MCA amends Companies (Accounting Standards) Rules, 2006
The Ministry of Corporate Affairs (“MCA”) in consultation with the National Advisory Committee on Accounting Standards, vide its notification dated June 18, 2018 has amended Companies (Accounting Standards) Rules, 2006 (“Rules”) making certain rules under the new Companies (Accounting Standards) Rules, 2018 (“Amended Rules”), with effect from April 1, 2018. The new rule with regard to the Annexure to Accounting Standards that prescribes “Effect of Change in Foreign Exchange Rates” under “Accounting Standard (“AS 11”) has been amended to allow “an enterprise that disposes of its interest in a non-integral foreign operation to pay its dividends through remittance from such non-integral foreign operation, by way of repatriation of accumulated profits, on the prerequisite that it constitutes a return of the investment.”
BPCL provides grants to four Kerala based Start-ups under Project Ankur
Navratna public sector company Bharat Petroleum Corporation Limited (“BPCL”) under their Project Ankur Scheme (“Scheme”), has agreed to sign an agreement for providing grants to four startups raised by Kerala Startup Mission, namely GenRobotics, Sastra Robotics, Waferchips and Nava Design. The Scheme supports projects which have an aim to establish innovative technology and business re-engineering ideas. The startups that have business potential and are focussed on environment protection will be benefited under the Scheme. BPCL will provide mentor support, technical assistance and funding to such start-ups for a period of 36 months.