MCA Revises Forms DIR-3 and DIR-6
The Ministry of Corporate Affairs (“MCA”) announced that e-forms DIR-3 and DIR-6 will be revised on the MCA Company Forms download page from June 15, 2018. eForm DIR-3 is used to make an application when a person intends to become a Director in an existing company. eForm DIR-6 is required to be filed when there are any changes in the particulars mentioned in the DIR-3 form.
CCI on Alleged Cartelization of Banks
The Competition Commission of India (“CCI”) in its order dated April 24, 2018, has held that the fact that different banks offer the same Savings Bank Interest Rates and charge the same service charges on Automated Teller Machines, does not mean that the banks are involved in cartelization. The CCI was of the view that even though these charges were the same, the banks were not acting in concert with each other, and hence the elements of cartelisation under the Competition Act, 2002 were not satisfied.
SEBI to Institute Panel for Startups
The Institutional Trading Platform (“ITP”) framework was introduced in 2015 to open the door for listing of new age companies in areas of data analytics, bio-technology, e-commerce and other start-ups. Since the existing ITP framework failed to make an impact, the Securities and Exchange Board of India (“SEBI”) has formed a panel that will look into ways that will make stock market listing more appealing for start-ups.
The panel will review the existing framework, and identify areas that require further changes. This report will be submitted to SEBI within a one month period. This is a part of the undertaking by SEBI in order to further bolster and encourage start-ups.