Companies Act 2013 - Page 18

Alternate Director – Section 161(2) of Companies Act, 2013

ALTERNATE DIRECTOR: Alternate Director is appointed in place of a director who is temporarily unavailable/leave for a period of more than 3 months from INDIA. We can say that an Alternate Director is like a substitute for the original Director. The appointment of alternate director must be authorized by the Articles of the company otherwi...

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Procedure for issue of NCDs by NBFC

In recent years, number of Non-Banking Finance Companies (NBFCs) are resorting to issue Non-Convertible Debentures on private placement basis. Issue of NCDs through private placement became attractive way to raise funds for NBFCs, for the following reasons: 1. No need to create Debenture Redemption Reserve 2. Where a NBFC intends to issue...

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Posted Under: Company Law |

Additional Director provisions | Section 161(1) | Companies Act 2013

Generally, a director is appointed in the General Meeting of the Company. But sometimes the situation may require to appoint a director on an urgent basis and in that case, the Board cannot wait to convey the general meeting and appoint the director, as it requires lots of formality and hence, the decision may get […]...

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Provisions of Loan from Directors under Companies Act, 2013

Before jumping into the main discussion, let us have a look into the important term as under: Loans is not defined anywhere in the Companies Act, 2013. However, in normal parlance, any transaction in which money is given with the intention to be returned either with or without interest is termed as loan. Deposits include […]...

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Posted Under: Company Law |

Filling of financial statement in XBRL with Registrar

1. Rule 3 of the Companies (filling of documents and forms in XBRL) Rules 2015 The following class of companies shall file their financial statements and other documents us 137 of the companies Act with ROC in Form AOC-4 XBRL. A. Listed Companies and their Indian subsidiary. B. Companies having paid up capital Rs. 5 […]...

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Provisions of CARO- Companies (Auditor’s Report) Order, 2020

Provisions of CARO- The Companies (Auditor’s Report) Order, 2020 1. Rule 1 Applicability CARO shall apply to every company including a Foreign company under section 2(42) except- a. Banking Company as defined in section 5(c)  of the Banking Regulation Act, 1949. b. An insurance company as defined under insurance act 1938; c. Section 8 ...

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Exemption to Private Companies to file e-Form MGT-14 with ROC in certain matters

The Companies Act, 2013 (“the New Act”), became effective from 1st April, 2014. After the commencement of this Act, numerous resolutions are required to be filed in e-form MGT-14 with the Registrar of Companies (“ROC”). Though the requirement to file e-form MGT-14 was applicable to all companies but after coming ample of amendment...

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Can a company carry multiple businesses under one roof?

A company is incorporated with the mandated and most important document called the MoA i.e. Memorandum of Association which describes the purpose for which the company is formed.  The scope of activities of the company is defined by the charter documents of the company, i.e.-MoA and AoA. Every company formed in India under the Companies ...

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Doctrine of Constructive Notice and Indoor Management

A company has separate legal entity which can be formed by an association of individuals to with the intention to carry commercial activities to generate profit. The formation and functioning of the company are governed by certain laws, rule and regulations. The intention to behind the enactment of such laws is to provide protection to [&...

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Posted Under: Company Law |

MCA releases Report of Committee on Business Responsibility Reporting

Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’ here today....

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Posted Under: Company Law |

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