CS S. Dhanapal

All about Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018

Corporate Law - In order to protect the sanctity of the CIRP, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 lays down a strict procedure if an applicant wants to withdraw a case after its admission under IBC 2016. Henceforth, such withdrawal would be permissible only with the approval of the Committee of Creditors with 90 percent of the...

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Condonation of Delay Scheme, 2018- An opportunity to defaulting companies to rectify default

Corporate Law - On 29.12.2017, vide General Circular No. 16/2017, a Condonation of Delay Scheme, 2018 (CODS-2018/Scheme) has been introduced by MCA with a view to giving an opportunity to the defaulting companies to rectify the default and complete all their pending annual filings with the MCA....

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Insolvency Professional Agency- All you want to know

Corporate Law - Insolvency Professional Agency means any person registered with the Board under section 201 of the Code as an Insolvency Professional Agency....

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An insight on notified provisions of IBC, 2016

Corporate Law - Article gives An insight on notified provisions of Insolvency and Bankruptcy Code 2016- A CODE THAT PROMISES VIVID FUTURE TO DEBT RECOVERY ...

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Role of Audit Committee in Related Party Transactions

Corporate Law - Under the Companies Act, 2013, the whole concept of related party transactions has been capsulated in a single section, namely Section 188 which combines the erstwhile Sections 314 and 297 of the Companies Act, 1956 and also contains many new provisions within its scope. The section is deeply layered with many set of provisions and leaves...

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Recent Posts in "CS S. Dhanapal"

All about Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018

In order to protect the sanctity of the CIRP, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 lays down a strict procedure if an applicant wants to withdraw a case after its admission under IBC 2016. Henceforth, such withdrawal would be permissible only with the approval of the Committee of Creditors with 90 percent of the...

Read More
Posted Under: Company Law |

Condonation of Delay Scheme, 2018- An opportunity to defaulting companies to rectify default

On 29.12.2017, vide General Circular No. 16/2017, a Condonation of Delay Scheme, 2018 (CODS-2018/Scheme) has been introduced by MCA with a view to giving an opportunity to the defaulting companies to rectify the default and complete all their pending annual filings with the MCA....

Read More
Posted Under: Company Law |

Insolvency Professional Agency- All you want to know

Insolvency Professional Agency means any person registered with the Board under section 201 of the Code as an Insolvency Professional Agency....

Read More
Posted Under: Company Law |

An insight on notified provisions of IBC, 2016

Article gives An insight on notified provisions of Insolvency and Bankruptcy Code 2016- A CODE THAT PROMISES VIVID FUTURE TO DEBT RECOVERY ...

Read More
Posted Under: Company Law |

Role of Audit Committee in Related Party Transactions

Under the Companies Act, 2013, the whole concept of related party transactions has been capsulated in a single section, namely Section 188 which combines the erstwhile Sections 314 and 297 of the Companies Act, 1956 and also contains many new provisions within its scope. The section is deeply layered with many set of provisions and leaves...

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Posted Under: Company Law |

Reporting of Fraud by Auditors under Companies Act 2013

Under Section 143 of the Companies Act 2013, every auditor of a company shall have a right of access at all times to the books of account and vouchers of the company, whether kept at the registered office of the company or at any other place and shall be entitled to require from the officers of the company such information and explanation...

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Posted Under: Company Law |

Secretarial Standard on General Meetings – SS2

CS S. Dhanapal Section 118 of the Companies Act, 2013 which contains provisions relating to minutes of Board, General and other meetings and resolutions passed by postal ballot, contains in sub-section 10 that ‘Every company shall observe secretarial standards with respect to general and Board meetings specified by the Institute of ...

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Posted Under: Company Law |

Disclosures required on Company Website & Events Triggering Newspaper Publication

One of the most outstanding features of the current regulatory era is the dedicated thrust and reliance on disclosure norms. Companies Act, 2013 an ambitious Act which has overhauled almost all the provisions dealing with the management and administration of Companies is extremely focused on disclosure requirements and places more depende...

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Posted Under: Company Law |

Exemptions and Relaxations to Nidhi Companies From Few Provisions of CA, 2013

CS S. Dhanapal Exemptions and Relaxations to Nidhi Companies From Few Provisions of Companies Act, 2013 (To Be Notified In Official Gazette) The Companies Act, 2013 has given due recognition to Nidhi Companies by treating them as a special class of companies. An entire Chapter, namely Chapter XXVI has been devoted to Nidhi Companies and [...

