MCA Updates

·                               Amendment in Companies (Audit and Auditors) Rules, 2014

Ministry of Corporate Affairs (MCA) vide notification dated 22 June 2017, has made an amendment to the Companies (Audit and Auditors) Rules, 2014  

Pursuant to this notification, the limit of paid up share capital of “Rs.20 crores or more” has been revised to “Rs. 50 crores or more” subsequent to which the private companies having paid up share capital of less than Rs. 50 crores shall not be required to comply with the provisions of Section 139(2) of Companies Act, 2013 regarding the rotation of auditors.

·                            Surrender of Director Identification Number

E- Form DIR-5 (Application for surrender of Director Identification Number) has been deployed as an e-form for filing purposes w.e.f 21st June 2017. Stakeholders who wish to surrender DIN shall be required to file this e-form instead of it being filed as an attachment to form RD-1.