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As a general rule, directors are appointed by members at a general meeting. As an exception, Board can also appoint directors in some specified cases. Section 160 provides for right of any person to stand for the position of a director in a company in a general meeting in a democratic way.
As per Regulations notified by RBI, every Company having Foreign Inward Investment (i.e. having Foreign Companies/Non Residents as shareholders) or Foreign Outward Investment (i.e. Foreign Subsidiary/Associate/Joint Venture or any other Foreign Investment) is required to file Annual Return on Foreign Liabilities and Assets(FLA Return).
A person resident in India, who has a commodity exposure and faces risks due to volatile commodity prices, can hedge the price risk in the International Commodity Exchanges/Markets, using hedging products such as, futures and options, which are exchange traded and Over the Counter (OTC) derivatives as permitted by the Reserve Bank from time to time. Prior approval from the Reserve Bank / an AD Category – I bank is required.
Q1: What are the prohibitions on sec 185? Ans: No company can directly or indirectly advance loan to its directors or to other persons in whom directors are interested. No company can give any guarantee or provide any security in connection with any loan taken by him or such other person. Company can’t give loan represented by a book debt to above mentioned person.
Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but on his residential status. Residential Status is determined on the basis of physical presence i.e. the number of days of stay in India in any year.
Can an Individual have any number of ‘Basic Savings Bank Deposit Account’ in one bank? Ans. No. An individual is eligible to have only one ‘Basic Savings Bank Deposit Account’ in one bank.
Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings account in that bank. If a customer has any other existing savings account in that bank, he / she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’.
As per rule 20 of Companies (Management and Administration) Rules, 2014, ‘voting by electronic means’ or ‘‘electronic voting system’’ means a ‘secured system’ based process of display of electronic ballots, recording of votes of the members and the number of votes polled in favour or against, such that the entire voting exercised by way of electronic means gets registered and counted in an electronic registry in a centralized server with adequate ‘cyber security’;
1. What are the steps for online e-filing? 1. When the business or the registered users access the MyMCA portal, they enter their username and authentication details – Password/ Digital Certificate. 2. The user will be shown a list of eForms category-wise under eForms tab . 3. At any time, the users can read the […]
What types of specified transactions are covered under the Section? Ans. Section 186 covers 3 types of specified transactions entered into by a company directly or indirectly: a) Loans to any person or other body corporate; b) Guarantee or security given in connection with a loan to any other body corporate or person; and c) Acquisition by way of subscription, purchase or otherwise, the securities of any other body corporate.
