Recent Amendment by MCA and RBI
In this edition we have tried to bring to your notice the latest amendments that followed in the month of February 2021 issued by MCA and RBI.
Amendments issued by MCA
Companies (Specification of definitions details) Second Amendment Rules, 2021
In exercise of the powers conferred by the proviso to clause (52) of section 2 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the rules further to amend the Companies (Specification of definitions details) Rules, 2014 , these rules may be called the Companies (Specification of definitions details) Second Amendment Rules, 2021 in which they have specified certain class of companies which shall not be considered as Listed companies. Read more: http://www.mca.gov.in/Ministry/pdf/CompaniesSpecification2ndAmndtRules_22022021.pdf
Companies (Incorporation) Second Amendment Rules, 2021
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, these rules may be called the Companies (Incorporation) Second Amendment Rules, 2021 and they shall come into force on the 1st day of April, 2021. Read more: http://www.mca.gov.in/Ministry/pdf/CompaniesSecondAmndtRules_16022021.pdf
Companies (Specification of Definitions Details) Rules, 2014
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Specification of Definitions Details) Rules, 2014.These rules may be called as the Companies (Specification of Definitions Details) Amendment Rules, 2021 and they shall come into force on the 1st day April, 2021 in which definition of small company has been amended. Read more: http://www.mca.gov.in/Ministry/pdf/SpecificationAmndtRules_02022021.pdf
Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2021
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with sections 230 to 233 and sections 235 to 240 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and these rules may be called the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2021 read as :A scheme of merger or amalgamation under section 233 of the Act may be entered into between any of the following class of companies, namely two or more start-up companies; or one or more start-up company with one or more small company. Read more: http://www.mca.gov.in/Ministry/pdf/AmalgamationsAmndtRules_02022021.pdf
Amendments issued by RBI
Loans and advances to directors, their relatives, and firms / concerns in which they are interested
Loans and advances to directors, their relatives, and firms / concerns in which they are interested: Primary (Urban) Co-operative Banks (UCBs) shall not make, provide or renew any loans and advances or extend any other financial accommodation to or on behalf of their directors or their relatives, or to the firms / companies / concerns in which the directors or their relatives are interested (collectively called as “director-related loans”). Read more: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12019&Mode=0