In this edition we have tried to bring you notice the latest amendment that followed in the month of September, 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA Clarification on holding of Annual General Meeting (AGM) and EGM through video Confercnce (VC) or other Audio visual means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act,2013 It has been decided to allow companies whose AGMs are due in the Year 2023 or
Category: Industry
Companies to Maintain Daily backup of Books of Accounts: MCA
Rule 3 of Companies (Accounts) Rules states about, Manner of Books of Account to be Kept in Electronic Mode The books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India, at all times so as to be usable for subsequent reference. There shall be a proper system for storage, retrieval, display or printout of the electronic records as the Audit Committee, if any, or the Board may deem appropriate and such records
GREEN FINANCE
Introduction: Green Finance is a sustainable or responsible finance that effectively finances projects with environmental benefits, such as reducing greenhouse gas emissions, improving energy efficiency, or enhancing the circular economy. In simple words “Green Finance” is a loan or investment that promotes environmentally-positive activities, such as the purchase of ecologically-friendly goods and services or the construction of green infrastructure. Key aspects of Green Finance includes: ESG (Environmental, Social, and Governance) Integration: ESG criteria are used to assess the
KKR Pours $250 Mn More Into Reliance Retail At $100-Bn Valuation
Private equity firm KKR has poured INR 2,069.5 crore (about $250 million) as additional capital into Reliance Retail Ventures Ltd, a unit of the oil-to-telecom conglomerate Reliance Industries Ltd, at a valuation of around $100 billion. The investment increases KKR’s stake in Reliance Retail Ventures to 1.42% from 1.17%. KKR previously invested INR 5,550 crore in Reliance Retail in 2020. Its fresh investment comes primarily from its Asian Fund IV. The latest deal comes less than three weeks after Qatar
Issues faced by start-ups in getting Registration
Registering a start-up is a crucial step in establishing a Legal entity that can operate in the business world.However, start-ups often encounter several challenges during the registration process, hindering their progress and growth. Some of common issues faced by start-ups in getting registration are- Lack of knowledge & guidance: Many start-up founders are often inexperienced in the legal aspects of business registration, leading to confusion & uncertainty. Name and Trademark Issues: Choosing a unique name for business and securing trademarks
Form DPT- 3 (MCA)(Return Of Deposit)
DPT 3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits. Background In order to safeguard the interest of creditors or depositors, the Central Government in consultation with the Reserve Bank of India notified the amendment in the Companies (Acceptance of Deposits) Rules 2014 through Companies (Acceptance of Deposits) Amendment Rules 2019. Due Date of filing. Companies need to file Form DPT-3 annually. The form
New Labour Codes for New India
India is in process to implement new labour law reforms by: consolidating 29 existing legislations into 4 new Codes standardising, rationalising & updating the existing labour laws with contemporary relevance; covering employees from both organized and un-organised sector; emphasising on transparency, accountability and tech-based operations ensuring ease of operations and enforcement. Biggest impacts of the New Labour Codes: Payroll: Uniformity in definitions including that of ‘Wages’ across labour law; Requires ‘Wages’ to be 50 Percent of CTC[1]; Gratuity Eligibility may
Importance of Audit Evidence in Auditing
Introduction: Auditing is a logical process. An Auditor is called upon to assess the actual situation, review the statement of accounts and give an expert opinion about the truth and fairness of such accounts. This he cannot do unless he has examined the financial statements objectively. Objective examination means critical examination and scrutiny of the accounting statements of the undertaking with a view to assess how far the statements present the actual state of affairs in the correct context and
BLOCKCHAIN
Even though the term “Block Chain” is commonly thrown around, for many, blockchain technology is still a mysterious or even intimidating topic. Some remain sceptical that we’ll use this technology in the future. This scepticism that exists today is understandable because we’re still very early in the development and widespread adoption of blockchain technology. A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital
A summary of a few clauses in CARO, 2020 and consequential amendment in Schedule III, issued by ICAI
In February 2020, MCA notified the new CARO 2020, thereby, replacing the erstwhile CARO 2016. The new CARO 2020 has introduced a number of new or modified reporting requirements to be fulfilled by the auditors such as revaluation of property, plant, and equipment (including the right of use assets) or intangible assets, Benami property, working capital limits on basis of security of current assets, granting loans or advances in the nature of loans which are either repayable on demand or