NCLT order on Directors' Report was signed by only one director instead of two directors.

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1. The petitioner company filed a compounding application for non-compliance with Section 217(4) of the Companies Act, 1956 regarding signing of the Board Report. 2. The ROC found that the Board Report was signed by only one director, whereas the provision requires it to be signed by at least two directors. 3. The petitioner stated this was an unintentional omission. The Tribunal imposed a fine of Rs. 10,000 each on the three directors totaling Rs. 30,000 to compound the offense, subject to payment within 30 days.

NATTONAI. COI4PANY LAW TRIEI'NAL
NEW DELHI BENCH
NEW OELHI
c. P:.NO. 16/120/16
cA. NO.
PRESENT: SMT. tNA MALHOTRA
Hon'ble Member (J).
AT.TEdDANCE.CUM-ORDER SHEET OF THE HEARING OF NEW DELHI BENCH OF
THE NATIONALCOMPANY I.AW TRIBUNALON 07.10.2016
NAME OF THE COMPANYT M/s. f4VM t,t€ta and A oys p!t, Ltd.
SECTION OF THE COMPANIES ACT:6214
s.No. NAME DESIGNATTON REPRESENTATION SIGNATURE
l
1lfit tt fr (n vttn /
=t RtinR I
Al,f lita':r
Ltnflj
lJ qrr.g-A
ORDER
Thc petitioner company, which ms incorporat.d on 29.05.2007, h$ 6led the
pfe*nt com!.unding applicarion lor incomtler€ coml'liance of rhe provisions of
Section 217(4) of the Comtanies Act, 1956. Th€ Roc while i.mtinizing rh€ An.ual
R€?ot lbund thal the Boa.d Repon hdd been ligned bI onl), one Dir. !, whereas, as
p€r th€ pronsion ofsectio.217(4) ir was requircd ro be signed bI ar leas Mo direcroF.
2. Iin submitted by the petjtio!€Brhar thed€lault wasrotally unintentio.al and on
account ot an inadvenent o6ission.

$, 3. As per thc rpon, prcsecution has not been iniuated. The afor.said violarion is punishable Us 217(5) of the ComPanies Act, 1956 which Povide3 for an imPosition of a 6ne which may exr€nd to Rs.20,000/ or with imPnsonmen! which may extend uPto 6 5. Cilen the fads oftlr (s that thee is no legal impediment in compouding or rh€ aforesaid default 5nd the eme appeaB ro be or a.count ofan inadvedent ove6iSht, ir wodd be $frci€nt to impc a 6ne of R3r0,000/- otr €sch of the PetitroneE. Accodingly, lhe l'ine is impmed as under for the cntiie penod ofdelault. 4. Accordingry, ih€ oii.e of rne RoC las calcliat€d and recomhended the ibpmition oftheft.xiouo 6ne ofls.2L{00/- on the ditctos Nme oarhe A??licmts Mr. Vrl.y Srn8la.Dre(ror Rs.I0,000/ Mr. 4F) BudhrBja, Dirr(or Ms Pooja cuptu. Dirr!tor 6. Subject to th€ remittance of th. aforesaid line within 30 da)s, the ofence slall srand compouded Complianc. Rcport be placed on record with due intimation to the Z Petition slands disposed off in t fts of tle above and consigned to R€co.d Room. Lr^-..-'*.-$

This order summarizes a hearing held by the National Company Law Tribunal regarding violations of sections 215(3) and 217(3) of the Companies Act by M/s. Leisure Club India Pvt. Ltd. The violations involved holding only one board meeting each year from 2005-2006 to 2010-2011 where the annual accounts, auditor's report, and director's report were considered and approved without following proper procedures. While the petitioners sought to compound the offenses, the SFIO objected claiming the defaults were wilful. However, the SFIO failed to prove the violations were wilful or show how compounding would affect other cases. Therefore, the Tribunal imposed fines totaling Rs. 75,000, Rs.

