Company Law

Views on Enhancing Audit Independence & Accountability

In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability...

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Dormant Company – Section 455 – Companies Act 2013

Article explains How to Voluntarily Obtain Status of Dormant Company-Steps, Company Which can be declared Dormant By Registrar, Steps to apply for ACTIVE COMPANY Status by Dormant Company, Documents required for obtaining status of Dormant Company, Compliances to be done by a Company after Obtaining Status of Dormant Company and Companies...

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Producer Company in India

Article explains How to appoint a director in producer company,  grounds a director shall vacate the office of directorship in company, provisions of board meeting of producer company, important officers required to be appointed in producer company, Applicability of annual general meeting to Producer Company, Matters to be discussed and ...

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Right of Member to Copies of Audited Financial Statement

Copy of Financial Statement (defined under section 2(40) of the Companies Act, 2013 (‘the Act’) shall be sent to persons as envisaged under Section 136 of the Act. Section 136 also tells about the mode, time limit and other additional compliance related to same. This articles briefly elaborates Section 136 of the Act. Section ...

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Ease of doing business- New SPICE+ Form for company incorporation

According to MCA as part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified & deployed a new Web Form Christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified...

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Suggest how to enhance audit independence & accountability: ICAI

ICAI invites suggestions/comments from members on Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability by 12.00 Noon on 21st February, 2020. Also Read Here –MCA proposes amendments to enhance Audit Independence & Accountability 18th Feb...

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SPICE+ New Company Incorporation form with Bouquet of Services

REDUCE COST AND TIME EASE OF DOING BUSINESS A Bouquet of Services with SPICE+ :- > Incorporation > DIN allotment > Issue of PAN > Issue of TAN > Issue of EPF, ESI Number > Allotment of GSTN (If selected) > Mandatory opening of Bank Account As a part of Government’s Ease of Doing Business […]...

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MCA initiatives to reduce cost of compliance by companies

MCA has been taking various initiatives on continuous basis to provide less stringent regulations, including measures with respect to filing requirements for small companies, One Person Companies (OPCs) and start-ups. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a qu...

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MCA proposes amendments to enhance Audit Independence & Accountability

The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management....

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De-criminalisation of penalties for Companies Law breaches

Re-categorising 23 offences out of the 66 remaining compoundable offences under the Act, to be dealt with in the in-house adjudication framework wherein these defaults would be subject to a penalty levied by an adjudicating officer. In addition, the quantum of penalties recommended are lower than the quantum of fines presently provided in...

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HC quashes ROC action deactivating DINs of all disqualified Directors

Jai Shankar Agrahari Vs Union Of India And Another (Allahabad High Court) - Allahabad High Court held thaty there is no provision which empowers ROC to de-activate DIN, only on the ground that a Director has incurred disqualification under Section 164(2) (a) or his Office has become vacant under Section 167(1) (a). It also quashes List of disqualified directors published by...

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Karnataka HC explains disqualification of directors | Section 164(2)

Yashodhara Shroff Vs. Union of India (Karnataka High Court) - Yashodhara Shroff Vs. Union of India (Karnataka High Court) (a) It is held that Section 164(2)(a) of the Act is not ultra vires Article 14 of the Constitution. The said provision is not manifestly arbitrary and also does not fall within the scope of the doctrine of proportionality. Neither does the ...

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Cyrus mistry won case against tata sons in NCLAT

Cyrus Investments Pvt. Ltd. Vs Tata Sons Ltd. & Ors. (NCLAT) - The proceedings of the sixth meeting of the Board of Directors of ‘Tata Sons Limited’ held on Monday, 24th October, 2016 so far as it relates to removal and other actions taken against Mr. Cyrus Pallonji Mistry (11th Respondent) is declared illegal and is set aside....

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Proviso to Section 167(1)(a) mandating Vacation of Directorship is valid: HC

G. Vasudevan Vs Union of India (Madras High Court) - G. Vasudevan Vs Union of India (Madras High Court) Section 167 of the Companies Act as stated earlier gives instances where the office of a Director shall become vacant. Section 167(1)(a) states that if a Director incurs any disqualification specified in Section 164, then he vacates his seat as a Th...

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Delhi Court convicts a Director for holding Directorship of More than 20 Companies

Registrar of Companies Vs Sh. Roop Kishore Madan (Tis Hazari Court, Delhi) - Under the Rule 16 of The Companies (Appointment and Qualification of Directors) Rules 2014, the accused has the responsibility being Director to forward to the Registrar copy of resignation along with the applicable fees in Form DIR-11 within 30 days of such resignation....

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Companies (Registration Offices and Fees) Amendment Rules, 2020

Notification No. G.S.R. 127(E) - (18/02/2020) - MCA has released revised form No. GNL-2 vide Companies (Registration Offices and Fees) Amendment Rules, 2020. A Company can file certain documents with the Registrar of Companies by filing this e-Form GNL-2 and in case there is no e- Form prescribed for filing any document with Registrar, then compa...

