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Analysis of Companies (Restriction on number of layers) Rules, 2017 notified by notification No. G.S.R. 1176(E) dated : 20th September, 2017
Preference share capital means that part of the issued share capital of the company which carries or would carry a preferential right with respect to
We all are aware that a ‘Share’ is a share in the Share Capital of a Company, and a Shareholder is a person who has subscribed to such Share of a Company.
Provided further that in cases where the period of seven years provided under sub-section (5) of section 124 has been completed or being completed during the period from 7th September, 2016 to 31 st October, 2017, the due date of transfer of such shares shall be deemed to be 31st October, 2017.
The Companies Act, 2013 defines a Charge as an interest or lien created on the assets or property of a Company or any of its undertaking as security and includes a mortgage U/s 2(16). In the earlier Act of 1956, the word “Mortgage” was not mentioned. Section 124 to section 145 of the companies act, 1956 dealt with charges. Under the Companies Act, 2013 section 77 to section 87 deals with charges.
The section 185 of Companies Act, 2013 was notified on 12 September, 2013 and was applicable from that day itself. If there is any deviation from the conditions laid under this section then the Auditor is required to report the same in his Audit Report.
It is not less than a nightmare for all those Directors who were recently trapped after being disqualified from their directorship. MCA, after releasing a list containing number of names of disqualifying directors, has actually changed the rule of game.
The Ministry has struck off names of 2,17,239 companies from the records as on September 22 as these have not been carrying out business activities for a long period and have also defaulted on compulsory filings while more such companies are likely to face action. It has been informed that as on September 22, a total of 3,19,637 directors have been identified and flagged as disqualified under Section 164 (2) (a) of the Companies Act, 2013 It is estimated that the final list may touch the figure of about 4.5 lakh (directors).
Following is the Exposure Draft of the Accounting Standard (AS) 24, Related Party Disclosures, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India
The purpose of this Article is to enlighten upon the remedial measures for the removal of disqualification of Directors by the Ministry of Corporate Affairs (MCA). The MCA has displayed lists of directors, who are disqualified for a period of 5 years with effect from 01.11.16 until 31.10.21, on the MCA Portal on the basis of RoC jurisdiction.
