DRAFT AUDITOR CERTIFICATE FOR DPT – 3

Auditor Certificate for DPT – 3

·         Requirement of Auditor Certificate:

Mandatory Auditor Certificate	Not Mandatory - Auditor Certificate
if the Form is filed ·         “return of Deposits” or ·         “return of Deposits as well as Exempted Deposits”	if the e-Form is filed as the ·         “return of Exempted Deposits” (whether as one-time return or annual return)

·         Draft Formats of Auditor Certificate:

On the Letter Head of the Auditor

Certificate

(Under Rule 16 of the Companies (Acceptance of Deposits Rules, 2014)

TO WHOMSOEVER IT MAY CONCERN

1. We have examined the Books of Account as on March 31, 20… and other records maintained by M/s _____ having registered office at _____ in respect of particulars furnished in the Form DPT-3 and certify that to the best of our knowledge and according to the information and explanations given to us and as shown by the records maintained by us, the figures of the deposits under point no. 8 of the form are duly reconciled with books of accounts and are correct.

2. Further the Company has maintained liquid assets in form of fixed deposits with ____ Bank as on ………………………  for an amount of Rs.___ for repayment of deposits in pursuance of provisions of Companies (Acceptance of Deposit) Rules, 2014.

3. Based on our verification of audited books of account period from 01st April, 20……. to 31st March, 20…….. we certify the following that;

a)      The Company has outstanding loan from shareholders Rs. __________________.

b)      The Company has received advance towards supply of goods amounting to Rs. ____________.

c)       The Company has outstanding loan from directors or relative of directors amounting to Rs. ___________.

d)     The Company has outstanding loan from any banking institution Rs. _______________.

4. This certificate is issued pursuant to the requirements of clause (31) of section 2 and section 73 of Companies Act, 2013 read with Rule 2(1) (c ) and 16A of Companies (Acceptance of Deposits) Rules, 2014 along with Companies (Acceptance of Deposit) Rules, 2014.

For___________ (name of the Firm)

Chartered Accountants

ICAI Firm Registration Number____________

_____________________________(sign.)

Name

Membership Number__________________

UDIN_______________________________

Place:

Date:

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

BSE SME LISTING ELIGIBILITY NORMS REVISED DUE TO COVID-19

“BSE SME LISTING ELIGIBILITY NORMS REVISED DUE TO COVID-19”

Ø Overview

Bombay Stock Exchange (BSE) vide notice no. 20200522-21 dated 22^nd May, 2020 has issued Notification related to “Relaxation in Eligibility Criteria for SMEs in view of Covid-19 Pandemic Situation”.

This circular has been issued to amend BSE circular dated 19th April 2012 related to eligibility criteria for companies seeking listing on BSE SME Platform as well as the guidelines for migration from SME Platform to main platform of BSE Ltd.

MSMEs are facing challenging situations due to the pandemic caused by Covid-19, in view of the impact of the COVID-19 pandemic and the lockdown measures undertaken by Central and State Governments.

Applicability : applicable with effect from June 1, 2020.

Ø Key Highlight:

The following eligibility criteria for listing on BSE SME platform are relaxed as mentioned below:

Sr.	Criteria	Existing (present Provisions)	Revised Norms (upcoming Provisions)
1	Net Tangible Assets	Rs. 3 crores	Rs. 1.5 crores
2	Track Record	The company or the partnership/proprietorship/LLP firm or the firm which have been converted into the company should have a combined track record of at least 3 years. Or In case it has not completed its operation for three years then the company/partnership/proprietorship/LLP should have been funded by Banks or financial institutions or Central or state government or the group company should be listed for at least two years either on the main board or SME board of the Exchange.  The company or the firm or the firm which have been converted into the company should have combined positive cash accruals (earnings before depreciation and tax) from operation and its net worth should be positive	The company or the partnership/proprietorship/LLP firm or the firm which have been converted into the company should have a combined track record of at least 3 years. Or In case it has not completed its operation for three years then the company/partnership/proprietorship/LLP should have been funded by Banks or financial institutions or Central or state government or the group company should be listed for at least two years either on the main board or SME board of the Exchange. The company or the firm or the firm which have been converted into the company should have combined positive cash accruals (earnings before depreciation and tax) in any of the year out of last three years and its net worth should be positive

Important Notes:

·         there will be no change in the existing guidelines for NBFC and Broking companies.

