Company Law Articles, Notification and Circular

The order of Sh. K.S.Mohi basically implements the resolution of DDCA dated 1.3.2007 and on which aspect I have already commented above that there is absolutely no resolution whatsoever dated 1.3.2007 and if even there is such a resolution, the same will be an illegal resolution because the same amounts to an amendment of the Memorandum of Association or Rules without prior sanction/approval of the Central Government as required under Section 25 of the Companies Act, 195.. Full Article

If the requirements of Company Act and/or Accounting Standards are different from that of Revised Schedule VI, what is the treatment to be given? If requirements of a regulatory authority like RBI are different from that of Revised Schedule VI, what treatment should be given? Para 4.1.1 of the Revised Schedule VI necessitates that if compliance with the requirements of the Act and/or accounting standards requires a change in the treatment or disclosure in the financial .. Full Article

General Circular No. 10/2012 The Ministry had framed certain criteria for declaring a Financial Institution as PFI under section 4A, of the Companies Act, 1956 vide General Circular No. 34/2011 dated 2.6.2011. The issue has since been revisited and it has been decided that any Financial Institution applying for declaration as PFI shall fulfill the following criteria:- Full Article

There are various ways of converting a firm to a company, viz; slump sale, itemized sale, admitting the company as a partner, dissolution thereof and on dissolution, business being taken over by the company etc.,. Being a topic with a very vast ambit an attempt has been made hereinabove to briefly discuss two alternatives. In view of the choices available. Conversion should be made in a manner appropriate to a particular situation and in a way which is most beneficial. Full Article

General Circular No.09/2012 On requests received from various Corporates & Professionals and difficulties experienced by the stakeholders in filing Form No.8 and Form No.10 (for modification of charges under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFESI), it has now been decided to accept filing of the followings Forms:- Full Article

In view of providing better services to its stakeholders and ensuring correctness of names approved through online mode (i.e. through STP mode without backend processing by RoC user), Ministry has decided to provide a facility for verification of such names by the RoC user on a real time basis for immediate action. Full Article

MCA adds another payment gateway through Union Bank of India for Credit Card and Internet Banking payments w.e.f. 20th May, 2012. For credit card payments, Union Bank of India shall be charging the transaction charge of 1.6% (plus applicable Government Charges) over and above the MCA statutory payment. Full Article

Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in sub­section (2) of section 205C of the Companies Act, 1956. Full Article