ICSI Clarification on CPE Hours through E-mode dt. 24.04.2021

 ICSI Clarification on CPE Hours through E-mode

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ICSI Clarification dated 24^th April, 2021:

In view of the Covid-19 Pandemic, it has been decided by the Institute to award structured CPE Credits to the members attending the programmes organized by HQs, ROS, Chapters, CCGRT and CoE through electronic mode during May 1, 2021 till June 30, 2021. The structured CPE Credit will be considered for the year 2020-21 only.

That means physical attendance is not required to complete structured CPE hours during May 1, 2021 till June 30, 2021.

Earlier Extension of CPE Timeline for the year 2020-21

Kindly note that ICSI on 27^th March, 2021 has given notification stating EXTENSION OF TIME FOR OBTAINING THE MANDATORY CPE CREDITS UPTO 30 JUNE 2021.

It may be noted that, CS in Employment and Practice, both required to complete 20 CPE Hours.

Note:

it is to inform you that the Institute in view of the second wave of COVID-19 pandemic spreading fast, the conditions prevalling in the Country and imposition of the various restrictions by the Government to curb the impact of COVID-19, considered that the members are finding it difficult to complete the requirement of the Structured CPE Credits as the physical programmes are not being conducted by HQ, ROS, CCGRT, COE or Chapters of the Institute.

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. 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. In no event the authors 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.

 

CFO Certificate under CSR Rules _ Draft Format

CFO Certificate under CSR Rules _ Draft Format

 

 Date: ……….

  The Board of Director,

………………………………

……………………………..

 

Sub: Certificate under Rule 4 of CSR Rules, 2014

Dear Sirs,

This is to certify that funds of Rs…Lakhs so disbursed for Corporate Social Responsibility (CSR) activity for financial year 2020-21 has been utilized for the purpose and in the manner as approved by the Board in their meeting held on………. as per the rules 4 of Companies (CSR) Rules, 2014 and Schedule VII of the Companies Act, 2013.

Details of CSR expenditure are as follows: 

Particulars	Rs. In Lakhs
Amount Outlay (Budgeted)
Amount spent on the projects
Amount unspent
Excess amount spent

 

Thanking You, Yours Faithfully,

 

for …………………………… 

(Name)

Chief Financial Officer

 

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. 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.

 

Central Govt. specifies minimum amount of default w.r.t. pre -packaged insolvency resolution process

Central Govt. specifies minimum amount of default w.r.t. pre -packaged insolvency resolution process

Ministry of Corporate Affairs, (Central Govt.) ide notification no. S.O. 1543(E) and Gazette Id no. CG-DL-E-09042021-226475 dated 09^th April, 2021 has specifies Rs. 10 Lakhs (ten lakh rupees) as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code, In exercise of the powers conferred by the second proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.

Link: http://www.mca.gov.in/Ministry/pdf/Notification_1204021.pdf

 

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. 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.

FSSAI makes BIS certification mandatory for packaged drinking water companies

FSSAI Update - Drinking Water

FSSAI makes BIS certification mandatory for packaged drinking water companies

FSSAI had laid down the procedures for issuing FSSAI license to packaged drinking water and mineral water makers.

q Applicability

FSSAI said that as per Section 31 of FSS Act 2008, all Food Business Operators (FBOs) have to obtain license/ registration before commencement of any food business. It will come into effect from April 1, 2021.

q Prohibition & Restrictions Rules

Food Safety and Standards (Prohibition and Restriction on Sales) Regulations 2011 state that no person should manufacture, sell or exhibit for sale, packaged drinking water and mineral water except under the Bureau of Indian Standards (BIS) certification mark.

q FSSAI Concluded

FSSAI decided to make BIS license/application for BIS license a precondition for issuing FSSAI license.

Link:  Click Here

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. 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.

Start-up India Eligibility Norms : Check Eligibility

Start-up India Eligibility Check: 

To become a Start-up India Registered Entity, we must get the Entity registered with DPIIT (Department for Promotion of Industry and Internal Trade).

Check eligibility norms to get registered with DPIIT and become an Start-up India registered Entity:

Sl.	Parameters	Eligibility Norms
1	Type of Entities allowed to get registered?	·        Private Limited Company, ·        Registered Partnership Firm (having FRN) ·        Limited Liability Partnership
2	Origin	·        Should be originally incorporated ·        Entity should not have been formed by splitting up ·        Reconstructing an already existing business not to be considered
3	Time – limit to get registered as an start-up entity	Period of existence and operations should not be exceeding 10 years from the Date of Incorporation
4	Turnover	Should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its Incorporation. (Max. 100 Cr. Cap is fixed for any of the financial years since its Incorporation)
5	Business Model & Potential	Innovative & Scalable   Should work towards development or improvement of a ·        product,  process or service and   /or have scalable business model with high potential for creation of wealth & employment

Key points:

1. Decide form of Business

2. Check Compliance Model

3. Check and discuss the benefits, depends upon type of Business form.

4. Hire a professional to solve all your queries and to help you to get the things done.

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. 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.

In case of any query related to start-ups, registration / Compliance / understanding of Concept / Benefits available / Tax exemptions please connect @ cslalitrajput@gmail.com or whatsapp at +919625483520.

