Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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Pursuant to notice of the Ministry (Draft Notification for DIN & DPIN Rules), Form 7 (Application for allotment of Designated Partner Identification Number) & Form 10 (Intimation of changes in particulars by Designated Partners) are discontinued from LLP Portal. Those who wish to form a LLP should apply for DIN ( http://www.mca.gov.in/MCA21/Din.html ). Once DIN is obtained, user can link DIN & DSC in the DSC association page. If a person already has a DIN, the same can be used for forming LLP.
The Central Government vide its powers confirmed under section 642 of the Companies Act , 1956 has raised the total monthly remuneration for the purpose of Clause (b) of sub section (1) of section 314, Rs.10,000 limit u/s 314(1)(b) of Companies Act raised to Rs.50,000 & Rs.20,000 limit u/s 314(1B)) raised to Rs.2,50,000. Section 314 of The Companies Act, 1956 states that a Director etc., is not to hold office or place of profit except with the consent of the company accorded by a special resolution and at remuneration as may be prescribed by the Central Government.
in continuation to the Circular no. 37/2011 dated 07.06.2011, the further information is given as under: — (i) Besides signing by signatories as specified u/s 215 of the Companies Act, 1956, the Statutory Auditor has to certify the financial statements prepared in XBRL mode for filing on MCA-21 portal. (ii) Phase-1 class of companies as per Circular 9/2011 dated 31.03.2011 and later exempted from XBRL filing (under Power sector, Insurance sector, NBFC and Banking sector) who are unable to file their financial statements would be exempted from additional fee due to delay in filing up to 30.09.2011.
It has been noticed that certain Courts have not allowed fees to be paid to the Chartered Accountants from Common Pool Fund in cases where petitions are filed in respect of companies under liquidation having no assets. The matter has been considered and it has been decided that in all such cases following steps be taken :
What is Fast Track Exit (FTE) Mode? Ministry has issued Guidelines for ‘Fast Track Exit (FTE) Mode’ to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956 in time bound manner. What is the date of implementation of these Guidelines? The Guidelines will be implemented with effect from 3rd July, 2011.
These rules may be called the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. Designated Partnership Identification Number (DPIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as designated partner of a Limited Liability Partnership for the purpose of his identification as such, and includes Directors Identification Number (DIN) issued under sections 266A, 266B and 266E of the Companies Act, 1956 and rules made thereunder.
Advance Television Network Ltd. Versus The Registrar Of Companies (Delhi High Court) – Mr. Beri submits that the petitioner-company has not done any business since 2001-2002 and thus, it has not earned any income for the last ten years. He states there is no hope or prospect of the petitioner-company doing any further business as stated in its Memorandum of Association. He submits that keeping in view the long duration in which the petitioner company had not done any business, it would be just and equitable to wind up the petitioner company. In this context, he relies upon judgments in Surendra Kumar Pareek Vs. Shree Guru Nanak Oils Pvt. Ltd., (1995) 82 CC 642 (Raj.), A. Sreedharan Nair Vs. Union Hardwares (Private) Ltd., (1997) 89 CC 37 (Kerala) and Registrar of Companies, Bihar Vs. Shreepalpur Cold Storage Private Ltd., (1974) 44 CC 479 (Patna).
The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company in liquidation. In the Regional Directors Conference held on 16-6-2011 also, the Official Liquidators brought to the notice of the Ministry that they are not able to file Income Tax Returns since the verification part of the report require them to mention their personal PAN Card No. even when they file the Return as a representative assesee of the company (in liquidation). It was suggested that a PAN Card should be issued in the name of the office i.e. OL
These rules may be called the Companies Director Identification Number (Third Amendment) Rules, 2011. They shall come into three with effect from 9th July, 2011. Director Identification Number (DIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as director or to any existing directors of a company, for the purpose of his Identification as such and includes Designated Partnership Identification Number (DPIN) issued under section 7 of the Limited Liability Partnership Act, 2008 and rules made thereunder.
NISCHINTAPUR TEA CO. LTD Versus SUBRATA SEN & ORS ( Calcutta High Court) – An application under Section 397 and 398 of the Companies Act, 1956 (hereinafter ‘the Act’) was filed in this court way back in 1985. It was numbered as C.P. No. 252 of 1985. It is still pending. The petitioner in that application was one Amita Sen, who has since died. In her place, her three sons Subrata, Ranjan and Sanjay are now substituted as petitioners being petitioner nos. 1.(a), (b) and (c).Two applications were heard by me for several days. They were most seriously contested. One of them (C.A. No. 686 of 2010) was an application by the company for dismissal of the Section 397, 398 application. One Ajit Kumar Agarwal, opposed this application as an intervenor. It was strenuously argued on his behalf that the company should not be granted the prayers. Neither, the petitioners in the Section 397, 398 application should be allowed to withdraw from the application. He made an application (C.A. No. 721 of 2010)for dismissal of C.A. 686 of 2010.
