Important Updates: Companies Act, 1956 Form 23AC, Form 23 ACA and Form 23B

The following important information should be noted:

1. The last date for filing Form 23B without payment of fees by Statutory Auditor for the accounting year 2012-13 has been extended to 23.12.2012 or due date of filing of Form 23AC and Form 23ACA, whichever is later.

2. The revised date for filing of Form 23AC (Non-XBRL) and 23ACA (Non-XBRL) as per the revised Schedule VI without payment of additional fees has been extended yet again as is now as follows:

a. For Companies holding AGM or whose due date for holding AGM is before 21.09.2012, the date shall be 03.11.2012 or due date of filing, whichever is later;

b. For Companies holding AGM or whose due date for holding AGM is on or after 21.09.2012, the date shall be 22.11.2012 or due date of filing, whichever is later.

Disclaimer:
Proteus Consultants and I are not responsible for any and all losses, claims, damages and liabilities arising out of or related to following anything that may be posted in this blog. If you rely upon anything posted here, you do so at your sole risk and responsibility.

Pricing of MOA Subscription Shares

It has been decided that in cases, where non-residents (including NRIs) make investment in an Indian company in compliance with the provisions of the Companies Act, 1956, by way of subscription to Memorandum of Association, such investments may be made at face value subject to their eligibility to invest under the FDI scheme. Pricing of Subscription Shares is at par value

Disclaimer:
Proteus Consultants and I are not responsible for any and all losses, claims, damages and liabilities arising out of or related to following anything that may be posted in this blog. If you rely upon anything posted here, you do so at your sole risk and responsibility.

CHANGE IN REPORTING REQUIREMENT FOR PO/LO/BO

The Reserve Bank of India has made an addition to the reporting requirements of Project Office (PO), Liaison Office (LO) and Branch Office (BO). In addition to the Annual Activity Certificate, a report containing the following information shall also be filed with DGP concerned as well as the AD bank. In addition, this report shall also be filed with the DGP within 5 working days of establishment of the PO/LO/BO in any state.

1. Details of the Foreign Entity
a. Name
b. Address
c. Date and Place of Incorporation
d. E-mail ID or Web address

2. Details of Office in India
a. Type of Office – Liaison Office /
Branch Office / Project Office or
for others indicate type
b. Address
c. Contact Number
d. Date of opening of Office

3. Head of Office in India
a. Name
b. Nationality
c. Designation
d. Address
e. Passport Particulars
i. Passport Number
ii. Place of Issue
iii. Date of Issue
iv. Date of Expiry
v. Any other relevant
information
f. E-mail address
g. Land line number
h. Mobile number

4. Whether all foreign nationals employed at Liaison/Branch/Project Offices are on E Visas.
If not, indicate details of such foreign nationals.

5. Whether the foreign nationals on Evisas have reported to mandatory authorities i.e. Police Station etc. If not, name of such nationals / nationality along with relevant details and reasons for not complying with requirement

6. List of Personnel employed, including foreigners in India Office

7. List of foreigners other than employees who visited Indian Office in connection with the activities of the company with details.

8. Projects/ Contracts/Collaborations worked upon or initiated during the year along with details

9. List of equipment imported for business activities in India

10. Details of suppliers or services rendered to the Government Sector.

11. Details of places / states visited along with dates, accommodation used.

12. Details of contact with Government Departments / PSUs including names of officials

13. Details of contact with Civil Society Bodies / Trusts / Non-Government Organisation.

Disclaimer:
Proteus Consultants and I are not responsible for any and all losses, claims, damages and liabilities arising out of or related to following anything that may be posted in this blog. If you rely upon anything posted here, you do so at your sole risk and responsibility.