There is no legal distinction between the powers and duties of executive directors and non-executive directors, the two play different roles on a board of directors. Even u/s 166 of Companies Act, 2013 duties of directors are prescribed which are equal for both executive and non-executive Director.
Any Company which intended to make any change to the Memorandum of Association (MOA) of its company, will have to comply with the provisions of Section- 13 of Companies Act, 2013 and any other applicable provisions of the Act and applicable rules.
MCA issued Companies (Incorporation) Amendment, Rules, 2018 vide notification dated 20.01.2018 these rules are effective from 26th January, 2018. By these amendment Rules MCA has substituted Rule 9 of Companies (Incorporation) Rules, 2014.
In this Flash editorial, the author begins by referring the Quick Questions on Condonation of Delay Scheme 2018 in relation to Active Companies or Struck off Companies Both. Condonation of Delay Scheme, 2018 is an Opportunity Scheme for the Disqualified Director to remove their disqualification, which occur due to non filing of Financial Statements & Annual Returns.
Today 26.01.2018 MCA started a new services named Reserve Unique Name (RUN) for reserve name of New or Existing Company. Process and new provisions for reservation of name are as follow:
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.
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.
