Archive for the ‘Company’ Category


Notification, [F. No. 1/1/2011-CL V], Dated 05.06.2012

G.S. R….. (E).- In exercise of the powers conferred by clause (a) and (b) of sub-section (1) of section 642 read with sections 266 A, 266 B and 266 E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, further to amend the Companies (Director Identification Number) Rules, 2006 namely:-

1.  Short title and commencement

(1)      These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2012.

(2)      They shall come into force with effect from 11th June, 2012.

2. In the Companies (Director Identification Number) Rules, 2006, in form DIN-1, after serial number 4, the following serial number shall be inserted, namely:-

“4A. Whether resident in India    Yes/No”

Renuka Kumar

Joint Secretary to Govt. of India

Note: – The principal notification was published vide number G. S. R. 649 (E), dated the 19th October, 2006 and subsequently amended vide the following notifications:-

S. No

Notification Number

Date

01 GSR 14 (E) 09.01.2007
02 GSR 265 (E) 29.03.2007
03 GSR 849 (E) 15.10.2010
04 GSR 258 (E) 26.03.2011
05 GSR 427 (E) 02.06.2011
06 GSR 507 (E) 05.07.2011
07 GSR 395 (E) 28.05.2012

Click here to download the complete text of the above Notification in PDF Format- G.S.R. (E) dated 05.06.2012.

Source: Ministry of Corporate Affairs.

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General Circular No. 12/2012, F. No. 52/13/CAB-2011

Dated the 4th June, 2012

Ministry of Corporate Affairs has so far issued following circulars in connection with the cost accounting records, cost audit, appointment of cost auditors etc:

  1. General Circular No. 15/2011 dated 11th April, 2011
  2. Master Circular No. 2/2011 dated 11th November, 2011
  3. General Circular No. 67/2011 dated 30th November, 2011
  4. General Circular No. 68/2011 dated 30th November, 2011
  5. General Circular No. 8/2012 dated 10th May, 2012
  6. General Circular No. 11/2012 dated 25th May, 2012

It is hereby clarified that all these circulars [including the present circular] are applicable in respect of all the Cost Accounting Records Rules notified in 2011 and the industry specific Cost Audit Orders issued so far; to the extent these are relevant and applicable.

2. Ministry of Corporate Affairs vide no. 52/26/CAB-2010 dated 2nd May, 2011 had directed that every company to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crore of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crore of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).

(a)    Cost Accounting Records (Bulk Drugs) Rules, 1974

(b)   Cost Accounting Records (Formulations) Rules, 1988

(c)    Cost Accounting Records (Fertilizers) Rules, 1993

(d)   Cost Accounting Records (Sugar) Rules, 1997

(e)    Cost Accounting Records (Industrial Alcohol) Rules, 1997

(f)    Cost Accounting Records (Electricity Industry) Rules, 2001

(g)   Cost Accounting Records (Petroleum Industry) Rules, 2002

(h)   Cost Accounting Records (Telecommunications) Rules, 2002

3. In supersession of the aforesaid Rules, following industry specific Cost Accounting Records Rules were notified:

  1. Cost Accounting Records (Telecommunication Industry) Rules 2011 notified vide GSR 869(E) dated December 7, 2011.
  2. Cost Accounting Records (Petroleum Industry) Rules 2011 notified vide GSR 870(E) dated December 7, 2011.
  3. Cost Accounting Records (Electricity Industry) Rules 2011 notified vide GSR 871(E) dated December 7, 2011.
  4. Cost Accounting Records (Sugar Industry) Rules 2011 notified vide GSR 872(E) dated December 7, 2011.
  5. Cost Accounting Records (Fertilizer Industry) Rules 2011 notified vide GSR 873(E) dated December 7, 2011.
  6. Cost Accounting Records (Pharmaceutical Industry) Rules 2011 notified vide GSR 874(E) dated December 7, 2011.

4. In view of above, it is hereby clarified that the Cost Audit Order No. 52/26/CAB-2010 dated 2nd May, 2011 shall be applicable as under:

a)      For all companies wherein their products/activities are already covered under any of the erstwhile industry specific Cost Accounting Records Rules, as mentioned in para 2 above [before their supersession] and meeting with the threshold limits mentioned in the said Cost Audit Orders – in respect of each financial year commencing on or after the 1st day of April, 2011 i.e. from the financial year 2011-12 onwards.

b)      For all companies wherein their products/activities are for the first time covered under any of the revised industry specific Cost Accounting Records Rules, as mentioned in para 3 above and meeting with the threshold limits mentioned in the said Cost Audit Orders – in respect of each financial year commencing on or after the 7th December, 2011 i.e. from the financial year 2012-13 [incl. calendar year 2012] onwards.

