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Board of Directors Meet via Video Conferencing
Board Meetings
CA. Kavit Vijay

Board of Directors Meet via Video Conferencing

Corporates are using the technology of video conferencing for conducting its board meetings and coming out with more collective and objective decision-making with wider participation of directors. The benefits of participation by video-conferencing are cost savings, more productivity, time-saving in terms of reaching the venue of meeting, particularly when the concerned director(s) is/are located in another city or even another country, etc.

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Transition to New Scale Base Regulatory Framework for NBFC
Company Law
CA. Kavit Vijay

Transition to New Scale Base Regulatory Framework for NBFC

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. 

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ITC is not eligible on expense incurred on CSR Activities
Judgements
CA. Sachin Jindal

ITC is not eligible on expense incurred on CSR Activities

The power conferred under Rule 86A is very drastic. Power under Rule 86A should be invoked only if fraudulent ITC or ineligible ITC has been claimed by the assessee and the authority has recorded the reasons for the same in writing.

The authority is bound to record the reasons of invoking Rule 86A in writing and communicate such reasons to the assessee. On receipt of such reasons, the assessee is entitled to make his submission/objection requesting for lifting.

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ROC filing
ROC Compliances
CA. Kavit Vijay

Extension in various ROC filing till 31st August 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. 

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