An integrated Law Firm in India having offices at New Delhi & Gurgaon, and advising, amongst other matters, on India Entry Strategy, Joint Ventures, Technical Collaborations, Mergers and Amalgamations, Income Tax issues, Legal Compliance, Regulatory Approvals, Commercial Contracts, Corporate Governance etc.
The Reserve Bank of India vide A.P. (DIR Series) Circular No. 37 issued November 20, 2014, has streamlined the period for realization and repatriation of export proceeds to nine months from the date of export for all exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs & BTPs.
FORM ADT-1 NOW CONVERTED INTO AN E-FORM
As per a notice displayed by the Ministry of Corporate Affairs on its website, Form ADT-1, which earlier used to be filed as an attachment to eForm GNL-2, has now been made available as an independent eForm ADT-1. This change has been made effective from 20th October 2014.
This new eForm-ADT-1 is required to be filed along with 3 mandatory attachments, viz.; (a) Copy of the intimation sent by the Company to the Auditor; (b) Copy of written consent given by Auditor; & (c) Copy of resolution passed by the Company in the AGM (pertaining to appointment of the Auditor).
In terms of Section 139 (1) of the Companies Act, 2013 read with rule 4(2) of the Companies (Audit and Auditors) Rules, 2014, this form is required to be filed within 15 days from the date of appointment of the auditor in an AGM.
Compounding of Contravention under FEMA - Delegation of authority by RBI, Central Office, Mumbai
The Reserve Bank of India (RBI), vide A.P. (DIR Series) Circular No. 36 dated 16.10.2014 has delegated certain powers to Regional Offices to compound the contravention of certain matters, viz:
(1) Delay in submission of Form FC-TRS on transfer of shares from resident to non-resident; (2) Delay in submission of Form FC-TRS on transfer of shares from non-resident to resident; and
(3) Taking on record, the transfer of shares by investee company, in the absence of certified form FC-TRS.
There is an exception though. Kochi and Panaji Regional offices can compound the aforestated contraventions only for an amount below Rupees One Crore/ Ten Million. The cases involving contraventions of Rupees One Crore/ Ten Million or more will continue to be compounded at Central Office, Mumbai, as earlier. This has been made effective immediately.
Further, with retrospective effect from July 15, 2014, RBI Delhi Regional Office is now authorized to compound the contraventions without any limit as to the amount of contravention vis-a-vis
(1) Contravention relating to acquisition and transfer of immovable property outside India;
(2) Contravention relating to acquisition and transfer of immovable property in India;
(3) Contraventions relating to establishment in India of Branch office, Liaison Office or project office; and
(4) Contraventions falling under Foreign Exchange Management (Deposit) Regulations, 2000.