Dear all
'
Kindly go through the n brief about draft rules prepared by our
fellow professional
Best regards
---------- Forwarded message ----------
From: CS Mamta Binani <mamtab@mamtabinani.com>
Date: Tue, Oct 22, 2013 at 11:28 PM
Subject: Quick Referencer-3rd Phase of Draft Companies Rules, 2013
Released on 22/10/2013
To:
Dear Professional Friends & Respected Seniors
The draft rules (3rd phase) under the Companies Act, 2013 has been
released today, i.e. 22.10.2013. The same has been posted on the
website for suggestions and comments and the last date for submitting
the same is 01.11.2013.
For quick reference, the third tranche covers the following subjects:
1. Under Chapter V - Acceptance of Deposits by Companies (consisting
of 25 pages). The draft of Companies (Acceptance of Deposits) Rules,
2013 has been laid out. The said rules covers the undermentioned
topics:
a. Definitions (like what includes deposits, depositor,
eligible company, trustee etc.)
b. Acceptance of deposits by companies
c. The rate of interest
d. The form and particulars of advertisements/ circulars
e. Deposit insurance
f. Creation of security
g. Appointment of deposit trustees
h. Duties of deposit trustees
i. Form of application for deposits
j. Furnishing of deposit receipts to depositors
k. Maintenance of liquid assets and creation of deposit
repayment reserve account
l. Alteration of any terms and conditions
m.Register of Deposits
n. General provisions regarding premature repayment of deposits
o. Return of deposits to be filed with the Registrar
p. Penal rate of interest
r. Power of Central Government to decide certain questions
s. Punishment for contravention
The Companies (Acceptance of Deposit) Rules, 2013 shall
not apply to Banking Company and to NBFC's.
2. Under Chapter XIV - Inspection, Inquiry and Investigation
(consisting of 8 pages). In these Rules, the following has been dealt
with:
a. The Central Government may appoint persons for the
efficient discharge of SFIO (Serious Fraud Investigation Office)
functions. The terms and conditions of service of directors, experts,
other officers and employees of SFIO has been laid out.
b. For the purposes of sub-sections (8) and (9) of section
212 of the Act (section 212 deals with investigation into the affairs
of the Company by SFIO under which sub-sections (8) and (9) deals with
the powers of arrest by the Directors of SFIO and the procedure to be
followed); the rules lays down the said procedure.
c. The requirement of security before the appointment of
inspectors u/s 210(3) or clause b of section 213. The security is to
be given for payment of the costs and expenses of investigation. Just
for reference, section 210(3) mentions that the Central Government may
appoint inspector(s) to investigate into the affairs of the Company
and to give its report.
d. Appeal before the Appellate Tribunal u/s 218(3) with
grounds of appeal.
e. The format of arrest memo, personal search memo,
authorisation memo, memorandum of appeal, prescribed fees for filing
appeal has been laid down.
3. National Financial Reporting Authority (Composition and the manner
of selection of Chairperson and Members) Rules, 2013 (6 pages). These
rules, inter-alia, lays down the following:
a. Definition of certain terms
b. Composition of NFRA (National Financial Reporting Authority)
c. The qualifying criteria of Chairperson, full time Members
d. The list of persons who will not be considered
eligible for the said posts
e. The manner of selection of a panel of names. It is
pertinent to mention here that, Committee plays an important role.
'Committee' means the Selection Committee constituted under and pursuant to rule
3 of the National Financial Reporting Authority (Constitution of
Selection Committee)
Rules, 2013
f.
Functions of Committee
g. Other conditions of service
4. National Financial Reporting Authority (Constitution of Selection
Committee) Rules, 2013 (2 pages). These contain the following:
a. Definitions of certain terms
b. Constitution of Selection Committee
c. Other matters
5. National Financial Reporting Authority (Salary, Allowances and
other Terms and Conditions of Service of Chairperson and other
Members) Rules, 2013 (6 pages). These contain the following:
a. Definitions
b. Salary
c. Contributory Provident Fund
d. Leave
e. Travelling and Daily Allowances
f. Official visits abroad
g. Leave Travel Concession
h. Facility for Medical Treatment
i. Declaration of independence and lack of conflict of interest
j. Term of office of Chairperson and Members of Authority
k. Vacancy
l. Resignation, removal and suspension of Chairperson and
other Full time Members
m. Administrative powers of Chairperson
n. Terms and Conditions of service of part time Members
o. Other Conditions of Service
p. Power to relax
6. National Financial Reporting Authority Rules, 2013 (31 pages).
These contain, inter-alia, the following:
a. Definitions
b. Composition of the Authority
c. Structure of the Authority
d. Functions of the Authority: This mentions Standard Setting,
Monitoring, compliance review and overseeing quality of service and
Enforcement
e. The Authority shall undertake investigation or conduct
quality review of audit of certain mentioned class of companies
f. The Authority shall undertake investigation in accordance
with the provisions of sub-section (4) of section 132 of the Act and
rules made thereunder against the auditors or audit firms which
conduct the audit of the mentioned category of companies or their
branches
g. Committee on Accounting Standards and its functions-the
composition of the committee has also been mentioned. For the purpose
of formulation of accounting standards under the Act, the process that
needs to be followed by the Committee has been laid down too.
h. The process to be followed by the Committee for the purpose
of monitoring compliance of accounting standards under the Act
i. The composition of the Committee on Auditing Standards and
its functions, investigation and monitoring
j. Committee on Enforcement and its functions
k. The provisions for meetings for transaction of business and
their procedure
l. The procedures of Investigation related to Complaints and
Information, withdrawal of a complaint
m. The procedure for examination of the Complaint, the time limit etc.
n. The procedure to be followed by the Committee on
Enforcement, Orders given by them, Appeal provisions etc.
The link at which the above can be viewed is http://ncbfeedback.mca.gov.in/
Just to mention, the last date for submitting comments/ suggestions
for the 2nd tranche of draft rules is tomorrow, i.e. 23.10.2013.
Best Wishes
CS Mamta Binani
+919831099551
--
CS A Rengarajan
9381011200
CS Benevolent Fund is a collective effort towards extending the much
needed financial support to the community of Company Secretaries in
times of distress Let us lend support and join for noble cause.
SHARING KNOWLEDGE SKY IS THE LIMIT
This mail and its attachments (if any) are confidential information
intended for persons to whom the email is planned for delivery by the
sender. If you have received this mail in error please notify the
sender of the error by forwarding the email and its attachments (if
any) and then deleting the mail received in error and the relevant
email trail in this connection without making any copies or taking any
prints.
------------------------------------
receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.
To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.comYahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/aaykarbhavan/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/aaykarbhavan/join
(Yahoo! ID required)
<*> To change settings via email:
aaykarbhavan-digest@yahoogroups.com
aaykarbhavan-fullfeatured@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
aaykarbhavan-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
http://info.yahoo.com/legal/us/yahoo/utos/terms/
No comments:
Post a Comment