Companies Act 2013 - Page 3

MCA notifies rules for Posting and transfer of NCLT Members

Notification No. G.S.R. 682(E). (23/09/2019)

Rule 15 A. Posting and transfer of Members. - (1) Initial posting of a Member shall be done by the Central Government in consultation with the President. (2) Subsequent transfers to different Benches shall be done by the President having regard ordinarily to the following:—...

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Loan and Investment by Company | Companies Act 2013 | Section 186

The Companies Act, 2013 has come with a change in the theory of Loan and Investment by Company. The new Act provides that inter-corporate investments not to be made through more than two layers of investment companies. T...

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Posted Under: Company Law |

FAQs on Fraud Reporting

In the corporate world nowadays, increase in the rate of frauds has generated the need for the companies to analyze the requirements wrt to fraud reportings, in order to be proactive in tightening their internal systems for preventing the same. Keeping in mind the need of the hour, we have prepared a guide to fraud reporting under Compani...

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Posted Under: Company Law |

Amended criteria for Related Party Transactions under Company Law

On 18th November,2019 Ministry of Corporate Affairs (MCA) had notified amendment in the Companies (Meeting of Board and its Powers) Rules, 2014 and amended criteria for Related Party Transactions (RPT) by amending Rule 15 (3) (a) (i) to (iv) of these Rule Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 vide MCA ...

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Posted Under: Company Law |

Highlights on Company Law Committee Report dated 18th Nov 2019

In Chapter 1 of its Report, CLC has recommended amendments to 46 more provisions , detailed below under CA 2013 to reduce or remove criminality and de-clog the criminal justice system by retention of status quo in case of non –compoundable offences. CLC has adopted a principle based approach to further remove criminality, in case of def...

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Posted Under: Company Law |

Amendment on Criteria of Related Party Transaction on 18.11.2019

Amendment in Criteria of threshold limits for  Related Party Transactions (RPT) vide Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 On 18th November,2019 Ministry of Corporate Affairs (MCA) had notified amendment in the Companies (Meeting of Board and its Powers) Rules, 2014 and amended criteria for Related Par...

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Posted Under: Company Law |

Officer who is in default | Section 2(60) | Companies Act, 2013

Section 2(60) of the Companies Act defines 'Officer who is in default' and it mentions officers such as whole-time director, KMP, directors, etc. who shall be liable to any penalty or punishment in case of default committed by the company under the Companies Act, 2013....

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Posted Under: Company Law |

Company Closure under Section 248 of Companies Act, 2013

With the ease of doing business, the process and procedure of Incorporation of Companies has been streamlined and eased out. However, with the increasing number of regulations and compliance with heavy penalties for delays, many businesses find it difficult to survive and look for options to exit the Company mode of operation. Thus, gover...

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Posted Under: Company Law |

Section 188 – Related Party Transaction- Recent Changes in Rules

Recent Amendment in Section 188- Related Party Transaction- Companies (Meeting of Board And Its Powers) Second Amendment Rules, 2019 SECTION 188: RELATED PARTY TRANSACTIONS The provisions listed below are after taking into account amendments introduced by Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 vide MCA n...

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Posted Under: Company Law |

MCA notifies Department of Biotechnology (DBT) for CSR

Notification No. G.S.R. 859(E). (19/11/2019)

MCA further amends Schedule VII of the Companies Act, 2013 which relates to Activities which may be included by companies in their Corporate Social Responsibility Policies and included contribution to Department of Biotechnology (DBT) in Expenses under Section 135 of Companies Act, 2013. MINISTRY OF CORPORATE AFFAIRS CORRIGENDUM New Delhi...

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