Corporate Crux

Concept of Financial Year (FY) and Assessment Year (AY).
Both the Year has various differences as well as similarities.

Happy Holi To All 🔴🟡🟢🔵

The Retirement fund body Employees’ Provident Fund Organisation has decided to lower the interest rate on provident fund deposits for FY 2021-22.

This is the lowest interest rate since 1977-78 on deposits that employees make towards their retirement fund.

MCA vide it’s notification has introduced a New Form CSR-2 for Report on CSR on 11th February, 2022.

The notification explains about the applicability for Form CSR-2 and due date for FY 2020-21 as well as FY2021-22.

This is an extensive form which require details of every matter related with the concept of Corporate Social Responsibility.

India to join other countries in pushing forward with digital currency.
India has streamlined laws to regulate the digital currency in the country.

#2022

Key Highlights of Budget 2022 presented by our Honourable Finance Minister Smt Nirmala Sitaraman !!!

#2022

Annual Performance Report is a mandatory annual compliance specified under FEEMA 1999. For filing APR involvement of ODI is must.

APR is filed by an Indian party to the AD Bank in the prescribed format. Non filing of APR will be treated as a violation of FEEMA and penalty clause may be invoked for the same.

Holding of AGM by the Corporates till November, 2021 as per the revised guidelines by the Ministry of Corporate Affairs (MCA).

The ministry has directed all the ROCs to extend the timeline for holding AGM by two months.

Introduction of Form MGT-7A
under newly amended rules.

The concept and purpose are exactly the same for this e-form too.
What makes it Different is it’s applicability.

Earlier there was a single form for all types of companies to file their Annual Return to the ROC.
But now Small Companies & One Person Company shall file eForm MGT-7A instead of Form MGT-7 to the ROC.

The companies other than the above mentioned category shall continue filing Form MGT-7 as earlier.

The Ministry in the year 2019 came with a new concept to protect the interest of the small groups.

To regularise the payments made to MSME vendor FORM MSME I was introduced.

All the companies who receives supply of goods or services from MSME vendor and whose payments exceed 45 days from the date of acceptance needs to file this form.

Charge is a right created by a company in favour of a financial institution or a bank or any other lender who has agreed to provide financial assistance to the company on its assets or properties.

Charge is a wider term. It includes Pledge, Hypothecation, Mortgage etc.

Many times we get confuse with these terms. The applicability of the terms specified above are different.
Some are created against Movable Property and some against Immovable Property.

The meaning applicability and their differences have explained in our post for better understanding.

Even if you’ve never written a board report before, it’s easy enough to learn how to do it.

This is an annual compliance to prepare the Board Report for corporates.
various points to be kept in mind for preparation of such reports.

The board report is a comprehensive report which explains about the status of the company.

The given bullet points will help in the easy preparation of the report. Board has the power to approve the report.

This is a public document which needs to be filled with the Ministry of Corporate Affairs along with the financials of such company.

The amendments to the Indian Stamp Act Act 1899 have come into effect from 01st July, 2020.
These amendments were first proposed under the Finance Act of 2019.

The stamp duty act has jurisdiction of various state for their levy and collection.
To bring uniformity in stamp duty the ministry has brought these changes.

The amendments relate not only to the rates of stamp duty but also to the process of levying and collecting stamp duty.

#2021

The Ministry in the year 2019 came up with a new provision regarding DIR-3 KYC details.
This is basically to keep the track record of KYC details of directors through the eForm and as well as web-service.

The eForm is required to be filed only when the person is allotted DIN with all the complete KYC details.
The web-service is an annual compliance for such a person who does not require any updation in their KYC details submitted.

The consequences of non filing of this form would attract a penalty. And ministry would mark the DIN of such director as non-compliant.

Keep on updating KYC details to the Ministry to avoid any kind of late fees or penalty.

Every Company registered under the Companies Act, 1956 or 2013 are required to file certain prescribed e-forms annually with the Registrar of Companies (ROC).

The XBRL filing is not applicable to all types of Companies. This is applicable only to certain class of companies prescribed under Companies Act.

Being a lengthy and time consuming process the corporates generally outsource such filing to the firms.
This filing can be done through a particular XBRL Software.
There are various software’s on the market.

To avoid the myth of Complexities attached to the XBRL we have come up with certain guiding tips to make it simple and easier.

This is the first time that LLP Act, 2008 has been amended and got assent by the Honourable President of India on 13th August, 2021.

