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MCA has introduced the Concept of One Person Company so that the Proprietorship business can also get the Corporate Frame work with minimum compliances in a Year. It is still in its nascent stages and will require more time to be fully accepted by the business world....
Read MoreSpecific Audit Requirement W.r.t to Section 143(3)(d) of companies Act 2013 read with rules 11(8) of Companies (Audit and Auditors) Amendment Rules, 2017 Audit Procedure W.r.t specific reporting u/s 143(3) over financial statements . Obtain the following information during the Audit engagement performance 1. Closing Cash in hand As on 8...
Read MoreLoans and advances are used together and in common parlance deemed to be synonyms of each other but as per various judicial decisions there is a clear line of demarcation between the two terms....
Read MoreVoting by Postal Ballot is a type of voting in which pre-paid ballot papers are distributed to the members for their voting....
Read MoreAs we know Nidhi Companies are created for cultivating the habit of saving amongst the members and accept/lend funds only from/to its members, there are separate Rules being imposed on Nidhi Companies to ensure the safety of stakeholders interests and to ensure good governance in Nidhi Business....
Read MorePursuant to implementation of IndAS, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to bring parity between financial records and cost records. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments....
Read More1. Material Costs-(a) Proper records shall be maintained showing separately all receipts, issues and balances both in quantities and cost of each item of raw material required for the production of goods or rendering of services under reference....
Read MoreCompanies (Amendment Bill 2017) is passed by Lok Sabha on 27.07.2017 and will be presented in Rajya Sabha for Further Approval. The bill has total 93 Clauses by which 92 Amendments been carried out in Companies Act, 2013, which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of Existing Section with New Se...
Read MoreWith a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by v...
Read MoreThe Government has launched the system of issuing e-patent certificates after grant of patent, by issuing a public notice on 3-7-2017.The salient features are enumerated below:-...
Read MoreSantosh Kumar Hegde Vs. Parimala Hospitality (P.) Ltd. & Ors. (Bombay High Court) - In view of Companies Act, 1956 being a special statute and upon considering the language of section 10-F, in my view it is clear that the Company Court has no power to condone delay beyond the period of 60 days....
Read MoreRe. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi) - NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being...
Read MoreParker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata) - NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....
Read MoreTeamasia Semiconductors (India) Ltd. & Ors., In re (National Company law Tribunal Hyderabad) - the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage....
Read MorePrasanta Kumar Mitra & Ors. Vs India Steam Laundry P. Ltd. & Ors. (Calcutta High Court) - Matter related to transitional provisions under section 68 of the Companies (Amendment) Act, 1988, which bestowed jurisdiction to hear the case only on High Court, however, as in the case in point, the issue was transferred to NCLT under the 2013 Act, the NCLT would have jurisdiction, even though th...
Read MoreNo. I-27011/2/2017-Coord - (14/08/2017) - A circular was issued to clarify that exemption from section 143(3)(i) of Companies Act, 2013 [reporting on internal financial controls by auditors in their audit reports] given through notification dated 13th June, 2017 shall be applicable for those audit reports in respect of financial statements...
Read MoreNo. 19 of 2017 - (04/08/2017) - 1. Short title and commencement.:- (1) This Act may be called the National Institutes of Technology, Science Education and Research (Amendment) Act, 2017. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....
Read MoreNotification No. F. No. 1/13/2013 CL-V - (27/07/2017) - 28. Shifting of registered office within the same State.- (1) An application seeking confirmation from the Regional Director for shifting the registered office within the same State from the jurisdiction of one Registrar of Companies to the jurisdiction of another Registrar of Companies, shall he fi...
Read MoreGeneral Circular No. 08/2017 - (25/07/2017) - Stakeholders have drawn attention of this Ministry to the serial no. 5 of notification No. G.S.R. 583(E) dated 13th June, 2017 which states that requirements of reporting under section 143(3)(i) of the Companies Act, 2013 shall not apply to certain private companies as mentioned therein and have sou...
Read MoreNo. 16/37/2017 -Legal - (25/07/2017) - Constitution of two Review Committee (s) for reviewing the 10 year old and above cases of different regions and in office of SFIO for withdrawal of prosecution. The Committees would review and recommend the details of cases in which prosecutions are required to be withdrawn including the reports sub...
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No. I-27011/2/2017-Coord - (14/08/2017) -
F.No. 1/40/2013 - CL - V -
No. 19 of 2017 - (04/08/2017) -
Corporate law also known as the company law is the study of how the directors, shareholders, creditors, employees and other participants in the community, consumers, and the environment work together with each other. Company law deals with organizations which are registered or incorporated under the Indian company law. The latest Companies Act is the Act which controls the incorporation of companies, responsibilities of companies, directors and laws relating to dissolution of any company. The newly constituted Companies Act 2013 is divided into twenty-nine chapters comprising 470 with 7 schedules. This Act replaced the previous Companies Act, 1956 on August 29th, 2013. The newly constituted Act came into action on September 12th, 2013 with number of changes.
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