AMENDMENT IN COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014

AMENDMENT IN COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014

Dear,

The Central government vide its notification dated 12^th September 2014, has make amendments in sub rule (6) of rule 4 of Companies (Corporate Social Responsibility Policy) Rules, 2014 . The amended sub rule (6) of rule 4 of these rules is as follow, amendments are in red colour;

Rule 4 : CSR Activities

(6) Companies may build CSR activities of their own personnel as well as those of their Implementing agencies through Institutions with established track record of at least three financial years but such expenditures including expenditure on administrative overhead shall not exceed five percent of total CSR expenditures of the Company in one financial year

           

You can download the notification from the following link;

http://mca.gov.in/Ministry/pdf/NCA_Rules_12092014.pdf

Thanks & Regards:

KASHIF ALI & ASSOCIATES

Company Secretaries

268, Business India Complex,

Uday Park, New Delhi-110049

Call us : +91 9718483209

MCA UPDATES_COMPANIES ACT 2013

 

MCA UPDATES_COMPANIES ACT 2013

COMPANIES (REMOVAL OF DIFFICULTIES) SEVENTH ORDER 2014

Ministry of Corporate Affairs has issued “The Companies (Removal of Difficulties) Seventh Order 2014 on 4^th September 2014. This ROD is to amend the sub section (5) of section 143 of the Companies Act, 2013. The amended sub section is as below;

In the case of a Government company, the Comptroller and Auditor-General of India shall appoint the auditor under sub-section (5) or sub-section (7) of section 139 and direct such auditor the manner in which the accounts of the Government company are required to be audited or any other company owned or controlled, directly or indirectly, by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, the Comptroller and Auditor-General of India shall appoint the auditor under sub-section (5) or sub-section (7) of section 139 and direct such auditor the manner in which the accounts of the company are required to be audited and thereupon the auditor so appointed shall submit a copy of the audit report to the Comptroller and Auditor-General of India which, among other things, include the directions, if any, issued by the Comptroller and Auditor-General of India, the action taken thereon and its impact on the accounts and financial statement of the company.

You can read the full text of this order from the following links;

http://mca.gov.in/Ministry/pdf/ROD_7th_2014.pdf

MCA CLARIFICATION ON ACCOUNTING STANDARD (AS) 10 CAPITALIZATION OF COST

MCA has vide its circular No. 35/2014 dated 27^th August 2014, has issued clarification w.r.t. capitalization of borrowing costs incurred during extended delay in commercial production for reasons beyond the developer’s control, and regarding whether capitalization of power plant should be unit wise or project wise.

You can read the full text of the this circular on the following link;

http://mca.gov.in/Ministry/pdf/circular_35_27082014.pdf

AMENDMENT IN SCHEDULE II OF COMPANIES ACT, 2013 (USEFUL LIVES TO COMPUTE DEPRECIATION)

Ministry of corporate affairs vide its notification dated 29^th August 2014 has amended schedule II of the Companies Act, 2013. The full text of the amendment can be downloaded from the following link;

http://mca.gov.in/Ministry/pdf/Amendment_Notification_29082014.pdf

Thanks & Regards:

KASHIF ALI & ASSOCIATES

Company Secretaries

268, Business India Complex,

Uday Park, New Delhi-110049

Call us : +91 9718483209

MCA Updates 14th August 2014_ second amendment in Companies (Meeting of Board and its Powers) Rules 2014 ‘

 

 

GREAT OPPORTUNITY FOR DEFAULTING COMPANIES ___ Company Law Settlement Scheme (CLSS) 2014 

Amendment in list of activities which may be included by companies in their Corporate Social Responsibility Policies

 

MCA clarification on applicability of section 139(5) and 139(7), of the Companies Act 2013