Just 120 days to get emails for e-filing mistakes from RoC-15th February 2009 onwards, Companies Regulation 2008 says so

Your document may render "invalid" or "defective" and fresh filing with additional fees is the only option, so care for e-mails!!!

Companies Regulations, 1957

readwith

Companies (Amendment) Regulations, 2008

Erstwhile Regulation 17 (1) The Registrar shall examine, or cause to be examined, every document received in his office which is required or authorised by or under the Act to be registered, recorded or filed by or with the Registrar.

17(2) If any such document is found to be defective or incomplete in any respect, the Registrar shall give notice in writing to the company to rectify the defect or complete the document or to file a revised document complete in all respects, within 15 days from the date of such notice.

17(3) In case of failure on the part of the company to rectify the defect or to complete the document within 15 days after giving notice to the company, the document shall be registered, recorded or filed as the case may be, by the Registrar and the company shall be informed accordingly.

Now, the new amendment to replace the above mentioned regulation 17 is as under,

• This regulation comes into force from 15^th February 2009.
• The things filed with MCA through www.mca.gov.in for approval or registration or record or rectification shall be examined by RoC.
• The e-forms filed with MCA through www.mca.gov.in for information and filed under Straight Through Processing (STP) may be examined by RoC.
• RoC to call for information or asks for rectification of defects or incompleteness or to re-submit the things, if it finds necessary, only within 120 days from filing [excluding approval time taken by other authorities like CLB, CG] and intimate the same through website and last known e-mail or if not available, then to last known address or registered office of the company.
• RoC to wait for 30 days (15 days for shifting registered office from state to state) and if not received or not satisfied with the provided explanation or rectification, it can treat the thing as "invalid" ["defective" in cases of forms filed for information through STP] and intimate accordingly.
• The Company then has only option to make fresh filing with additional filing fee, as applicable to rectify the 'invalid/defective thing'.
• This regulation comes into force from 15^th February 2009 and RoC is given a time of 60 days and not more than 150 days from 15^th February 2009 to re-examine all things of company pending at RoC for more than 30 days from 15^th February 2009, by giving intimation as aforesaid.

You can access the regulations in http://www.mca.gov.in/MinistryWebsite/dca/notification/pdf/GSR888(E)_2jan2009.pdf

Now you can Track only Company Law Updates from by clicking http://feeds.feedburner.com/companylaw

So, now the RoC season will begin from 15^th February yet again!!! Make replies to prevent a fresh filing…

[NOT Amended]MCA e-Forms NOT updated, need not delete the downloaded forms

Relax, so-many e-Forms 8 & others, that you have already filled to file, is still worth.

Wait before you DELETE your Old e-Forms 23AC-A, 66, 20B, 21A, 1, 5, 18, 10, 17 & 8 from your System as MCA has NOT updated the forms.

Scheduled version change wef 19th August, 2008 of eForms - 23AC, Additional attachment to Form23AC, Form 23ACA, Form 66, Form 20B, Form 21A, Form1, Form5, Form18, Form10, Form17 and Form 8 has been postponed.


Ministry of Corporate Affairs (MCA) has previously informed that:
New version of Form 23AC, Additional attachment to Form23AC, Form 23ACA, Form 66, Form 20B, Form 21A, Form1, Form5, Form18, Form10, Form17 and Form 8 will be available on the Portal, effective August 19, 2008, (6.00 AM). All Stakeholders are requested to use new version wef August 19, 2008 (6.00 AM) as the current version of these forms will be discontinued.

The said e-Forms are same and has not been updated. Continue uploading the downloaded forms itself.

Don't know, whether its an advantage or disadvantage of Electronic Publications as Ministries have gone Online !

Keep e-filin...

Form1A(60d) & Form1AR(30d)

MCA Update !

Please be informed that wef 18th November, 2007, validity period of name approval (through Form 1A) and renewal of name (through Form 1AR) will stand reduced to 60 days and 30 days respectively, as against 6 months earlier.

Fee for name renewal will also get reduced to Rs. 250 only.

However, Names approved/ renewed prior to 18th November, 07 will remain valid for 6 months, as earlier.

Find relevant notification in http://www.mca.gov.in/MinistryWebsite/dca/latestnews/Rule_4A_Amendment.pdf

Thanks & Regards,
R.Satheeshkumar, Manager,
MCA21- PFONo.79,
Second Floor of Axis Bank (UTI Bank) Building,
G.N.Chetty Road, (Near VANI MAGAL) T.Nagar,
Chennai-600 017.
Ph.No.044-2815 2455, 6450 6000, 098843 21960

New NPA Guidelines & Death before DIN procedure

RBI/2007-2008/152 DBOD.No.BP.BC.34 /21.04.048 /2007-08

October 4, 2007 -> Thanks to DR. KS Ravichandran

Guidelines on purchase/sale of Non Performing Assets

Please refer to our Circular No.DBOD.BP.BC.16 /21.04.048/2005-06 dated 13 July 2005 on the captioned subject.

1.Applicability

All Commercial Banks (excluding RRBs)

All India Term Lending and Refinancing Institutions

All Non Banking Financial Companies (including RNBCs)

2. In terms of the above banks' Boards are required to lay down policies and

guidelines covering among other things, valuation procedure to be followed to ensure that the economic value of financial assets is reasonably estimated based on the assessed cash flows arising out of repayments and recovery prospects. However, it has come to notice that in some cases NPAs have been sold for much less than the value of available securities and no justification has been given.

3. Banks should, while selling NPAs, work out the net present value of the estimated cash flows associated with the realisable value of the available securities net of the cost of realisation. The sale price should generally not be lower than the net present value arrived at in the manner described above.

4. Same principle should be used in compromise settlements. As the payment of the compromise amount may be in instalments, the net present value of the settlement amount should be calculated and this amount should generally not be less than the net present value of the realisable value of securities.

Process for filing Form 32 in cases where Director has died and regular DIN is not available

Thanks to CSMysore

This is with regard to filing of form 32 for cessation of directors due to death, who were appointed prior to 1 ^st July, 2007 and had not obtained approved DIN

1. Please send an email to appl.helpdesk@mca.gov.in furnishing following details under heading – 'Form 32 – death case, No DIN'

v Name of the company (in which the individual was a director)

v Name of the deceased Director

v Date of birth

v Date of appointment as Director

v Date of filing of Form 32 for appointment

v Date of death (along with certified copy of death certificate issued by competent authority)

(e.g) e-mail address of the company

2. Upon receipt of email, MCA Helpdesk will check and consider the information submitted and if found satisfactory, MCA Helpdesk will intimate the status/ outcome of the ticket to the stakeholder. If MCA Helpdesk needs additional information from the stakeholder, he will send an email to the Company accordingly.

3. Upon receipt of approval email from MCA, stakeholder will be required to file the form directly with the concerned ROC along with - signed form 32, necessary attachments, and a copy of approval e-mail and proof of payment of filing fee, with the respective ROC office. Filing Fee will be paid through ' Pay Miscellaneous Fee' option on MCA portal.

4. ROC will process / approve the form, scan the physical form 32 along with its attachments and upload the same in the electronic records of the company through 'On Demand Scanning' option.

5. ROC will update the relevant records/ data of the company accordingly.

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Vj
Trezrrr every pulsss
http://yehseeyes.blogspot.com/thisisvj@gmail.com