As per Section 185(2) of the Companies Act, A company is allowed to provide any loan or guarantee or any security in connection with any loan taken by any person in whom any of the directors of the company is interested.
This article will give you insights into the identification, materiality thresholds, approvals, and disclosures of related party transactions given under the Companies Act, 2013 and Securities, and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “Listing Regulations”).
The Reserve Bank of India (“RBI”) is also increasing its supervision over NBFC so that NBFC functions under a regulatory framework. In this line, RBI has notified an all-together new Scale Based Regulatory (“SBR”) framework for NBFC vide Notification No. RBI/2021-22/112 DOR.CRE.REC.No.60/03.10.001/2021-22 dated 22nd October 2021.
The Government of India has graciously decided to ease the compliance obligations of the Companies under the Companies Act, 2013 and expended the times lines till 31st August 2021 for various forms to be submitted without additional late filing fees.
The dividend of a company has to be declared according to the Section 123 of Companies Act 2013. Recently, with an amendment to Companies (Audit and Auditors) Rules, 2014, it has been made compulsory for the auditor’s report to include comments on whether the dividend was declared or paid in compliance with Section 123 of the Act, in the financial year.
The Companies Act, 2013 requires all the companies to file Annual Return and financial statement on annually basis with MCA. Apart, various other set of documents, returns, statements etc. are also required to be filed. Companies Act, 2013 prescribes time limit for filing of each such document. Fee and additional fee for such filing is given in Section 403 of Companies Act, 2013 read with Companies (Registration Office and fee) Rules, 2014. MCA received various representations from various stake holders requesting granting of one-time opportunity to file all pending documents without additional fee via Companies fresh start scheme, 2020 (CFSS
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