Tuesday, May 17

Tag: directors

When Last Date for Filing DIR-3 KYC for FY 20-21?
MCA, Regulatory

When Last Date for Filing DIR-3 KYC for FY 20-21?

For Financial Year 20-21 - Any person who has been allotted “Director Identification Number (DIN/DPIN)” on or before 31st March 2021 and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details in the system on or before 30 Sep 2021. 30 Sep 2021 is the last date for filing DIR-3 KYC form for FY 20-21 After expiry of the respective due dates, system will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’. The Director will be liable to pay the late filing fee of Rs 5,000, for filing after the due date Please follow the steps mentioned below to file DIR-3 KYC form: Login to MCAVisit DIR-3 KYC Web (Home > MCA Services > DIN Services > DIR-3-KYC-WEB)Enter the DI...
Clarification Under Section 232(6) of the Companies Act, 2013
Corporate, MCA

Clarification Under Section 232(6) of the Companies Act, 2013

Clarification Under Section 232(6) of the Companies Act, 2013 in reference to all regional directors, all registrars of companies and to all stakeholders as followed. 1.Several queries have been received in the Ministry with respect to interpretation of the provision of section 232(6) of the Companies Act, 2013 (Act). Clarification has been sought on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. Further, requests have also been received to confirm whether the ,acquisition date' for the purpose of Ind-AS 103 (Business combinations) would be the 'appointed date' referred to in section 232(6). 2.The matter has been examined in detail in the Ministry in the light of the provisions of the Act, applicable rules,...
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.
Filing of Affidavit Not Mandatory for INC-9
MCA, Regulatory

Filing of Affidavit Not Mandatory for INC-9

A recent clarification from MCA stated that it is not mandatory to file affidavit while incorporating a new company, though the declaration by the first subscriber and first director in INC-9 remain mandatory. Stakeholders may note this key clarification while filing the SPICe forms for incorporation of companies. Official Mandate from MCA - Stakeholders are requested to please note that Filing of affidavits (from each of the subscribers to the memorandum and from persons named as the first directors, if any, in the articles that he is not convicted of any offence in connection with the promotion, formation or management of any company, or that he has not been found guilty of any fraud or misfeasance or of any breach of duty to any company under this Act or any previous company ...
Nifty 50 Non-Executive and Independent Directors Received an Average Sitting Fee of Rs 60 Lakh
Corporate, News

Nifty 50 Non-Executive and Independent Directors Received an Average Sitting Fee of Rs 60 Lakh

Highlights The Nifty 50 group of companies paid an average sitting fee of INR 60 Lakh to non-executive directors.The profit-linked commission received by non-executive directors was even higher.UltraTech Cements topped the list with a payout of INR 21.25 Crore to its non-executive directors.Companies like Dr Reddy’s, Infosys, Bharti Infratel etc. do not pay sitting fees but pay a commission based on profits earned. The Nifty 50 group of companies paid an average sitting fee of INR 60 Lakh to non-executive directors, including the independent directors during FY 2017-18 (Ranging from a cumulative payout of INR 11 lakh to INR 195 lakh). Profit-linked commission received by non-executive directors was even higher. The average commission paid by Nifty 50 was estimated INR 505 Lakh (Rang...
Corporate, Financial Institutions, News

Names of 55K Directors Linked to Delisted ‘Shell Companies’

The Ministry of Corporate Affairs has made the names of directors linked with shell companies public. The registration of these shell companies was earlier canceled by MCA. Highlights: Name of 55,000 directors made public by MCA, they are linked to the shell companies The directors are associated with companies that have not filed their financial statements for three consecutive years Directors will not be eligible under Section 164(2) to be re-appointed as a director of that company or appointed in any other company for five years from the date of default MCA has also identified professionals, chartered accountants, company secretaries and cost accountants associated with the shell companies The Ministry of Corporate Affairs had already delisted around 2,09,032 companies and no...
Academia, Corporate, Regulatory

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 ...
Corporate, Regulatory, Watch-out

Last Date of Filing DIR 3 KYC without fee expired on 15th Sep 2018

Ministry Of Corporate Affairs notified that there is no further extension in the last date of filing of DIR 3 KYC. Accordingly, every director who did not file DIR 3 KYC within the due date of 15 Sep 2018, their DINs will be deactivated with reason ‘Non-filing of DIR 3 KYC’. All filing after the due date will attract a Fee of Rs 5,000. Summary No extension in the last date of filing of DIR 3 KYC Form DINs will be deactivated for directors who did not file DIR 3 KYC DIR-3 KYC filing will not be available on 16th and 17th Sep 2018 Directors filing their DIR 3 KYC form after the due date of 15 Sep 2018 need to pay Rs. 5,000 as a penalty to MCA for late filing of DIR 3 KYC The last date of filing DIR 3 KYC without government fees has expired on 15th Sep 2018. After this date, direct...
News, Regulatory, Research

Directors Having Multiple DINs

Ministry of Corporate Affairs (MCA) had made it mandatory for all directors who are in possession of Multiple DIN to surrender the additional DINs and retain only the oldest DIN in pursuant to Section 153 read with rule 11 of The Companies (Appointment and qualification of Directors) Rule, 2014. Directors have to use Form DIR-5 to submit the duplicate or inactive or additional DIN. Summary MCA has notified that any director in possession of Multiple DINs, can only retain the oldest DIN and surrender the other DINs Directors shall use Form DIR-5 to surrender the DINs There are 628 directors who have multiple DINs and they are associated with 1260 unique DIN numbers 2,723 Unique companies are associated with these 628 directors Directors holding more than 1 DIN are violat...
Academia

What You Must Check Before Dealing with Any Company in India?

You can verify the following key information of any company for FREE of cost before you take a business decision to deal with the company either as a vendor or customer or join the company as an employee or form any other business relationship. You can access this information about any company registered in India at no cost from the MCA website and other online platforms. Summary Ministry of Corporate Affairs(MCA) provides FREE access to the company master information of all companies incorporated in IndiaYou can verify the incorporation status of any company and other key insights from MCA website and other online platformsCompany CIN, Status, Registered Office Address, AGM & Balance Sheet, Paid-up Capital and Directors information can be verified for at no costCIN of a company...