MINISTRY OF CORPORATE AFFAIRS (“MCA”)

1. Rules:

1. The Ministry of Corporate Affairs (“MCA”) has on 31^st March 2014 notified rules for 5 Chapters of the Companies Act 2013.

   • Chapter X The Companies (Audit and Auditors) Rules, 2014

   • Chapter V The Companies (Acceptance of Deposits) Rules, 2014

   • Chapter XXII The Companies (Registration of Foreign Companies) Rules,2014

   • Chapter XIV The Companies (Inspection, Investigationand Inquiry) Rules, 2014

   • Chapter XIII The Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014.

2. The Ministry of Corporate Affairs (“MCA”) has on 30^th March 2014 notified rules for Chapter II the Companies (Incorporation)Rules,2014 of Companies Act 2013.

3. The Ministry of Corporate Affairs (“MCA”) has on 28^th March 2014 notified following rules for 2 chapters of Companies Act 2013. :

   • Chapter XXIX (2) Companies (Miscellaneous) Rules, 2014

   • Chapter XXIX(1) The Companies (Adjudication of Penalties) Rules, 2014.

   • Chapter XXVI Nidhi Rules, 2014

4. The Ministry of Corporate Affairs (“MCA”) has on 27^th March 2014 notified final rules for 9 chapters of Companies Act 2013.

   • Chapter I-Companies (Specification of definition details) Rules 2014

   • Chapter III- Companies (Prospectus and Allotment of Securities) Rules 2014

   • Chapter IV- Companies (Share Capital and Debentures) Rules 2014

   • Chapter VI -Companies (Registration of Charges) Rules 2014

   • Chapter VII- Companies (Management and Administration) Rules 2014

   • Chapter VIII- Companies (Declaration and Payment of Dividend) Rules 2014

   • Chapter IX- Companies (Accounts) Rules 2014

   • Chapter XI-Companies (Appointment and Qualification of Directors) Rules 2014

   • Chapter XII- Companies (Meetings of Board and its Powers) Rules 2014.

2. Notifications:

1. The Ministry of Corporate Affairs (“MCA”) has through Notification dated 27^th March 2014 changed the Nomenclature of various forms prescribed under the provisions of Companies Act, 2013 to define the nature of the forms for easy to recognise. In order to facilitate easy understanding of the e-forms being rolled out under the provisions of Companies Act, 2013 and Rules made thereunder, the stakeholders are informed that unlike numbering of various forms under the Companies Act, 1956, forms under the new Act are mandatorily numbered alpha-numeric. Initial of forms is started with alphabet of two or three letters based on the subject of the Chapter, followed by serial number of the form.

2. The Ministry of Corporate Affairs (“MCA”) has issued Notification dated 26^th March, 2014. By this notification 183 sections of the Companies Act, 2013, some sub-sections of 13 sections which were already notified on 12^th September 2013 and remaining schedules were notified and are to be effective from 1St April, 2014.

3. Circulars:

1. Roll out plan of various forms under the Companies Act, 2013 and continuance of forms under the provisions of Companies Act, 1956

2. The Ministry of Corporate Affairs (“MCA”) has issued Circular No.6/2014 dated 28th March 2014 to facilitate a staggered roll out of various forms. has decided to waive fees for all event based filing whose due date falls between 01/04/2014 to 30/04/2014. For the same, a separate Circular is being issued by the Policy Cell of this Ministry. Further From 01/04/2014 to 14/04/2014 except existing e- forms mentioned in Table “A” of the Circular no other e-forms will be available for filing. Other Front office portal services will continue. From 01/04/2014 to 13/04/2014 the period will be used for clearing pending e-forms already filed under the provisions of Companies Act, 1956.

3. The Ministry of Corporate Affairs (“MCA”) has issued General Circular No.04/2014 dated 25^th March,2014 giving clarification with respect to Section 180 of the Companies Act, 2013 (Act).

The Ministry of Corporate Affairs (“MCA”) has clarified that the resolutions passed prior to 12^th September, 2013, under section 293 of the Companies Act, 1956, with regard to borrowings/creation of security on the assets of the company will be regarded as sufficient compliance of the Section 180 of the Companies Act, 2013 for a period of one year from the date of notification of Section 180 of the Act i.e., 11^th September, 2014.