Here are the compliances for October 2024:

– LLP Act: E Form LLP 8 (Statement of Account & Solvency): This form should be filed annually with the Registrar of Companies (ROC) by 30th October, 2024.

– Company’s Act: E Form AOC-4 (Filing of Annual Accounts): This form should be filed with the ROC within 30 days from AGM.

– Company’s Act: E Form MGT-7 (Filing of Annual Return): This form should be filed within 60 days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting.

– Company’s Act: E Form PAS-6 (Reconciliation of Share Capital Audit Report): This form should be filed half-yearly within 60 days from end of half year.

– Company’s Act: E Form MSME (Outstanding Payments to MSMEs): The due date for this form is October 31, 2024, for the period of April to September 2024.

Registering a company offers numerous benefits, making it a key step for anyone starting a business. First, it establishes your company as a legal entity, providing credibility and trust with customers, suppliers, and investors. This legal recognition opens doors for funding opportunities, such as bank loans and venture capital investments.

A registered company also offers limited liability protection to its owners. This means personal assets are protected in case the business faces financial difficulties. Additionally, the company structure allows for tax benefits, including deductions on operational expenses and profits.

Company registration also facilitates brand protection, as the business name becomes legally yours, preventing others from using it. Moreover, it enhances your business’s potential for expansion, as investors prefer dealing with registered entities.

In summary, registering a company not only protects your assets and builds trust but also provides financial benefits that contribute to long-term success.

Arbitration Act Judicial Pronouncement Update

Reference in one contract to the terms and conditions of the other contract would not ipso facto make the arbitration clause applicable unless there is a specific mention/reference thereto.

Case Law: 19.03.2024 NBCC (India) Limited versus Zillion Infra Projects Pvt. Ltd. Supreme Court

Facts:

The appellant, NBCC (India) Limited is a Government of India undertaking, engaged in construction of power plants and other infrastructure projects. The respondent, M/s Zillion Infraprojects Pvt. Ltd. is engaged in the construction and infrastructure sector. The appellant issued an Invitation to tender majorly for Construction of the Weir. The Respondent submitted the bid and appellant awarded the contract for Construction of the Weir to the respondent. A dispute arose and the respondent issued a notice invoking arbitration and further seeking consent for the appointment of a former Judge of a High Court, as Sole Arbitrator. The appellant did not respond so the respondent filed an application at the High Court under Section 11(6) of the Arbitration Act. The High Court confirmed the proposed appointment of the former Judge ofthe Delhi High Court, as theSole Arbitrator. Aggrieved by the orders, the appellant filed the appeals before Supreme Court.

Issue:

Learned Senior Counsel inter alia submitted before the Supreme Court that a mere reference to the terms and conditions without there being an incorporation in the L.O.I. would not make the lis between the parties amenable to the arbitration proceedings. Relying on the judgment of Supreme Court in the case of M.R. Engineers and Contractors Private Limited vs. Som Datt Builders Limited, he submitted that unless the L.O.I. specifically provides for incorporation of the arbitration clause, a reference to the arbitration proceedings would not be permitted in view of the provisions of sub-section (5) of Section 7 of the Arbitration Act.

Decision:

The Hon’ble Supreme Court held that: “when there is a reference in the second contract to the terms and conditions of the first contract, the arbitration clause would not ipso facto be applicable to the second contract unless there is a specific mention/reference thereto.

We are of the considered view that the present case is not a case of ‘incorporation’ but a case of ‘reference’. As such, a general reference would not have the effect of incorporating the arbitration clause. In any case, Clause 7.0 of the L.O.I., which is also a part of the agreement, makes it amply clear that the redressal of the dispute between the NBCC and the respondent has to be only through civil courts having jurisdiction of Delhi alone.”

For details:

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12635&Mode=0&fbclid=IwAR1O1aLSnJQDCxrF10neRvhERQawstxjdxn92SbEP1ux1oygfambuACKQk4_aem_AWAwMOPS6A2gzndqY3Rf37tEHQDNSc4CxHFJrvdz83iqA0zlqbL4vwREHTfl-P2aEl9I7k7pHTDGcx_KgDDoyYgN

Extension of Filing Deadline for MGT-7 and AOC-4 Forms: Important Update from MCA

MCA has vide General Circular No. 10 / 2015 extended the last date of filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) upto 31/10/2015, as electronic versions of Forms AOC-4, AOC-4 XBRL and MGT-7 shall be made available for filing latest by 30th September 2015.

It also provides that AOC-4 CFS will be made available latest by October 2015, hence, a company, which is required to file its Consolidated Financial Statement, would be able to do so without any additional fees upto 30/11/2015.

Amendment to Indian Accounting Standards: Companies (Indian Accounting Standards) Amendment Rules, 2020

New Delhi, the 24th July, 2020

G.S.R. 463(E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies

Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority,

hereby makes the following rules further to amend the Companies (Indian Accounting Standards) Rules, 2015,

namely:—

1. Short title and commencement.-(1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Indian Accounting Standards) Rules, 2015, in the ―Annexure‖, under the heading ―B. Indian Accounting Standards (Ind AS)’’,

For more information, click on the link given below.

http://www.mca.gov.in/Ministry/pdf/Rule_24072020.pdf

MCA.GOV.IN

www.mca.gov.in

Unlock 3 Guidelines: Permitted and Restricted Activities from August 1 Onwards

Update: Unlock 3 to kick in from August 1;

Here is a list of activities permitted & prohibited:

Activities permitted under Unlock 3:

Yoga institutes and gymnasiums allowed to open from August 5

Independence Day functions allowed with social distancing

International air travel in limited capacity under Vande Bharat Mission

States and Union Territories have also been given a free hand by the MHA to decide on activities permitted outside containment zones based on their assessment of the COVID-19 situation

Activities to remain restricted under Unlock 3:

Remain Closed:

Schools, colleges and coaching institutions to remain closed Metro/Rail Cinema halls, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places Social/political/sports/entertainment/academic/cultural/religious functions and other large congregations.

RBI Extends FLA Submission Deadline for 2019-20 Due to Technical Issues

RBI FLA Extended

The site is facing technical difficulties.

The due date for submission of FLA for the year 2019-20 is extended to August 14, 2020.

RBI EXTENDS FLA

Form PAS 6 (Reconciliation of share capital Audit)

SEBI Extends Submission Timeline for Financial Results: Key Updates on LODR Regulations

SEBI Update: After taking into considerationthe aforementioned issues, it has been decided to further extend the timeline for submission of financial results under Regulation 33 of the LODR Regulations,by a month,to July 31, 2020,for the quarter and the year ending31stMarch 2020. Similarly, the timeline under Regulation 52 of the LODR for submission of half yearly and/or annual financial results for the period endingMarch 31,2020 for entities that have listed NCDs, NCRPS’, CPs, MDS’is also extended to July 31, 2020.

https://www.sebi.gov.in/…/further-extension-of-time-for…

Update on NCLT New Delhi Proceedings Amidst COVID-19: Revised Hearing Dates Announced

The Regular Proceedings at NCLT New Delhi were stopped immediately after lockdown i.e. 24.03.2020, and further updated on 12.06.2020, to start the hearings from 01.07.2020

But,

Keeping in view the increasing cases of COVID-19, It has been decided to revise the next dates of hearings for principal bench and New Delhi (Court No. II, III, IV, V and VI) in all the pending matters starting from 20.07.2020 as per below Notification Link: https://nclt.gov.in/…/Notice%20dated%2030.6.2020…