While filing DIR-3 KYC form, all stakeholders are requested to use PAN based DSC in case of Indian Nationals i.e., DSC should contain PAN as specified in the form.

In respect of foreign nationals, applicant’s name in DSC would be matched with his/her name entered while filing the form(DIR-3 KYC).

In case the PAN /Name in DSC does not match with PAN/Name entered in the form, they would be required to get a DSC with PAN/Name as specified in the form.

Documents Required

1. DSC of Director duly Registered;

2. Self attested PAN card;

3. Self attested Aadhar card with updated Mobile number with UIDAI;

4. Self attested Electricity Bill, Mobile Bill, Bank statement of Director (latest 2 Months) of his/her present address;

5. Latest Passport size photo;

6. DIN declaration cum KYC.

DIR-3 KYC Will be deploy from 10.07.2018.

Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018.

The form should be filed by every Director using his/her own DSC and should be duly certified by a practicing professional.

After expiry of the due date by which the KYC form is to be filed, the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’.

So please complete your Director KYC before 31 August 2018 to save penalty of Rs.5,000/-

Delhi High Court issued notices to State/ Centre/ GST Council in petition challenging the constitutional validity of the provisions of CGST Act 2017 and corresponding DGST provisions relating to the constitution of GST Tribunal and qualification of their members.

In the court of:

Hon’ble Justice Sanjiv Khanna

Hon’ble Justice Chander Shekhar

In the matter of:

Bhartiya Vitta Salahkar Samiti

Vs

Union of India & Ors

{W.P. (C) 6900/2018}

Writ petition under article 226 and 227 has been filed challenging section 109 and 110 of the CGST act and corresponding DGST act as voilative of article 14 and 19(1)(g) of the constitution.

That the following major grounds has been taken in the writ petition filed-

1. The number of technical members on the bench are always higher than the number of judicial members, which is voilative of supreme court directives.

2. Appointment of officers of Indian Legal Services as judicial members would affect the very purpose of the Tribunal and voilative of supreme court directives.

3. There is no provision for Advocates to become GSTAT Judicial members and also no provision for CA’s to become Technical members, which is voilative of supreme court directives and impact on the functioning of final fact finding authority GSTAT.

4. Qualification for becoming technical member is less than the qualification required in case of first appellate authority, which is grossly voilative of rule of law.

5. Provisions providing selection committee, appointment, re‑appointment, transfer, term and removal of members for technical and judicial members, are in violation of the doctrine of separation of powers as there is complete control and discretion of the government in the said sphere.

Matter has been listed for 15th October 2018.

M.COM

m.com

Stakeholders are requested to plan accordingly.

As required U/s 149 of Companies Act, 2013.

SEBI has accepted the report of Kotak committee for mandatory Secretarial Audit of Listed Companies and their material Subsidiaries.

Congratulations to the whole fraternity on this extended opportunity and resposibility..

#brandICSI#proudCS#opportunities

For the first time such a large loan resolution has been achieved through upfront payment received by Banks through sale of a company. This is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this Government. The NPA resolution process is being done through a fair and transparent Insolvency & Bankruptcy Code helping boost both the banking sector & the economy. This has been recognised by International Credit Rating Agencies as well. With recovery of NPA’s, banks will now be in a position to offer affordable and more credit to major sectors of the economy especially the MSME sector. This will boost employment & the economy even more.

Government under leadershiip of PM Narendra Modi ji has been systematically cleaning the financial & economic mess left behind by the Past Governments.

Cleaning up banks & resolving NPAs is part of Swaksh Bharat.

Seeking to *crack down on shell companies and create transparency* in the corporate structure, the government has come out with *stringent rules on beneficial ownership to help it track down the true owner* of a company. Under the latest rules notified by Ministry of Corporate Affairs (MCA), the government has made it *mandatory for the individuals holding 10% or more in a company but not registered as shareholder to declare their interest* as significant beneficial owners. Experts said the true ownership of a corporate entity can be hidden by individuals by creating complex ownership structures for money laundering, tax evasion and benami transactions. As per the Companies (Significant Beneficial Owners) Rules, 2018, significant beneficiary owner has been *defined as an individual whose name is not registered* with the company as the shareholder but is *holding ultimate beneficial interest* of not less than 10% in it. It will apply to both listed and unlisted companies. Individuals have been *given 90 days to file details* with the company in which he or she holds the significant beneficial ownership. Similarly, companies have been asked to file the information on such shareholders with the Registrar of Companies (RoC) within 30 days. Those who fail to disclose the details will have to face legal action that includes a fine of Rs 10 lakh and imprisonment of a maximum of five years. The rules have come into effect from June 13. The government will now be able to get access to beneficial ownership information and use it to prosecute individuals and companies involved in creating complex ownership structures, a government official involved in the drafting of the rules said. Calling it a major step in the right direction towards curbing transactions, Sakate Khaitan, senior partner at Khaitan Legal Associates, said, The rules will result in identifying the individual who is the ultimate holder of the company. This will lead to a significant amount of transparency in corporate structure and identification of the person who benefits from the company. The number of shell companies will come down drastically and will have a reverberating impact on the government’s fight against black money, said Khaitan. These are quite good measures against money laundering. The only concern is that it *increases additional compliance* for the foreign portfolio investors, which may be worrisome, says Ramakant Rai. The rules apply to the individuals holding ultimate beneficial interest in companies, trusts as well as partnership firms. However, mutual funds, alternative investment funds, real estate investment trusts (Reits) and infrastructure Investment Trusts (InvITs) regulated under Sebi Act have been exempted from it. If an individual *fails to inform the company* about beneficiary interest, the company will now be able to *drag such person to the National Company Law Tribunal* (NCLT), seeking a suspension of voting rights and dividend payout. So far, it was mandatory for the companies and not the individuals to declare any beneficiary interest in the filing to the RoC. However, if the individuals holding ultimate ownership did not declare it, the companies were not liable to file the information with the government.

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC

to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC

on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP). The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.

After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.

Regards,

Team BKA