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Posted Under: Company Law |

Exemptions and Relaxations to Government Companies from few provisions of CA,2013

CS S. Dhanapal Exemptions and Relaxations To Government Companies From Few Provisions of Companies Act, 2013 (To Be Notified In Official Gazette) Since the introduction of the Companies Act, 2013 in September 2013, certain class of companies like Private Companies, Government Companies etc. was feeling the pressure of the rigorous provisi...

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Posted Under: Company Law |

Exemption to Section 8 Companies from provisions of CA 2013

Under the Companies Act, 1956, the Companies registered u/s the erstwhile Section 25 of the said Act (Section 8 under the Companies Act, 2013) enjoyed certain privileges by means of non applicability of certain specific provisions of the Companies Act, 1956. With the introduction of the Companies Act, 2013, these exemptions had stood with...

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Exemptions and Relaxations to Private Companies from Few Provisions of CA, 2013

The Ministry of corporate Affairs has released the much awaited exemptions for Private Companies, Government Companies, Nidhi Companies and Companies registered under Section 8 of the Companies Act, 2013 (Act). Since the introduction of the Companies Act, 2013 in September 2013, these companies were reeling under the pressure of the rigor...

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Posted Under: Company Law |

Recent Changes In Voting Methodology under Companies Act, 2013 and Listing Agreement

CS S. Dhanapal Rise Of The Era Of Shareholder Primacy (Covering Evoting – Poll – Postal Ballot under the Companies Act, 2013 and Listing Agreement) E-VOTING Companies Act, 2013 for the first time had mandated electronic voting for all listed companies and other unlisted public companies having not less than 1000 shareholders and t...

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Posted Under: Company Law |

Provisions/ Procedure for Shifting of Registered Office-Companies Act, 2013

Provisions regarding registered office of a company are primarily contained in Section 12 of the Companies Act, 2013. As per Section 12, every company is required on and from the 15th day of its incorporation and at all times thereafter to have a registered office which is capable of receiving and acknowledging all communications and noti...

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Posted Under: Company Law |

Punitive Provisions Relating To Statutory Auditors under Companies Act, 2013

Companies Act, 2013 seems to have laid lot of emphasis on audit which is evident from the fact that it has prescribed four different kinds of audits for companies, namely, Financial Audit, Internal Audit, Secretarial Audit and Cost Audit. In its pursuit of increasing the effectiveness of audit to reach high degree of corporate governance,...

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Recent Amendments in Listing Agreement

Consequent to the enactment of Companies Act, 2013, Securities and Exchange Board of India (SEBI) has announced some amendments in the listing agreement vide its Circular Number CIR/CFD/POLICY CELL/2/2014 dated 17th April, 2014. More specifically, amendments have been made to Clause 35B and 49 of the listing agreement with the objective t...

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Posted Under: Company Law |

Key Managerial Personnel under Companies Act, 2013

Companies Act, 2013 (Act) has introduced many new concepts and Key Managerial Personnel is one of them. While the Companies Act, 1956 recognised only Managing Director, Whole Time Director and Manager as the Managerial Personnel, the Companies Act, 2013 has brought in the concept of Key Managerial Personnel which not only covers the tradi...

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Related Party Transactions under the Companies Act 2013

Companies Act, 2013 has unveiled a new era in the Indian Corporate Sector which places more reliance on disclosure norms rather than on approvals. One such area is related party transactions. While the Companies Act, 1956 warranted approval of Central Government for related party transaction by large cap companies, Companies Act, 2013 cal...

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Corporate Social Responsibility – Companies Act, 2013

Corporate Social Responsibility (CSR) has been in existence for a long time and is almost as old as civilization. It is based on the Gandhian Principle of trusteeship concept whereby business houses are looked upon as trustees of the resources they draw from society and thus are expected to return them back manifold. ...

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Posted Under: Company Law |

Acceptance of Public Deposits under Companies Act, 2013 – Provisions

Amounts which are not considered as deposits (Rule 2 of Companies (Acceptance of Deposits) Rules, 2014) - any amount received from the Central Government or a State Government, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government, or any amount received from a local aut...