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The document is a circular from the Securities and Exchange Board of India (SEBI) announcing additional risk management measures for derivatives trading in stock exchanges and clearing corporations. It requires stock exchanges and clearing corporations to (1) collect initial margin, exposure margin, extreme loss margin, calendar spread margin and mark to market settlements from clearing members and trading members for equity derivatives trading; (2) enforce collection of these margins from clearing members and trading members for both equity and currency derivatives; and (3) calculate liquid net worth for clearing members in equity derivatives by deducting initial and exposure margins from liquid assets. The provisions take effect from June 1, 2018.

MCA clerified that Once xbrl Applicable then always applicable

GAURAV KR SHARMA

SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...

GAURAV KR SHARMA

The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically: SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.

Commencement notification Companies Amendment Act official

GAURAV KR SHARMA

This notification announces that various sections of the Companies (Amendment) Act 2017 will come into force on February 6, 2018. Specifically, sections 2, 3, 9, 11-12, 14, 17, 27-29, 32, 34-35, 38, 41-45, 47-48, 50-51, 53, 59-60, 63-65, 72-74, 77-79, 82, 84-85, and 90-93 will take effect from that date. The notification is issued by the Ministry of Corporate Affairs, Government of India to inform all relevant parties of the commencement of these new provisions.

Mca has notified below mentioned 41 sections of companies amendment act

GAURAV KR SHARMA

The document notifies that 41 sections of the Companies Amendment Act, 2017 will come into effect from February 9th, 2018. These sections pertain to definitions, member liability, authentication of documents, voting rights, issue of shares, board meetings, related party transactions, auditing standards, and qualifications for directors, tribunal members, and appellate tribunal members among other things. The notification provides a table with the section numbers of the amendment act and the corresponding sections in the Companies Act, 2013 that have been amended.

Securities and Exchange Board of India (International Financial Services Cent...

GAURAV KR SHARMA

The document is a circular from the Securities and Exchange Board of India (SEBI) announcing amendments to the definition of "issuer" in the SEBI (International Financial Services Centres) Guidelines from 2015. The definition has been amended to include any entity incorporated in India seeking to raise foreign currency other than Indian rupee with necessary approvals, any entity incorporated abroad allowed to issue securities outside its place of incorporation per local laws, and any supranational organizations allowed to issue securities per their constitution. The circular was issued under SEBI's power to protect investors and regulate securities markets.

Cbdt order for extension 2017

GAURAV KR SHARMA

Report Submitted by Committee on Corporate Governance

GAURAV KR SHARMA

The committee was formed in June 2017 under the chairmanship of Mr. Uday Kotak to enhance corporate governance standards of listed Indian entities. It consisted of officials from government, industry, professional bodies and academia. The committee's terms of reference were to make recommendations to SEBI on ensuring independence of independent directors, improving related party transaction disclosures and safeguards, addressing issues in accounting/auditing practices, improving board evaluation effectiveness, and addressing investor voting issues. The committee submitted its report on October 5, 2017 after taking public comments on its recommendations.

Instruction for filing of Special Leave Petition against Orders of Hon’ble Hi...

GAURAV KR SHARMA

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notif...

GAURAV KR SHARMA

The Central Board of Excise and Customs of India determined new exchange rates of foreign currencies relating to imported and exported goods, effective September 22, 2017. Schedules I and II list 19 currencies and their exchange rates in Indian rupees for both imported and exported goods. For example, the rate for the Australian dollar was set at 52.65 rupees for imported goods and 50.80 rupees for exported goods. The notification supersedes the previous exchange rate notification from September 7, 2017.

