MCA Amends Companies (Registration Offices and Fees) Rules, 2014
The Ministry of Corporate Affairs (“MCA”) has amended the Companies (Registration Offices and Fees) Rules, 2014 (“Rules”) and has specified that a fine of INR 5000 would be imposed on those directors who fail to file their Know Your Customer (“KYC”) form with the MCA within the prescribed time. Further, it has also made extended the deadline for filing the e-form CHG-4 for satisfaction of charge under Rule 12 of the Rules, from 30 days to 300 days. This amendment has also introduced new definitions of and amended old definitions of ‘society’, ‘trust’, ‘register of firms’ and ‘register of trusts’.
Cabinet Accedes to WIPO Treaties
The Ministry of Commerce and Industry has announced through a press release on July 04, 2018 that the Union Cabinet has approved accession to the World Intellectual Property Organisation’s (“WIPO”) Internet Treaties, namely the WIPO Copyright Treaty (WCT) and WIPO Performances and Phonograms Treaty (WPPT).
NCLT Rejects Cyrus Mistry’s Petition Against Tata Sons
The Mumbai bench of the National Company Law Tribunal (“NCLT”) on July 09, 2018, rejected a petition filed against Tata Sons, alleging that Cyrus Mistry’s ouster as the chairperson of Tata Group in 2016 was an act of oppression and mismanagement. The NCLT held that Cyrus Mistry had been removed as Chairman because of the Board of Directors’ discretion to do so and that the Board was competent to sanction such removal.
Jharkhand Government to Set Up VC Funds
It has been reported that the Jharkhand Government will incorporate three societies, namely Jharkhand Startup MSME Fund, Jharkhand Capital Trustee Limited and Jharkhand Venture Capital Limited for the promotion of startup culture in the state. Additional Chief Secretary Sukhdev Singh stated that “In order to promote youths coming up with workable and innovative proposals, startup would get desired assistance through the venture capital fund having initial capital of INR 50 crore.”