COMPANY LAW
1. Clarification on Prosecution filed against Independent Directors, Non- Promoters, Non KMP/Non executive directors
Ministry of Corporate Affairs (MCA) has clarified that the prosecution proceedings will not be initiated against independent and non-executive directors unless there is strong evidence of their complicity in frauds committed by the companies. The circular further clarifies that the in case of any doubt on the liability of any person, guidance may be sought from MCA and consequently, any such proceedings may be initiated after getting due approval from the Ministry.
2. Extension of date for filing NFRA-2
Ministry of Corporate Affairs (MCA) has extended the time limit for filing form NFRA-2 for the reporting FY 2018-19 to 150 days from the date of deployment of the form.
3. LLP Settlement Scheme, 2020 and Amendment
The Ministry of Corporate Affairs has provided a onetime opportunity to the LLPs to update default, if any, by filing pending documents. Few highlights of the scheme are:
- Applicability of the scheme: 01st April, 2020 to September,2020
- Documents to be filed: Belated documents, which were due for filing till 31st August, 2020
- Additional Fees: No additional Fees
Forms to which the scheme is applicable:
- Form-3: Information with regard to limited liability partnership Initial agreement and changes, if any, made therein;
- Form-4: Notice of appointment, cessation, change in name/ address/designation of a designated partner or partner and consent to become a partner/designated partner;
- Form-8: Statement of Account & Solvency (Annual or Interim);
- Form-11: Annual Return of Limited Liability Partnership (LLP).
- Form-15: Notice for change of place of registered office.
- Form-5: Notice for Change of Name.
- Form-12: Form for intimating other address for Service of Documents.
- Form-22: Notice of intimation of Order of Court/ Tribunal/CLB/ Central Government to the Registrar
- Form-31: Application for Compounding of an offence.
- Form-23: Application for direction to Limited Liability Partnership (LLP) to change its name to the Registrar.
- Form-29 : Notice of (A) alteration in the certificate of incorporation or registration; (B) alteration in names and addresses of any of the persons authorized to accept service on behalf of a foreign limited liability partnership (FLLP) (C) alteration in the principal place of business in India of FLLP (D) cessation to have a place of business in India
CUSTOMS
4. Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 19, 20, 21, 22 & 23 /2020 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 5th March, 6th March, 10th March, 13th March and 14th March of February 2020 respectively.
Originally published 16 June 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
