Companies Act

Understanding the concept of Transmission of Securities

Company Law - Introduction ‘Transmission of Securities’ means transferring the ownership of securities to legal heirs or successor or nominee or surviving joint holder, by operation of law, in case of death of a security holder, insolvency, inheritance or lunacy of the member. Securities As per Section 2(81) of the Companies Act, 2013 and S...

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Start-up India – Recognition, Eligibility, Tax exemption & Company Law Relaxations

Company Law - Startup Recognition: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. Eligibility Criteria for Startup Recognition as per G.S.R. notification 127(E) is as follows: 1. The Startup should be incorporated as a privat...

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Compliances to be undertaken for sale of an Undertaking

Company Law - The Companies Act imposes some restrictions on the general powers of directors. Pursuant to section 180 of Companies Act, 2013 (Act, 2013), there are certain powers which the board of directors of a company can exercise only with the consent of the members of the company by means of a special resolution. In this article, […]...

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Preliminary Notice for non-compliance u/s 148 of Companies Act, 2013 – Non- Appointment of Cost Auditor for FY 2016-17

Company Law - MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17....

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Due Dates For The Month of December of ROC Events

Company Law - Article contains due dates For the Month of December 2021 Of ROC EVENTS which includes filing of ADT 1- Appointment of Auditor, AOC-4/AOC-4XBRL/AOC-4CFS/AOC-4 NBFC- Annual Financial Accounts, FORM 8- Statement of Accounts of LLP. EVENT PURPOSE DUE DATE ADDITIONAL FEES ADT 1 Appointment of Auditor 15 days from the conclusion of AGM If AGM:...

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17,130 Implementing Agencies registered with MCA21 registry

Company Law - 17,130 Implementing Agencies are registered with MCA21 registry The Government provides the broad framework for Corporate Social Responsibility (CSR) through Section 135 of the Companies Act, 2013 (‘Act’), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014. This was stated by the Union Minister of State for Corporate Affai...

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Measures taken by MCA to ameliorate difficulties faced due to COVID-19

Company Law - Measures taken by MCA to ameliorate difficulties faced due to COVID-19 pandemic The Ministry of Corporate Affairs (MCA) administers the provisions of the Companies Act, 2013 (the Act), The Limited Liability Partnership Act, 2008 and The Insolvency and Bankruptcy Code, 2016. MCA does not maintain data on event base. This was stated by the ...

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Suggestions on Statutory Audit & Auditing Standards For MSMCS

Company Law - t may be noted that audit is required for the purpose of giving true and fair view of the financials of a Company by an auditor who is an external party and independent of the transactions being done in the company, giving an unbiased opinion on the affairs of the Company. Such true and fair position of the financials is reported before v...

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MCA started process to de-flag DINs eligible to be de-flagged

Company Law - DINs eligible to be de-flagged on expiry of the period of disqualification are in the process of verification. Necessary action shall be taken shortly....

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Joint Representation on NFRA Consultation Paper on Statutory Audit

Company Law - 9th November, 2021 To, Shri Ashok Kumar Gupta Chairperson National Financial Regulatory Authority [email protected] Subject: – Joint Representation on Consultation Paper – September, 2021 on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) 1. Bombay Chartered Accountants’ Society 2. Karn...

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Whether CIRP Initiated can be Against A Company Strike off by ROC?

Elektrans Shipping Pte Ltd. Vs Pierre D’silva (NCLAT Delhi) - Initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 and 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained even if Company’s name has been struck off by the Registrar of Companies (ROC)....

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Govt. Company cannot be immune from IBC proceedings

ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) - ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) A ‘Government Company’ as defined under Section 2(45) of the Companies Act, 2013 is covered under the definition of a ‘Company’ as defined under Section 2(20) of Companies Act 2013. Since the Cor...

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Calculating limitation period for proceedings under IBC?

V Nagarajan Vs SKS Ispat and Power Ltd.& Ors. (Supreme Court of India) - V Nagarajan Vs SKS Ispat and Power Ltd.& Ors. (Supreme Court of India) When will the clock for calculating the limitation period run for proceedings under the IBC? The Insolvency and Bankruptcy Code 2016 (‘IBC’) envisages a comprehensive dispute resolution process in Chapter VI. The NCLT is ...

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For Cases admitted by NCLT all proceeding should be concluded by NCLT only

Shriraj Investment and Finance Ltd. & Ors. and Casper Consumer Electronics Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court): W.P.(CRL) 1823/2020, & W.P.(CRL) 1414/2021 - Shriraj Investment and Finance Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court) Delhi HC: Where the case has been admitted in NCLT, all the contentions including power to initiate such proceeding should be raised before and concluded by NCLT only Shriraj Investment Pvt. Ltd. (Petition...

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Quashing of FIR against ex-director of ILFS cannot be presumed as a ‘Clean Chit’

Ravi Parthasarthy and Ors. vs. State of Tamil Nadu - The FIR against the ex-director of IL&FS was quashed as when SFIO was probing the case, no other investigative agency was empowered to investigate into the affairs of IL & FS and its subsidiary companies for any offences under the Companies Act but the same did not allow a clean chit to assessee he...

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IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2021

G.S.R.785(E). - (09/11/2021) - These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2021....

