Monthly Archives: October 2014

Form ADT-1

Under the Companies Act, 2013 appointment or re-appointment of auditors at a general meeting is required to be intimated to the Government within 15 days of their appointment as such. Until recently, this was required to be done in a form ADT-1 but this form was available only in PDF format, not as a form. So the PDF filled form was required to be attached to form GNL-1 and thereafter filed at the portal of the ministry of corporate affairs.

With effect from 20th October, 2014, the ministry has made the form ADT-1 applicable as a form to be filed and uploaded at the portal. The form requires as an attachment, the appointment letter given to the auditors, their consent letter for appointment and the resolution appointing them as auditors.

All this is required to be attached to the form ADT-1 and filed within 15 days from the date of appointment. Also to be noted that hitherto under the Companies Act, 1956 the compliance regarding filing the erstwhile form 23B was required to be done by the Auditors themselves, now it is the company’s responsibility to file the same within the said period of 15 days.

The form ADT-1 is available at the MCA portal.

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Industrial Licence

The Ministry of Commerce and Industry vide its Department of Industrial Policy and Promotion has issued a Press Note no. 9 dated 20th October, 2014 wherein

1) the validity period of an industrial licence has been increased to 7 years;
2) annual capacity requirement in the Industrial Licence for defence items is being done away with; and
3) the licencee is allowed to sell defence items to govenment entities under the Ministry of Home Affairs without need of a prior approval from the Ministry of Defence. However for sale of such defence items to other entities shall require prior approval.

The Press Note can be found at this link http://dipp.nic.in/English/acts_rules/Press_Notes/pn9_2014.pdf

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CLSS 2014

The Ministry of Corporate Affairs has vide its circular no. 40/2014 dated 15th October, 2014 extended the Company Law Settlement Scheme by another month to 15th November, 2014. The Company Law Settlement Scheme is a one time opportunity for those companies who have not filed their mandatory annual documents like the audited financials, annual returns, compliance certificates and for auditors to file their appointments for the past years other than the current financial year. The belated filings can be done by paying only 25% of the additional filing fees. The company thereafter has to also file the form CLSS 2014 seeking immunity from prosecution from the government for its default in not filing the said forms/ documents within the stipulated time.

So, therefore, companies should avail of this opportunity and file the belated documents on or before 15th November, 2014.

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