Companies Act 2013

Valuation by registered valuers

Company Law - The provisions about valuation by registered valuers are contained in Section 247 of Chapter XVII of the Companies Act, 2013. Section 247 has been made effective from 18th October, 2017 vide MCA Notification F.No.7/27/2013-CLV. Consequent to notification of section 247, MCA also notified the Companies (Registered Valuers and Valuation) Ru...

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Procedure of Conversion of Partnership Firm into Public / Private Company

Company Law - In this Article, Author list out step by step procedure for conversion of Partnership firm into Company and benefits of Conversion....

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Regulatory Requirement of Internal Control over Financial Reporting

Company Law - ICFR (Internal Controls over Financial Reporting) in India is paradigm shift over reporting requirement of CARO by virtue of Indian Companies Act, 2013. It is mandatory for auditors to comment over design and operative effectiveness of the controls in case of listed and unlisted companies. Requirement is broadly similar to what is mandate...

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Great Moves towards Non-Compliance & Aspects of CODS 2018

Company Law - So as, Government come out with many initiatives in different fields and yet many more expected to come in near future. In the same line, with respect to Companies, Government has taken a big move towards non-compliance done by the Companies and their Directors. ...

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Questionnaire – Removal of Name of Companies u/s 248

Company Law - With the advent of new Companies Act, 2013, Corporate Governance has become the essence of all Business Houses. Under the Companies Act, 2013, removal of name under Sections 248-252 is a privilege given to the Corporate to close their dormant entities legally without any hassles. ...

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Additional fees for Late Filing of Annual ROC Returns to increase to Rs. 100 per day

Company Law - It is proposed to amend shortly, the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond the normal date of filing) shall become paya...

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MCA filed prosecution against 780 listed companies for non filing of Annual Returns

Company Law - Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns...

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9,073 cases under consideration in NCLT as on 31.01.2018

Company Law - 9,073 cases are under consideration in NCLT, including 1,630 cases of Merger and Amalgamation; 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act.  The Company Law Board (CLB) set up under Companies Act 1956 stands dissolved with the setting up of National Company Law Tribunal (NCLT). As on 12.03.2018, only o...

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199 companies face penalty for non-compliance of CSR norms

Company Law - The Government has accorded permission for initiating penal action against 199 companies for non-compliance of provisions of section 135 read with section 134 (3) (o) of the Act. This was stated by Shri P.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today. The Government has no proposal [&...

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NFRA to have power to impose penalty on audit firms

Company Law - The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for taking necessary disciplinary action against ...

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“Liability of Director after Strike off’ and ‘Wound up of Company after Strike off”

Real Time Interactive Media (P.) Ltd V/s Metro Mumbai Infradeveloper (P.) Ltd (Bombay High Court) - In this flash editorial author discusses the provisions of liability of directors after strike off of Company or winding up of Company by tribunal after Struck off in the record of Registrar of Companies....

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HC allows disqualified director in a Strike off Company to avail CODS 2018

Raman Nanda Vs. Union Of India And Ors. (Delhi High Court) - Admittedly,Company is not carrying out any businesss and its bank account has not been operated for over three years, petitioner ought to be provided benefit of CODS - 2018. ...

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Ensure wide publicity to Condonation of Delay Scheme, 2018: Delhi HC

Shikha Pahuja Vs. Ministry Of Corporate Affairs And Anr. (Delhi High Court) - In a recent ruling, the Delhi High Court directed that the Condonation of Delay Scheme on its official website with a view to ensure that wide publicity is given to the scheme. ...

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Time to file Appeal in NCLAT against Order of Adjudicating Authority

Amod Amladi V/s. Mrs. Sayali Rane & Anr. (NCLAT Delhi) - Article discusses Time Period for Filing of Appeal in National Company Law Appellate Tribunal (NCLAT) against the order of adjudicating authority in the light of Section 62(2) of Insolvency and Bankruptcy Code, 2016 and NCLAT Judgments in the case of Steam Amod Amladi V/s. Mrs. Sayali Rane & Anr and...

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Perusal of Pending Proceeding before HC after declaration of Moratorium in IBC, 2016

Steamline Industries Ltd Vs. Tecpro Systems Ltd (NCLAT Delhi) - In this editorial author discusses Judgment National Company Law Appellate Tribunal (NCLAT) in the case of Steamline Industries Ltd Vs. Tecpro Systems Ltd with reference to Section 14(1)(a) and 238 of the nsolvency and Bankruptcy Code, 2016 (IBC, 2016) on the issue Whether Pending Proceeding before...

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MCA amends Tables in Schedule I related to MOA and AOA

G.S.R. 362(E) - (10/04/2018) - MCA amends Schedule I related to Memorandum of Association (MOA) & Article of Association (AOA). It amends Table F which is Articles Of Association Of A Company Limited By Shares and Table H which is Articles Of Association Of A Company Limited By Guarantee And Not Having Share Capital....

