RULES OF LAW

Central government has notified Companies (Meetings of Board and its Powers) Second Amendment   Rules, 2015 via notification dated 14 th December , 2015 to amend the Companies (Meetings of Board and its Powers) Rules, 2014 and inserted the following rule 6A after rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014: "6A. Omnibus approval for related party transactions on annual basis.- All related   party   transactions   shall   require   approval   of   the   Audit   Committee   and the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the company subject to the following conditions, namely:- (1)        The Audit Committee shall, after obtaining approval of the Board of Directors, specify the   criteria for making the omnibus approval which shall include the following, namely:- (a)     ...

Central Government has amended Companies (Audit and Auditors) Rules, 2014 via notification dated 14 th December, 2015 and has substituted rule13 by the following: “13. Reporting of frauds by auditor and other matters:   (1) If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government. (2) The auditor shall report the matter to the Central Government as under:- (a)    the auditor shall report the matter to the Board or the Audit Committee, as the case may be, immediately but not later than two days of his knowledge of the fraud, seeking their reply or observations within forty-five days; (b)    on receipt of such reply or observations...

Central government has replaced existing E - form MGT-7 with new E-form by amending t he Companies (Management and Administration) Third Amendment Rules, 2015 via notification dated 16 th November, 2015 . New E- Form MGT-7 http://mca.gov.in/Ministry/pdf/Amendement_Rules_16112015.pdf

Central government has notified Companies (Share Capital and Debentures) Third Amendment Rules, 2015 via notification dated 6 th November, 2015 to amend Rule 18 of Companies (Share Capital and Debentures) Rules, 2014. In rule 18 sub-rule (I), in clause (a), sub-clause (iii) has replaced by the following sub-clauses, namely:- "(iii) Infrastructure Debt Fund Non-Banking Financial Companies' as defined in clause (b) of direction 3 of Infrastructure Debt Fund Non-Banking Financial Companies (Reserve Bank) Directions, 2011; (iv) Companies permitted by a Ministry or Department of the Central   Government or by Reserve Bank of lndia or by the National Housing Bank or by any other statutory authority to issue debentures for a period   exceeding ten   years.'' http://mca.gov.in/Ministry/pdf/Amendement_Rules_06112015.pdf  

MCA has notified  Companies (Acceptance of Deposits) Second Amendment Rules, 2015 dated 15th September, 2015. Now the private Companies has allowed by the Central government to take money from the relative of the Directors of the Company, Provided at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board's report. http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_15092015.pdf

Central Government has notified Companies  (Filing  of  Documents  and  Forms  in  Extensible  Business  Reporting Language)  Rules,  2015 dated 9th September, 2015. http://www.mca.gov.in/Ministry/pdf/Rules_09092015.pdf  

Central Government via Companies (accounts) second amendment rules, 2015, notification dated 4 th September, 2015 has amended rule 2, rule 4, rule 8 & rule 12 of Companies (Accounts) Rules, 2014 and Form AOC-4 has substituted by New Form AOC-4 & Form AOC-4 CFS. http://www.mca.gov.in/Ministry/pdf/Rules_09072015.pdf  

In exercise of the powers conferred by the sub-section (6) of section 129 of the Companies Act, 2013 (18 of 2013), the Central Government has directed in public interest, that paras 5 (ii) (a) (1), 5 (ii) (a)   (2), 5(ii) (e), 5 (iii), 5 (viii) (a), 5 (viii) (b), 5 (viii) (c) and 5 (viii) (e) relating to Additional information of the General instructions for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013 shall not apply to government companies producing Defence Equipment including the Space Research subject to fulfillment of following conditions, namely: Conditions: The Board of Directors of the Company has given consent with regard to non-disclosure of information relating to paras 5(ii)(a)(1), 5(ii)(a)(2), 5(ii)(e), 5(iii), 5(viii)(a), 5(viii)(b), 5(viii)(c) and 5(viii)(e), as may be applicable; The Company shall disclose in the Notes forming part of the balance sheet and profit and loss account, the fact of grant of exemption ...