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.
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CIRCULAR NO.1-2014 File No. 10/54/2014-CLB COMPANY LAW BOARD GOVERNMENT OF INDIA 3rd Floor, B-Block Paryavaran Bhawan C. G. O. Complex; Lodhi Road New Delhi-110003 Dated: 22.07.2014 CIRCULAR Sub: Clarification on Section 58A(9) and Section 58AA of the Companies Act, 1956 – Reg. On the commencement of sub-section (2) of section 74 of the Companies Act, […]
DIN to be mentioned with Director’s Signature (Section 158) Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director. PENALTY: – Company and every officer of the company who is in default or such other person shall be punishable […]
Ministry seems determined to make things ‘absolutely clear’ pertaining to related party and transactions entered into with such related parties. In a week’s time, MCA firstly issued Companies (Removal of Difficulties) Fifth Order, 2014 dated 9th July, 2014 amending clause (v) of Section 2(76) of Act, 2013 by replacing ‘or’ with ‘and’.
The Service Provider of MCA-21 has brought to the notice of the Ministry that the letters of intimation issued in respect of 9522 cases for reservation of names (INC-1) allow the applicants to use reserved names within 60 days of date of such intimation. This is at variance with the implementation in the MCA-21. This is causing inconvenience to the stakeholders.
Government has received representations from stakeholders seeking certain clarifications on related party transactions covered under section 188 of the Companies Act, 2013. These representations have been examined and the following clarifications are given:
Under Companies Act 2013, A Private Limited Company can raise funds via Capital in 3 Ways :- 1) Private Placement/ Preferential Allotment. 2) Right Issue/preferential Allotment. 3) Bonus Issue.
Any application or form filed with the Central Government or Regional Director or Registrar (hereinafter referred to as `the authority’) prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in accordance with the rules made under the Companies Act, 1956 (1 of 1956)
The principal rules were published in the gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 238(E), dated the 31st March, 2014.
Applicability of Section 188 to corporate restructuring, amalgamations etc. :- It is clarified that transactions arising out of Compromises, Arrangements and Amalgamations dealt with under specific provisions of the Companies Act, 1956/Companies Act, 2013, will not attract the requirements of section 188 of the Companies Act, 2013.
A company may, subject to the passing of a resolution in general meeting and subject to Companies (Acceptance of Deposit)rules,2014 in consultation with the Reserve Bank of India, accept deposits from its members on such terms and conditions, including the provision of security, if any, or for the repayment of such deposits with interest, as may be agreed upon between the company and its members.
