, CS GAURAV SHARMA

Monday, June 26, 2017

Eid Mubarak From CS Gaurav Kumar Sharma











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Saturday, June 24, 2017

New norms for auditor rotation for unlisted companies


The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors.

Currently, these companies can't appoint individual auditors for consecutive five years and auditor firms for two straight terms of five years if their paid up capital is at least Rs 20 crore.

The ministry of corporate affairs has come out with a notification amending this rule under the Companies Act to raise this threshold to Rs 50 crore.




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Class of Companies Defined Now

Class of Companies
5. For the purposes of sub-section (2) of section 139, the class of companies shall mean the following classes of companies excluding one person companies and small companies:-
(a)  all unlisted public companies having paid up share capital of rupees ten crore or more;
(b)  all private limited companies having paid up share capital of rupees twenty crore or more;
(c)   all companies having paid up share capital of below threshold limit mentioned in (a) and (b) above, but having public borrowings from financial institutions, banks or public deposits of rupees fifty crores or more.”
After this notification, clause (b) of Rule 5 shall read as follows: 
(b) all private limited companies having paid up share capital of rupees fifty crore or more;
The amendment rules are provided at MCA website at the link :




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What Documents are required for GST(Goods and Service Tax) Registration



The registration for GST would be soon starting on 25th June. 

Here's a List of documents required for GST Registration for INDIVIDUAL for your reference:

“ALL DOCUMENTS IN ORIGINAL”

1.       Passport Size Photo
2.      Active E-mail ID
3.      Current Mobile Number
4.      PAN card of the Individual
5.      Aadhar Card of the Individual
6.      ID proof of the individual:
Passport/ Voter ID card/ Driving License.
7.      Address proof of Office premises: (ANY 2)
Electricity Bill/ Landline Telephone bill,
Municipal Tax (Vera Bill) copy,
Rent/Lease agreement (in case premises are rented)
Consent letter (In case premises of relatives),
Any Certificate or Record from Government Dept,
        
8.      Address proof of Residence of Individual: (ANY 2)
Electricity Bill/ Landline Telephone bill,
Municipal Tax (Vera Bill) copy,
Rent/ Lease agreement (in case premises are rented)
Consent letter (In case premises of relatives),
Any Certificate or Record from Government Dept,

9.      Business Proof:
Gumasta Dhara Licence(Registration Certificate )/ SSI License

10.  Cancelled Cheque of Bank Account showing Name of account Holder.
MICR Code, IFSC Code & Bank Branch Details.
11.  First Page of Pass book OR Bank Statement.
12.  Digital Sign of Authorized Signature
13.  Authority Letter

Please Note:-
1.      PIN would be sent to the E-mail ID and Mobile Number given which is to be given to us for verification
2.      So please ensure that you have updated your mobile number in your Aadhar.


3.      The Validation Process would take three working days and if no error is found, RC will be issued.




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Wednesday, June 21, 2017

How to Register under Goods and Service Tax as Practitioner

GST Also brings a concept of GST Practitioner for those who intend to appear before the GST Authority for any matter. The following article discusses the eligibility criteria, relevant forms, procedure etc. ELIGIBILITY CRITERIA TO APPLY FOR GST PRACTITIONER Following are the eligibility criteria to apply for GST Practitioner: a.     i. The person is a citizen of India. ii. The person is of a sound mind. iii. The person is not adjudicated as insolvent. iv. The person has not been convicted by a competent court for an offence with imprisonment not less than two years And satisfies any of the following conditions, b. He is retired officer of Group-B Gazetted officer of any state VAT Department or CBEC or department of Revenue, or c. A Graduate or Post graduate of commerce, Law, Banking, Business administration, Business Management from any Indian University established by law. d. Person who has cleared any degree (as mentioned in “c”) examination of foreign university as recongnized by Indian university e. Chartered Accountant Or Cost and Management Accountant Or Company Secretary Procedure to get Registered Step : 1 – Make application in GST PCT-1 Step : 2 – Authorized officer shall after making enquiry about the eligibility, issue the certificate in GST PCT – 2 ♦ Online list of GST Practitioner A list of goods and services tax practitioner enrolled shall be maintained on the Common Portal in FORM GST PCT -5 ♦ Online Authority by Registered person Any registered person may, at his option, authorize a goods and services tax practitioner on the Common Portal in FORM GST PCT -6 or, at any time, withdraw such authorization in FORM GST PCT -7 and the goods and services tax practitioner so authorized shall be allowed to undertake such tasks as indicated in FORM GST PCT -6 during the period of authorization. ♦ Statement furnished by the Tax Practitioner Where a statement required to be furnished by a registered person has been furnished by the goods and services tax practitioner authorized by him, a confirmation shall be sought from the registered person over email or SMS and the statement furnished by the goods and services tax practitioner shall be made available to the registered person. ♦ Activities on behalf of registered person A goods and services tax practitioner can undertake any or all of the following activities on behalf of a registered person, if so authorised by the registered person to: (a) Furnish details of outward and inward supplies; (b) Furnish monthly, quarterly, annual or final return; (c) Make deposit for credit into the electronic cash ledger; (d) File a claim for refund; and (e) File an application for amendment or cancellation of registration. ♦ Condition for appearance No person shall be eligible to attend before any authority, as a goods and services tax practitioner, in connection with any proceedings under the Act on behalf of any registered person or un-registered person unless his name has been entered in the list maintained in Form GST PCT-5. ♦ Found Guilty If any goods and services tax practitioner is found guilty of misconduct in connection with any proceedings under the Act, the authorised officer may, by order, in FORM GST PCT – 3  direct that he shall henceforth be disqualified under section 48, after giving him a notice to show cause in FORM GST PCT – 4 against such disqualification and after giving him a reasonable opportunity of being heard. Such person can file appeal to the Commissioner against such order for within 30 days.



