Compliance notice issued to Nova Propgrow Group Holdings LTD

Inter-Regulator Investigation Following Failure to Satisfy the Commission from a Notice to Show Cause Regarding Reckless Trading or Trading Under Insolvent Circumstances Nova Propgrow Group Holdings Ltd, Reg. No. 2011/003964/06 (herein after referred to as NOVA) has been a subject of an investigation for identified and possible contraventions of the Companies Act 71, of 2008 (as amended) (herein after referred to as ‘the Companies Act’).

On 21 February 2021, NOVA was issued with a Notice to Show Cause Regarding Reckless Trading or Trading Under Insolvent Circumstances through Form CoR. 19.1, requiring it to show cause why it should be permitted to carry on business or to trade. Subsequent to that, after the non-satisfactory response received from its Board, the company was issued with a Compliance Notice on 25 October 2021 to afford it a final opportunity to prove beyond reasonable doubt that it would not be in a financially distressed position by the end of its financial year, i.e. 28 February 2022.

The requirement was informed by the Commission’s assessment of the company’s annual financial statements (AFSs), taking into account the financial obligations to which the company is understood to be tied, as informed by the Commission’s understanding and interpretation of the Scheme of Arrangements (SoA) alluded to in the Notes of the company’s annual financial statements over the past ten (10) years. Following the assessment of the company’s response, received on 15 December 2021, the Commission could not arrive at a satisfactory conclusion that the company is not engaging in conduct prohibited by section 22 of the Companies Act. Reasonable grounds still exist that the company is in contravention of Section 22 (1) and Section 29 of the Companies Act.

COMPLIANCE NOTICE ISSUED TO NOVA PROPGROW GROUP HOLDINGS LTD

 

Closure of co-operative online email

Closure of co-operative online email

The Registrar of Co-operatives has noticed that, despite numerous notices, some customers still file applications for registration of co-operatives using the old system resulting in unnecessary delays.

We draw your attention to the step-by-step guide available on our website under “Step by Step guides” under co-operatives for the registration of co-operatives. The old email address for registration: cooperativesonline@cipc.co.za was disabled and no application or enquiries must be sent to that email address.

Below are the email addresses that are in use:

Director changes: Co-op2@cipc.co.za
Change of business addresses & appointments/resignation of auditor: Co-op3an4@cipc.co.za
All special resolutions: Co-op6@cipc.co.za
Co-operatives Financial Statements: Coopsfinancials@cipc.co.za
Co-operatives Conversions: new email Coopsconversions@cipc.co.za

For queries, kindly log your query on https://enquiries.cipc.co.za.

Your co-operation will be highly appreciated.

Closure of co-operative online email

Intermittent downtime due to the Department of Home Affairs’ system challenges

Dear CIPC Customers

Please note that we have been experiencing intermittent downtime since May this year due to the Department of Home Affairs’ system challenges. We are continuously trying to mitigate the issues associated with the inability to connect to the Home Affairs systems. Unfortunately, many of you are unable to complete your transactions as a result of these issues.

In the event of an error message displaying or a notification that your ID cannot be verified, it means that the Home Affairs systems are unavailable and you should try again later.

The CIPC Commissioner is reaching out to the Director-General of the Department of Home Affairs to find a speedy resolution to this matter.

Return relating to directors and register of members

Kindly note that all applications for the change of directors filed for registration must be in line with Regulations 17 read together with Section 39 of the Act. Your attention is drawn to the following, only the particulars of the directors and any changes thereof must be filed with the Registrar of Co-operatives, and when there are changes in membership, the register of members as kept by the co-operative must be kept at its offices in line with Section 21(d).

Due to the complaints regarding the unauthorised appointments and resignation of directors, as from the 1 August 2022, additional requirement for appointment or resignation of a director is the appointment letter or resignation letter respectively, which must accompany the application. Failure to comply will result in the rejection of the application for failure to submit the necessary letter.

Return relating to directors and register of members