Madras HC on Disqualification of Directors
The Madras High Court, on August 03, 2018 in the case of Bhagavan Das Dhananjaya Das v. Union of India held that directors of companies can be disqualified after the notification of Section 164 of the Companies Act, 2013 (“Act”). The Court quashed the order of the Registrar of Companies disqualifying directors retrospectively.
MCA Notifies Amended Private Placement
The Ministry of Corporate Affairs (“MCA”), on August 07, 2018 notified that Section 42 of the Act i.e. the provision relating to the issue of shares on a private placement basis, shall come into force on August 07, 2018.
No Reverse Charge on Supply of Goods and Services by Unregistered Person
The Central Board of Indirect Taxes and Customs (“CBDT”) has notified that the reverse charge mechanism on supply of goods and services by unregistered person to registered persons has been deferred till September 30, 2019.