As we all know MCA has increased additional fee to be levied for delays in filing Forms other than Form 5 wef 05.12.2010 vide General Circular No: 4/2010, Dated the 22nd November, 2010 . Rate of Additional Fees for delay in Filing of ROC forms is as follows :- Period of Delay Fixed rate of additional [...]

A company normally enters into transactions with other companies or firms which are known as related party transactions. Section 297 is in respect of Board’s sanction to be required for certain contracts in which particular directors are interested. Section 299 relates to disclosure of interest by directors. Under Companies Act compliance of Section 297 appears [...]

In exercise of the powers under the Companies Act, the Registrar of Companies may obtain declaration/affidavits from subscribers/first directors first at the time of incorporation and from directors, subsequently whenever company changes its objects

Selection of name for the proposed company: The Promoters have to provide at least 6 names in the order of their preference/priority. The promoters can themselves search for the available names by visiting the MCA website.

Now condonation of delay for late filing of Form 8 and form 17 under the Companies Act, 1956, requires a petition to be filed with Regional Director, Ministry of Corporate Affairs and earlier the same was required to be made to Company Law Board. The procedure for making the petition for condonation of delay under Section 141 of the Companies Act, 1956 is given below.

I am directed to convey, with the approval of the Competent Authority that, henceforth, under the provisions of Regulation 17(6) of the Company Regulation, 1956, ad-hoc work items may be created to extend the validity of the work item beyond the time limits prescribed under the Regulation by the ROC concerned.

Now shifting of registered office from one State to another State under the Companies Act, 1956, requires a petition to be filed with Regional Director, Ministry of Corporate Affairs with effect from 12-08-2012 and earlier the same was required to be made to Company Law Board. The procedure for making the petition under Section 17 [...]

CS Kiran Mukadam, ACS, M.Com, SET Hercules Hoists Limited, Mumbai Since the emergence of various corporate scandals in India over the past few years, there has been much attention and debate on the role of Company’s Directors. There has been a lot of focus on independent Directors. A Director must be acted honestly and with [...]

Now a day, Banks are more emphasizing on demanding Search Repots from Limited Companies while opening of Bank Accounts or giving the Loan to such Companies. The need for Search Reports arises to keep themselves (Banks) safe and to ensure that the company is not the defaulting one or having not the defaulting directors and to know the complete history and information about the company.

New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6th October, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of  2,90,39 and 2,57,86 companies respectively have filed their Balance Sheet using the revised XBRL norms. Giving this information in written [...]