Rules of Chapter V, X and XXII Notified

Year	Categories	Description
2014	31.03.2014	Chapter XXII- The Companies (Registration of Foreign Companies) Rules, 2014.
2014	31.03.2014	Chapter V - The Companies (Acceptance of Deposits) Rules, 2014.
2014	31.03.2014	Chapter X - The Companies (Audit and Auditors) Rules, 2014.

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FINANCIAL COMMERCIAL ENTERTAINMENT CAPITAL OF INDIA- MUMBAI

• 
  
•          The name derived from Mumba or Maha-Amba (Koli goddess Mumbadevi) and Aai ("mother" in the language of Marathi, The mother tongue of the Kolis).
•       Built on what was once an archipelago of seven islands: Bombay Island, Parel, Mazagaon, Mahim, Colaba, Worli, and Old Woman's Island (also known as Little Colaba).
•            The wealthiest city in India, and has highest GDP of any city in South, West or Central Asia.
•             Located on the western coast of India, 2^nd most populous metropolitan area in India, and 5^th most populous city in the world.
•          Having a population of 20.7 million (census 2011), it is one of the most populous urban regions in the world.
•            The city also houses India's Hindi (Bollywood) and Marathi film and television industry.
•        It is home to some of India's premier scientific and nuclear institutes like BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy.
•        The city houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian & MNCs.
•        Ranked 6^th among top ten global cities on billionaire count, 48th on the Worldwide Centres of Commerce Index 2008, 7^th in the list of "Top Ten Cities for Billionaires" by Forbes magazine.
•        India’s FINANCIAL, COMMERCIAL AND ENTERTAINMENT CAPITAL, generating 5% of India's GDP and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust & JNPT), and 70% of capital transactions to India's economy.
•         India's largest city (by population), serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and INR4000 crore (US$650 million) in corporate taxes.

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Stock Market Data

BSE Sensex (27.03.14)	22,214.37 (119.07)
NSE Nifty (27.03.14)	6,641.75 (40.35)
Dow Jones (26.03.14)	16,268.99 (-98.89)
Nikkei-225 (26.03.14)	14,477.16 (53.97)

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RBI Rates

POLICY RATES
Bank Rate		9.0%	Reverse Repo Rate		7.0%
Repo Rate		8.0%	Marginal Standing Facility Rate		9.0%
CRR		4.0%	SLR		23.0%
EXCHANGE RATES
INR / 1 USD	60.1295		INR / 100 Japan YEN	58.8100
INR / 1 Euro	82.9060		INR / 1 Pound Sterling	99.6466

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After rejecting stay application AO must give reasonable time before taking steps for coercive recovery - Sony India Pvt. Ltd vs. ACIT (Delhi High Court)

TITLE:  S. 220: After rejecting stay application AO must give reasonable time before taking steps for coercive recovery

CASE: Sony India Pvt. Ltd vs. ACIT (Delhi High Court)

Having said that this is a case in which technically no fault could be found with the assessing officer, we feel that there was there was an element of impropriety in his action in issuing the garnishee order under section 226(3) on 17.2.2014, the very day on which he rejected the stay application filed by the petitioner under section 220(3).

It is expected of him, having rejected the stay application, to wait for a reasonable period before he takes coercive steps to recover the amounts since the petitioner, faced with an order rejecting the stay application, may need some time to make arrangements to pay the entire tax demand or come up with proposals for paying the same in instalments. That opportunity was not afforded by the assessing officer in the present cases. The assessing officer is a prospector of the revenue and he is no doubt expected to protect the interests of the revenue zealously, but such zeal has to be tempered with the rules of fair play and an anxiety to ensure that a opportunity is not lost to the assessee to make alternative arrangements for clearing the tax dues, once the stay applications filed under section 220(3) are rejected.

Taking away the amount of Rs.43.87 crores from the bank account of the petitioner may perhaps not be legally faulted, but taking into account the haste with which the assessing officer acted in the present case it seems to us that there was an element of arbitrariness in the action of the assessing officer. In our opinion, since the stay applications filed by the petitioners are pending before the Tribunal, the more appropriate course would be to issue the following directions.

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Nomenclature of various forms prescribed under the provisions of Companies Act, 2013 being notified

Nomenclature of various forms prescribed under the provisions of Companies Act, 2013 being notified 

In order to facilitate easy understanding of the e-forms being rolled out under the provisions of Companies Act, 2013 and Rules made thereunder, the stakeholders are hereby informed that unlike numbering of various forms under the Companies Act, 1956, forms under the new Act are mandatorily numbered alpha-numeric. Initial of forms is to be started with alphabet of two or three letters based on the subject of the Chapter, followed by serial number of the form. This will define the nature of the forms and would be easy to recognise.

There are total 29 chapters under the Companies Act, 2013. Chapters I and XXIII have been notified but no form is prescribed under these chapters. Following table is the summary of chapter wise nomenclature of forms

SL NO	CHAPTER NO	PARTICULARS OF CHAPTER	FORM NO START WITH	REMARKS
01	II	Incorporation Of Company And Matters Incidental Thereto	INC	Alphabet followed by numeric number
02	III	Prospectus And Allotment Of Securities	PAS
03	IV	Share Capital And Debentures	SH
04	V	Accetance Of Deposit By Companies	DPT
05	VI	Charges	CHG
06	VII	Management And Administration	MGT
07	VIII	Declaration Any Payment Of Dividend	DIV
08	IX	Accounts Of Companies	AOC
09	X	Audit And Auditors	ADT
10	XI	Appointment And Qualifications Of Directors	DIR
11	XII	Meetings Of Board And Its Powers	MBP
12	XIII	Appointment And Remuneration Of Personnel	MR
13	XXI	Companies Authorised To Register Undedr This Act	URC
14	XXII	Companies Incorporated Outside India	FC
15	XXIV	Registration Offices And Fees	GNL
16	XXVI	Nidhis	NDH
17	XXVIII	Special Court	MAC
18	XXIX	Memorandum Of Appeal	ADJ
19	XXIX	Miscellaneous	MSC

The stakeholders are further informed that a separate roll out plan of chapter wise e-forms will be available on the website on or before 31/03/2014. For further details please visit Ministry website www.mca.gov.in. 

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Rules of CA 2013

2014	Chapter I - The Companies (Specification of definitions details) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter1.pdf
2014	Chapter II - The Companies (Incorporation) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter2.pdf
2014	Chapter III - The Companies (Prospectus and Allotment of Securities) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter3.pdf
2014	Chapter IV - The Companies (Share Capital and Debentures) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter4.pdf
2014	Chapter VI - The Companies (Registration of Charges) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter6.pdf
2014	Chapter VII - The Companies (Management and Administration) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter7.pdf
2014	Chapter VIII - The Companies (Declaration and Payment of Dividend) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter8.pdf
2014	Chapter IX - The Companies (Accounts) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter9.pdf
2014	Chapter XI - The Companies (Appointment and Qualification of Directors) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter11.pdf
2014	Chapter XII - The Companies (Meetings of Board and its Powers) Rules, 2014. http://www.mca.gov.in/Ministry/pdf/NCARules_Chapter12.pdf
2014	Companies (Corporate Social Responsibility Policy) Rules, 2014 http://www.mca.gov.in/Ministry/pdf/Final_ROD.pdf

Click on Title will route to MCA website.

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