Ministry of Corporate Affairs (MCA ) Amendments

Companies (Accounts) Amendment Rules, 2022 (Feb 11, 2022)

The Central Government has notified Form CSR-2, a report on Corporate Social Responsibility (CSR) and rule 12(1B) and provided that every company covered under the provisions of sub-section (1) to section 135 shall furnish a report on CSR in Form CSR-2 to the Registrar for the preceding financial year (2020-2021) and onwards as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be. Provided that for the preceding financial year (2020-2021), Form CSR-2 shall be filed separately on or before 31st March 2022, after filing Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be.


The Limited Liability Partnership (Amendment) Rules, 2022 (Feb 11, 2022)

The Central Government notified the Limited Liability Partnership (Amendment) Rules, 2022, inter-alia contains provisions pertaining to insertion of new rules viz: 
  • 19A-Allotment of new name to existing LLP, 
  • 37A-adjudication of penalties,
  • 37B-appeal against order of adjudicating officer,
  • 37C-registration of appeal,
  • 37D-disposal of appeal by regional director (RD),
  • New Form 16A-Certificate of incorporation pursuant to change of name due to Order of RD not being complied, and
  • Form No. 33-LLP ADJ-memorandum of appeal. 
The rules further amended rule 5 to include the National Company Law Appellate Tribunal Rules, 2016 shall be applicable for filing an appeal; rule 18 for the proposed name of LLP not to be similar or nearly resemble with name of other LLP or company and rule 19 LLP/company/proprietor of registered trade mark which already have name similar or name which has near resemblance with name of new/subsequently incorporated LLP to apply with Regional Director for giving directions to change name of new/subsequently incorporated LLP.


MCA Notifications

Notification for delegation of powers under section 17 of LLP Act 2008 to Regional Directors (Feb 11, 2022)

The Central Government, vide this notification, delegates to the Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Guwahati, the powers and functions vested in it under section 17 (change of name of limited liability partnership) of the Limited Liability Partnership Act, 2008, subject to the condition that the Central Government may revoke such delegation of powers or may itself exercise the powers under the said section, if in its opinion such a course of action is necessary in the public interest. This notification shall come into force with effect from 01s April, 2022.


Banking and Finance

ABG Shipyard, its directors booked by CBI in Rs. 22,842-cr bank fraud case (Feb 12, 2022)

In its biggest bank fraud case, the CBI has booked ABG Shipyard Ltd. and its former Chairman and Managing Director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks led by State Bank of India of over Rs. 22,842 crore, officials said on February 12, 2022. Besides Agarwal, the agency has also named the then Executive Director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt. Ltd. for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act.


Govt. files draft papers with SEBI for LIC IPO (Feb 13, 2022)

The government on Feb 13, 2022 filed the draft papers with regulator SEBI for LIC IPO, which is expected to hit the capital market in March. The government will sell over 31 crore equity shares of LIC, according to the draft red herring prospectus filed with SEBI. A portion of the IPO would be reserved for anchor investors. Also, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. 


Market Today

Stock Market Indices ( as on 14.02.2022 )

BSE Sensex                     56405.84 (-1,747.08) 
Nifty 50                            16842.80 (-531.95)

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