REIVSED PROCEDURE FOR EASY EXIT SCHEME/STRIKE OFF U/S.560

Refer General circuler no 12 of 2011

PAN compulsory for DIN - New as well as Existing - For Existing File DIN 4 By 31/05/2011

The Ministry of Corporate Affairs has already simplified the process for obtaining DIN online, if the DIN-l eform has been digitally signed by the practicing Chartered Accountant, Company Secretary or Cost Accountant, verifying the particulars of the applicants given in the application. However, in other cases, where the DIN form is digitally singed by the applicant only, the applications are being disposed off with in one or two days after examination by the Central Government. 2. As another step towards simplification in allotment of DIN, the Ministry is considering to allot all DIN applications online. To examine the DIN-4 eform through the system, it has been decided that following fields in the DIN-l eform will be mandatory: -- (i) Name of Applicant (ii) Father's name of the Applicant (iii) Date of Birth (iv) Income Tax Permanent Account Number (PAN) in case of all Indian Nationals. (v) Passport in case of all Foreign Nationals. 3. At present, the PAN of the applicant is not a mandatory field in DIN eform-l. In order to examine DIN-4 eform through the system and to avoid duplicate DIN, it has been decided that all existing DIN holders who have not furnished their PAN earlier at the time of obtaining DIN, are required to furnish their PAN by filing DIN- 4 eform by 31 st May, 2011.

Ses.217 amendment

These rules may be called the Companies (Particulars of Employees) Amendment Rules, 2011. In the Companies (Particulars of Employees) Rules, 1975 (hereinafter referred to as the said rules), in rule lA, - (i) in clause (a), for the words "rupees twenty-four lakhs", the words "sixty lakh rupees" shall be substitutedi (ii) in clause (b), for the words "rupees two lakhs", the words "five lakh rupees" shall be substituted. 3. In the first proviso to rule 2 of the said rules, - (a) for the words "particulars of employees of companies", the words "particulars of Government Companies and companies" shall be substitutedi (b) for the words "rupees twenty four lakhs per financial year or rupees two lakhs per month", the words "sixty lakh rupees per financial year or five lakh rupees per month" shall be substituted.

Company Law – Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011 – Amendment in rules 3 and 7

NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011

In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following rules to amend the Director’s Relatives (Office or Place of Profit) Rules, 2003, namely:-

1. (1) These rules may be called Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011.

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

2. In the Director’s Relatives (Office or Place of Profit) Rules, 2003, (hereinafter referred to as the said rules), in rule 3, for the figures “50,000″, the figures “2,50,000″ shall be substituted.

3. In the said rules, for the figures “50,000″, the figures “2,50,000″ shall be substituted.

4. In the said rules, for rule 7, the following rule shall be substituted, namely:—

The selection and appointment of a relative of a director holding office or place of profit in the company shall be approved by adopting the same procedure applicable to non-relatives :

Provided that, in the case of listed public companies, the selection of director for holding place of office or profit in the company shall have to be also approved by a Selection Committee.

Explanation.- For the purpose of this sub-rule, the expression “Selection Committee” means a committee, the majority of which shall consist of independent directors and an expert in the respective field from outside the company:

Provided that in case of unlisted companies, independent directors are not necessary but outside experts should be there in the Selection Committee:

Provided further that in the case of private companies, independent directors and outside experts are not necessary.

Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language( XBRL) mode.

Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language( XBRL) mode. Applicable 1.Listed companies and subsidiaries 2.Companies having above 5 crore capital or 100 crore turnover

SEBI tells listed cos to run updated websites from tomorrow

SEBI tells listed cos to run updated websites from tomorrowHaving a website with up-to-date information at any given point of time will become mandatory for all the listed companies with effect from tomorrow -- a move aimed at providing investors with easy access to information. A notification by market regulator Sebi, which makes it mandatory for listed companies to have a functional website with latest details of various investor-sensitive information about them, will come into effect from April 1. The websites would require to have updated information about the company's basic business and financial details, shareholding pattern, corporate governance, contact details, as also information about any agreements with media companies.

NBFC can not to be partner in partnership firms

RBI/2010-11/453 DNBS.PD/ CC.NO. 214 / 03.02.002 /2010-11 March 30, 2011 All NBFCs Dear Sir, NBFCs not to be Partners in Partnership firms It has come to the notice of the Reserve Bank of India that some NBFCs have large investments in / have contributed capital to partnership firms. 2. In view of the risks involved in NBFCs associating themselves with partnership firms, it has been decided to prohibit NBFCs from contributing capital to any partnership firm or to be partners in partnership firms. In cases of existing partnerships, NBFCs may seek early retirement from the partnership firms. 3. Copies of Amending Notifications No. DNBS.227/CGM (US)-2011 and No. DNBS.228/ CGM (US)-2011 dated March 30, 2011 are enclosed for meticulous compliance.