Legal Round Up for the month of May is mentioned below:
MINISTRY OF CORPORATE AFFAIRS
Companies (Share Capital and Debentures) Amendment Rules 2022
The Central Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and Debenture) Rules, 2014. The amendment has revised Form No.SH-4 used for reporting of transfer of shares to include the following Declaration.
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Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022
On 5th May, 2022, Ministry of Corporate Affairs, notified Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022. With immediate effect it will amend Companies (Prospectus and Allotment of Securities) Rules, 2014 (Rules).
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Companies (Incorporation) Second Amendment Rules, 2022
On May 20, 2022, the Ministry of Corporate Affairs has notified Companies (Incorporation) Second Amendment Rules, 2022 in order to substitute FORM NO. INC-9 – Declaration by Subscribers and First Directors.
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Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022
The Central Government notified Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022 in order to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016:
In the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, in rule 25A which deals with Merger or amalgamation of a foreign company with a Company and vice versa, the following sub-rule shall be inserted
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Companies (Accounts) Third Amendment Rules, 2022
The Central Government notified Companies (Accounts) Third Amendment Rules, 2022 to further to amend the Companies (Accounts) Rules, 2014.
The amendment extends the date for furnishing CSR Report in Form CSR-2 from May 31, 2022 to June 31, 2022.
Read More HERE
MINISTRY OF FINANCE
Income-tax Amendment (13th Amendment) Rules, 2022
On 6th May, 2022, Ministry of Finance amended Income Tax Rules, 1962 by Income-tax Amendment (13th Amendment) Rules, 2022 which will come into force with immediate effect.
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Income–tax (Fifteenth Amendment) Rules, 2022
The Central Board of Direct Taxes notified Income–tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, 1962.
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Government revokes restrictions on banks as to payment of dividend in case of unamortised expenditure on account of enhancement in family pension
The Central Government, on the recommendation of the Reserve Bank of India, hereby declares that the provisions of sub-section (1) of section 15 of the Banking Regulation Act, 1949 shall not apply to a banking company for a period upto 31st March, 2026.
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Income-tax (Sixteenth Amendment) Rules, 2022
The Central Board of Direct Taxes notified Income-tax (Sixteenth Amendment) Rules, 2022 in order to amend Income-tax Rules, 1962.
The amendment introduces a Rule 44FA dealing with the form and manner of filing appeal to the High Court under section 245W (1) of the Income Tax Act, 1961 against a ruling pronounced or order passed by the Board for Advance Rulings by the assessee
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MINISTRY OF HEALTH AND FAMILY WELFARE
Drugs (Fourth Amendment) Rules, 2022
On May 18, 2022, the Ministry of Health and Family Welfare (MoHFW) has issued the Drugs (Fourth Amendment) Rules, 2022 to further amend the Drugs Rules, 1945. This will come into force into November 1, 2022.
Read More HERE
MINISTRY OF INFORMATION AND BROADCASTING
Government notifies sporting events of national importance
On May 09, 2022, the Central Government has notified the following events as sporting events of national importance.
They are:
- All Olympics Games
- Commonwealth Games
- Asian Games
Read More HERE
MINISTRY OF ROAD TRANSPORT AND HIGHWAYS
Insurance Regulatory and Development Authority of India, has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022
On May 25, 2022, the Ministry of Road Transport and Highways, in consultation with the Insurance Regulatory and Development Authority of India, has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 in order to revise the base premium for third party insurance for unlimited liability. The rules shall come into force on 1st June, 2022.
Read More HERE
MINISTRY OF PORTS, SHIPPING AND WATERWAYS
The Ministry of Ports, Shipping and Waterways, on 25th April, 2022, issued Marine Aids to Navigation (Central Advisory Committee Procedural) Rules, 2022. It aims to introduce advisory committee for marine aids which will be enforceable from 25th April, 2022.
