Daily Updates and News

MCA

MCA has notified the Relaxation to Foreign Company which is an ‘Airline Company’. MCA has clarified that it will be deemed to be a sufficient compliance u/s 381(1)(a) by a foreign company which is an ‘airlines company’ having a share capital, if in respect of the period ending on or after March 31, 2016, it submits, documents relating to copies of latest consolidated financial statements of the parent Foreign Company, as submitted by it to the prescribed authority in the country of its incorporation and in respect of its Indian Business operations, a statement of receipts and payments for the financial year, duly authenticated by a Chartered Accountant in India. All documents required to be filed under Rule 4(2) of Companies (Registration of Foreign Companies) Rules, 2014. Further, the company shall, furnish to the Central Government such information with regard to its accounts as the Central Government may require.

 

NCLT

National Company Law Tribunal vide Order dated July 19, 2016, directed that certain matters to be list before National Company Law Tribunal, Principal Bench, New Delhi. The matters are relating to Section 245, i.e., Class Action Suits, Section 379 to 393, i.e., Application of Act to Foreign Companies and Section 394, i.e., Annual reports of Government Companies, shall be assigned to the National Company Law Tribunal, Principal Bench, New Delhi. Further, if any matter relating to such Sections is filed before other benches, it shall be transferred to the Principal Bench, New Delhi immediately. 

FDI:

The Centre has decided not to raise the Foreign Direct Investment (FDI) limit on newspapers and periodicals to 49 percent from 26 percent. Currently, the FDI policy permits 26 percent FDI in the publishing of newspapers and periodicals dealing with news and current affairs via the approval route. The issue of relaxing FDI norms in the print media has been pending for long.

The issue of relaxing the FDI cap in print media came up for discussions last November as well as during the recent liberalisation of the norms in June and both times it was decided not to tweak the caps. Recently, the Government relaxed FDI norms in about eight sectors, including civil aviation, defence, private security agencies, pharmaceuticals and food processing. The move was aimed at attracting more foreign funds.

Thanks & Regards,

Meetesh Shiroya