Companies Act 2013

New rules for Shifting of Registered Office from one state to another

Company Law - To consider the proposal for shifting of registered office. Fix up the date, time, and place of the General Meeting. Approve the notice of Extraordinary General Meeting and calling of General Meeting. Authorize the CS or Director to move an application before RD to alter Clause II of Memorandum of Association within whose jurisdiction the...

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Procedure for Restoration of Struck off Companies Under Companies Act, 2013

Company Law - CS Vipin Kumar Mittal Keeping in view of the Section 248 to 252 of the Companies Act, 2013 (the Act), as notified by Ministry of Corporate Affairs (MCA) w.e.f. 26th December, 2016 and Rule 87A of the National Company Law Tribunal (NCLT) (Amendment) Rules, 2017 as notified by MCA w.e.f. 5th July, 2017, I have […]...

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Shifting of registered office from one state to another state

Company Law - elevant Provisions: Section 4, 12, 13 of the Companies Act, 2013 read with rule 30 of Companies (Incorporation) Rules, 2014 and amendments thereto. If a Company wants to shift its registered office from one state to another state; a special resolution in general meeting is required to be passed....

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Clauses to be reported under CARO 2016

Company Law - (a) Whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) Whether these fixed assets have been physically verified by management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same ha...

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U S Taxation – Auditor’s responsibility: U S Audit Vs Indian Audit, a lively comparison

Company Law - Not a day passes without reference to fictitious accounts opened for diverting funds either for income tax purposes or laundering of funds. Interestingly, many of these accounts carry the solemn auditor’s fairness opinion on the financial statements. It was a meeting of Chartered Accountants, some of them must be leading, judging by the...

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MOU between MCA & CBDT for Automatic & Regular Information Exchange

Company Law - Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now concluded a ...

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Peak Filing Preparation for 2017- MCA 21

Company Law - To Avoid last minutes rush and system congestion on the MCA 21 Portal on Account of annual filings during the months of October and November, 2017, Companies are requested to file their financial statements and annual returns at the earliest, without postponing it to the last few days permitted for the same....

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Punishment for Siphoning Money from Bank A/cs of Struck Off Companies

Company Law - Stricter Norms for Corporate Governance: Punishment for Siphoning off Money from Bank Accounts of Struck Off Companies; Disqualifation of Directors from Being Appointed or Reappointed in Companies ...

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List of Directors associated with struck off companies u/s 248

Company Law - Section 248 of Companies Act, 2013 notified with effect from 26.12.2016 deals with Power of Registrar to Remove Name of Company from Register of Companies. Various ROC has recently remove many companies exercising the power U/s. 248 if a company has failed to commence its business within one year of its incorporation or  a company [&hell...

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ROC uploads list of directors disqualified U/s. 164(2)(a)

Company Law - Section 164 of Companies Act, 2013 deals with Disqualifications for Appointment of Director and Section 164(2)(a) disqualifies a person from being a director who is or has been a director of a company which (a) has not filed financial statements or annual returns for any continuous period of three financial years; ROC has put list [&helli...

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Principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases: NCLT

Re. M/S UW International Training & Education Centre for Health Pvt. Ltd. (NCLT Delhi) - NCLT held that the principle of imposition of minimum penalty is non-mandatory in compounding of offenses cases, it is necessary to define and understand offense. The term offence has been defined by s 3(38) of General Clauses Act, as any act or omission made punishable by any law for the time being...

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Withdrawn of Application- After Admission – NCLT – INSOLVENCY CODE

Parker Hannifin India Private Limited v/s Prowess International Private Limited (NCLT Kolkata) - NCLT has cleared that once a petition is admitted by the NCLT under IBC, both the parties have no right to withdraw the petition. As it can say IBC is not a Recovery Law it is Revival Law....

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NCLT can allow Compounding of offence despite advanced stage of prosecution

Teamasia Semiconductors (India) Ltd. & Ors., In re (National Company law Tribunal Hyderabad) - the issue to be decided in the present case is whether the National Company Law Tribunal is having power to allow the applicants to compound the offence in question, especially when prosecution was already initiated and the same is in advance stage....

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Company unable to pay debt/tax to Government Judicial discretion to direct winding up should not be exercised

Budhia Auto Associate Pvt. Ltd. Vs None (Chhattisgarh High Court) - This petition for winding up has been preferred by the company itself without referring to the relevant clause of Section 433 of the Companies Act, 1956 ('the Act' in short), however, in course of argument it was informed that the petition is under Section 433 (e) of the Act....

