May 6, 2015
1. The Companies ( Incorporation) Amendment Rules, 2015 MCA has vide its Notification dated 1st May, 2015 made amendments to Companies Incorporation Rules wherein the process of incorporation of company has been integrated. The application for allotment of DIN upto 3 directors, reservation of name, incorporation of company and appointment of directors of the proposed company shall be filed in integrated Form INC-29. The other details are provided in the circular. 2. Remuneration to managerial person under Schedule XIII of the Companies Act, 1956 - Clarification with regard to payment for period. MCA vide its Circular no. 07/2015 dated 10th April, 2015 clarifies that a managerial person appointed or getting remuneration according Schedule XIII may continue to receive remuneration for his remaining term in accordance with terms and conditions approved by company as per relevant provisions of Schedule XIII of earlier Act even if the part of his/her tenure falls after 1st April, 2014. 3. Clarification under sub-section (7) of Section- 186 of the Companies Act, 2013 MCA vide its Circular no. 06/2015 dated 9th April, 2015 clarifies that in cases where the effective yield (effective rate of return) on tax free bonds is greater than the prevailing yield of one year, three year, five year or ten year Government Security closest to the tenor of the loan, there is no violation of sub-section (7) of section 186 of the Companies Act, 2013.