Daily Updates and News

MCA

Ministry of Corporate Affairs has notified the Companies (Acceptance of Deposits) Amendment Rules,2016 which shall come into force on the date of their publication in the Official Gazette. The amendment has revised items which are not included in the definition of deposit. It has inserted the definition of start-up Company and has further stated that any amount of twenty five lakh rupees or more received by a start-up company, by way of a convertible note in a single tranche, from a person shall not be considered a deposit. Further, in Form DPT-1, a disclaimer para as provided in the notification shall be inserted. 

NCLT 

The National Company Law Tribunal (NCLT) has laid down the criteria for listing of matters before the National Company Law Tribunal, Principal Bench and National Company Law Tribunal, New Delhi Bench. There are two NCLT Benches in Delhi. One is the Principal Bench and other the New Delhi Bench. All matters relating to companies having paid up share capital of more than Rs. 50 Lakhs to be listed before NCLT Principal Bench. Any other matter as per specific direction of President, NCLT will also get listed before Principal Bench. Matters relating to companies with paid up capital upto Rs. 50 lacs will get listed before NCLT New Delhi Bench.

MCA:

The Ministry of Corporate Affairs has amended the Companies (Acceptance of Deposits) Rules, 2014. These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2016. The amendments related with Rule 2, 3, 4, 5 and new rule as Rule 16A- “Disclosure in the Financial Statement” also inserted after the rule 16. They shall come into force on the date of their publication in the Official Gazette.  

MODEL SHOPS AND ESTABLISHMENTS (REGULATION OF EMPLOYMENT AND CONDITIONS OF SERVICE) BILL, 2016:

The Union Cabinet has considered the Model Shops and Establishment (Regulation of Employment and Conditions of Service) Bill, 2016. The Bill will now be sent to States/UTs to enable them to modify their individual Acts, if they so desire either by adopting the said Bill as it is or after modifying its provisions as per their requirements. This Bill was finalised after detailed deliberations and discussions with public through internet and with employees/labour representatives, employers’ associations/federations and State Governments through tripartite consultative process.

The Model Bill would bring about uniformity in the legislative provisions, making it easier for all the States to adopt it and thereby ensuring uniform working conditions across the country and facilitate the ease of doing business and generate employment opportunities.

Thanks & Regards,
Meetesh Shiroya