The Ministry of Corporate Affairs (MCA), vide its notification dated December 18, 2018, issued the Companies (Incorporation) Fourth Amendment Rules, 2018 to insert the following three Rules:
Form No. INC-20A is introduced which is a declaration by the Director that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him on the date of making of such declaration. The declaration shall be accompanied by approval received from sectoral regulator, if any, wherever required.
An application for change in FY shall be made to the Regional Director in e-Form No. RD-1 along with the attachments required thereof which include the grounds, board resolution etc.
Such application shall be made to the Regional Director, within sixty (60) days from the date of passing of special resolution, in e-Form No. RD-1.
For both the applications under Rules 40 and 41, one interesting provision is that if there is no order passed by the Regional Director within thirty (30) days from the date of filing of application or date of re-submission, whichever is later, it is deemed to have been accepted and an approval order shall be automatically issued. The same shall be filed with the ROC in Form INC-28.
These rules are issued by the MCA to be in line with the Companies (Amendment) Ordinance, 2018.