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[IBBI] Confidentiality Of Information Relating To Processes Under Insolvency & Bankruptcy Code 2016

Insolvency and Bankruptcy Board of India(IBBI), Circular No. IP(CIRP)/007/2018 dated 23rd February, 2018 to all Registered Insolvency Professionals and all Registered Insolvency Professional Agencies regarding "Confidentiality of Information relating to Processes under the Insolvency and Bankruptcy Code, 2016", is as under:-

1. Attention is drawn to provisions of clause 21 of the Code of Conduct appended to the First Schedule to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The said clause reads as under:

[IBBI] Public Comments On RFP For Inviting Resolution Plans For A Corporate Debtor Going Through CIRP

Feb 23, 2018: IBBI seeks public comments on contents of Request for Proposal (RFP) for inviting resolution plans for a corporate debtor going through Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016.

1. The insolvency and Bankruptcy Board of India (IBBI) is inviting public comments on contents of Request for Proposal (RFP). An RFP is an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016. (RFP Available Here)

Directions u/s 168 Of CGST Act Regarding Non-transition Of CENVAT credit u/s 140 Of CGST Act

Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases-reg.

Central Board of Excise and Customs, Circular No. 33/07/2018-GST, dated the 23rd Feb., 2018, is as under:—

1. In exercise of the powers conferred under section 168 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “Act”), for the purposes of uniformity in implementation of the Act, the Central Board of Excise and Customs hereby directs the following.

2. Non-utilization of Disputed Credit carried forward

[SEBI] Manner Of Achieving Minimum Public Shareholding (MPS)

SEBI circular SEBI/HO/CFD/CMD/CIR/P/43/2018 dated February 22, 2018 to the listed entities and the recognised Stock Exchanges regarding "Manner of achieving minimum public shareholding", is as follows:—

“1. Please refer to Circular No. CIR/CFD/CMD/14/2015 dated November 30, 2015 on the captioned subject, which allowed for various methods that may be used by a listed entity to achieve compliance with the minimum public shareholding requirements mandated under rules 19(2) (b) and 19A of the Securities Contracts (Regulation) Rules, 1957 (“the SCRR”) read with regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. With a view to further facilitate listed entities to comply with the minimum public shareholding requirements, the following additional methods are allowed :-

[SEBI] Acceptance Of Bank Guarantees By Clearing Corporations In IFSC

SEBI circular CIR/MRD/DRMNP/41/2018 dated February 20, 2018 to all recognized Clearing Corporations in International Financial Services Centre regarding "Acceptance of Bank Guarantees by Clearing Corporations in International Financial Services Centre (IFSC)", is as follows:—

“(1) SEBI vide circular no. SEBI/HO/MRD/DSA/CIR/P/2016/125 dated November 28, 2016, specified the guidelines for functioning of Stock Exchanges and Clearing Corporations in IFSC.

[SEBI] Computation Of Daily Contract Settlement Value – Interest Rate Futures

SEBI circular SEBI/HO/MRD/DRMNP/CIR/P/2018/27 dated February 20, 2018 to all recognized Stock Exchanges and Clearing Corporations regarding "Computation of Daily Contract Settlement Value – Interest Rate Futures", is as follows:—

“1. Kindly refer to SEBI circular CIR/MRD/DRMNP/35/2013 dated December 05, 2013 and circular CIR/MRD/DRMNP//11/2015 dated June 12, 2015 on Exchange Traded Cash Settled Interest Rate Futures (IRF) on Government of India security.

Companies (Removal Of Difficulties) Order, 2018 - Notified (Changes In Section 169 Of Companies Act 2013)

Ministry of Corporate Affairs Order dated 21st February, 2018.- Whereas, sub-section (2) of section 152 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) provides that every director (including an independent director) shall be appointed by the company in general meeting;

The Companies (Amendment) Act, 2017: A Step Towards Ease Of Doing Business & Better Corporate Governance

Feb 23, 2018: This is an article by CS Yagya Dev Sharma. (yagyadevsharma11@gmail.com)

The Companies (Amendment) Bill, 2017 has been passed by Lok sabha on 27th July, 2017 and  by Rajya Sabha on 19th December, 2017 and got President’s assent on 3rd January, 2018, became Companies (Amendment) Act, 2017, seeking to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country.

[Customs] Exchange Rate Notification w.e.f. 16th February, 2018

CBEC has notified the rate of exchange of one unit of foreign currency equivalent to Indian rupees relating to imported and export goods, in its notification no. 13/2018 - Customs (N.T.) dated 15th February, 2018 (w.e.f. 16th February, 2018). The contents of the said notification is reproduced as under:—

The Companies (Management And Administration) Amendment Rules, 2018 - Notified

Ministry of Corporate Affairs, Notification G.S.R. _(E) dated the 16th February, 2018:— In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with sub-section (6) of section 89 and sub-section (1) of section 121 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Management and Administration) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Management and Administration) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the companies (Management and Administration) Rules, 2014, for Form No. MGT-6 and Form No. MGT-15, the following forms shall be substituted, namely:- available here

The Companies (Audit And Auditors) Amendment Rules, 2018 - Notified

Ministry of Corporate Affairs, Notification G.S.R. _(E) dated the 16th February, 2018:In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Audit and Auditors) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Audit and Auditors) Amendment Rules, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Audit and Auditors) Rules, 2014, in the Annexure, for Forms ADT-1 and ADT-2, the following forms shall be substituted, namely:- available here

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