Sunday, August 14

Tag: DIN

Meet Compliance Requirements or Face Action: MCA Warns Defaulting Directors
Corporate, MCA, News

Meet Compliance Requirements or Face Action: MCA Warns Defaulting Directors

The Ministry of Corporate Affairs (MCA) has notified defaulting directors to file their pending statutory returns and meet compliance requirements under the Companies Act, 2013. It is also confirmed that such directors may have to face the axe if they don’t comply with the mandate.  As per Companies Act 2013, every company is required to do annual filing with the Registrar of Companies (ROCs). There are certain requisites to be observed by the companies, non-compliance of which can lead to stringent penalties, prosecution / disqualification of directors or even company closure.  To achieve the compliance objective, the ROCs are in the process of identification and flagging of directors who have been disqualified for failing to file annual returns and financial statements f...
eForm DIR-3 KYC
News

eForm DIR-3 KYC

Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in eform DIR-3 KYC but wants to update his details. ii) Web service DIR-3-KYC-WEB is to be used by the DIN holder who has submitted DIR-3 KYC eForm in the previous financial year and no update is required in his details. Stakeholders may plan accordingly.
Academia, Corporate

Consequences of Not Complying with DIR-3 KYC Mandate

Ministry of Corporate Affairs had mandated Directors of all companies (Private Limited, Public Limited, OPC), and designated Partners in Limited Liability Partnerships (LLP), including both active and disqualified directors, to submit their KYC details by furnishing the DIR 3 KYC e-Form. This initiative taken by the Ministry of Corporate Affairs will have a great impact and help to curb fake and shell companies. These are the companies suspected to have conduits for illicit money laundering. MCA had told that there are about 50 Lakh DINs issued till date and out of which there are around 33 Lakh Active Directors in India who are mandated to comply with this KYC mandate. If any director fails to submit their DIR 3 KYC form on or before the due date the DIN number of such director will be ...