UPDATE: Companies (Incorporation) Amendment Rules, 2017

The Central Government has a few days ago made amendments to the Companies (Incorporation) Rules, 2014, by substituting the extant Rule with the following text in Rule 18:

“The Certificate of Incorporation shall be issued by the Registrar in Form No.INC-11 and the Certificate of Incorporation shall mention permanent account number of the company where if it is issued by the Income-tax Department”

This requirement of mentioning the PAN of the Company was not present earlier. A revised Form 32 has also been provided wherein Points 10 to 15, now require the Company to provide information pertaining to the Employees Provident Fund and Point 15 requires disclosure of investments proposed to be made by the Company.

The amendment is effective from January 30, 2017. Full text of the notification can be accessed here.

It is yet to be seen how such information is to be provided and whether this move will be backed by removal of logistical hurdles in creation of a PAN Card. The government may consider doing away with the concept of company PAN Card and the CIN could be used as the identification number of PAN and TAN related transactions. But as a nation we are still very far off from such measures of simplification.

 

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