CORPORATE LAW UPDATES OCT 2022
Extension of time limit for filing e-form DIR-3 KYC & web- form DIR-3 KYC (without late filing fee) upto 15 October 2022
Every Director / Designated Partner (DP) holding Director Identification No (DIN) is required to file his / her KYC related details annually in e-Form DIR-3 KYC & web- form DIR-3 KYC on or before 30 September. Any delay in filing attracts late filing fee of Rs 5000.
Ministry of Corporate Affairs (MCA) vide circular no 09/2022 dated 28 September 2022 has extended the time limit for filing above forms (without late filing fee) for FY 2021-22 till 15 October 2022.
CIRCULAR NO. SEBI/HO/MRD/MRD-POD-1/P/CIR/2022/128, DATED 27-09-2022
SEBI modifies ‘Daily Price Limit’ for Commodity Futures Contracts to bring parity with international exchange
Editorial Note : In order to bring parity between the closing prices of domestic & international exchange, the SEBI has modified the Daily Price Limit (DPL) for Commodity Futures Contracts. Price differences occurs due to difference in calculation methodology. Therefore, SEBI directed that DPL maybe further relaxed in stages of 3% by the Exchange with cooling off period of 15 minutes in case where price movement in international markets is more than aggregate DPL or if international price is beyond aggregate DPL.
MCA issues clarification on mandating companies to round off figures appearing in the financial statements
Editorial Note : The MCA vide. Notification No. GSR 207 (E), Dated 24-03-2021 introduced an amendment in Schedule III of the Companies Act, 2013 whereby the companies were mandated to round off the figures appearing in the Financial Statements depending upon their total income. Now, the MCA has clarified that in case the companies provide an absolute figure in e-forms i.e. AOC-4, the same shall not be treated as an incorrect certification by the professionals.
CIRCULAR NO. AFD/P/CIR/2022/125, DATED 26-09-2022
SEBI modifies operational guidelines for FPIs, DDPs and EFIs registered under Multiple Investment Managers structure
Editorial Note : SEBI has modified the operational guidelines for FPIs, DDPs and EFIs pertaining to FPIs registered under MIM structure. As per the modification, an entity that engages multiple investment managers can obtain FPI registrations mentioning the name of investment manager for each of the registration. Further, such applicants can obtain different DDPs for each registration without any external investment managers in the case of MIM structures.
SECTION 447 OF THE COMPANIES ACT, 2013 – PUNISHMENT – FOR FRAUD
Where appellant was arrested for alleged violation of section 447 and was in custody for two and half years, in view of fact that period of custody had already undergone and there was no immediate possibility of commencing trail, appellant was to be released on bail – Sujay U Desai v. Serious Fraud Investigation Office – [2022] 142 taxmann.com 300 (SC)
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