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Sebi Board Meeting outcome



The SEBI Board met in Mumbai today and took the following decisions:


















Content below 












1. Restructuring in stressed companies 
With a view to facilitate turnaround of listed companies in distress which will benefit their shareholders and lenders, the Board has approved the following proposals:  
Presently, relaxations from preferential issue requirements under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and from open offer obligations under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011  are available for lenders undertaking restructuring of listed companies in distress through Strategic Debt Restructuring (SDR) scheme in terms of the guidelines of RBI. It has been represented to SEBI that where the lenders have acquired shares and propose to divest the same to a new investor, they are facing difficulties as the new investor would need to make a mandatory open offer which would reduce the funds available for investment in the company. Hence, they have requested for exemptions to these investors. Accordingly, it has been decided to extend the aforesaid relaxations to the new investors acquiring shares in distressed companies pursuant to such restructuring schemes. However, such relaxations shall be subject to certain conditions like approval by the shareholders of the companies by special resolution and lock-in of their shareholding for a minimum period of three years. Further, it has also been decided to extend the said relaxations to the lenders under other restructuring schemes undertaken in accordance with guidelines of RBI. 
2.    Resolution plans approved under the Insolvency and Bankruptcy Code, 2016
The Board has also approved the proposal to provide exemption from open offer obligations, under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, for acquisitions pursuant to resolution plans approved by NCLT under the Insolvency and Bankruptcy Code, 2016. 

3. Extension of Lock-in-relaxation to Category II Alternative Investment Funds (AIF)
Presently, in case of an IPO, there are relaxed rules for lock-in provision to Category I AIFs. The Board approved the proposal for extending such relaxation to Category II AIFs also. This would bring about uniformity, ease of doing business and expand the investor base available for capital raising.
4. Consultation paper on Easing of access norms for investment by FPIs
 FPI regime, which commenced from June 01, 2014, has been put in place with the objectives to rationalize various foreign portfolio investment routes, simplify the procedures to attract more foreign funds.  SEBI proposes to carry out appropriate amendment (s) to SEBI (Foreign Portfolio Investors) Regulations, 2014 and issue necessary circular/guidelines etc. issued thereunder, to further ease the access norms for investments by FPIs in Indian securities market. 
Some of the proposed changes are as follows:
1. Expansion of eligible jurisdictions for grant of FPI registration to category I FPIs by including countries having diplomatic tie-ups with India.
2. Simplification of broad based requirements. 
3. Rationalization of fit and proper criteria. 
4. Permitting FPIs operating under the Multiple Investment Managers (MIM)structure and holding FVCI registration to appoint multiple custodians.
Accordingly, the Board considered and approved the proposal for initiation of public consultation process before implementing the aforesaid proposed changes to SEBI (Foreign Portfolio Investors) Regulations, 2014 and necessary circular/guidelines etc. issued thereunder.
5. Offshore Derivative Instruments (ODI)
The Board has decided to levy a "Regulatory Fee" of US$1000 on each ODI subscriber, to be collected and deposited by the ODI issuing FPI of such ODI subscriber, once every three years, starting from April 1, 2017. SEBI shall amend SEBI (FPI) Regulations, 2014 to implement the decision taken by the Board.
The Board has decided to prohibit ODIs from being issued against derivatives, except on those which are used for hedging purposes. SEBI will issue a circular in this regard.
6. Growth and Development of Equity Derivatives Market in India
A paper was presented to the Board on "Growth and Development of Equity Derivatives Market in India". It was decided to have stakeholder consultation on the need to review the derivatives market framework including product suitability for investors so as to further strengthen the framework in line with the emerging trends and global best practices.

7. SEBI Annual Report 2016-17
The Board considered and approved the SEBI Annual Report 2016-17. In compliance with Section 18(2) of SEBI Act, 1992, the same Annual Report would be submitted to the Central Government.



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Tuesday, June 20, 2017

DIR-5 to be deployed as an e-form

DIR-5 to be deployed as an e-form

In terms of Rule 11(f) of the Companies (Appointment and Qualification of Directors) Rules, 2014, the Central Government or Regional Director (Northern Region), Noida or any officer authorised by the Regional Director may, upon being satisfied on verification of particulars or documentary proof attached with the application received alongwith fee as specified in Companies (Registration Offices and Fees) Rules, 2014 from any person, cancel or deactivate the DIN in case on an application made in Form DIR-5 by the DIN holder to surrender his or her DIN along with declaration that he has never been appointed as director in any company and the said DIN has never been used for filing of any document with any authority, the Central Government may deactivate such DIN.

The said Form DIR-5 for the application for surrender for Director Identification Number had been an offline form until now.

However, MCA in its recent notice has stated that “DIR-5 (Application for surrender of Director Identification Number) will be deployed as an e-form for filing purposes w.e.f 21st June, 2017. Stakeholders who wish to surrender DINs shall be required to file this e-form instead of it being filed as an attachment to Form RD-1”.



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