Corporate Law

1. MCA has come out with the Companies (Acceptance of Deposits) Second Amendment Rules, 2015 on 15th September 2015:

A private company can accept unsecured loans even from RELATIVES of a director of the company without any limit. The RELATIVE concerned has to provide a declaration in writing that the amount given is not out of funds borrowed by him/her.

The disclosure of the details of money so accepted is required in Board’s Report.

Click here to download the same.

2. ICAI Guidance Note on Accounting for Expenditure on CSR:

The objective of this Guidance Note is to provide guidance on recognition, measurement, presentation and disclosure of expenditure on activities relating to corporate social responsibility.

The Guidance Note does not deal with identification of activities that constitute CSR activities but only provides guidance on accounting for expenditure on CSR activities in line with the requirements of the generally accepted accounting principles including the applicable Accounting Standards.

Click here to download the same.

3. Reporting on Internal Financial Controls System and its operating effectiveness:

Reporting on Internal Financial Controls System and its operating effectiveness by Company’s Statutory Auditors u/s 143(3)(i) of the Companies Act, 2013 has been deferred by one year i.e. upto 31.03.2015.

Please click here to access the Notification.