In this Flash editorial, the author begins by referring the Impact of Companies Amendment Act, 2017 on Private Limited Companies. The major amendments in the Amendment Act, 2017 include clarity on definitions for identifying Associate Companies, Holding & Subsidiary Companies, Related Parties etc;, simplification of the private placement procedure, removal of requirement for annual ratification of auditor, rationalization of provisions related to loan to directors, and doing away with the requirement of approval of the Central Government for managerial remuneration above prescribed Limits.
The Companies (Amendment) Bill, 2017 has proposed significant Amendments to Companies Act, 2013 which includes amendment to Section 185 and 186 of Companies Act, 2013 related to Loans to directors, etc. In this Article I have tried to analyse the proposed amendments to Section 185 and 186 of Companies Act, 2013.
Discussion on RBI’s Financial Stability Report, December 2017 covers the distinct recovery made by the world economy effected by its increasing consumption, investment and geographical spread, the other matters such as risks emerging out of volatility in commodity price
Assessment means determining tax liability under the CGST Act, 2017 and includes the following types of assessment Self Assessment, Provisional Assessment, Reassessment on Scrutiny, Best judgement Assessment-non filers of return, Assessment of unregistered persons, Summary assessment on evidence
To issue further shares there are following ways: (i) Right Issue of Shares (ii) Private Placement of Shares (iii) Preferential Allotment of Shares. In this editorial author shall talk about the provisions of Private Placement of Shares after Amendment in Companies Act, 2013 vide Companies (Amendment) Act, 2017.
A. Incorporation of Company: At the time of incorporation of the company, declaration by each subscriber will be required to be attached instead of an affidavit, as currently provided. B. Register Office: The company shall within 30 days of its incorporation have registered office instead of current requirement to have registered office on and from the fifteenth day of its incorporation.
Highlights of some Major Relaxation under Companies Act, 2017 to make it- Business Friendly- Apart from KMP and any officer of the Company, an employee can also be authorised to authenticate documents on behalf of the Company.
Lesser Penalties for One Person Company or Small Companies: Under Companies Act, 2013 there are no provision in respect of lesser penalty on any kind of Company. Penalties are same on all type of Companies irrespective of their Capital, turnover etc.
It is obvious that the appeals should be listed on the judicial side, even if, there is an issue or debate with regard to the territorial jurisdiction of the Tribunal. Such matters cannot be decided on the Administrative side, by the Registry of the CESTAT, even when it is of the opinion that the appellants have not approached the right or correct Bench of the Tribunal having territorial jurisdiction.
With an objective to enable the investors to compare the performance of a Mutual Fund scheme vis-à-vis an appropriate benchmark, it has been decided that:
