"03 August 2019" Archive

Fine vs Penalty under Companies (Amendment) Act, 2019

Brief of 17 Sections under the Companies (Amendments) Act, 2019 *Note- Fine is imposed when any Compounding application/ Petition filed with NCLT or any Court, but the Penalty imposed when Company made noncompliance and adjudicating authority directly can imposed penalty on them. Sr. No. Section Description 1 53(3) Prohibition of Issue of...

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Posted Under: Company Law |

New Avenues for Chartered Accountants to Practice

After qualifying as a Chartered Accountant, I immediately opted for Practice after weighing Pros and cons of Job and Practice. In order to help young Chartered Accountants, I previously wrote articles on following topics: 1. CA in Practice Vs CA in Job : Who is better in the Long Run? 2. A Guide to seek […]...

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Posted Under: Company Law |

Major Change in Corporate Social Responsibility

Section 135 – Corporate Social Responsibility The Parliament has passed amendments to Companies Act and the bill now advocates for stricter laws for CSR. Amendments are made to Section 135 to carry forward the unspent corporate social responsibility amount, to a special account to be spent within three financial years and transfer t...

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Posted Under: Company Law |

Application by company to ROC for removing its name from Register of Companies

 Governing the eForm e-Form STK-2 is required to be filed pursuant to Section 248(2) of the Companies Act, 2013 and rule 4, 5, 6 & 8 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 which are hereunder for your reference.  Section 248 (2)  Without prejudice to the provisions […]...

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Posted Under: Company Law |

Amendments Through Companies (Amendment) Second Ordinance, 2019

(As also provided in the Companies (Amendment) Bill, 2019) (A) Re-categorising of offences: The list of offences which are re-categorised as defaults carrying civil liabilities which would be subject to an in-house adjudication mechanism, along with the pre-ordinance punishment in each case is as under: Punishment S. No. Section Nature of...

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Posted Under: Company Law |

GST Composition FAQs

COMPOSITION LEVY Q1. Can we opt for Composition in the middle of the Year? A1. No. but last date is 30.09.2019. However as per Rule 3(3), the dealer should inform prior to commencement of the year, the bare rule represent is as follows:- Rule 3(3) Any registered person who opts to pay tax under section […]...

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Posted Under: Company Law |

Procedure for Claiming Unpaid/Unclaimed Dividend From IEPF

As per Section 124 of the Companies Act, 2013, in case a company has declared any dividend but the same has not been claimed within 30 days from the date of declaration, the company shall transfer the total amount of unclaimed dividend to Unclaimed Dividend Account which is opened specifically for this purpose with a scheduled bank. [&h...

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Posted Under: Company Law |

Promoters Holding of Non-Compliant Listed Companies to Freeze

PROMOTERS HOLDING OF NON-COMPLIANT LISTED COMPANIES ABOUT TO FREEZE On 5th June 2015, SEBI has issued a Circular directing issuers/RTA to 1. Update Distinctive Number (UDN) information in respect of all physical share capital and overall DN range for dematerialized share capital for all listed companies. 2. Take all necessary steps to upd...

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Posted Under: Company Law |

Amendment in section 135 (Corporate Social Responsibility)

Corporate Social Responsibility Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during [the immediately preceding financial year] shall constitute a Corporate Social Responsibility Committee of the Board consisting of three o...

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Posted Under: Company Law |

Exposing Indian business Ecosystem

STARTUPS, CEO’S, DIRECTOR’S, INVESTOR’S will have become part of your daily life whether you are a salaried guy or a businessperson. But In today’s business ecosystem, there is some sort of fakism which is related to these words. This fakism is created by us to give ourselves a shelter of convenience and a fake pride. […]...

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Posted Under: Company Law |