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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Amendment in the companies (Meetings and Board of powers) rules vide Notification dated 14.08.2014 by Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014.
CS Divesh Goyal Applicability: This is applicable for Private Company and Public Company. Approval:the Transaction of a company with Related Parties which are Not in the Ordinary Course of Business and which is Not on Arm Length Price require following approval for Entering into Such Transactions with Related Party:- 1- Board Approval For enter into transactions mention […]
The Ministry of Corporate Affairs, in order to give an opportunity to companies who have failed to file annual statutory documents (Annual Return and Financial Statements), has launched Company Law Settlement Scheme, 2014 (CLSS-2014), vide General Circular no. 34/2014 dated 12.08.2014.
Composition: The Audit Committee shall consist of a minimum of 3 directors with independent directors forming a majority. The majority of members of Audit Committee including its Chairperson shall be persons with ability to read and understand, the financial statement.
CS Divesh Goyal Moving from the Companies Act 1956 to the Companies Act 2013 is like shifting from your old house to a new one. In the old house, where you have stayed for years, everything would have found its own place – the shoes, the clothes, umbrella, first aid, brooms, and whatever else you need in your household. […]
Every individual, who is to be appointed as director of a company shall make an application electronically in Form No. DIR-3, to the Central Government for the allotment of a Director Identification Number (DIN) along with such fees as provided in the Companies (Registration Offices and Fees) Rules, 2014.
1. (1) These rules may be called the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014.
Section 151 of the Companies Act,2013 and Rule 7 of the Companies (Appointment and Qualification of Directors) Rules,2014 deals with the appointment of director elected by small shareholder.
The new Companies Act, 2013 can be hailed as a major forward looking reform of the UPA-II. The new Act has been divided into 29 Chapters comprising of 470 sections & 7 Schedules as against the existing Companies Act, 1956 comprising of 658 Sections & 15 Schedules. On one hand the new Act takes away some of the outdated procedures not relevant today such as the requirement to obtain a commencement of business certificate
Companies Act 2013 has made the Position of Independent Director a very important & had cast upon it huge duty of governance. The Independent Director qualification & appointment has been clearly spelt out. One of the main features of the Act was the creation & maintainence of Independent Directors Repository.