CORPORATE LAW

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Mandatory requirement of implementing Internal Financial Controls for all Companies

Companies Act, 2013 has introduced a new requirement for listed companies and also all other companies making the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) responsible for laying down internal financial controls (IFC) and to conform on adequacy and operating effectiveness of the framework for IFC.   The revised guidance note issued by the ICAI recently have also extended the requirement of opinion from the external auditors to the consolidated financial statements, thereby emphasizing the focus required on completing the management design and testing across all companies within a group.   These provisions are applicable for the Financial...

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PF Due date grace period for deposits is now removed

In a circular by the EPFO it has been notified that, the PF due date grace period which was provided for the payment of PF amount has now been removed.   Earlier, the employers had to pay the PF contributions and the administrative charges by 15th of every month. A grace period of 5 days had been provided as well.   Now, according to the latest circular, this grace period, which was given on the due date for payment has been removed. This will be applicable from the February, 2016. This means that the contributions for the month of January i.e., PF contributions and...

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