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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The Companies Act, 2013 is more than a year old now. In this brief article I intend to discuss on the aspects connected with Independent Auditors Report under the provisions of Section 143 and 145 of Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014 excluding the provisions related to audit report in case of Government Companies and other companies, where the auditor is appointed by the Comptroller and Auditor General of India.
As per section 139(6) the first auditor of the company shall be appointed by the Board within 30 days of Incorporation. In case of Board’s failure, an EGM shall be called within 90 days to appoint the first auditor. The law is silent regarding from when this time limit of 90 days be reckoned, it is better to take a stricter view and interpret that the 90 days limit starts from Incorporation rather than expiry of 30 days(i.e. failure of Board) from it.
As per Explanation(ii) to section 42 of the Companies Act, 2013 (‘the Act’), the term preference shares mean and includes that part of the share capital the holders of which have a preferential right over payment of dividend (fixed amount or rate) and repayment of share capital in the event of winding up of the company.
As per the provisions of Companies Act’2013, the financial statements of a company alongwith the Directors’ report are to be approved by the Board of Directors of the company at a meeting of the Board of Directors.
RESOLUTIONS TO BE PASSED TO REDUCE FILLING FEES OF MGT14 of small & medium size companies, if draft exemption is not passed in parliament 1) First board meetings of small & medium size companies should pass resolutions in respect of following (at least), to reduce cost of filling Form MGT14: i) Pass resolution for disclosure of interest, ii) Approval of financial […]
As we all are aware that there is a provision in Company Law for intimation to Registrar of Companies regarding appointment of statutory auditor in the Annual General Meeting by shareholders. This intimation is an annual intimation and it was also there in erstwhile Companies Act, 1956 and continued in Companies Act, 2013.
As per my understanding procedure for Increase in Authorize share Capital is one of the most frequently searched topics by professionals. An attempt has been made from my side to unlock the provisions of Companies Act, 2013 related to Increase in Authorize share Capital along with requisite secretarial practice w.r.t. to sample Board and Shareholders’ resolutions.
MCA has further amended Schedule II of the Companies Act 2013 with regards to useful life, residual value and component accounting. With regards useful life and residual value the revised requirements are; The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an asset shall not be more than five per cent. of the original cost of the asset:
If you are required to file DPT4 , a resolution should be passed authorizing a director to file DPT4. Such approval can be in either First Board meeting or in subsequent board meeting. Similar requirement is for the granting or borrow of Loan or investment.
Bonus issue- Issue of bonus shares is regulated by the provisions of section 63 of the Companies Act, 2013. A company can issue bonus shares to its existing equity shareholders in a proportion as may be determined by the Board of Directors of the company based on the availability of adequate resources.
