Company Law - All of us have started experiencing the heat towards the compliance mechanisms being put up by the statutory/regulatory authorities. As the Cost Records and GST records both use the HSN codes for reporting purposes, leniency in the maintenance of cost records or missing out on getting the cost audit conducted can cost a lot to the organis...
Read MoreCompany Law - The board of Directors is the supreme authority having the management and control of the affairs of a company. They have a fiduciary duty to the company and its shareholders, which means to say that they are responsible for conducting the affairs of the company in a way that ensures success and profitability and thus […]...
Read MoreCompany Law - Key Takeaways of SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021 (LODR) SEBI vide its notification dated 03rd August, 2021 have amended Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”) for the third time in 2021. Such an amen...
Read MoreCompany Law - Article Contains Guidance for Drafting of Directors Report and Checklist of Directors Report for One person Companies (OPC), Small Companies, Private Limited Companies, public Limited Companies, Private Limited Companies, Select public Limited Companies under Companies Act, 2013. Checklist on Board’s Report under The Companies Act...
Read MoreCompany Law - Appointment of a director in case the number of directors fall below the statutory limit As per Section 149(1): Every company shall have a Board of Directors consisting of individuals as directors and shall have a minimum number of: 1. three directors in the case of a public company, two directors in the case of […]...
Read MoreCompany Law - The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed companies to appoint one woman director on its board. Companies can appoint any woman as director who is not otherwise disqualified for appointment as a director in terms of requirements of the Companies Act, ...
Read MoreCompany Law - The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue...
Read MoreCompany Law - The Government has said that the Department of Public Enterprises has so far not issued any guidelines regarding the assessment of working of non-official Directors on the Board of Central Public Sector Enterprises (CPSEs)....
Read MoreCompany Law - The role of independent directors (IDs) on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid....
Read MoreCompany Law - A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry official, requesting anonymity. The development assumes significance in the wake of the government’s renewed efforts to quicken the share sales of many state-owned firms that are hamstr...
Read MoreSandeep Ahuja Vs Union of India & Ors. (Delhi High Court) - Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) The Petitioner is a Director in five companies. Due to non-filing of annual returns and balance sheets in one of the companies, the Petitioner was disqualified as a director in 2017 with effect from 1st November, 2017 to 31st October, 202...
Read MoreAnjali Bhargava and Anr Vs Union of India And Anr. (Delhi High Court) - Anjali Bhargava And Anr Vs Union of India And Anr. (Delhi High Court) The Delhi High Court set aside the director’s disqualification and ordered reactivation of Director Identification Number (DIN) and Digital Signature Certificate (DSC). The petitioners are the directors of two Companies namely B...
Read MoreMeethelaveetil Kaitheri Muralidharan Vs Union Of India (Madras High Court) - The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) of the director due to his disqualification in one company?...
Read MoreSandeep Agarwal & Anr. Vs. Union of India & Anr. (Delhi High Court) - Companies Fresh Start Scheme, 2020 provides an opportunity for active companies who may have defaulted in filing of documents, to put their affairs in order. It thus provides Directors of such companies a fresh cause of action to also challenge their disqualification qua the active companies....
Read MoreHarshendra Kumar D Vs Rebatilata Koley Etc. (Supreme Court of India) - These 18 appeals, by special leave, are directed against he common judgment and order dated September 6, 2007 passed by Calcutta High Court whereby 18 criminal revision applications filed by the appellant for quashing the proceedings initiated by the...
Read MoreGeneral Circular No. 36/2020 - (20/10/2020) - It is hereby clarified that non-compliance of minimum residency in India for a period of at least 182 days in a year, by at least one director in every company, under section 149 of the Companies Act, 2013 shall not be treated as non-compliance for the financial year 2020-2021 also....
Read MoreG.S.R. 1049(E). - (07/11/2016) - AOC-4 certification by the Chartered Accountant or the Company Secretary or as the case may be by the Cost Accountant, in whole- time practice...
Read MoreCircular No. 115/09/2009 - ST - (31/07/2009) - Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be...
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Sandeep Ahuja Vs Union of India & Ors. (Delhi High Court) -
Anjali Bhargava and Anr Vs Union of India And Anr. (Delhi High Court) -
General Circular No. 36/2020 - 20/10/2020