Changes in Section 82 of Companies Act, 2013 providing that the Registrar may allow time of 300 days for intimation of payment or satisfaction of charge on payment of prescribed additional fees and post 300 days, the delay shall be condoned by Central Government.

MCA has issued E-Form DIR-3 KYC and the information/documents required for filing the same are:

In case of Indian National:

• PAN-based DSC of Director duly registered;
• Self-attested copy of PAN card, Passport (if any) and Aadhar Card;

In case of Foreign Nationals:

• Self-attested Copy of Passport
• Applicant’s name in DSC would be matched with his/her name on Passport & entered while filing the form;
  Other mandatory requirements for both also provided in detail.

SEBI in its circular dated April 20, 2018, has directed RTAs to send a letter under Registered/Speed post seeking PAN and bank details within 90 days of the said circular, i.e. July 18, 2018, and two reminders thereof after the gap of 30 days.
However, SEBI has revised the timeline for sending the initial letter by Registered / Speed Post to physical shareholders to September 30, 2018, to enable companies to send the initial letter along with Annual Reports/notice of AGM.

On October 5, 2017, the Kotak Committee on Corporate Governance in its report provided certain recommendation for rationalisation of the existing requirements under Regulation 31A of SEBI (Listing Obligation & Disclosure Requirements) Regulation, 2015. Uniform mechanism has been suggested for re-classification of shareholders in different situations to bring greater clarity in the provisions. The proposal for revision has been placed by SEBI in form of consultative paper dated July 24, 2018, and public comments on same are being invited on or before August 16, 2018.

Bulletin comprising of updates from MCA, RBI, SEBI, IBBI, IEPF, NCLT, NCLAT, STXs and various other miscellaneous laws in the month of July 2018