Legal Round Up for the month of May is mentioned below:<\/p>\n
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Companies (Share Capital and Debentures) Amendment Rules 2022<\/span><\/span><\/strong><\/p>\n The Central <\/span>Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and <\/span>Debenture) Rules, 2014. The amendment has revised Form No.SH-4 used for reporting of transfer of shares to include the following Declaration.<\/span><\/span><\/p>\n Read More HERE<\/a><\/p>\n Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022<\/strong><\/p>\n On 5th<\/sup> May, 2022<\/strong>, Ministry of Corporate Affairs, notified Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022<\/strong>. With immediate effect it will amend Companies (Prospectus and Allotment of Securities) Rules, 2014 (Rules<\/strong>)<\/u>. <\/strong><\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Companies (Incorporation) Second Amendment Rules, 2022<\/strong><\/p>\n 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 \u2013 Declaration by Subscribers and First Directors.<\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n C<\/span>ompanies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022<\/span><\/span><\/span><\/strong><\/p>\n The Central Government notified C<\/span>ompanies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022 <\/span><\/span>in order to<\/span> amend<\/span> the<\/span> Companies<\/span> (Compromises,<\/span> Arrangements<\/span> and <\/span><\/a>Amalgamations) Rules, 2016: In the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016<\/span>, in rule 25A which deals with Merger or amalgamation of a foreign company with a Company and vice versa<\/b>, the following sub-rule shall be inserted<\/span><\/span><\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Companies (Accounts) Third Amendment Rules, 2022<\/span><\/span><\/span><\/strong><\/p>\n The Central Government notified Companies (Accounts) Third Amendment Rules, 2022<\/span> to further to amend the\u00a0 Companies (Accounts) <\/span>Rules, 2014.<\/span><\/span> The amendment extends the date for furnishing CSR Report in Form CSR-2 from May 31, 2022 to June 31, 2022.<\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Income-tax Amendment (13th<\/sup> Amendment) Rules, 2022<\/strong><\/p>\n On 6th<\/sup> May, 2022, Ministry of Finance<\/strong> amended Income Tax Rules, 1962 by Income-tax Amendment (13th<\/sup> Amendment) Rules, 2022 <\/strong>which will come into force with immediate effect.<\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Income\u2013tax (Fifteenth Amendment) Rules, 2022<\/span><\/span><\/strong><\/p>\n The Central Board of Direct Taxes notified Income\u2013tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, <\/span>1962. Read More HERE<\/a><\/p>\n <\/p>\n Government revokes restrictions on banks as to payment of dividend in case of unamortised expenditure on account of enhancement in family pension<\/strong><\/p>\n The Central Government, on the recommendation of the Reserve Bank <\/span>of India, hereby declares that the provisions of sub-section (1) of section 15 of the Banking Regulation Act, 1949 shall not apply <\/span>to a banking company for a period upto 31st March, 2026.<\/span><\/span><\/p>\n Read More HERE<\/a><\/p>\n Income-tax (Sixteenth Amendment) Rules, 2022<\/strong><\/p>\n The Central Board of Direct Taxes notified Income-tax (Sixteenth Amendment) Rules, 2022 in order to amend Income-tax Rules, 1962<\/span><\/span>.<\/p>\n The amendment introduces a Rule 44FA dealing with the form and manner of filing appeal <\/span>to the High Court under section 245W (1) of the Income Tax Act, 1961<\/a> against a ruling pronounced or order passed <\/span>by the Board for Advance Rulings by the assessee<\/span><\/span><\/p>\n Read More HERE<\/a><\/p>\n Drugs (Fourth Amendment) Rules, 2022<\/strong><\/p>\n 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.<\/p>\n Read More HERE<\/a><\/p>\n Government notifies sporting events of national importance<\/strong><\/p>\n On May 09, 2022, the Central Government has notified the following events as sporting events of national <\/span>importance. They are:<\/p>\n Read More HERE<\/a><\/p>\n Insurance Regulatory and Development Authority of India, has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022<\/strong><\/p>\n 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.<\/p>\n Read More HERE<\/a><\/p>\n The Ministry of Ports, Shipping and Waterways, on 25th<\/sup> April, 2022<\/strong>, issued Marine Aids to Navigation (Central Advisory Committee Procedural) Rules, 2022<\/strong>. It aims to introduce advisory committee for marine aids which will be enforceable from 25th<\/sup> April, 2022.<\/p>\n Read More HERE<\/a><\/p>\n Use of Low Power Radio Frequency Devices in the frequency band 433.05 to 434.79 MHz (Exemption from License) Rules, 2022<\/strong><\/p>\n 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.<\/p>\n \u00a0<\/strong>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.<\/p>\n Read More HERE<\/a><\/p>\n Family Pension (Submission of Documents) Rules, 2021<\/strong><\/p>\n On 11th<\/sup> May, 2022, Joint Committee of Parliament issued Payment of Family Pension (Submission of Documents) Rules, 2021<\/strong>. In exercise of the powers under Sec. 9(3)(g) of Salary, Allowances and Pension of Members of Parliament Act, 1954 (Act<\/strong>), 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.<\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Members of Parliament (Traveling and Daily Allowances) Amendment Rules, 2021<\/strong><\/p>\n 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.<\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Commission for Air Quality Management in National Capital Region and Adjoining Areas, (Form and Manner of Furnishing Annual Report) Regulations, 2022<\/strong><\/p>\n On May 12, 2022, the <\/span><\/span>Commission for Air Quality Management in National Capital Region and Adjoining Areas <\/span><\/span>has notified Commission for Air Quality Management in National Capital Region and Adjoining Areas, (Form and Manner of Furnishing Annual Report) Regulations, 2022.<\/p>\n Read More HERE<\/a><\/p>\n Circular on System and Network Audit of Market Infrastructure Institutions (MIIs)<\/strong><\/p>\n 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.<\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022<\/span><\/span><\/strong><\/p>\n The Securities and Exchange Board has notified SEBI (Collective Investment Schemes) (Amendment) Regulations, 2022 <\/span>to further amend the SEBI <\/span>(Collective Investment Schemes) Regulations, 1999.<\/span><\/span><\/p>\n Read More HERE<\/a><\/p>\n <\/p>\n Circular on Simplification of procedure and standardization of formats of documents for transmission of securities<\/strong><\/p>\n 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 \u2018Legal Heirship Certificate or equivalent certificate\u2019 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.<\/p>\n Read More HERE<\/a><\/p>\n Circular for simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificate<\/strong><\/p>\n 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.<\/p>\n
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\nMINISTRY OF FINANCE<\/strong><\/span><\/h3>\n
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\nMINISTRY OF HEALTH AND FAMILY WELFARE<\/strong><\/span><\/h3>\n
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\nMINISTRY OF INFORMATION AND BROADCASTING<\/strong><\/span><\/h3>\n
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\nMINISTRY OF ROAD TRANSPORT AND HIGHWAYS<\/strong><\/span><\/h3>\n
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\nMINISTRY OF PORTS, SHIPPING AND WATERWAYS<\/strong><\/span><\/h3>\n
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\nDEPARTMENT OF TELECOMMUNICATIONS<\/span><\/h3>\n
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\nJoint Committee of Parliament<\/strong><\/span><\/h3>\n
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\nCommission for Air Quality Management in National Capital Region and Adjoining Areas<\/span><\/span><\/strong><\/span><\/h3>\n
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\nSECURITIES AND EXCHANGE BOARD OF INDIA<\/span><\/h3>\n
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