Corporate Update ( #MCA #IBBI #Press news #GST) 20.09.2019 to 24.04.2019
- Knowledge Sharing Initiative
Ministry of Corporate Affairs (MCA – ROC)
1.
MCA 21 Portal unavailability
MCA21 system will be intermittently unavailable from Saturday
28th September 2019, 21:00pm to Sunday 29th September 2019, 7:00am IST due to
maintenance activity. Stakeholders are requested to plan accordingly.
2.
MCA E-form BEN-2 revised
Form BEN-2 is likely to be revised on MCA21 Company Forms
Download page w.e.f 25th September, 2019. Stakeholders are advised to check the
latest version before filing.
Insolvency and Bankruptcy Board of
India (IBBI) Update:
Valuation required under
the provisions of the Companies Act, 2013 and the
Insolvency and Bankruptcy
Code, 2016 vide circular no. No. IBBI/RVO/026/2019 dated 16.09.2019.
a.
Rule 10 of the Companies
(Registered Valuers and Valuation) Rules, 2017 (Rules) read with section 247 of
the Companies Act, 2013 (Act) require that a registered valuer shall conduct valuations
required under the Act.
b.
Circular No. IBBI/RV/019/2018
dated 17th October, 2018 of IBBI mandates that the valuations required under
the Code or any of the regulations made thereunder shall be conducted by a
registered valuer.
Read more at :
Press
News:
1.
India must aim for attracting largest FDI share in the World,
says Shri Ravi Shankar Prasad
Union Minister of
Communications Shri Ravi Shankar Prasad today said that India is the second
largest telecommunications market and is on the cusp of transformational change
which will require additional FDI in the sector.
The Minister said FDI has seen
a jump over the last few years and grossed USD 64 billion in FY19. Telecom
sector attracted FDI worth USD 2.67 billion, and in electronics, computer
software and hardware of USD 6.4 billion.
2.
CCI approves Combinations under Section 31(1) of the Competition
Act, 2002
Competition Commission of India
(CCI) approves the following Combinations under Section 31(1) of the
Competition Act, 2002, today (dt. 23.09.2019):
(a)
Acquisition of Dixcy Textiles Pvt. Ltd. (DTPL) by Varenna
Holdings Limited (Varenna)
The proposed transaction
entails acquisition of equity shares in DTPL by Varenna. Varenna already holds
60% of the shares in DTPL.
Varenna is an indirect
subsidiary of funds managed by Advent International Corporation.
DTPL is primarily engaged in
manufacturing of hosiery products including men’s inner wear (including boy’s
inner wear), women’s inner wear (including girl’s inner wear) and casual wear
(including T-shirts, Tracks, sweatshirts, shorts, leggings, athleisure, thermal
wear, capris and skirts).
(b)
Acquisition of approximately 25% shareholding of
Federal-Mogul Goetze (India) Limited (FMGI) by Icahn Enterprises L.P. (IEP LP);
American Entertainment Properties Corp. (AEP); and IEH FMGI Holdings L.L.C.
(IEH)
The proposed transaction
contemplates an acquisition of approximately up to 25.02% shareholding of FMGI
by the Acquirers from the public shareholders of FMGI. Under the SEBI
(Substantial Acquisitions of Shares and Takeover) Regulations, 2011, IEP LP and
AEP, together with its subsidiary, IEH are the persons acting in concert with
Tenneco Inc.
FMGI (the target) manufactures
and sells pistons, piston rings, valve seats, valve guides and structured parts
for a wide range of applications including two/three wheelers, cars, sport
utility vehicles, tractors, light commercial vehicles, heavy commercial
vehicles, stationary engines and high output locomotive diesel engines.
(c)
Restructuring of pharmacy business of Apollo Hospitals
Enterprise Limited (AHEL) and its subsequent acquisition by Enam Securities Private
Limited, Jhelum Investment Funds I and Hemendra Kothari.
In terms of the proposed
combination, the front end standalone pharmacy business of AHEL shall be
transferred by AHEL to Apollo Pharmacies Limited (APL) by way of slump sale
pursuant to approval of the National Company Law Tribunal, Chennai Bench.
AHEL is a part of the Apollo
Group and provides integrated healthcare services in India and internationally.
AHEL healthcare facilities comprise primary, secondary, and tertiary care
facilities.
APL is engaged in the business
of buying, selling, importing, exporting, distribution or dealing in or
manufacturing, Medical and Pharmaceuticals products like intravenous sets,
intravenous solutions, all kinds of drugs, disinfectants, tinctures, colloidal
products, injectable and all pharmaceuticals and medical preparations and other
related products.
3.
Government amends Rule 54 of CCS (Pension) Rules, 1972
On death of a
Government servant while in service, the family is entitled to a family pension
in accordance with Rule 54 of the Central Civil Services (Pension) Rules, 1972.
The family pension was payable at enhanced rate of 50% of the pay last drawn
for a period of 10 years, if the Government servant had rendered a continuous
service of not less than seven years; thereafter the rate of family pension was
30% of the pay last drawn. In case the Government servant had rendered a service
of less than seven years before his death, the rate of family pension was 30%
from the beginning and family pension at enhanced rate of 50% of last pay drawn
was not payable to the family.
The Government
felt that the need for family pension at enhanced rate is more in the case of a
Government servant who dies early in his career, as his pay at the initial
phase of service is much less. The Government has, therefore, amended Rule 54
of the Central Civil Services (Pension) Rules, 1972 by a notification dated
19th September, 2019. As per the amended Rule 54, the family of a Government
servant, who dies within seven years of joining service, will also be eligible
for family pension at enhanced rate of 50% of last pay drawn, for a period of
10 years.
The above
amendment would be effective from 1st October, 2019. However, the families of
Government servants who died before completion of service of seven years within
10 years before 1st October, 2019, will also be eligible for family pension at
enhanced rates with effect from 1st October, 2019.
The benefit of
amended provisions would be available to the families of all Government
servants, including the personnel of CAPFs, in the unfortunate event of their
death within seven years of joining Government service.
Goods and Service Tax (GST) Updates:
1.
GST Rate on Services as Recommended by The GST Council in Its
37th Meeting
The 37thGST Council met in Goa today under the Chairmanship
of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman . The meeting was also attended by Union
Minister of State for Finance & Corporate Affairs Shri Anurag Thakur
besides Chief Minister of Goa Shri PramodSawant, Finance Ministers of States & UTs and
seniors officers of the Ministry of Finance .
GST Council took following decisions relating to changes in
GST rates, ITC eligibility criteria, exemptions and clarifications on connected
issues.
2.
GST Rate on Services as Recommended by The GST Council in Its
37th Meeting
3.
GST Rate on Goods as Recommended by The GST Council in Its
37th Meeting
Read Full at: https://pib.gov.in/PressReleseDetail.aspx?PRID=1585979
4. Corporate tax rates slashed to 22% for domestic companies and
15% for new domestic manufacturing companies and other fiscal reliefs
Update
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