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Corporate Social Responsibility (CSR) 1. Company Liable for CSR Section 135(1) Company having – a. Net worth of Rs.- 500 Cr. or More, or b. Turnover of Rs. 1000 Cr. or More, or c. Net Profit of Rs. 5 Cr. or More during the immediately previous financial year 2. CSR Committee Section 135(1) and Rule […]...
Read MoreFor ease of reference, I have only covered 4 Step Procedure for Name Change in this article and nothing else. Step 1: Hold a meeting of Board of Directors of the company The company shall hold a meeting of board of directors to pass necessary resolution for the change of name. The board shall consider […]...
Read MoreFollowing the Atmanirbhar scheme and for facilitating ease of doing business, Union Ministry of Micro, Small and Medium Enterprises (MSME), vide its Notification Dated 26.06.2020, notifies the new definition of MSME and new registration process known as – ‘Udyam Registration’ In that context, a new portal is introduced k...
Read MorePrivate Placement of Securities Under Companies Act 1. Only to Identified Persons Private Place made only to identified person, Maximum no of identified Persons not more than 50 or such number of persons as may be prescribed i.e 200 as per Rule 14(2). Identified person excludes the QIB and employee of the Company being offered […...
Read MoreApplicable Provisions 1. Section 3(1)-Private company should have two or more person as a subscriber. 2. Section 149(1)-Private Company should have minimum 2 directors and maximum 15 directors Proviso of 149(1)(b) a company can appoint more than 15 directors by passing special resolution. 3. Section 12(1)-Every company should have regis...
Read MoreWe wish to draw you kind attention towards Circular No 11/2020, dated March 24, 2020 and further Circular No. 12/2020 dated March 30, 2020, issued by the Ministry of Corporate Affairs ('MCA'), wherein a Scheme has been introduced namely the Companies Fresh Start Scheme, 2020 ('Scheme').The Scheme is applicable for the period from April 1,...
Read MoreMCA has released Updated Contact Number of Helpdesk from 17/07/2020 onwards for queries related to Company Name Availability and Company Incorporation and for queries related to Company or LLP e-Filings, Payments or View Public Document (VPD). Updated Contact Number of Ministry of Corporate Affairs (MCA) Helpdesk from 17/07/2020 onwards...
Read MoreIn case of Private Limited Companies; Section 29 (1) (b) of Companies Act 2013 includes Private Limited Companies also w.e.f. 14.08.2019. However, the class of companies to which it should apply is yet to be prescribed (last checked on 4th July 2020). Presently the Company law makes it mandatory only for Unlisted PUBLIC Limited companie...
Read MoreMCA has also vide its Circular dated 15th June, 2020 extended the period for holding EGM through Video Conferencing or other Audio Visual Means from 30th June, 2020 to 30th September, 2020. On account of ongoing restrictions due to COVID-19, we request you to kindly consider further extension of period of relaxation for the following prov...
Read MoreThe Ministry of Corporate Affairs (MCA) has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020, which was initially applicable for statutory audits of financial statements for periods beginning on or after April 1, 2019....
Read MoreAruna Oswal Vs Pankaj Oswal & Ors. (Supreme Court) - Aruna Oswal Vs Pankaj Oswal & Ors. (Supreme Court) Hon’ble Supreme Court held that the basis of the petition is the claim by way of inheritance of 1/4th shareholding so as to constitute 10% of the holding, which right cannot be decided in proceedings under section 241/242 of the Act. Thus,...
Read MoreM/s. Dove Investments Private Ltd. Vs. Gujarat Industrial Investment Corporation Ltd. (Madras High Court) - Whether the obligation to register a transfer of shares within a particular period of time was mandatory or directory? Whether the company can cancel or reject the transfer where stamps on transfer form were not defaced or canceled?...
Read MoreFoseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) - Whether increase in threshold by CG through notification for initiating CIRP is prospective or retrospective in effect?...
Read MoreState Bank of India Vs. Metenere Ltd. (NCLAT) - NCLAT concluded that the apprehension of bias expressed by the ‘Corporate Debtor’ qua the appointment of Verma as proposed IRP is valid and cannot be dismissed. Further, it contended that the NCLT order was justified in seeking substitution of Verma to ensure that CIRP is conducted in a fair and...
Read MoreAditya Kumar Bhandari Vs Serious Fraud Investigation Officer (Delhi High Court) - Bail was allowable to accused director of fraud on the reason that he was not the signatory to the alleged False Statement in the balance sheet of the Company and there was no loss caused either to any financial institution or Central/State Government and moreover, the trial proceedings is not possi...
Read MoreGeneral Circular No. 26/2020 - (06/07/2020) - It has been decided that the time limit for filing of Form NFRA-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....
Read MoreG.S.R. 420(E) - (29/06/2020) - MCA has vide Notification No. G.S.R. 420(E) dated 29th June, 2020 has issued and published the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020 further to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. Ful...
Read MoreGeneral Circular No. 25/2020 - (25/06/2020) - In view of the amendment in Schedule VII of the Companies Act, 2013 vide gazette notification no. G.S.R. 313(E) dated 26th May, 2020, deemed to have come into force on 28th March 2020, the Office Memorandum No. CSR-05/1/2020-CSR_MCA dated 28.03.2020 is redundant and hence stands superseded....
Read MoreG.S.R. 396(E). - (23/06/2020) - MCA has issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 which are applicable from 23rd June 2020 and by this Registration of details of Independent Directors in Independent Directors Data Bank who were director on 1st December 2019 is been allowed till 30t...
Read MoreG.S.R. 395(E) - (23/06/2020) - Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020- MCA further relax the requirement of holding Board meetings with physical presence of directors under section 173 (2) read with rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 for approval of the annual...
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Aruna Oswal Vs Pankaj Oswal & Ors. (Supreme Court) -