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Filing of forms in Registry (MCA-21) by IRP, RP or Liquidator

General Circular No. 04/2020 - (17/02/2020) - Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016)....

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Nidhi (Second Amendment) Rules, 2020

Notification No. G.S.R. 114(E) - (14/02/2020) - Nidhi (Second Amendment) Rules, 2020- In the Nidhi Rules, 2014, in rule 23A, for the words six months the words nine months shall be substituted....

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Companies (Issue of Global Depository Receipts) Amendment Rules, 2020

[File No. 1/21/ 2013-CL-V-part] [G.S.R. 111(E).] - (13/02/2020) - (1) These rules may be called the Companies (Issue of Global Depository Receipts) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Landmark change in Incorporating a Company

As we all know, on 6th February, 2020 Ministry of Corporate Affairs (MCA) has introduced a new process of incorporation of Companies via notifying Companies (Incorporation) Amendment Rules, 2020. As stated in Notification, it shall come in to Force from 15th February, 2020 onwards. I have segregat...

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Recent Posts in "Company Law"

Views on Enhancing Audit Independence & Accountability

In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability...

Read More
Posted Under: Company Law |

Dormant Company – Section 455 – Companies Act 2013

Article explains How to Voluntarily Obtain Status of Dormant Company-Steps, Company Which can be declared Dormant By Registrar, Steps to apply for ACTIVE COMPANY Status by Dormant Company, Documents required for obtaining status of Dormant Company, Compliances to be done by a Company after Obtaining Status of Dormant Company and Companies...

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Posted Under: Company Law |

Companies (Incorporation) Amendment Rules, 2020 – E-form Spice + Introduced

MINISTRY OF CORPORATE AFFAIRS vide notification dated 22nd February 2020, published Companies (Incorporation) Amendment Rules, 2020 in exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013) to amend the Companies (Incorporation) Rules, 2014 Applicability: Companies (Incorporatio...

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Posted Under: Company Law

Producer Company in India

Article explains How to appoint a director in producer company,  grounds a director shall vacate the office of directorship in company, provisions of board meeting of producer company, important officers required to be appointed in producer company, Applicability of annual general meeting to Producer Company, Matters to be discussed and ...

Read More
Posted Under: Company Law |

Annual Compliance Calendar for all Companies (listed and unlisted)

We have attempted to de-mystify and simplify the compliances for Equity Listed Companies as well, as attached,  by segregating them into separate sections  and plotting them in Annual Calendar, so compliances  for the month/year are visible at a glance. With the spate of amendments pouring in, need was felt to consolidate all recent am...

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Posted Under: Company Law |

Right of Member to Copies of Audited Financial Statement

Copy of Financial Statement (defined under section 2(40) of the Companies Act, 2013 (‘the Act’) shall be sent to persons as envisaged under Section 136 of the Act. Section 136 also tells about the mode, time limit and other additional compliance related to same. This articles briefly elaborates Section 136 of the Act. Section ...

Read More

Ease of doing business- New SPICE+ Form for company incorporation

According to MCA as part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified & deployed a new Web Form Christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified...

Read More
Posted Under: Company Law |

All about SPICE and new SPICE+Form

The new SPICe+ form provides even more services in a single form than the previous SPICe form. This might result in increase in company formations and lesser difficulties along with better compliance. The Ministry has taken a prudent decision and this can result in even quicker company incorporations....

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Posted Under: Company Law |

Checklist For ESOP (Employee Stock Option Plan) by private company

Checklist for issue of ESOP by private company As per 2(37) ’employees stock option’ means the option given to the directors, officers or employees of a company or of its holding company or subsidiary company or companies, if any, which gives such directors, officers or employees, the benefit or right to purchase, or to subscr...

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Posted Under: Company Law |

Revival of Companies | Section 252 | Companies Act, 2013

Section 248 -Power of Registrar to remove name of company from register of companies A company struck-off under Section 248 of the Companies Act, 2013 can be restored in the Register of Companies by an order of the National Company Law Tribunal (NCLT). Who can file an Application and Where to file an Application for […]...

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Posted Under: Company Law |

Company Law News India

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. At Taxguru, we provide all the latest news relating to company law in India. Our portal is designed for alerting you on all the latest developments in the company law. We provide all the key cases, help, and guidance on all facets of company law. Get to know about all significant changes in the Indian corporate laws with our comprehensive and the latest company law news. Our panel of experts offers in-depth analysis and understanding of the corporate and allied laws. At Taxguru, we cover everything from regulations for LLPs to changes in the corporate governance, M&A and Takeover Code, SEBI reforms, exchange controls and commercial arbitration. Tune in to find out more about the corporate laws and all the key developments.