Board and its Powers) Rules, 2014.

With the said amendment, restriction on certain matters to be transacted only at physical meeting of Board/Committee of Directors are done away with. Consequently, the following resolutions can be passed in a meeting held through Video Conferencing or other audio visual means:-

(i) the approval of the annual financial statements;
(ii) the approval of the Board’s report;
(iii) the approval of the prospectus;
(iv) the Audit Committee Meetings for consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act; and
(v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

MCA notification can be accessed at following link:
https://mca.gov.in/bin/dms/getdocument?mds=zwpAcIfQhKOgB8vwf%252FztbA%253D%253D&type=open
11Jun
FSSAI mandates the mentioning of FSSAI License / Registration number on receipts / invoices / cash memo / bills etc.

The Food Safety and Standards Authority of India (FSSAI) has passed an order on 8th June, 2021 making it Mandatory for food businesses to mention their FSSAI License/Registration Number on receipts, bills, invoices etc w.e.f 1st October, 2021.

FSSAI order can be downloaded from
https://www.fssai.gov.in/upload/advisories/2021/06/60c08b4456ef1Order_License_Registration_Mandating_09_08_2021.pdf
31May
SEBI amends Format of compliance report on Corporate Governance by Listed Entities

Security Exchange Board of India (SEBI) vide SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/567 dated May 31, 2021 has notified “Format of compliance report on Corporate Governance by Listed Entities” as per the provisions of Regulation 27(2) of SEBI (LODR) Regulations, 2015 (“Listing Regulations”).

The SEBI has issued a new format for the Compliance Report on Corporate Governance in which it has added a new Annexure – IV.

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31May
List of MCA Forms providing waiver of additional fee as per Circular no. 06/2021 and 07/2021

Please refer the attached updated pdf file (as on 28.05.2021) for the list of MCA forms for which additional fee waiver is made available as per MCA Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly.

MCAfeeWaiver_28052021Download

MCA weblink: https://www.mca.gov.in/bin/dms/getdocument?mds=hDZggIIF02cA%252FGWtstDmRQ%253D%253D&type=open
29Mar
MCA amends Schedule III to the Companies Act, 2013

Ministry of Corporate Affairs (MCA) has made the changes in Schedule III to the Companies Act, 2013 wef 1st April 2021 to ensure more transparency. Schedule III contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company. Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA:

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29Mar
GSTIN Not Mandatory for MSME Udyam Registration

Ministry of MSME has, vide its notification dated 05.03.2021, relaxed the condition of having GSTIN as mandatory for registration as MSME and has provided that the exemption from the requirement of having GSTIN shall be as per the provisions of the Central Goods and Services Tax Act, 2017. It further provided that in case of any proprietorship enterprise not registered under any Act or rules of the Central Government or the State Government, the proprietor may use his or her PAN for registration of the enterprise in the Udyam Registration portal and for all other types of enterprises PAN shall be mandatory

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5Jun
Suspension of initiation of CIRP for 6 months: Covid-19 Impact

Government of India vide Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 dated 5th June 2020 1 has suspended insolvency triggering provisions i.e Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) in respect of defaults arising on or after 25th March, 2020 for 6 months or such further period not exceeding 1 year. Ordinance has also clarified that such suspension shall not apply to any default committed before 25th March, 2020.

Read MoreReferences
  1. THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020[↩]
28May
Cyber Crimes and Security

In this growing digital age, we have become more dependent on the internet for many of our daily activities. Be it communicating with friends, searching for information, doing banking transactions, availing online services, finding job, finding life partner or even running entire businesses. The internet touches almost all aspects of our lives.

There are both advantages and disadvantages of using internet. Everyday, we see new cyber crimes being reported. Though Government Agencies are equipped to deal with cyber crimes, it is our duty to take precautions to remain safe.

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