The Act will be known as LImited Liability Partnership (Amendment) Act, 2021.
The Act has been brought to facilitate the ease of doing business and to encourage the startup ecosystem.

The Act has been amended according to the today’s uniformity. The new Act has brought some new concept, substituted sone old provisions and has also omitted certain provisions that are of no use now.

The Great Indian IPO rush in 2021.

The excellent performance of the Indian Stock Market has allowed companies to bring their IPOs and get benefitted from it.
Most of the companies that have filed for IPOs have extremely high valuations.

Sudden positive sign seen in the stock market has brought several new investors in the primary market.

Hoping to see many big giant coming up with the IPOs in the year 2021.
This year would be the biggest blockbuster for the Indian Stock Market.

MCA Portal provides various document related services.

One of the most commonly used service in the Corporate sector is “View Public Documents” facility.

This is a facility which allow users or companies to view document of certain specific company by paying certain prescribed fee.

The documents of Companies registered in India can only be viewed with this link.

To our wonder, successful CS women; day by day, moment by moment, ICSI women members substantiated our belief with their success stories turning up across length and breadth of the country.

ICSI has created a common platform “CS WOMEN”, through this column where all women CS successful in their own way May come together and share their Journey, so that they can inspire others and get inspired from them.

CS women just don’t follow trends, but they are a trendsetter.
Women leaders are now changing the world.

The requirement to attach Form MGT-9 with board’s report has completely removed from the Act.

The Form MGT-9 is an extract of Annual Return which forms part of the board’s report. But this has been done away vide MCA notification 05th March, 2021.

Now companies are no longer required to prepare Form MGT-9.

The earlier provisions has been substituted with the new one.
The new provision requires company’s to mention web-link of such annual return in the board’s report. And such annual return to be placed on the companies website, if any.

The MCA has relaxed the provision and saved the time required for preparation of Form MGT-9.

THE GRAND MAN OF CS FRATERNITY LATE CS V KRISHNAMURTHI.

He enrolled for the CS Course at that when there was no existence of CS Course in India. His hard work, passion and dedication made him amongst the Top few Company Secretaries of Delhi Region.

The Mantra for his professional life was “ One Qualification is not Enough”. And he passionately followed this mantra in his professional life too.

He was just not only Company Secretary (CS). He was a Chartered Accountant (CA) and much later he got an MBA from USA. He give his 65yrs of life to the Corporate Profession.

Today he is no more with us but his strong dedication and his work ethics are worth recalling.
Always felt I can and I will, much before Obama said it.

The Companies Act, 2013 has slightly made some changes regarding Resignation of Director.
The Section 168 of Companies Act, 2013 deals with Resignation of Director. There can be various reason for the person resigning from the directorship of the company.

The first responsibility lies with the director to give notice in writing to the company about his/her resignation.
The Board shall on receipt of such notice take note of the same and the company shall intimate the ROC within the prescribed time limit.

The e-form required for resignation was to be filed by the director and as well as company. The forms involved in the Resignation of Director are DIR-11 & DIR-12. This point has created a lot of confusion for the same. After some representations and observations the Ministry of Corporate Affairs (MCA) has come up with the notification dated 07th May, 2018.

The notification clearly specifies and made it Optional for Notice of Resignation of Director to be filed with ROC. The resigning director can forward his resignation voluntarily to the ROC. There is no mandatory requirement to file such notice of resignation to the ROC. The form required for the same is DIR-11.

This was a great relief to the Corporates.
And now company can file a single e-form for the Resignation of Director to the ROC.

Some students dislike math because they think it’s dull. They don’t get excited about numbers and formulas the way they get excited about any other subjects that are easier to personally connect to.

The question about MATHs becomes important, when we want to pursue our career and get enrolled to any of the professional courses. This is the most difficult time to choose the correct path for pursuing what we actually want.
Students who finally opts the professional course like Company Secretary.
The first and most important point that come to their mind is “Do we need Maths for pursuing CS”?


The company secretary Course has been designed by the Institute of Company Secretaries of India (ICSI). And the institute does not impose any specific criteria for students about Maths for pursuing CS.
Any one can get enrolled to the course. The only criteria is the students must be passed in their Higher Secondary Examination.
It doesn’t matter at all whether you like maths or not.
Because the Course doesn’t require any specific or complicated mathematical knowledge.
Students having basic knowledge of mathematics like addition, substraction, multiplication & division etc. would be enough for them to choose CS Course.


“STOP THINKING AND START ENROLLING”.