Companies Act 2013

e-form PAS-6 (reconciliation of share capital audit report on half yearly basis)

Company Law - E-FORM PAS 6 (Reconciliation of Share Capital Audit Report on half yearly basis) Objective:  Reconciliation of Share capital Audit Report on half yearly basis by unlisted public Companies. Legal Provision:  Ministry of Corporate Affairs (MCA) vide its notification dated 10th September 2018, inserted Rule 9A of Companies (Prospectus and ...

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Governance functionaries other than directors & statutory auditor

Company Law - Directors are appointed since incorporation of company for the management of business and statutory auditor for auditing company’s books of accounts. But as the company grows based upon their turnover, paid up capital, outstanding loans or borrowings, outstanding deposits as well as based upon various specified criteria and for complian...

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Start planning for extension of AGM for calendar year 2020

Company Law - We know that a Company is a separate legal entity different from its members and its affairs are generally done by Board of Directors of the Company. It is Board of the Company who provides a road map within its limited power for the progress of a Company. Under the Companies Act, 2013 (‘the 2013 […]...

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Section 188 of Compny Act 2013- Related party transactions

Company Law - Overview of Section 188 – Related party transactions No company shall enter into any contract or arrangement with a related partywith respect to: (a) sale, purchase or supply of any goods or materials; (b) selling or otherwise disposing of, or buying, property of any kind; (c) leasing of property of any kind; (d) availing or [&helli...

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E-Form IEPF-2

Company Law - Purpose of the E-Form IEPF-2: Statement of unclaimed or unpaid amounts and details of Nodal Officer. Earlier E-form INV-5 is filed for this purpose, however after introduction of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 , E Form INV-5 is being replaced by E- form IEPF-2 i.e. Sta...

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How to View Public Documents on MCA Website

Company Law - In order to view the documents, Forms filed by the Company on MCA Portal service of “View Public Documents” is made available by the MCA. If user has to only view the Public Documents then the logging in on the MCA Portal is not required, however if user wants to download the Public Documents then […]...

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MCQs on Guidance Note on Companies (Auditor’s Report) Order, 2020

Company Law - MCA issued Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25th February 2020. CARO 2020 would be applicable for audits of financial year 2020-21 and onwards. CARO 2020 contains several significant changes and several new reporting requirements vis-à-vis CARO 2016....

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Request for relief under Companies Fresh Start Scheme, 2020

Company Law - We wish to draw you kind attention towards Circular No 11/2020, dated March 24, 2020 and further Circular No. 12/2020 dated March 30, 2020, issued by the Ministry of Corporate Affairs ('MCA'), wherein a Scheme has been introduced namely the Companies Fresh Start Scheme, 2020 ('Scheme').The Scheme is applicable for the period from April 1,...

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Updated Contact Number of MCA Helpdesk

Company Law - MCA has released Updated Contact Number of  Helpdesk from 17/07/2020 onwards for queries related to Company Name Availability and Company Incorporation and for queries related to Company or LLP e-Filings, Payments or View Public Document (VPD). Updated Contact Number of Ministry of Corporate Affairs (MCA) Helpdesk from 17/07/2020 onwards...

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Private Limited Company can transfer shares without Dematerialization

Company Law - In case of Private Limited Companies;  Section 29 (1) (b) of Companies Act 2013 includes Private Limited Companies also w.e.f. 14.08.2019. However, the class of companies to which it should apply is yet to be prescribed (last checked on 4th July 2020). Presently the Company law makes it mandatory only for Unlisted PUBLIC Limited companie...

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Out of court settlement during ongoing Insolvency Process?

Vivek Bansal Vs Burda Druck India Pvt. Ltd. & Anr. (NCLAT Delhi) - Vivek Bansal Vs Burda Druck India Pvt. Ltd. & Anr. (NCLAT Delhi) In a recent judgment (Company Appeal (AT) (Insolvency) No. 552 of 2020, dated 14-07-2020), the National Company Law Appellate Tribunal (NCLAT) held that a company could exit an ongoing insolvency process even as an interim resoluti...

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Dispute of Inheritance of Shares cannot be decided under Companies Law: SC

Aruna Oswal Vs Pankaj Oswal & Ors. (Supreme Court) - Aruna Oswal Vs Pankaj Oswal & Ors. (Supreme Court) Hon’ble Supreme Court held that the basis of the petition is the claim by way of inheritance of 1/4th shareholding so as to constitute 10% of the holding, which right cannot be decided in proceedings under section 241/242 of the Act. Thus,...

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Transfer of Shares | Case Analysis | Dove Investments v. Gujarat Industrial Investment Corp.

M/s. Dove Investments Private Ltd. Vs. Gujarat Industrial Investment Corporation Ltd. (Madras High Court) - Whether the obligation to register a transfer of shares within a particular period of time was mandatory or directory? Whether the company can cancel or reject the transfer where stamps on transfer form were not defaced or canceled?...

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Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) - Whether increase in threshold by CG through notification  for initiating CIRP is prospective or retrospective in effect?...

