The Companies Act is a legislation that governs the formation, functioning, and management of companies. Explore the key provisions, compliance requirements, and legal framework under the Companies Act.
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According to Section 185 (1), No Company shall directly or indirectly advance any loan, including the loan represented by the book debt, or any other person in whom the director is interested or provide any guarantee or securities in connection with the loan taken by him or any such person.
Section 129 (3) read with Rule 6 of Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation of financial statements of subsidiaries pursuant to Schedule III of the Act, 2013 and the applicable Accounting Standards. Also explanation to Section 129 (3) clearly states that for the purposes of this sub-section, the word subsidiary shall include associate company and joint venture but that is not envisaged by the Accounting Standard.
CS Lovkesh Batra Now, if we read Section 185 of the Companies Act, 2013, there are prohibitions if a Company gives loans to Directors and their relatives. This kind of prohibition was really needs to be amended and the same has been brought by Companies Amendment Bill, 2016 by removing some prohibition clauses and introduces […]
Notices by Registrar of Companies (ROC) under Section 206 of The Companies Act, 2013 Asking Information Of Corporate Social Responsibility (CSR) related Expenses incurred by Companies during Financial Year 2014-15
Under section 160 of the Companies Act, 2013, it is provided that a person who intends to nominate himself or any other person as a director in an Indian company is required to place a deposit with the said company. In this context, it has come to the notice of the Reserve Bank that there is ambiguity whether such deposits will require any specific approval from the Reserve Bank under Notification No. FEMA 5(R), in cases where the deposit is received from a person resident outside India.
Background: If Promoters are starting a business (Company) or trying to grow an existing business (Company), all certainly will need money. This money can come from various sources. Source of Funding: Roughly speaking, Investments break down into two different forms: Debt and Equity. Debt Funding: Debt means money borrowed from lenders by the company and […]
Proposals of the Companies (Amendment) Bill 2016 as introduced in the Lok Sabha on 16th March, 2016 The Companies Act 2013 was enacted to improve corporate governance and to further strengthen regulations for the companies, keeping in view the changing economic environment as well as the growth of our economy. The Ministry of Corporate Affairs […]
Record date: Meaning & Requirement: With the advent of demat trading, the whole concept of transfers have changed as transfers continue to happen seamlessly and momentarily. As a result, the list of shareholders keeps on changing continuously.
On March 16, 2016, a Bill to further amend the Companies Act, 2013 was introduced in the Lok Sabha (Upper House of the Parliament) to address the difficulties raised by various stakeholders and to improve the ease of doing business in India. This Bill proposes over 70 amendments. Some of the key amendments are listed below:
Before one analyases the provisions in the Companies Act 2013 relating to alternate director, { Sub section {2} of section 161 of the Companies Act 2013}, it is to be understood that appointment of alternate director in place of absentee original director is a business decision of the Board of Directors of a company. It is not madatory that alternate ditector has to be appointed. There can be many cases where in spite of one or more directors being absent for long periods, no alternate director/s is/are appointed.