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Posted Under: Company Law |

Loan to Directors and Other Entities under the Companies Act 2013

Restriction on granting of loan to its directors by a company and other entities in which directors are interested has been one of the most touching issues in the Companies Act, 2013, since 12th September 2013, when Ministry of Corporate Affairs notified 98 Sections of the Companies Act, 2013 to become effective and applicable from that d...

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Posted Under: Company Law |

Highlights on CSR Provisions Notified On 27.02.2014

Effective Date for CSR Applicability – Section 135 of the Companies Act 2013, Schedule VII and the relevant rules, namely Companies (Corporate Social Responsibility Policy) Rules, 2014 have been notified to become effective from 01st April 2014 vide MCA notification dated 27.02.2014....

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Posted Under: Company Law |

Sweat Equity Shares Under Companies Act, 2013

Sweat equity shares means such equity shares as are issued by a company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called. ...

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Posted Under: Company Law |

Private Placement under Companies Act, 2013

CS S. Dhanapal Private placement means any offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) through issue of a private placement offer letter and which satisfies the conditions specified in section 42. If a company, listed or unlisted, makes […]...

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Posted Under: Company Law |

Issue of Bonus Share Under Companies Act, 2013

Bonus issue refers to a further issue of shares made by a company having share capital to its existing share holders without receipt of any consideration from the shareholders for issuance of the shares. It is an offer of free additional shares to existing shareholders in proportion to their holdings....

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Posted Under: Company Law |

“Small Company” Under Companies Act 2013

The concept of Small Company has been introduced for the first time by the Companies Act, 2013. The Act identifies some companies as small companies based on their capital and turnover position for the purpose of providing certain relief/exemptions to these companies. Most of the exemptions provided to a small company are same as that pro...

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Posted Under: Company Law |

Roles and Responsibilities Of Directors Under Companies Act, 2013

An independent director and a non-executive director not being promoter or key managerial personnel, shall be held liable, only in respect of such acts of omission or commission by a company which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently...

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Posted Under: Company Law |

Prosecution Architecture under Companies Act 2013

Generally at the time of scrutinizing the Balance Sheet and Other Financial Statements of the Company, if Registrar of Companies come across any lapses on part of the Company in recording the transactions and financial irregularities etc. and observed provisions of Companies Act 1956 has been violated by the Company and Officers in prepar...

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Posted Under: Company Law |

Board’s Report – Enhanced Role under the New Companies Act, 2013

Section 134 of the Companies Act, 2013 casts a responsibility on the Board of Directors to prepare a report containing details as discussed below and this report needs to be annexed to the Financial Statements which are laid before the members in the annual general meeting....

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Posted Under: Company Law |

Registered Valuers Under Companies Act, 2013

Registered Valuer is one among the many new concepts introduced by the Companies Act, 2013 to provide for a proper mechanism for valuation of the various assets and liabilities related to a company and to standardize the procedure thereof. ...

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Posted Under: Company Law |

Board Meetings through Video Conferencing

In the present article we have highlighted the provisions of Companies Act, 2013, along with the prescription contained in the draft rules, relating to holding of board meetings through video conferencing. ...

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Posted Under: Company Law |

Class Action Suits Under Companies Act, 2013

The concept of Class Action Suits is among one of the many novelties introduced by the Companies Act, 2013. Thought the concept per se is not new but in Indian context it has found statutory recognition and enforceability now only by means of Companies Act 2013....

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Posted Under: Company Law |

Independent Directors under Companies Act 2013

Following class of companies are required to appoint at least 1/3 of total number of directors on their Board of Directors as independent directors: - Listed Companies, Public Companies having paid up share capital of one hundred crore rupees or more; or Public Companies having turnover of three hundred crore rupees or more;...

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Posted Under: Company Law |

Prosecution and Enforcement Architecture: Companies Act, 2013

The Companies Act 1956 contains more of general penalty provisions under Section 629A. Certain penal provisions provide for imposition of penalty of fine as well as penalty of imprisonment. As per Section 624 of the Companies Act 1956, all offences under the Act are almost bailable offences and generally punishments are imposed on Company...

