Daily Updates and News

MCA

MCA has issued a Clarification that HUF cannot be a Partner/Designated Partner but its Karta or any individual of HUF can be a partner in a partnership firm/Limited Liability Partnership in its individual capacity and not the HUF.  MCA took the view from Rashiklal & Co. vs Commissioner Of Income Tax where the Hon'ble Supreme Court has held that even if a person nominated by the HUF joins a partnership, the partnership will be between the nominated person and the other partners of the firm and if a Karta or any other member of the HUF joins a partnership, he can do so only as an individual. His rights and obligations vis-a-vis other partners are determined by the Partnership Act and not by Hindu law.

MCA

Ministry of Corporate Affairs has notified that following e-forms are likely to be revised on MCA21 Company Forms Download page w.e.f 25th June 2016- Forms AOC-4 XBRL(Form for filing XBRL document in respect of financial statement and other documents with the Registrar), GNL-1 (Applications made to Registrar of Companies), INC-6 (One Person Company - Application for Conversion),INC-2 (One Person Company- Application for Incorporation) and CRA-2 (Form of intimation of appointment of cost auditor by the company to Central Government). Stakeholders are advised to download the latest version before filing. Form- wise date of last version change is available at on the website of MCA.

MCA

MCA vide its office order dated 22/06/2016 reshuffles with immediate effect the top level officers from one post to another. The major reshuffle includes Shri. A. K. Chaturvedi (RD, Northern Region) who has been transferred to take charge as Regional Director, Western Region. Shri. K.L. Kamboj, Regional Director, Western Region is now transferred to Manesar as Director, ICLS Academy, IICA, and Shri. N.K. Bhola (Director in O/ o DGCoA, New Delh) who has been transferred to take charge as Regional Director RD, Northern Region. 

SEBI 

SEBI has issued a consultation paper proposing changes to regulations regarding portfolio managers to enable fund managers to handle foreign money from Indian shores. The amendments were approved by SEBI's board at a meeting held on June 17. Within the consultation paper, SEBI has proposed to insert offshore fund managers (OFMs) or eligible fund managers (EFMs) as a new chapter in the existing norms. The change may allow SEBI registered portfolio managers to act as offshore fund managers with prior intimation to SEBI. Among other changes, they have to also declare compliance under provisions of Section 9 A of the Income Tax Act, that is, fund management activity carried out through an EFM located in India and acting on behalf of an EIF would not constitute a business connection in India.

Thanks & Regards,

Meetesh Shiroya