AUG 06, 2016

NCLT Updates & Clarification under Chapter III

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Fee for the Inspection of Records.

NCLT vide order No. 25/2/2016-NCLT dated 2nd August, 2016 has provided that parties to any case or their authorised representative may be allowed to inspect the record of the case by making an application in writing to the Registrar and by paying the fee of Rupees 200/- per inspection for the records. Under CLB, the fees was Rs. 50/-

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MCA clarification regarding applicability of provisions of Chapter III of the Companies Act, 2013 on issuance of rupee bonds to overseas investors by Indian Companies.

MCA vide its general circular No. 09/2016 dated August 03, 2016, has clarified that unless otherwise provided in the circular/ directions/ regulations issued by Reserve Bank of India, the provisions of Chapter III of the Companies Act, 2013 i.e. Prospectus and Allotment of Securities and Rule 18 of the Companies (Share Capital and Debenture) Rules, 2014 would not apply to issue of rupee denominated bonds by the Indian Companies exclusively to persons resident outside India. At present, such issuance is being regulated by the RBI as part of ECB Policy framework. MCA is in process for incorporating necessary changes in Companies (Share Capital and Debenture) Rules, 2014 in this regard.

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