Western India Regional Council of
The Institute of Chartered Accountants Of India

Law Update Details

 
October 2017 CA. Rahul Joglekar
 

MCA (www.mca.gov.in)

MCA circular 10/2017 dated 13th September 2017 – Clarification regarding obligation with the Indian Accounting Standards (Ind AS) and Rule 4 of Companies (Indian Accounting Standards) Rules 2015-payment banks, small finance banks which are subsidiaries of Corporates
MCA has clarified that where the holding company in respect of subsidiaries which are payment banks or small finance banks, shall follow IndAS as per the corporate sector roadmap. The subsidiaries which are payment banks or small finance banks shall follow the banking sector roadmap stipulated by RBI. For complete text of the notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/CompaniesIndianAccountingStandardsGSR365E_14092017.pdf.

MCA notification SO 2751(E) dated 24th August 2017 – Commencement of sub-sections (8) to (10) of section 212 of Companies Act 2013

The Government has notified 24th day of August, 2017 as the date on which the provisions of sub-sections (8), (9) and sub-section (10) of section 212 of the said Act shall come into force. These provisions deal with various provisions related to the Serious Fraud Investigation Office (SFIO). For complete text of the notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/Commencementnotification_25082017.pdf.

 

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