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

Law Update Details

December 2018 CA. Rahul Joglekar

MCA (www.mca.gov.in)

MCA notification No. GSR 1111(E) Dated 13th November, 2018 – National Financial Reporting Authority Rules, 2018

MCA has notified the aforesaid Rules, whereby the National Financial Reporting Authority (NFRA) has been constituted. The NFRA would be responsible for maintaining details of particulars of auditors, recommending accounting standards and auditing standards, monitoring and enforcing compliance with accounting standards and auditing standards etc. For a complete text of this notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/NFRARules2018_13112018.pdf

MCA notification No. GSR 1108(E) Dated 13th November, 2018 - Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018

MCA has amended the Companies (Registered Valuers and Valuation) Rules, 2017 vide the above notification. Certain amendments include applicability of these Rules to valuation in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets or net worth of a company or its liabilities under the provision of the Act or these rules. It is also clarified that conduct of valuation under any other law other than the Act or these rules by any person shall not be affected by virtue of coming into effect of these rules. It also provides for certain professional and technical qualifications for carrying out valuation of specified assets. For a complete text of this notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/CompaniesRegisteredValuers4AmdtRules_13112018.pdf

Gazette notification No. 50 Dated 2nd November, 2018 – The Companies Amendment Ordinance 2018.

The President of India has promulgated the aforesaid Ordinance to make amendments in the Companies Act 2013. The amendments primarily relate to penal and enforcement provisions of the Act. For complete text of this notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/NotificationCompanies(Amendment)Ordinance_05112018.pdf


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