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.
Company Law : Learn about the legal procedures for director resignation and removal under the Companies Act, 2013, including compliance with ROC...
Company Law : Understand the process and requirements for converting an unlisted public company into an LLP, including necessary filings and doc...
Company Law : Understand if Form SH-7 is required during the conversion of CCPS to equity shares under the Companies Act, 2013, based on the aut...
Company Law : Learn about Section 203 of the Companies Act, its applicability to private companies, key provisions, and exceptions for companies...
Company Law : Understand stamp duty rules on share transfers in demat form for private limited companies. Covers legal framework, rates, respons...
Company Law : The Government acknowledges MCA-21 glitches, highlights improvements, ensures data security, and implements new features for bette...
Company Law : The Indian government has reduced reporting forms for companies on unclaimed dividends and integrated fund transfers with Bharatko...
Company Law : MCA21 portal saw 80.26 lakh form filings between April 2024 and January 2025, showcasing improved security, user experience, and s...
Company Law : Summary of NFRA's audit quality inspection of Lodha & Co., highlighting key deficiencies in audit documentation, independence poli...
Company Law : NFRA's 2023 inspection of M/s BSR & Co. LLP highlighted improvements in audit practices, independence policies, and documentation ...
Company Law : NCLAT Delhi held that trusteeship deeds are generally signed between the trust on behalf of the lenders and the personal/ corporat...
Company Law : NCLAT Delhi held that CoC decision to liquidate the Corporate Debtor is acceptable as corporate debtor has no assets and thus CIRP...
Company Law : Delhi HC examines NFRA's jurisdiction in issuing show-cause notices to Engagement Quality Control Reviewers (EQCRs) under Section ...
Company Law : The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application oug...
Company Law : NCLAT Delhi held that as per expressed provisions of section 101(1) of the Insolvency and Bankruptcy Code, 2016 moratorium period ...
Company Law : Infracx Developers Pvt Ltd penalized for delayed INC-20A filing under Section 10A of the Companies Act, 2013. Total penalty: ₹43...
Company Law : Godrej Tyson Foods Ltd. penalized for failing to appoint a woman director under Section 149(1) of the Companies Act. Penalty inclu...
Company Law : NFRA imposes Rs. 5 lakh penalty and 5-year debarment on CA Neeraj Bansal for professional misconduct during Religare Finvest Ltd's...
Company Law : MCA penalizes Chandrabangshi Nidhi Ltd for violating Section 118(1) of the Companies Act, 2013, due to failure to maintain meeting...
Company Law : United Technologies faces penalties for non-appointment of company secretary under the Companies Act, with fines for company and d...
General Circular No. 30A/2011 Under section 226 (3) (a) of the Companies Act, 1956 (Act) a ‘body corporate’ is disqualified from being appointed as an auditor of a company, which means that LLP of Chartered Accountants is thereby disqualified from being appointed as auditors. To remove this anomaly, MCA has issued Notification No. S.O.1152(E) dated 23 May 2011 along with Circular No. 30A dated 26 May 2011 wherein LLP has not been recognized as ‘Body Corporate’ for the purpose of appointment as ‘Auditor’ under Section 226 of the Act. Accordingly, an LLP of Chartered Accountants will be eligible to be appointed as auditor of a company.
Central Government specifies LLP as a body corporate for the limited purpose of section 226 (3) (a) which deals with appointment of auditors vide notification dated 23.05.2011.The notification given clarifies that LLP will not be treated as body corporate for the purpose of f section 226(3)(a) of the Companies Act 1956 which is related to appointment of statutory auditor and put restriction on appointment of body Corporate as statutory auditor. The circular paves the way for appointment of LLP as statutory auditor of the company. It is to be noted that MCA has already allowed the CA/CS/CWA to practice under LLP in partnership with other fellow members of same institute and in case of CS, also with members of such recognized profession as may be prescribed.
Circular 30/2011 Sections 108A to 1081 of the Companies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade Practices (Amendment) Act, 1991. Section 108G (applicability of sections 108A to 108F) and Section 108H (construction of certain expressions used in sections 108A to 108G) of Companies Act, 1956 refer to applicability of provisions of sections 108A to 108F in reference to various requirements under the MRTP Act, 1969.
In order to cut timelines and an another step towards “Green Initiative” it has been decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signature of the Registrar of Companies. The Digital Certificates are being developed and will be available for issue by 30th June, 2011 in phased manner.
The Ministry of Corporate Affairs has clarified that that a shareholder of the company may participate in a general meeting under the provisions of Companies Act, 1956 through electronic mode. The Clarification is a sequel to the representations being received by the Ministry from various Industry bodies to recognize participation by shareholders in meetings under the Companies Act, 1956 through electronic mode after it took a Green initiative in the Corporate Governance by allowing paperless compliances by the Companies after considering sections 2, 4, 5, 13 and 81 of the Information Technology Act, 2000 for legal validity of compliances under Companies Act, 1956 through electronic mode.
The government today allowed companies to hold annual general meetings through video conferencing, with a view to provide larger participation and for curbing costs, borne by the shareholders to attend AGMs. Accordingly, a company would have to send a notice informing shareholders about “the availability of participation through video conference, and provide necessary information to enable shareholders to access the available facility of videoconferencing”, the Corporate Affairs Ministry said in a notification.
Presently, ROC issues a number of certificates and standard letters physically, under the manual signature. Such certificates and standard letters would now be issued with digital signature of ROC. The digital certificates are expected to be available for issue by 30 June 2011, in a phased manner.
MCA has permitted use of video conference facility for Board / Committee meetings subject to following conditions: 1. The facility shall be capable of allowing all participants to communicate concurrently with each other without any intermediary; Every director must attend at least one Board / Committee meeting personally in each financial year; 2. Notice of Meeting should provide for the availability of the facility and necessary information to access the same;
MCA has permitted the use of video conference facility for shareholders’ meeting subject to following conditions: The facility shall be capable of allowing all participants to communicate concurrently with each other without any intermediary; Notice of Meeting should provide for the availability of the facility and necessary information to access the same; The requirement of Chairman and members being personally present would continue; Chairman and Secretary are responsible for integrity, proper functioning of the meeting and ensure participation by the shareholder himself / proxy (i.e. no other person except shareholder / proxy can attend such meeting);
The Ministry of Corporate Affairs (MCA) has ordered a probe into market research agency Speak Asia after media reports unearthed shady workings of the firm. Speak Asia has been under the scanner for alleged using false high profile client names to benefit itself.
