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Company Law Updates

1. Change in additional fee and higher additional fee for delay in annual filling statutory forms 

The Ministry of Corporate Affairs (MCA), vide Notification G.S.R (E) dated 11 January 2022 has notified amendments in applicable additional fee and higher additional fee for delay in filling statutory forms under the Companies Act 2013 other than forms related to annual returns and increase in nominal share capital of the company. 


2. Announcement of effective date for amendment in provisions of Companies Act 2013 

MCA vide Notification S.O. (E) dated 11 January 2022, has appointed 1 July 2022 as the effective date for enforcement of provisions of the second and third proviso to section 80(i) of the Companies (Amendment) Act, 2017 and section 56 of the Companies (Amendment Act), 2020. The abovementioned provisions have amended section 403 of the Companies Act, 2013 (Companies Act). As per the amended provisions, any document, required to be submitted , filed, registered or recorded, or any fact or information required or authorized to be registered under the Companies Act, shall be submitted, filed, registered within the time specified in the relevant provisions on payment of such fee as may be prescribed in the respective provisions of the Companies Act.

 

In case of delay in filling or submission of the above-mentioned, such documents, facts or information shall be filled or submitted on payment of such additional fee as prescribed under the provisions of the Companies Act.  Further, where such default being committed by a company on multiple occasions, the same shall be filled with payment of higher additional fee as may be prescribed under the provisions of the Companies Act.


3. Relaxation in additional fee for delay in filling annual return forms for private limited companies

MCA, vide General Circular (No.01/2022) dated 14 February 2022, has stated that no additional fee shall be levied for filling AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL forms till 15 March 2022, and for filling MGT-7/MGT-7A till 31 March 2022, for the financial year 2020-2021.


4. Introduction of Form CSR-2 for filling report on Corporate Social Responsibility (CSR)

For all the companies eligible to conduct CSR activities, MCA vide Notification G.S.R 107 (E) dated 11 February 2022, has notified that such companies shall furnish a report on CSR in Form CSR-2 to the registrar of companies for the preceding financial year and onwards as an addendum to Form AOC-4/ AOC-4 XBRL/ AOC-4 NBFC.

 

For the financial year 2020-21, such form CSR-2 shall be filed separately on or before 31 March 2022 after filing Form AOC-4/ AOC-4 XBRL/ AOC-4 NBFC as the case may be. 


Company Secretarial (CS) compliance for Private Limited Companies

Below is the summary of the compliances which need to be adhered to in the next quarter (January-March 2022)


ParticularsDue Date 
Hold at least one Board Meeting in quarter April 2022 - 30 June 2022
30 June 2022

Disclosure of interest in Form MBP-1

 

To be placed in the first board meeting of the financial year 2022-23

Form MSME (For the period 1 October 2021 to 31 March 2022)

 

30 April 2022

Form DPT-3

 

30 June 2022

Form CSR-2

 

31 May 2022

 



ECB-2 Returns

Commercial loans availed in the form of bank loan, buyers' credit, suppliers' credit or securitized instruments availed from non-resident lenders with minimum average maturity of 3 years is required to file ECB-2 returns within 7 working days from the close of the month.


Updates by the Ministry of Labour and Employment

1. Amendment in the Shop and Establishment law by the Maharashtra Government

The Governor of Maharashtra on 17 March 2022 has issued Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) (Amendment) Act, 2022 to amend the Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017. After the said amendment, the name board of every establishment shall be in Marathi language in Devanagari script. Although, other languages apart from Marathi may also be used in addition to Marathi language.

 

The above-mentioned provisions shall be applicable to all establishments irrespective of the number of workers/ employees present in such establishment. 


2. Clarification on NEEM Trainees

The Employees' Provident Fund Organization (EPFO) issued clarification dated 24 February 2022 on the All India Council for Technical Education [National Employability Enhancement Mission] (NEEM) scheme, and stated that the NEEM Trainees shall fall within the ambit of the definition of "employee" Employees Provident Fund and Miscellaneous Provisions Act 1952 (EPF Act), making the provisions of the said EPF Act applicable for NEEM Trainees as well.

 

Therefore, the NEEM Trainees shall be eligible for social security benefits under EPF Act such as Employee Provident Fund Scheme, Employees' Pension Scheme, Employees' Deposit-linked Insurance Scheme and Employee.

 

3. Due date for submission of Annual Report under the Sexual Harassment of Women at Workplace(Prevention, prohibition and Redressal) Act, 2013  ) (POSH Act) for Gurugram

As per the circular issued by Deputy Commissioner-cum-District Officer of  Gurugram, it has been clarified that all establishments having constituted Internal Committee must submit their annual report for preceding calendar year by April 30th of every calendar year.  

 From The Newsletter

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