Constitution of National Anti-profiteering Authority(NAA) under GST

GAURAV KR SHARMA

Outsourcing of activities by Stock Exchanges and Clearing Corporations

GAURAV KR SHARMA

The Securities and Exchange Board of India (SEBI) issued a circular to clarify regulations around exchange traded cross currency derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs. Key points: - SEBI had previously laid out a framework for these cross currency futures and options contracts, as well as currency options on EUR-INR, GBP-INR and JPY-INR. - The circular modifies the proprietary position limits for stock brokers (both bank and non-bank) for positions created in foreign currency-rupee pairs like USD-INR. - Stock exchanges must implement a uniform methodology, in consultation, for computing and monitoring these proprietary position

Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-...

GAURAV KR SHARMA

The document provides guidelines from the Securities and Exchange Board of India (SEBI) for stock exchanges and clearing corporations regarding outsourcing activities. Some key points: - Stock exchanges and clearing corporations must develop an outsourcing policy and approval process for any outsourced activities. - Core and critical activities like trading, clearing, settlement, and regulatory functions cannot be outsourced. - Due diligence must be conducted on any third-party service providers and legal agreements must define roles and responsibilities. - Exchanges and clearing corporations retain ultimate responsibility and must monitor outsourced services and have contingency plans.

Acquisition of ‘control’ under the sebi (substantial acquisition of shares an...

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1. NATTONAI. COI4PANY LAW TRIEI'NAL NEW DELHI BENCH NEW OELHI c. P:.NO. 16/120/16 cA. NO. PRESENT: SMT. tNA MALHOTRA Hon'ble Member (J). AT.TEdDANCE.CUM-ORDER SHEET OF THE HEARING OF NEW DELHI BENCH OF THE NATIONALCOMPANY I.AW TRIBUNALON 07.10.2016 NAME OF THE COMPANYT M/s. f4VM t,t€ta and A oys p!t, Ltd. SECTION OF THE COMPANIES ACT:6214 s.No. NAME DESIGNATTON REPRESENTATION SIGNATURE l 1lfit tt fr (n vttn / =t RtinR I Al,f lita':r Ltnflj lJ qrr.g-A ORDER Thc petitioner company, which ms incorporat.d on 29.05.2007, h$ 6led the pfe*nt com!.unding applicarion lor incomtler€ coml'liance of rhe provisions of Section 217(4) of the Comtanies Act, 1956. Th€ Roc while i.mtinizing rh€ An.ual R€?ot lbund thal the Boa.d Repon hdd been ligned bI onl), one Dir. !, whereas, as p€r th€ pronsion ofsectio.217(4) ir was requircd ro be signed bI ar leas Mo direcroF. 2. Iin submitted by the petjtio!€Brhar thed€lault wasrotally unintentio.al and on account ot an inadvenent o6ission.

2. , 3. As per thc rpon, prcsecution has not been iniuated. The afor.said violarion is punishable Us 217(5) of the ComPanies Act, 1956 which Povide3 for an imPosition of a 6ne which may exr€nd to Rs.20,000/ or with imPnsonmen! which may extend uPto 6 5. Cilen the fads oftlr (s that thee is no legal impediment in compouding or rh€ aforesaid default 5nd the eme appeaB ro be or a.count ofan inadvedent ove6iSht, ir wodd be $frci€nt to impc a 6ne of R3r0,000/- otr €sch of the PetitroneE. Accodingly, lhe l'ine is impmed as under for the cntiie penod ofdelault. 4. Accordingry, ih€ oii.e of rne RoC las calcliat€d and recomhended the ibpmition oftheft.xiouo 6ne ofls.2L{00/- on the ditctos Nme oarhe A??licmts Mr. Vrl.y Srn8la.Dre(ror Rs.I0,000/ Mr. 4F) BudhrBja, Dirr(or Ms Pooja cuptu. Dirr!tor 6. Subject to th€ remittance of th. aforesaid line within 30 da)s, the ofence slall srand compouded Complianc. Rcport be placed on record with due intimation to the Z Petition slands disposed off in t fts of tle above and consigned to R€co.d Room. Lr^-..-'*.-

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