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Posted Under: Company Law |

CORPORATE SOCIAL RESPONSIBILITY Under Companies Act, 2013

Corporate social responsibility (CSR) also called corporate conscience, corporate citizenship, social performance, or sustainable business is a form of corporate self-regulation integrated into a business model. ...

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Posted Under: Company Law |

Highlights of 98 Sections Of Companies Act, 2013 Notified On 12.09.2013

The Ministry of Corporate Affairs has notified 98 sections of the new Companies Act, 2013. These sections have come into effect from 12th September 2013. Subsequent to coming into effect of these Sections under the new Act, the corresponding Sections under the Companies Act, 1956 automatically stand repealed. ...

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Posted Under: Company Law |

Refresher On Companies Bill 2013

CS S. Dhanapal With the approval of Companies Bill by Rajya Sabha (the Upper house of Parliament) and assent by Honourable President, Corporate India has found its true independence. Indian Corporate Sector which was reeling under the age old Companies Act, 1956 has got a fresh lease of life and the old legislation has got […]...

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Posted Under: Company Law |

Article On Introduction of New Audit Report Format By ICAI

Revision in Form and Content of Auditor’s Report [SA 700 Revised)/SA 705/SA706] & Implementation of the same- Articles Discusses on the following Topics :- Extant Provisions Under Companies Act 1956 Applicability Of CARO With Respect To Audit Report Revision In Form And Content Of Auditors Report Implication On SA 70...

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Corporate Borrowing – Giving Wings to Corporate World !

A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor. A debt is created when a creditor agrees to lend a sum of assets to a debtor. In finance, debt is a means of using anticipated future purchasing power in the present before it has act...

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Posted Under: Company Law |

Major Highlights of Companies Bill 2012

Companies Bill, 2012, after a very long journey and with many stumble blocks, has finally seen the light of day in Lok Sabha. After much speculation and eagerness on the subject, Lok Sabha finally approved the Bill on the night of 18th December, 2012. ...

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Companies Bill 2012 The Dawn of a New Era

The Entire Corporate India Woke Up To The Morning Of 19th December 2012 With A Fresh Breeze, New Hopes And Exciting Challenges. With Just Two Days Left For The Much Hyped Armageddon Of 21st December 2012 When The World Was Supposed To End As Per A Famous Prediction, The Lok Sabha Passed The Much Awaited Companies Bill, 2012 Which Marks Th...

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All about Cost Audit and Compliance Report

Ministry of Corporate Affairs have come out with a number of circulars and notifications in the recent times relating to maintenance of Cost Accounting Records and Cost Audit. These circulars and notifications have not only brought remarkable changes in the applicability of cost accounting and audit rules but have introduced a number of n...

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Posted Under: Company Law |

All about Intellectual Properties

It can be concluded that registering INTELLECTUAL PROPERTIES will be a strong protection and a value addition to the corporate sector. It is as much an asset as any other property. Always we have to remember as said earlier, IF YOU HAVE A TRADEMARK, REGISTER IT and IF YOU HAVE REGISTERED A TRADEMARK then USE IT....

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All about XBRL Filing

XBRL is the acronym for Extensible Business Reporting Language. As the name itself suggests, it is a language for presentation of data which permits easy analysis and interpretation thereby reducing cost, time and effort. It promotes paperless reporting and thus is in line with the green initiatives being promoted world over....

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Posted Under: Company Law |

Limited Liability Partnership (LLP) – Recent changes

The concept of Limited Liability Partnerships (LLPs) in India was introduced in the year 2009 with the enactment of the Limited Liability Partnership Act, 2008 (6 of 2009) which was notified on 31.03.2009. The first LLP was formed on the 02nd Day of April 2009 and since then almost 10,000 LLPs have been formed so far as per the records of...

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Posted Under: Company Law |

Different Dimensions of Mergers & Demergers

The term ‘Amalgamation’ or ‘Merger’ or ‘De-merger’ is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions....

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Highlights on Union Budget 2012 – 2013 – A corporate glance

The Union Budget of India, referred to as an annual Financial Statement in Article 112 of the Constitution of India is an annual budget of theRepublicofIndia, which is presented each year by the Finance Minister ofIndiain the Parliament. The Union budget has to be passed by the Both Houses of Parliament before it can come into effect on A...

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Posted Under: Company Law |

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