Read More HERE
DEPARTMENT OF TELECOMMUNICATIONS
Use of Low Power Radio Frequency Devices in the frequency band 433.05 to 434.79 MHz (Exemption from License) Rules, 2022
On May 9, 2022, the Central Government has notified the Use of Low Power Radio Frequency Devices in the frequency band 433.05 to 434.79 MHz (Exemption from License) Rules, 2022.
No licence shall be required by any person to establish, maintain, work, possess or deal in any wireless telegraphy apparatus for the purpose of usage low power short range radio frequency devices, on non-interference, non-protection and shared and nonexclusive basis, complying with the technical specification and working in the frequency band as prescribed.
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Joint Committee of Parliament
Family Pension (Submission of Documents) Rules, 2021
On 11th May, 2022, Joint Committee of Parliament issued Payment of Family Pension (Submission of Documents) Rules, 2021. In exercise of the powers under Sec. 9(3)(g) of Salary, Allowances and Pension of Members of Parliament Act, 1954 (Act), Central Government has regulated the payment of daily and travelling allowances and pensions of members of Parliament. These rules will be immediately effective for the payments of family pensions of the members.
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Members of Parliament (Traveling and Daily Allowances) Amendment Rules, 2021
On 12th May, 2022, Parliament notified Members of Parliament (Traveling and Daily Allowances) Amendment Rules, 2021. With immediate effect the rules of Member is entitled to receive traveling allowances in respect of journey performed by air in any airlines are modified.
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Commission for Air Quality Management in National Capital Region and Adjoining Areas
Commission for Air Quality Management in National Capital Region and Adjoining Areas, (Form and Manner of Furnishing Annual Report) Regulations, 2022
On May 12, 2022, the Commission for Air Quality Management in National Capital Region and Adjoining Areas has notified Commission for Air Quality Management in National Capital Region and Adjoining Areas, (Form and Manner of Furnishing Annual Report) Regulations, 2022.
Read More HERE
SECURITIES AND EXCHANGE BOARD OF INDIA
Circular on System and Network Audit of Market Infrastructure Institutions (MIIs)
On May 02, 2022, SEBI has issued a circular on System and Network Audit of Market Infrastructure Institutions (MIIs). SEBI had mandated that stock exchanges, clearing corporations and depositories should conduct an Annual System Audit by a reputed independent auditor. In order to keep pace with the technological advancements in the securities market, the existing System Audit Framework has been reviewed.
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SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022
The Securities and Exchange Board has notified SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022 to further amend the SEBI (Collective Investment Schemes) Regulations, 1999.
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Circular on Simplification of procedure and standardization of formats of documents for transmission of securities
On May 18, 2022, SEBI has issued a circular on simplification of procedure and standardization of formats of documents for transmission of securities pursuant to the LODR Amendment Regulations which has enhanced the monetary limits for simplified documentation for transmission of securities, allowed ‘Legal Heirship Certificate or equivalent certificate’ as one of the acceptable documents for transmission and provided clarification regarding acceptability of Will as one of the valid documents for transmission of securities.
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Circular for simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificate
Submission by the security holder of copy of FIR including e-FIR/Police complaint/Court injunction order/copy of plaint (where the suit filed has been accepted by the Court and Suit No. has been given), necessarily having details of the securities, folio number, distinctive number range and certificate numbers.
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RESERVE BANK OF INDIA
Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022
The Reserve Bank of India has issued the Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022. These Directions shall come into force with effect from December 01, 2022.
Applicability: The provisions of these Directions shall apply to the following contracts, which are entered into on or after the date on which these Directions
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INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
Framework for Aircraft lease
On May 18, 2022, the International Financial Services Centres Authority has specified the Framework for Aircraft lease for entities to get registered under Finance Company Regulations as a ‘Finance Company’ or a ‘Finance Unit’ for undertaking aircraft lease transactions.
Read More HERE
IFSCA (Fund Management) Regulations, 2022
On May 19, 2022, the International Financial Services Centers Authority has revised the Application and Registration Fee under IFSCA (Fund Management) Regulations, 2022.
Read More HERE