MCA / ROC Compliance Calendar - April 2021

 Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder; for April 2021

 

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / Filing mode
Companies Act, 2013	Within 180 Days From The Date Of Incorporation Of The Company (one time compliance only)	As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.	MCA E- Form INC 20A (one time compliance)
Companies Act, 2013	First declaration within 90 days from the date of notification Dt. 08.02.2019	A person having Significant beneficial owner shall file a declaration to the reporting company http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019   In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.	Form BEN-1 Draft Format available at LINK
Companies Act, 2013	within 30 days of acquiring beneficial interest	Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.  (the date of receipt of declaration in BEN-1 ) CLICK HERE	Form BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019
Companies Act, 2013	One time Compliance	Filing of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.)	Active Form INC -22A
Companies Act, 2013	Annual Compliance	*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021   Annual Exercise: CLICK HERE Penalty after due date is Rs. 5000/-(one time)	E-Form DIR – 3 KYC (Web Based and E-form)
Companies Act, 2013	Within 270 days from the date of deployment of this Form	Annual Return To Be Filed By Auditor With The National Financial Reporting Authority CLICK HERE CLICK HERE Click Here Note on NFRA -2 Click Here	NFRA-2 (NFRA-2 e-Form live since 9th December 2019.)
Companies Act, 2013	Within 30 days of the board meeting	Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.	MGT-14  (Filing of resolution with MCA)
Companies Act, 2013	Within 60 (sixty) days from the conclusion of each half year.	Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies Till further clarification to be filled in GNL-2	E-Form PAS – 6
Companies Act, 2013	For half year period ‘October to March’ – 30th April	All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days.	Form MSME -1

 

New MCA E-form Introduced:  CSR related Compliance

 

CSR -1 : Filing of Form CSR-1 with the Registrar of Companies (MCA) for registration of entities for undertaking CSR Activities:

Form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended/substituted by the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.

 

 

 

 

 

r KEY UPDATES:

1.                  MCA DEFERS SOFTWARE WITH AUDIT TRAIL BY 1 YEAR till 01.04.2022

Ministry of Corporate Affairs (MCA) vide notification dated 01st April 2021 has deferred mandating Companies to use Software with an Audit Trail of each Transaction till 01st April, 2022.

Kindly note that:

The MCA had earlier notified that every company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

Now, this notification now shall come into force with effect from the 1 April, 2022 only.

Source: Click Here and / Click Here

2. Ministry of Corporate Affairs initiates inspection of books of Edelweiss ARC

The ministry of corporate affairs (MCA) has initiated the inspection of the books of Edelweiss Asset Reconstruction Company (EARC) Ltd.

EARC said it has not received intimation of any inspection being conducted by the MCA, in a statement on Thursday. According to reports, the MCA initiated the probe under section 206 of the Companies Act, which permits the Centre to inspect the books of a firm if it feels that circumstances warrant it, but this does not imply guilt.

The action came after Paras Kuhad, former additional solicitor general of India, had written to the Reserve Bank of India (RBI) and the Prime Minister’s Office (PMO) alleging financial irregularities within the firm.

q Important Updates

 

            MCA Monthly UPdate Calendar: March, 2021

 

Sl.	Particulars of the Circulars	Link
1	Press release on MCA signing Data Exchange MoU with CBIC on 25th February, 2021	Click Here
2	Companies (Management and Administration) Amendment Rules, 2021	Click Here
3	Companies (Incorporation) Third Amendment Rules, 2021	Click Here
4	Commencement notification dated 05 March 2021	Click Here
5.	MCA advises investors to verify status of Nidhi companies before investment	Click Here
6.	MCA strikes off 10,113 companies between April 2020 and February 2021	Click Here
7	The Companies (Amendment) Act, 2017	Click Here
8	The Companies (Incorporation) Third Amendment Rules, 2021	Click Here
9	The Companies (Management and Administration) Amendment Rules, 2021	Click Here
10	Central Scrutiny Centre (CSC) has been established for carrying out scrutiny of Straight Through Processes (STP) e-forms	Click Here
11	The provisions of section 32 and section 40 of the Companies (Amendment) Act, 2020 shall come into force w.e.f. 18.03.2021	Click Here
12	Amendments to Schedule V of the Companies Act, 2013	Click Here
13	Action initiated to control fraudulent companies	Click Here
14	3,82,875 number of Companies struck off in three years up to FY 2020	Click Here
15	CSR expenditure by all companies in Aspirational Districts from 2017-20	Click Here
16	Extension in last date of Application for recruitment for the post of Driver in NFRA on Deputation/Re-employment	Click Here
17	The Companies (Accounts) Amendment Rules, 2021	Click Here
18	The Companies (Audit and Auditors) Amendment Rules, 2021	Click Here
19	Amendment to Schedule III to the Companies Act, 2013	Click Here
20	Commencement notification dated 24.03.2021	Click Here
21	Sanction for prosecution accorded in 366 cases in violation of CSR provisions	Click Here
22	SFIO investigating 20; RDs investigating 38 cases in misuse of corporate structure/ fraud Financial Year 2020-21	Click Here
23	1,38,051 new companies registered from April 2020 to February 2021	Click Here
24	Extending deadline of Companies Fresh Start Scheme and LLP Settlement Scheme	Click Here
25	Spending of CSR Fund by Sail	Click Here
26	Finance Minister Smt. Nirmala Sitharaman launches Central Scrutiny Centre and IEPFA’s Mobile App to leverage digital solutions to achieve Prime Minister’s vision of ‘Digitally empowered India’	Click Here
27	Companies (Audit and Auditors) Second Amendment Rules, 2021	Click Here
28	Company (Accounts) Second amendment Rules, 2021	Click Here