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Wind up Petition by employee claiming unpaid Salary is Maintainable

Mr Sanjay Sadanand Varrier Vs M/s Power Horse India Pvt.Ltd. (Bombay High Court) - An employee can maintain a Petition for winding up of a Company under section 439 r/w sections 433(e) and 434 of the Companies Act, 1956 as a creditor based on the claim of the recovery of his unpaid salary and wages. ...

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Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification No. G.S.R. 1172(E) - (19/09/2017) - For the purpose of this rule, a Specified IFSC Public company means an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Servi...

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Obligation to comply with Ind AS by subsidiary Payment / Small Finance Banks

General Circular No. 10/2017 - (13/09/2017) - It is hereby clarified that the holding company if it is covered by the corporate sector roadmap for implementation of Ind AS, shall follow the corporate sector roadmap and if the company has got payment bank or small finance bank as its subsidiary then subsidiary company shall follow the banking se...

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Delegation of Power- Section 66(2) Notice for reduction of share capital

S.O. ___(E) - (06/09/2017) - Power of Central Govt u/s 66(2) regarding notice for reduction of share capital delegated to Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong vide notification dated 6.9.2017 ...

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MCA clarifies meaning of joint venture for appointment of Independent Directors

General Circular No. 09/2017 - (05/09/2017) - A joint venture would mean a joint arrangement, entered into in writing, whereby the parties that have joint control of the arrangement, have rights to the net assets of the arrangement. The usage of the term is similar to that under the Accounting Standards....

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Special Court for speedy trial of Company Law Offences in Bihar

S.O. 2872 (E) - (31/08/2017) - S.0 (E).- In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Judicature at Patna, hereby designates the following Court mentioned in column (1) the Tabl...

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Recent Posts in "Companies Act 2013"

Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification No. G.S.R. 1172(E) (19/09/2017)

For the purpose of this rule, a Specified IFSC Public company means an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi ...

Read More

New rules for Shifting of Registered Office from one state to another

To consider the proposal for shifting of registered office. Fix up the date, time, and place of the General Meeting. Approve the notice of Extraordinary General Meeting and calling of General Meeting. Authorize the CS or Director to move an application before RD to alter Clause II of Memorandum of Association within whose jurisdiction the...

Read More
Posted Under: Corporate Law |

Procedure for Restoration of Struck off Companies Under Companies Act, 2013

CS Vipin Kumar Mittal Keeping in view of the Section 248 to 252 of the Companies Act, 2013 (the Act), as notified by Ministry of Corporate Affairs (MCA) w.e.f. 26th December, 2016 and Rule 87A of the National Company Law Tribunal (NCLT) (Amendment) Rules, 2017 as notified by MCA w.e.f. 5th July, 2017, I have […]...

Read More
Posted Under: Corporate Law |

Shifting of registered office from one state to another state

elevant Provisions: Section 4, 12, 13 of the Companies Act, 2013 read with rule 30 of Companies (Incorporation) Rules, 2014 and amendments thereto. If a Company wants to shift its registered office from one state to another state; a special resolution in general meeting is required to be passed....

Read More
Posted Under: Corporate Law |

Clauses to be reported under CARO 2016

(a) Whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) Whether these fixed assets have been physically verified by management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same ha...

Read More
Posted Under: Corporate Law |

U S Taxation – Auditor’s responsibility: U S Audit Vs Indian Audit, a lively comparison

Not a day passes without reference to fictitious accounts opened for diverting funds either for income tax purposes or laundering of funds. Interestingly, many of these accounts carry the solemn auditor’s fairness opinion on the financial statements. It was a meeting of Chartered Accountants, some of them must be leading, judging by the...

Read More
Posted Under: Corporate Law |

Catchy learning regarding incorporation of company

For the beginners who want to incorporate the company, can easily with the help of this article incorporate a private company. Starting from the filing form INC-1 ( reservation of name of the company), Spice form 32, Spice form 33 (MOA), Spice form 34 (AOA). There is a short list of the FORMS required to be filed during incorporation and ...

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Posted Under: Corporate Law |

MOU between MCA & CBDT for Automatic & Regular Information Exchange

Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have now concluded a ...

Read More
Posted Under: Corporate Law |

Incorporation of Section 8 Company under Companies Act, 2013

Section 8 is a Company incorporated For promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object, provided the profits, if any, or other income is applied for promoting only the objects of the company and In such Company, No dividend is paid to its...

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Posted Under: Corporate Law |

Applicability of CARO, Internal Financial Controls & Cash Flow Statement

Non applicability of Cash flow statement 1. One Person company as defined under section 2(62) of the 2013 Act 2. It is a Dormant Company as per Section of the Companies Act, 2013 3. It is a Small Company as defined under Section 2(85) of Companies Act, 2013. Here Small Company means a company who’s […]...

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Posted Under: Corporate Law |
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