Daily Updates and News

NCLT

The President, National Company Law Tribunal (NCLT) has constituted Principal Benches, Divisional Benches and Single Benches for the purpose of exercising and discharging the Tribunal's power and functions. The Principal Bench is constituted at New Delhi, Division Benches are constituted at New Delhi, Chennai, Kolkata and Mumbai, and Single Benches are constituted at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Gauhati and Hyderabad. This Order shall come into effect with immediate effect.

NCLT

National Company Law Tribunal (NCLT) has clarified the Jurisdiction of Divisional Bench and Single member bench. As per the order, the Division bench is entitled to function as a bench irrespective of any class of cases. Single member benches are authorized in addition to Division bench in the cases which have been transferred from erstwhile Company Law Board (CLB) and all new petitions where the company involved has paid-up Capital of Rs. 50 Lakh or less, if Division Bench is available. If no division bench is available, the limit of Rs. 50 Lakh is not applicable.

MCA:

The Ministry of Corporate Affairs has informed that the e-Form AOC-4 for filing Annual Financial Statement is likely to be amended w.r.t filing of CSR expenditure details. The revised AOC-04 e-Form is likely to be available on MCA portal by 3^rd week of July 2016. Stakeholders are requested to note that filing CSR details are mandatory. Therefore, Annual filing may be planned as per revised Form AOC-4.

Thanks & Regards,

Meetesh Shiroya