·         there is no change in the existing guidelines for listing on BSESME platform for NBFC and Broking companies.

·         In case of any further clarification you may contact the following Officers:

Name of the Officer	Email Id
Anand chari	Anand.Chari@bseindia.com
Mukesh Shah	mukesh.shah@bseindia.com

Link: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200522-21

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

11 Key Highlights of RBI Press Conference dt. 22.05.2020

11 Key Highlights of RBI Press Conference dt. 22.05.2020

RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic.

Key Highlights:

1. Repo rate reduced by 40 bps to 4%

2. Private consumption impacted most by COVID-19

3. Food inflation increased to 8.6% in April 2020

4. MPC says inflation to fall below 4% in Q3 and Q4 of 2020

5. GDP growth to remain in negative this year

6. gross domestic product will remain in negative territory this year with some pickup in pulses segment.

7. India's forex reserves increase by Rs 9.2 billion, stand at $ 487 billion, equivalent of 1 year of imports

8. Loan moratorium extended 31 August, 2020 

9. Lending institutions are being permitted to restore the margins for working capital to the origin level by 31 March, 2021.

10. 90 days extension to term loans offered to provide greater flexibility of SIDBI to provide additional liquidity support to the MSME sector

11. To manage importers' operative cycle, outward remittances against normal imports into India, is bought to 6 months from 12 months

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

MCA REVISED FAQ’S ON NAME RESERVATION AND RESUBMISSION FORMS

MCA Revised FAQ’s on Name RESERVation AND RESUBMISSION FORMS .

·         Overview

In view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide notification / circular  dated 20^th day of May, 2020 has issued Circular with respect to PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS.

Several representations have been received from stakeholders with regard to difficulty in incorporation / resubmission of incorporation forms due to COVID-1 9

Ø  Relaxation given:

PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS

S. No.	Issue description	Period/Days of Extension
1	Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of name reservation.	Names expiring any day between 15th March 2020 to 31st May would be extended by 20 days beyond 31st May 2020.
2	Names reserved for 60 days for change of name of company. INC-24 needs to be filed within 60 days of name reservation.	Names expiring any day between 15th March 2020 to 31st May would be extended by 60 days beyond 31st May 2020.
3	Extension of RSUB validity for companies.	SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 31st May 2020, additional 15 days beyond 31st May 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to non-resubmission during this extended period as detailed above. It also includes IEPF Non-STP e-Forms ( IEPF3, IEPF-5 and IEPF-7)
4	Names reserved for 90 days for new LLP incorporation/change of name. FiLLiP/Form 5 needs to be filed within 90 days of name reservation.	Names expiring any day between 15th March 2020 to 31st May would be extended by 20 days beyond 31st May 2020.
5	RSUB validity extension for LLPs.	SRNs where last date of resubmission (RSUB) falls between 15th March 2020 to 31st May 2020, additional 15 days would be allowed from 31st May 2020 for resubmission. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to non-resubmission during this extended period as detailed above
6.	Extension for marking IEPF-5 SRNs to ‘Pending for Rejection u/r 7(3)’ and ‘Pending for Rejection u/r 7(7)’	SRNs where last date of filing e-Verification Report (for both Normal as well as Resubmission filing) falls between 15th March 2020 to 31st May 2020, would be allowed to file the form till 30th Sep 2020. However, for SRNs already marked under ‘Pending for Rejection u/r 7(3)’ and ‘Pending for Rejection u/r 7(7)’, extension would be provided on case to case basis. Note: Status of IEPF-5 SRN will not change to ‘Pending for Rejection u/r 7(3)’ and ‘Pending for rejection u/r 7(7)’ till 30th Sep’20.

Read MCA Circular at:

http://www.mca.gov.in/Ministry/pdf/Extension_22042020.pdf

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.