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Home buyers as financial creditors MSME with a special dispensation –one major benefit- it does not disqualify the promoter to bid for his enterprise undergoing CIRP, if not willful defaulter. Withdrawal of CIRP permissible only with the approval of the Committee of Creditors with 90 percent of the voting share. Furthermore, such withdrawal will only be permissible before publication of notice of  EOI The voting threshold has been brought down to 66 percent from 75 percent for all major decisions Further, in order to facilitate the corporate debtor to continue as a going concern during the CIRP, the voting threshold for routine decisions has been reduced to 51%. The Resolution Applicant shall submit an affidavit certifying its eligibility to bid.  This places the primary onus on the resolution applicant to certify its eligibility. Minimum one-year grace period for the successful resolution applicant to fulfill various statutory obligations. Non -app...

MCA makes statutory auditor certificate must for firms raising public deposits The Ministry of Corporate Affairs (MCA) has now stipulated that companies raising public deposits should attach a Statutory Auditor’s Certificate in the circular or circulars in the form of advertisements inviting deposits. This move will come into effect from 15th August’ 2018.   The auditor certificate should certify that the company has not committed a default in repayment to deposits or in the payment of interest on such deposits, accepted either before or after the commencement of the new Company Law in 2013. Also, where a default had occurred, the auditor has to certify that the company had made good the default and a period of five years had lapsed since the date of bringing it to a close, the MCA said.   NBFCs excluded This requirement will not be applicable to any non-banking finance company or any banking company as these companies come under the regulatory oversight of the Reser...

M/s BLAK & CO. (Company Secretaries) Mr. Bansal established M/s Bansal Manish & Co., Company Secretaries at New Delhi in year 2000 as proprietorship firm which was subsequently converted into partnership firm and the name of the Firm was changed in year 2013 with the approval of ICSI as ‘BLAK & CO.’. The firm having its offices at New Delhi, Mumbai, Kanpur & Goa with the prestigious client base across the globe. The Secretarial Audit, Secretarial Compliances, Legal Compliances, FEMA and NBFCs Compliances and several other professional jobs are being undertaken by the Firm. The Firm is having sufficient strength of qualified Company Secretaries alongwith other qualified upcoming company secretaries. The professional competency with desired quality and documentation is main stress rather to have volume. However, the Firm is blessed with more than 200 corporate clients including corporate like PSUs, Foreign Subsidiaries, Foreign Companies, Futuristic Companies, Big Corpor...