The term audit is derived from the Latin term audire which means to hear. In early days an auditor used to listen to the accounts read over by an accountant in order to check them.
Several instances of falsification of books of accounts were noticed under the Companies Act, 1956. To overcome this menace, several measures have been provided under the Companies Act, 2013.
The Companies Act, 2013 defines a Charge as an interest or lien created on the assets or property of a Company or any of its undertaking as security and includes a mortgage U/s 2(16). In the earlier Act of 1956, the word “Mortgage” was not mentioned. Section 124 to section 145 of the companies act, 1956 dealt with charges. Under the Companies Act, 2013 section 77 to section 87 deals with charges.
The section 185 of Companies Act, 2013 was notified on 12 September, 2013 and was applicable from that day itself. If there is any deviation from the conditions laid under this section then the Auditor is required to report the same in his Audit Report.
CAPITAL MARKET regulator SEBI has been devising and enforcing various measures, from time to time, to protect the interest of investors and the sanctity of the capital market by making listed companies more accountable through enhanced disclosures.
Voting by Postal Ballot is a type of voting in which pre-paid ballot papers are distributed to the members for their voting.
GST (Goods & Services Tax), a single unified tax system aims at uniting Indias complex taxation structure to a One Nation- One Tax regime. It is the biggest tax reform since India’s independence.
The Government of India has, after fourteen years since their introduction, constituted the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the Companies Act, 2013 to provide for a single judicial forum to adjudicate all disputes concerning the affairs of Indian companies.
Capital infusion refers to the process whereby funds are injected into startup companies or large companies by an investor with a financial interest in the company. Capital infusion also refers to the process of transferring money from a successful unit, division or subsidiary of a company to another unit that is not doing well with the aim of injecting new life into that unit.
Ministry of Corporate Affairs (MCA) has recently introduced SPICe Form INC – 32 which is a Simplified Performa for incorporating Company Electronically. SPICe Form INC – 32 can help incorporate a company with a single application for reservation of name, incorporation of the new company and/or application for allotment of DIN.