5. It is further clarified that in case of companies engaged in production, processing, manufacturing or mining of multiple products/activities, if any of their products/activities are not covered under the industry specific Cost Accounting Records Rules, but are covered under the Companies (Cost Accounting Records) Rules, 2011 notified vide GSR 429(E) dated June 3, 2011 and wherein such products/activities are not covered under cost audit vide cost audit orders dated June 30, 2011 and January 24, 2012; such companies shall be required to file compliance report with the Central Government in accordance with the clarifications given vide para (a) of the MCA’s General Circular No. 68/2011 dated 30th November, 2011.

6. The Institute is requested to circulate this General Circular for the information of all concerned.

Sd/-

(B.B.Goyal)

Adviser (Cost)

Tel: 011-24366005

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 12/2012 dated 04.06.2012.

Source: Ministry of Corporate Affairs.


Notification dated 31st May, 2012

[F No 17/51/2012- CL V]

G.S.R. ______ (E). – In exercise of the powers conferred by sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely: –

1. (1) These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2012.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Central Government’s) General Rules and Forms, 1956, in Annexure’ A’, for Form 23AB, the following Form shall be substituted, namely:-

Form 23AB.

Click here to download the complete text of the above Notification in PDF Format- Notification G.S.R.(E) dated 31.05.2012.

Source: Ministry of Corporate Affairs.


MINISTRY OF CORPORATE AFFAIRS

GOVERNMENT OF INDIA

DEAR CORPORATES,

IN OUR CONTINUED ENDEAVOR TO ENHANCE THE SERVICES TO STAKEHOLDERS, MCA ANNOUNCES LAUNCH OF UPGRADED LLP REGISTRY FROM 11TH JUNE 2012.

STAKEHOLDERS WILL NOW HAVE FACILITY OF ONLINE PAYMENT FROM ALL BANKS THROUGH NEFT OR USE INTERNET BANKING FROM SIX DESIGNATED BANKS OF MCA21, IN ADDITION TO CREDIT CARD PAYMENT.

TO FACILITATE THE TRANSITION LLP REGISTRY SERVICES WILL NOT BE AVAILABLE FOR 10 DAYS FROM 1ST JUNE 2012 TO 10TH JUNE 2012.

INCONVENIENCE IS REGRETTED, IT IS FOR BETTER SERVICES.

MCA: FACILITATING CORPORATE GROWTH WITH ENLIGHTENED REGULATION.

SOURCE: THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA.


Notification

Dated 28.05.2012

[F.No. 2/1/2011-CL V]

G.S.R……(E).- In exercise of the powers conferred by clause (a) and clause (b) of sub-section (1) of section 642 read with sections 266 A, 266 B and 266 E of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, further to amend the Companies (Director Identification Number) Rules, 2006 namely:-

1. Short title and commencement

(1) These rules may be called the Companies (Director Identification Number) Amendment Rules, 2012.

(2) They shall come into force with effect from 29th May, 2012.

2. In the Companies (Director Identification Number) Rules, 2006,-

(a) after FORM NO. DIN 1, in Annexure 1, for item (i) and entries relating thereto, the following shall be substituted, namely:-

“(i) The photograph and document attached to the Form DIN-1 belongs to me. I further confirm that all required documents have been duly attested by me or duly attested by either Public Notary or a Gazetted Officer of a Government and are attached to the Form DIN-1 and”.

(b) in FORM NO. DIN-4,

(i) in serial number 2, after the box and words “ Present Residential address”, the following shall be inserted, namely:-

  • Photograph of Director/designated Partner.
  • Residential Status
  • Verification as per Annexure- 1 of DIN rules
  • Verification as per Annexure- 2 of DIN rules

(ii) After serial number 6 and entry relating thereto, the following shall be inserted, namely:-

” 6A. Whether resident in India- Yes/ No

(iii) in Attachments, against serial number 1, in the entry, the asterisk mark ‘*’ shall be omitted.

(c) after FORM NO. DIN 4, in Annexure 2, –

(i) in item (i) after sub-item (I) and entry relating thereto, the following shall be inserted, namely:-

“(m) Photograph of Director/designated partner

(n) Residential Status

(o) Verification as per Annexure- 1 of DIN rules

(p) Verification as per Annexure- 2 of DIN rules”;

(ii) for item (ii) and entry relating thereto, the following shall be substituted, namely:-

“(ii) The photograph and document attached to the Form DIN-4 belongs to me. I further confirm that all required documents have been duly attested by me or duly attested by either Public Notary or a Gazetted Officer of a Government and are attached to the Form DIN-4 and”.

Renuka Kumar

Joint Secretary

Note: – The principal notification was published vide number G. S. R. 649 (E) dated the 19th October, 2006 and subsequently amended vide the following notifications:-

S. No.

 

Notification Number Date
01 GSR 14 (E) 09.01.2007
02 GSR 265 (E) 29.03.2007
03 GSR 849 (E) 15.10.2010
04 GSR 258 (E) 26.03.2011
05 GSR 427 (E) 02.06.2011
06 GSR 507 (E) 05.07.2011

Click here to download the complete text of the above Notification in PDF Format- Notification- Companies (Director Identification Number) Amendment Rules, 2012.

Source: Ministry of Corporate Affairs.