JMJA and Associates LLP

MCA in September 2017 had identified 3,09,614 directors associated with the companies that had failed to file financial statements or annual returns in the MCA21 online registry for a continuous period of three financial years 2013-14 to 2015-16 in terms of provisions of section 164(2) r /w 167(1)(a) of the Act and they were barred from accessing the online registry and a list of such directors was published on the website of MCA. As per list published on MCA, these directors were disqualified for a period of 5 years and their respective DIN was disabled. As a result, there have been a spate of representations from industry, defaulting companies and their directors seeking an opportunity for the defaulting companies to become compliant and normalise operation. Considering the various request and representation made by the various stakeholders, MCA has issued General Circular No.16/2017 , Condonation of Delay Scheme, 2018 ( COD Scheme ), with a view to giving an opportunity for th

The Institute of chartered Accountants in India (ICAI) today revised the minimum recommended scale of fees for the professional assignments done by the Chartered Accountants under the initiative of the Committee for Capacity Building of Members in Practice (CCBMP). The committee has recommended the fee to be charged as per the work performed for various professional assignments and the amount quoted under respective heads of professional work. The fee has been recommended separately for Class A and Class B Cities. The prescribed Minimum Recommended Scale Fees will enhance the productivity and Capacity Building of Practitioners & CA Firms and will largely benefit the Practitioners. The fee structure for partnership deeds, filing of tax returns including income tax, GST, Company law and LLP work, audit and other assignments, RERA, FEMA matters etc has been revised.  To access the complete list  click here

Bombay High Court in its order dated October 12, 2017 gave clarity on following observations pertaining to Section 167(2)(a): 1) Non filing of financial for FY 2014 will be treated as Non Compliance under  Companies Act, 2013 as the Act already came into operations as on filing date of financial. 2) The effective of provision of Section 167(2)(a) is not restrospective in nature.  3) The order of disqualification of Directors came into effective from September 7, 2014 for non filing of financial or annual returns for 2014, 2015 and 2016 which is well within the timeframe of the provision. 4) Pendency of this petition will not stop the applicant to file DIR 10 for removal of disqualification and that the concerned authorities can take appropriate action which will be independent from the petition before HC. To access Order of Bombay High Court, click here Source:  CS Undivided: A GROUP OF PROFESSIONALS

Any Foreign Entity looking for an office in India as a sourcing division or to facilitate export or to test the Indian market with a prospective business venture to improve the relations with the authorities and business community or to have the presence in the country from worldwide business outlook, Liaison Office (LO) is the best option. A Liaison Office or a Representative Office can undertake only liaison activities, which means that it can act as a channel of communication between the Head Office (out of India) and parties in India. It is not allowed to undertake any commercial activity in India. As there is no income of Liaison Office of its own, its expenses are to be met entirely through inward remittances from the parent company outside India received in Convertible Foreign Exchange. In terms of permitted activities, a liaison office can do the following listed activities in India: Act as a channel between the Head office and parties in India. Collect market info