Companies Act 2013 - Page 5

Company Law Committee-2019 submits its report to Finance Minister

The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country....

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Posted Under: Company Law |

Company under insolvency cannot be Struck off: ROC order set aside

M/s J R Diamonds P Limited (Vinod Tarachand Agrawal) Vs. Registrar of Companies ( NCLT Ahmedabad)

M/s J. R. Diamonds P Limited (Vinod Tarachand Agrawal) Vs. Registrar of Companies (NCLT Ahmedabad) In path-breaking judgement delivered by Hon’ble NCLT Ahmedabad, set aside ROC order to struck down the name of the company from ROC register. M/s J R Diamonds P Limited, company wherein no financial creditors are their was under Insolvency...

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Posted Under: Company Law |

E-Show cause – E-Reply: MCA’s new tracing mechanism

The Ministry of Corporate Affairs (MCA) recently introduced an artificial intelligence mechanism called the Ministry of Corporate Affairs – Compliance Monitoring System (MCA-CMS) on the MCA 21 portal with an intent is to make compliance procedure simpler. WHAT IS MCA-CMS? Ministry of Corporate Affairs – Compliance Monitoring S...

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Posted Under: Company Law |

Show Cause Notice under MCA-Compliance Monitoring System

Show Cause Notice under MCA-CMS: All of us are aware about the MCA-Compliance Monitoring system (AI based system) which is tracking certain non-compliance of the company automatically and sending show cause notice for violation of Section 96 (Annual general Meeting) & other related sections based on te filings of the companies. So let...

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Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019

Notification No. G.S.R. 857(E) (18/11/2019)

1. (1) These rules may be called the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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Situation Making Director Disqualified & Removal of Disqualification

Director of company is person who is under onerous pressure to perform on behalf of company’s shareholders for the proper functioning and taking company toward growth. This responsibility comes with huge revenues also, but sometimes some take undue advantage of their power and use the position and other resources of the company for thei...

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Posted Under: Company Law |

Scope of Valuation Under Companies Act, 2013

The Ministry Corporate Affairs (MCA) has, since October 2017, notified Section 247 of the Companies Act, 2013 and introduced the Companies (Registered Valuers and Valuation) Rules, 2017. The MCA has designated the Insolvency and Bankruptcy Board of India (IBBI) as the authority for implementing the new regime of Registered Valuers apart f...

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Compliance related to Maintenance of Databank of Independent Directors

Compliance related to Maintenance of Databank of Independent Directors by Institute notified by Central Government Section 150 of the Companies Act, 2013 deals with manner of selection of Independent Directors and maintenance of databank for Independent Directors wherein institute for creation and maintenance of databank be notified by Ce...

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Posted Under: Company Law |

How to Reply to SCN received from MCA-CMS

Reply to SCN received from MCA-CMS As you all know, Ministry of Corporate Affairs created AI based system called “Compliance Monitoring System” which will automatically track certain non-compliances based on various filings done by the corporates. Many companies started receiving show cause notice (SCN) since 4th of November, 2019 reg...

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Posted Under: Company Law |

New Rules of online self assessment proficiency test for Independent Director

Notification of MCA Dated October 22,2019 regarding Appointment & Qualification of Independent Directors. A person who wishes to become Independent Director or acting already as an independent director required to cling certain norms & the provisions related to it are as under: The New rules introduces amendments to Companies (App...

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