MCA appoints Chairperson, Whole Time Director and Part Time Director of NFRA

MCA appoints Dr. Ajay Bhushan Prasad Pandey as chairperson of the National Financial Reporting Authority

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 25th May, 2022

S.O.2434(E).—In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government vide Office Order No. NF-12020/1/2022-ESTT-NFRA dated the 6th April,2022 appointed Shri Praveen Kumar Tiwari as the full-time member of the National Financial Reporting Authority, with effect from the 28th March, 2022 (forenoon) for a period of three years or till the incumbent attains the age of sixty-five years, whichever is earlier.

2.The terms and conditions of service of the full-time member, National Financial Reporting Authority shall be governed by the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.

[F. No. NFRA-05/4/2021-Comp-MCA]

INDER DEEP SINGH DHARIWAL, Jt. Secy.

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 25th May, 2022

S.O.2433(E).—In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government vide office order No. NF-12019/2/2022-ESTT-NFRA dated the 6th April, 2022 appointed Dr. Ajay Bhushan Prasad Pandey as the chairperson of the National Financial Reporting Authority, with effect from the 1st April, 2022 (forenoon) for a period of three years or till the incumbent attains the age of sixty-five years, whichever is earlier.

2.The terms and conditions of service of the chairperson, National Financial Reporting Authority shall be governed by the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018. [F. No. NFRA-05/4/2021-Comp-MCA]

INDER DEEP SINGH DHARIWAL, Jt.Secy

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 25th May,2022

G.S.R. 400(E).—In exercise of the powers conferred by sub-section (3) of section 132 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the National Financial Reporting Authority appointment of Part-time members, Rules, 2022, namely:-

1.Short title and commencement. –(1) These rules may be called the National Financial Reporting Authority appointment of Part-time members (Amendment), Rules, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2.In the National Financial Reporting Authority appointment of Part-time members, Rules, 2022, in rule (2),-

(i) for serial number (1) and entries relating thereto, the following shall be substituted,namely:-

“(1) Shri Inder Deep Singh Dhariwal, Joint Secretary, Ministry of Corporate Affairs”;

(ii) After serial number (7) and entries relating thereto, the following shall be inserted, namely:-“

(8) Shri Amarjit Chopra, Ex-President, Institute of Chartered Accountants of India

(9) Shri Anil Sharma, Partner (M/s A. Sharma & Co., Chartered Accountants), New Delhi”.

[F.No.NFRA-05/6/2018-NFRA-MCA]

INDER DEEP SINGH DHARIWAL, Jt. Secy

• CBDT specifies work allocations and zonal charges of its members
• AO can’t make addition on his speculation and assumption of manipulation in share prices
• Assesee not deducting TDS due to stay by High Court can’t be treated as assessee in default
• Penalty u/s 271B is not attracted where books of account not maintained – ITAT Allahabad
• NALCO invites RFP for empanelment of CA Firms for verification of Stores/Spares & movable assets