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Is apprehension of bias a valid ground to substitute IRP

State Bank of India Vs. Metenere Ltd. (NCLAT) - NCLAT concluded that the apprehension of bias expressed by the ‘Corporate Debtor’ qua the appointment of Verma as proposed IRP is valid and cannot be dismissed. Further, it contended that the NCLT order was justified in seeking substitution of Verma to ensure that CIRP is conducted in a fair and...

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Reg. Dispatch of notice by listed companies for rights issue

General Circular No. 27/2020 - (03/08/2020) - In case of listed companies, which comply with relevant circulars issued by SEBI, inability to dispatch the relevant notice to shareholders through registered post or speed post or courier would not be viewed as violation of section 62(2) of the Act for rights issues opening upto 31st December, 2020...

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NCLT & NCLAT(Procedure for investigation of misbehaviour or incapacity of Chairperson, President and other Members) Rules, 2020

Notification No. G.S.R. 470(E) - (28/07/2020) - These rules may be called the National Company Law Tribunal and National Company Law Appellate Tribunal (Procedure for investigation of misbehavior or incapacity of Chairperson, President and other Members) Rules, 2020....

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Companies (Indian Accounting Standards) Amendment Rules, 2020

Notification No.G.S.R. 463(E) - (24/07/2020) - (1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Designation of Special Courts at Kamrup (Guwahati) under Company Law

Notification No. S.O. 2445 (E) - (24/07/2020) - Chief Justice of the High Court of Gauhati hereby designates Court of Chief Judicial Magistrate, Kamrup (M) at Guwahati as Special Court for the purposes of providing speedy trial of offences under clause (b) of sub-section (2) of section 435 of the Companies Act, 2013. MINISTRY OF CORPORATE AFFAIRS...

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NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 - (23/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or unde...

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Recent Posts in "Companies Act 2013"

e-form PAS-6 (reconciliation of share capital audit report on half yearly basis)

E-FORM PAS 6 (Reconciliation of Share Capital Audit Report on half yearly basis) Objective:  Reconciliation of Share capital Audit Report on half yearly basis by unlisted public Companies. Legal Provision:  Ministry of Corporate Affairs (MCA) vide its notification dated 10th September 2018, inserted Rule 9A of Companies (Prospectus and ...

Read More
Posted Under: Company Law |

Governance functionaries other than directors & statutory auditor

Directors are appointed since incorporation of company for the management of business and statutory auditor for auditing company’s books of accounts. But as the company grows based upon their turnover, paid up capital, outstanding loans or borrowings, outstanding deposits as well as based upon various specified criteria and for complian...

Read More
Posted Under: Company Law |

Start planning for extension of AGM for calendar year 2020

We know that a Company is a separate legal entity different from its members and its affairs are generally done by Board of Directors of the Company. It is Board of the Company who provides a road map within its limited power for the progress of a Company. Under the Companies Act, 2013 (‘the 2013 […]...

Read More
Posted Under: Company Law |

Section 188 of Compny Act 2013- Related party transactions

Overview of Section 188 – Related party transactions No company shall enter into any contract or arrangement with a related partywith respect to: (a) sale, purchase or supply of any goods or materials; (b) selling or otherwise disposing of, or buying, property of any kind; (c) leasing of property of any kind; (d) availing or [&helli...

Read More
Posted Under: Company Law |

E-Form IEPF-2

Purpose of the E-Form IEPF-2: Statement of unclaimed or unpaid amounts and details of Nodal Officer. Earlier E-form INV-5 is filed for this purpose, however after introduction of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 , E Form INV-5 is being replaced by E- form IEPF-2 i.e. Sta...

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Posted Under: Company Law |

How to Convert Compulsorily Convertible Debentures into Equity Shares

‘Debenture’ is a debt instrument, used by the companies for a long period of time in order to borrow money at the fixed rate of interest. Section 2 (30) of The Companies Act, 2013 defines debentures “includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on […]...

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Posted Under: Company Law |

Annual General Meeting (AGM0 as per Companies Act, 2013

As per Section 96 of the companies Act, 2013, every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall […]...

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Posted Under: Company Law |

Filing of unadopted and/or unaudited financial statement with ROC

Section 129(2) of the Companies Act, 2013 (‘the Act, 2013’) makes it mandatory, on the part of the Board of Directors of the Company, to lay the financial statements of the Company for the financial year before at every Annual General Meeting (AGM). These financial statements should be adopted in that AGM. Section 137(1) of […]...

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Posted Under: Company Law |

Appointment of Manager Under Companies Act, 2013

We all have heard about the Mr. Manager of a company. A Manager is a person who manages or is in charge of something. Managers can control departments in companies, or guide the people who work for them. Managers must often make decisions about things. The manager is responsible for overseeing and leading the work of a group of peo...

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Posted Under: Company Law |

Relaxed Time for Filing Forms for Creation or Modification of Charges

General Circular No. 23l2O2O (17//0/6/20)

Scheme for Relaxation of Time for Filing Forms Related to Creation or Modification of Charges Under the Companies Act, 2013 On account of the pandemic caused by the COVID-19, representations have been received in this Ministry, requesting that the timelines related to filing of certain charge related forms may be suitably relaxed so as to...

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Posted Under: Company Law |

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