In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs. 500 and Rs. 1,000 denominations of Bank Notes of the existing series issued by Reserve Bank of India shall cease to be legal tender with effect from November 9, 2016, to the extent specified in the Notification.
Standing Committee on Finance presented most awaited 37th Report on Companies (Amendment) Bill, 2016. The Standing Committee considered and adopted this report at their sitting held on 30th November, 2016.
The recently cleared amendment to Benami Transaction (Prohibition) Amendment Act, 2016 indicates the resolve of the Government of India to control the menace of black money and its by-product Benami transactions with the new stringent law and its effective implementation.
Whether holding of adjourned AGM after expiry of period mentioned in section 96 is compliance of provisions of section 96 or not. Some people holds a view that holding of AGM with in time and then adjournment of meeting and holding of adjourned meeting after expiry of time as prescribed u/s 96 is compliance of section 96.
Many professionals have been raising question on interpretation/ procedure for appointment of branch auditor or audit of branch under Companies Act, 2013. As per Companies Act, Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which gives a true and fair view of the state of the affairs of the company, including that of its branch office or office.
As per Companies Act, 2013 every Company have to file e-form MGT-7 within 60 from the date of Annual General Meeting AGM and AOC-4 required filing with ROC within 30 from the date of AGM. Below we will discuss the consequences of non filing or delay in filing of e-form MGT-7 (Annual Return) and e-form AOC-4 (Filing of Financial statement).
Company have to file un-audited/provisional financial statement within 30 days of AGM and have to file audited financial statement once such statement is approved by the shareholders in the adjourned AGM.
An appreciable step is taken by Ministry of Corporate Affairs by introducing E-Form INC-32 under SPICE scheme vide MCA’s notification dated 01/10/2016 notifying Companies(Incorporation) Fourth Amendment Rules, 2016. SPICE means Simplified Proforma for Incorporating Company Electronically.
If a Company is not satisfied with the services of the statutory auditor the company can start process for removal of auditor as stated the process u/s 140(1). But there is a question always arise which confused the professionals i.e. i. Company requires holding General Meeting before approval of Central Government or after government approval?
Existing Auditor of the Company resigned w.e.f. 30/08/2016 and ADT-3 filed by such Auditor & intimated to Company. Board of Director appointed new Auditor w.e.f. 12/09/2016 for FY 15-16. Tenure of the new auditor will be upto subsequent AGM. Audit for the FY 15-16 shall be done by new Auditor.