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Companies (Share Capital & Debentures) Amendment Rules 2018

G.S.R. 363(E) - (10/04/2018) - Every certificate shall specify the shares to which it relates and the amount paid-up thereon and shall be signed by two directors or by a director and the company secretary, wherever the company has appointed company secretary:...

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Constitution of Steering Committee on Corporate Social Responsibility (CSR) to review the functioning of CSR enforcement & to recommend a uniform approach for its enforcement.

F. No. 12/03/2018-CSR (Part File) - (04/04/2018) - A Committee on CSR is hereby constituted under the Chairmanship of Shri. Manmohan Juneja, RD (WR) to review the functioning of CSR enforcement & to recommend a uniform approach for its enforcement. ...

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MCA removes applicability of AS 22 & Ind AS 12 to Govt Companies forever

S.O. 1965(E). - (02/04/2018) - Vide Notification number S.O. 529(E), dated the 5th February, 2018 it was specified that provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years to certain Government companies with effect from th...

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MCA extends Condonation of Delay Scheme 2018 (CODS 2018) to 30.04.2018

General Circular No. 02/2018 - (28/03/2018) - MCA has extended the much desirous Condonation of Delay Scheme 2018 (CODS 2018) till 30.04.2018 vide General Circular No. 02/2018 dated 28th March 2018.. This was much needed as many of the companies were not able to opt for the scheme as the formalities for new director addition (in case of other d...

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Recent Posts in "Companies Act 2013"

Valuation by registered valuers

The provisions about valuation by registered valuers are contained in Section 247 of Chapter XVII of the Companies Act, 2013. Section 247 has been made effective from 18th October, 2017 vide MCA Notification F.No.7/27/2013-CLV. Consequent to notification of section 247, MCA also notified the Companies (Registered Valuers and Valuation) Ru...

Read More
Posted Under: Company Law |

Procedure of Conversion of Partnership Firm into Public / Private Company

In this Article, Author list out step by step procedure for conversion of Partnership firm into Company and benefits of Conversion....

Read More
Posted Under: Company Law |

Regulatory Requirement of Internal Control over Financial Reporting

ICFR (Internal Controls over Financial Reporting) in India is paradigm shift over reporting requirement of CARO by virtue of Indian Companies Act, 2013. It is mandatory for auditors to comment over design and operative effectiveness of the controls in case of listed and unlisted companies. Requirement is broadly similar to what is mandate...

Read More
Posted Under: Company Law |

Great Moves towards Non-Compliance & Aspects of CODS 2018

So as, Government come out with many initiatives in different fields and yet many more expected to come in near future. In the same line, with respect to Companies, Government has taken a big move towards non-compliance done by the Companies and their Directors. ...

Read More
Posted Under: Company Law |

Questionnaire – Removal of Name of Companies u/s 248

With the advent of new Companies Act, 2013, Corporate Governance has become the essence of all Business Houses. Under the Companies Act, 2013, removal of name under Sections 248-252 is a privilege given to the Corporate to close their dormant entities legally without any hassles. ...

Read More
Posted Under: Company Law |

How to change name of company incorporated in India? -A practical step-wise guide in view of latest amendment

Change in name of company is basically a change in Name Clause of Memorandum of the Company. Thus, the process under Section 13 of the Companies Act,2013 (hereinafter referred to as ‘Act’) for alteration of Name Clause in Memorandum is to be followed. The article provides a practical step-wise guide for changing name, in light of the...

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Posted Under: Company Law |

Why Minimum and Maximum Number of Directors ?

Section 149(1) of Companies Act, 2013 has created responsibility on every company to have minimum number of directors if we see Companies Act, 1956 there was section 252 which used to create responsibilities on companies to have minimum number of directors and only natural person can be appointed as a director (this requirement was also t...

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Posted Under: Company Law |

SPICe – Simplified Proforma for Incorporating Company Electronically (ease of Incorporation)

In this modern day and age, information technology plays a big role. However, if you re not in the field of information technology yourself, you might not know just how information technology touches your life. In view of this Ministry of Corporate Affairs (MCA) has come up with new rules for Incorporation of Company under Companies Act,...

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Posted Under: Company Law |

Documents required for Section 8 Company Incorporation

Non- Profit Institutions are registered as a company in Section 8 of the Companies Act, 2013. It aims to promote science, art, education, social welfare, charity, research, sports, religion, and protection of environment provided it envisages using its profits and any other income in popularizing its products. It also inhibits any dividen...

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Posted Under: Company Law |

Increase in Additional Fees of RoC Filings

All the Companies Registered in India are governed by the provisions of Companies Act, 2013. Companies Act is an act of Parliament which regulates the working of Companies and legal limits within which companies may do their business. Company law provides legal compliance that are required to be followed by every company like reporting of...

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Posted Under: Company Law |
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