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Online Examination by Independent Director – A prospective

Requirement by Independent Directors of inclusion of their names in the data bank of Indian Institute of Corporate Affairs, Manesar and clearance of Proficiency Test The Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019. The Ministry of Corporate Affairs/the Central Government, vide its notification dated ...

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Posted Under: Company Law |

Rotation of Statutory Auditors

Can an Audit firm be re-appointed for a term less than 5 years – Answer is ‘YES’ Meaning of appointment: Appointment includes re-appointment. Term: Term means a period of five consecutive years Transition Period: Three years from the commencement of Companies Act, 2013 and rules thereunder applicable for companies which woul...

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Posted Under: Company Law |

Databank and Exam of for Independent Directors – Critical Analysis

In many Indian corporate frauds, it is found that independent directors either were just mute spectators or failed to detect an early signs of fraud. In some companies, it was found that watchmen, drivers, maids and other assorted individuals lent their name, identity and consent to become an independent director without aware of their ro...

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Posted Under: Company Law |

Loan to Directors Amended Provision | Companies (Amendment) Act, 2017

The companies Act, 2013 has a special provision for Loans to director covered under section 185 which seems to be a small section but there is more to the story. First of all, this section applies to Public as well as private companies regardless of their paid up capital. There are major amendment under The […]...

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Posted Under: Company Law |

Independent Director: Feasible or not?

With the increased focus on shareholders’ wealth maximisation as the key corporate objective, regulators worldwide have understood the role independent directors can play to safeguard the interests of minority shareholders....

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Posted Under: Company Law |

Can LLP be the Subsidiary of Company

WHETHER A LIMITED LIABILITY PARTNERSHIP REGISTERED UNDER LIMITED LIABILITY PARTNERSHIP ACT, 2008 CAN BE THE SUBSIDIARY OF A COMPANY REGISTERED UNDER COMPANIES ACT, 2013- We can come up with the conclusion after reading through the analysis of following table. TITLE OF DEFINITION COMPANIES ACT, 2013 LIMITED LIABILITY PARTNERSHIP ACT, 2008 ...

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Posted Under: Company Law |

Process for Incorporation of Private Limited Company

The MCA has launched a new and simplified web based service R.U.N. (Reserve Unique Name) for reserving a name in place of INC-1. This has also removed the requirement to use a Digital Signature Certificate (DSC) during name reservation. It was another value addition to Ease of Doing Business in India....

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Posted Under: Company Law |

Change in registered office from one state to another

SHIFTING OF REGISTERED OFFICE FROM ONE STATE TO ANOTHER STATE A registered office is the official address of a company to which all official letters, notices and reminders will be sent by any person, any government or non-government or regulatory body. In terms of Section 7 of the Companies Act, 2013  (Act), all registered companies [&he...

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Posted Under: Company Law |

Loan and Investment by Company | Companies Act 2013 | Section 186

The Companies Act, 2013 has come with a change in the theory of Loan and Investment by Company. The new Act provides that inter-corporate investments not to be made through more than two layers of investment companies. T...

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Posted Under: Company Law |

FAQs on Fraud Reporting

In the corporate world nowadays, increase in the rate of frauds has generated the need for the companies to analyze the requirements wrt to fraud reportings, in order to be proactive in tightening their internal systems for preventing the same. Keeping in mind the need of the hour, we have prepared a guide to fraud reporting under Compani...

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Posted Under: Company Law |