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Due date of filing of Cost Audit Report to Board of Directors extended

General Circular No. 18/2021 - (29/10/2021) - MCA extends last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014 to 30th November, 2021 from existing 31st October, 2021. Further Extension of last date of filing of Cost Audit Report to the Board of Directors under ...

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MCA relaxes additional fees for annual financial statement filings

General Circular No. 17/2021 - (29/10/2021) - Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013...

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Ashok Kumar Gupta assigned charge of Chairperson NFRA

Notification No. NFRA -051 412021 Comp-MCA - (30/09/2021) - Government assign the charge of post of Chairperson, NFRA to Shri Ashok Kumar Gupta, Chairperson, Competition CCl w.e.f. 01.10.2021 (F/N) for a period of three months or till appointment of a regular incumbent or till further orders, whichever is earlier. No. NFRA -051 412021 Comp-MCA Government of ...

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Govt forms committee for recommending names for appointment of chairperson & full time members in NFRA

Notification No. S.O. 4075 (E). - (29/09/2021) - Central Government hereby constitutes a search-cum-selection committee consisting of the following members for recommending names for appointment of chairperson and full time members in the National Financial Reporting Authority (NFRA),...

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Recent Posts in "Companies Act"

Understanding the concept of Transmission of Securities

Introduction ‘Transmission of Securities’ means transferring the ownership of securities to legal heirs or successor or nominee or surviving joint holder, by operation of law, in case of death of a security holder, insolvency, inheritance or lunacy of the member. Securities As per Section 2(81) of the Companies Act, 2013 and S...

Read More
Posted Under: Corporate Law |

Start-up India – Recognition, Eligibility, Tax exemption & Company Law Relaxations

Startup Recognition: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. Eligibility Criteria for Startup Recognition as per G.S.R. notification 127(E) is as follows: 1. The Startup should be incorporated as a privat...

Read More
Posted Under: Corporate Law |

Compliances to be undertaken for sale of an Undertaking

The Companies Act imposes some restrictions on the general powers of directors. Pursuant to section 180 of Companies Act, 2013 (Act, 2013), there are certain powers which the board of directors of a company can exercise only with the consent of the members of the company by means of a special resolution. In this article, […]...

Read More
Posted Under: Corporate Law |

Preliminary Notice for non-compliance u/s 148 of Companies Act, 2013 – Non- Appointment of Cost Auditor for FY 2016-17

MCA has started identifying the companies who have not complied with the provisions with regard to the appointment of Cost Auditor due to ignorance or otherwise and have started issuing the notices like the one as is given below as preliminary Notices for year FY 2016-17....

Read More
Posted Under: Corporate Law |

Due Dates For The Month of December of ROC Events

Article contains due dates For the Month of December 2021 Of ROC EVENTS which includes filing of ADT 1- Appointment of Auditor, AOC-4/AOC-4XBRL/AOC-4CFS/AOC-4 NBFC- Annual Financial Accounts, FORM 8- Statement of Accounts of LLP. EVENT PURPOSE DUE DATE ADDITIONAL FEES ADT 1 Appointment of Auditor 15 days from the conclusion of AGM If AGM:...

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Posted Under: Corporate Law |

Role of Independent Director In Strengthening Corporate Governance Norms In India

Since the emergence of big corporate scandals in India, there has been much debate on Corporate Governance and also the role of the company director including the independent director. India being a preferred investment destination will have to strengthen the governance norms, so to achieve the highest investment ever....

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Posted Under: Corporate Law |

Board Resolution Draft For Changing The Name of Company

BOARD RESOLUTION CERTIFIED TRUE COPY OF THE RESOLUTION PASSED IN THE BOARD MEETING OF DIRECTOR OF THE XYZ PRIVATE LIMITED (CIN:…………………) HELD AT REGISTERED OFFICE OF THE COMPANY AT ( Adress of Company) AT (Time)  ON (Date) FOR CHANGING THE NAME OF COMPANY “RESOLVED THAT pursuant to the provisions of section 13 and other a...

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Posted Under: Corporate Law |

Facts about DIN to become Director/ Designated Person

Introduction of DIN DIN stand for Director Identification number, this is eight digit unique number, allotted by the central government to any individual, who intend to be appointed as director or to any existing director of a company. “Director Identification Number” (DIN) includes the Designated Partnership Identification Nu...

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Posted Under: Corporate Law |

Appointment of First Auditor In Case of Non-Government Company

APPOINTMENT OF FIRST AUDITOR BY BOARD OF DIRECTORS: The First Auditor of a company (other than a Government Company) shall be appointed by the Board of Directors within 30 days from the date of registration/Incorporation of the company. TENURE OF FIRST AUDITOR: First auditor shall hold office till the conclusion of the First Annual Genera...

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Posted Under: Corporate Law |

17,130 Implementing Agencies registered with MCA21 registry

17,130 Implementing Agencies are registered with MCA21 registry The Government provides the broad framework for Corporate Social Responsibility (CSR) through Section 135 of the Companies Act, 2013 (‘Act’), Schedule VII of the Act and Companies (CSR Policy) Rules, 2014. This was stated by the Union Minister of State for Corporate Affai...

Read More
Posted Under: Corporate Law |

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