Company Law : Q1) What is Company ? Ans: According to the Companies Act, 1956, a Company is an association of people which is formed and regist...
Company Law : The first thing to take care of under the new Companies Act, 2013 is to follow a changed procedure for giving birth to a Company. ...
Corporate Law : Step wise Registration process of Partnership Deed in Maharashtra and challenges- Initially the process of registration in the sta...
Company Law : Selection of name for the proposed company: The Promoters have to provide at least 6 names in the order of their preference/prio...
Company Law : Now shifting of registered office from one State to another State under the Companies Act, 1956, requires a petition to be filed w...
Company Law : ANNOUNCEMENT Sub: Peak Filing Preparation 2016- MCA 21 As you are aware it is time of peak filing of Balance Sheet & Annual Re...
Company Law : In view of the references received from stakeholders seeking clarification on the applicability of provisions of Chapter III of th...
Company Law : The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that complaints were rec...
Company Law : One case of M/s. Speak-Asia Online Pte, a foreign company, has come to the notice of Ministry of Corporate Affairs. It is a multi-...
Company Law : The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those...
Income Tax : The case examined whether old share capital can be taxed due to ROC strike-off of a shareholder. ITAT held that Section 68 applies...
Income Tax : The ITAT held that for the computation of MAT, profits disclosed as per the audited accounts should be adopted, provided the accou...
Company Law : Supreme Court inter alia on prerequisites for conversion of a private company into a public company - It is not the records of the...
Income Tax : 10. We have heard the rival submissions and perused the material on record. The authorities below have not controverted the claim ...
Company Law : The issue was failure to provide full allottee particulars in PAS-3. The key takeaway is that missing PAN or email details can tri...
Company Law : Request letter signed by the Promoters/shareholders of the company explaining the facts and requesting for insertion of at least o...
Company Law : In order to give an opportunity to the defaulting companies to enable them to make their default good by filing belated documents ...
This paper attempts to study the impact of non registration of firms i.e., partnership firms. The whole idea of the paper is that all others who are transacting with the firm must be aware of the constitution of the firm and thus the documents which are available with the registrar of companies are public documents and people dealing with the firm are said to have constructive notice of the details about the firm.
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that complaints were received against M/s. Reliance Communication Limited. The following were the allegations:
One case of M/s. Speak-Asia Online Pte, a foreign company, has come to the notice of Ministry of Corporate Affairs. It is a multi-level marketing company. As per preliminary enquiry, it is found that the company is not registered under the Companies Act, 1956. Besides, the company has also not registered its place of business with the Registrar of Companies,
Form No. 1 to be attached with a coy of MAA and proposed agreement with the Managing/Wholetime Director/s (if any) are to be filed. In addition to Form No. 1, MAA and the agreement as aforesaid, Form No. 29 for each Director is also required to be filed.
The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the financial year’s 2006-07, 2007-08, 2008-09 and 2009-10 with the Registrar of Companies as required under sections 220 and / or 159 of the Companies Act, 1956.
Ministry has observed that some listed companies have shown abnormal figure of their shareholders in their Annual Return (e-form no. 20B) filed with the Registrar of Companies. It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders from the records of the company. It can also be inferred that by putting figure of only 1 (one shareholder) in a listed company, the practicing professionals have not discharged their duties prudently and are liable for professional misconduct.The signatory Directors and company secretaries of these companies are also liable for furnishing wrong information in the Form.
In order to check the misuse of funds raised by companies via public offerings, the government has directed the Registrar of Companies (RoCs) to look for diversion of IPO funds while inspecting their annual accounts. In a directive to RoCs and Regional Directors, the Corporate Affairs Ministry has asked them last week to check for fund diversions by companies from the objectives stated in the prospectus and related party transactions, and carry out inspections soon after the filing of annual accounts.
Independent directors will not be hauled up for the acts undertaken by companies without their consent or knowledge, as per the new norms announced by the government. “We have directed the Registrar of Companies (RoC) not to take any penal action against those independent directors who are not actively involved in the decision making process of the company,” Corporate Affairs Secretary D K Mittal told PTI.
Addition to list of powers and functions of the Central Government delegated to ROC: Earlier, the grant of license for formation of a company which intends to apply its profits or other income in promoting its objects (i.e. objects of promoting commerce, art, science, religion, charity or any other useful object) and prohibits payment of any dividend to its members [popularly known as section 25 company] was delegated to the RD. Now, such powers to grant license under section 25 has been delegated to the ROC.
The Union ministry of corporate affairs is likely to approach the Supreme Court for permission to appoint a new central administrative head for offices of the registrar of companies (RoC) spread across the country. The move comes against the backdrop
