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.
Company Law : The MCA V3 portal shifts Annual Return (MGT-7/7A) filing to a web-based system, replacing the old PDF form. It introduces mandator...
Company Law : Learn to file MCA AOC-4 on the V3 portal. The process requires direct online data entry for Balance Sheet and P&L figures, followe...
Company Law : ROC Ahmedabad penalized a company and its directors under Section 117(2) of the Companies Act 2013 for a 215-day delay in filing t...
CA, CS, CMA : Key legal compliance and regulatory updates for Nov 2025 under IT, GST, FEMA, SEBI, and Companies Acts. Includes extended annual t...
Company Law : MCA has confirmed that extension of annual filing timelines till 31st December 2025 does not extend statutory deadline for holding...
Company Law : ICSI reports numerous technical issues—including OTP failures, data errors, and DSC problems—on the MCA-21 V3 portal and reque...
Company Law : MCA clarifies how to fix PAN validation errors in Form ADT-1. Select Individual for auditors operating as sole proprietorships to ...
Company Law : NFRA's Series 4 focuses on auditor-Audit Committee communication regarding Ind AS 36 (Impairment) and SA 540 (Accounting Estimates...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
Company Law : Learn about the NFRA-2 Annual Return, a mandatory filing for specified auditors. Discover who must file, the reporting period, and...
Company Law : An Official Liquidator Report filed in the Gujarat High Court was disposed of, approving a final settlement payment of Rs 90 lakh ...
Corporate Law : The Competition Commission of India (CCI) closed a complaint against Karate India Organisation (KIO), ruling that allegations of i...
Company Law : NCLAT Delhi held that remote access to ERP to directors being engaged in competing business cannot be denied unless there is tangi...
Company Law : NCLT Mumbai held that resolution plan submitted by M/s. Priyam Projects (I) Pvt. Ltd. [Successful Resolution Applicant] for M/s. S...
Goods and Services Tax : Andhra Pradesh High Court held that since services by way of renting of residential dwelling for use as residents is exempted from...
Company Law : MCA amends Companies Rules, 2014, substituting Rule 11(2) to define business of financing industrial enterprises for NBFCs and IFS...
Company Law : ROC Mumbai penalized Pentium Hi-Tech Pvt. Ltd. and its directors for failing to maintain a registered office, violating Section 12...
Company Law : ROC Mumbai imposed a ₹3,000 penalty on Nicco Securities and Directors for violating Section 12(3)(c) by failing to include the C...
Company Law : ROC Chennai imposed maximum penalties on South Asian Financial Exchange Ltd. and its director for failing to file the 2014-15 annu...
Company Law : ROC Chennai issued an adjudication order against BON FRESH FOODS for violating rules related to preferential share allotment docum...
Provided also that the outstanding Non-performing assets as at 31-3-2010 would be worked out and provided according to the note under the clause (ii)(a) on equal installments till 31-3-2015.
We all know the role of the Directors in any Company and Board is collectively involved in the day-to-day affairs of the Company. Through segregation and delegation depending upon the size of the Company, the plan, the regulations in the Articles, the directors in-fact run the Company subject to the provisions of the Companies Act, 1956 and excepting few decisions which should only be taken by the shareholders at the Annual General Body Meeting (AGM) or Extraordinary General Body Meeting (EAGM). Subject to the limitations in the provisions of the Companies Act, 1956, the regulations in the Articles of the Company and the SEBI guidelines and regulations, normally, a Director either holds substantial number of shares in the Company or he represents a group of shareholders and the practice is also referred to as “Corporate Democracy”.
There were many judgements on the role of directors and the responsibility of directors/Board of Directors in any Company. In Private Limited Companies or the Public Companies, the role and responsibility of the Directors or the Board of Directors depend upon the regulations in the Articles of the Company and the provisions of the Companies Act, 1956. When it comes listed Public Companies, other provisions like the SEBI guidelines, regulations, provisions in the listing agreement etc. deserve consideration.
In exercise of the powers conferred by sub-section (1) of section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorizes the following officers in the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution under the Companies Act, 1956, namely.
I had to concentrate on an interesting legal issue in the recent past on section 397/398 of the Companies Act, 1956. Though, section 397/398 of the Companies Act, 1956 is basically meant to protect the rights of the minority shareholders in the Company against the oppression and mismanagement by the majority, the rights of the third parties can not be ignored. The Company Law Board can pass any order under section 397/398 of the Companies Act, 1956 and under section 402 of the Act in order to put an end to the matters complained of or in order to regulate the affairs of the Company.
It is known that resolving the disputes between or among the shareholders in a closely held company is very difficult in the absence of any settlement between or among the parties. Now a day, based on the practice of entertaining petitions under section 397/398 of the Companies Act, 1956 without looking into sheer technicalities, a shareholder/s who is qualified to approach Company Law Board under section 399 of the Companies Act, 1956 and who has a grievance with the other shareholders prefers to file a Petition under section 397/398 of the Companies Act, 1956. It is known that as adjudicating a company dispute requires specialization and also a traditional Civil Court may not speedily dispose a Company dispute and may not go beyond the brief. In view of the difficulties in approaching the traditional Civil Court though a Civil Court can be approached at times in respect of the grievances in the Company, many prefer to approach the Company Law Board.
Settling or putting an end to the disputes among shareholders by the Company Law Board under section 397/398 of the Companies Act, 1956 is a complicated job. When where exist serious difference of opinion among the minority and majority shareholders in a Private Limited Company, it would really be difficult for the Company Law Board to put an end to the matters complained of or to regularize the affairs of the Company.
India Inc may heave a sigh of relief with the corporate affairs ministry unlikely to make it compulsory for companies to spend 2 per cent of their net profits towards corporate social responsibility as recommended by the Parliamentary standing commit
The Companies Bill 2009 has dealt with independent directors quite extensively. The Standing Committee has spent significant time on issues relating to independent directors as evident from the report of the Committee. This shows the criticality of the effectiveness of independent directors in corporate governance.
The principal rules were published tide number G.S.R. 649(E), dated the 19th October. 2006 and were last amended vide number (3.S.K. 765(E). dated 29th March, 7007.
