Companies Act 2013

MCA to notify Companies (Registration of Charges) Amendment Rules, 2018

Governement of India  Minsitry fo Corporate Affairs Notification  New Delhi, dated , 05.07.2018 G.S.R. ......(E).-In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration of Charges) Rules, 2014, namely:-… Read More

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Provisions under Companies Act, 2013

Various Committees and provisions under Companies Act, 2013 1. CSR Committee (Section 135 of Companies Act 2013) Every company having the following criteria shall contribute in every financial year, at least two per cent. Of the average net profits of the company made during the three immediately preceding financial years Net Worth: Rs. 500 Crores    … Read More

Tags: Audit CommitteeCompanies ActCompanies Act 2013Companies AuditorCSR CommitteeInternal auditWomen Director

Controls on appointment of Regular Directors/ Whole time Directors/Managing Directors Under the Companies Act, 2013

Section 152, 164, 165, 167, 196 and Schedule V read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 govern the appointment of Regular Directors, Whole time Director and Managing Directors. The qualifications to be appointed for these posts are well enumerated in the Act as well as in the rules. The aforesaid provisions… Read More

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DIGITAL SIGNATURE – HOW DOES IT WORK AND ITS RELEVANCE UNDER THE COMPANIES ACT, 2013

INTRODUCTION Every Professional is familiar with the usage of his Digital Signatures in all the MCA-21 E-Forms since 2006. Now the Companies Act, 2013 has extended its scope further. The Act now requires authentication of entries in the Statutory Registers by affixing digital signatures of the Authorised Signatory from time to time when the same… Read More

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Board Meetings through Video Conferencing and Criteria for Passing Circular Resolutions under Companies Act, 2013

LEGAL ASPECTS GOVERNING BOARD MEETINGS THROUGH VIDEO CONFERENCING AND THE ELIGIBLE CRITERIA FOR PASSING CIRCULAR RESOLUTIONS UNDER THE NEW COMPANIES ACT, 2013 AND THE RULES FRAMED THEREUNDER Introduction The Companies Act, 1956 gave the flexibility to the Board to pass the required resolutions either through Board Meetings or through circular resolutions in case of emergency.… Read More

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PRACTICE WITH PASSION AND NOT WITH FEARA NEW MANTRA WHILE FACING CHALLENGES POSED BY COMPANIES ACT, 2013

GOD SAVES THOSE WHO SAVE THEMSELVES is a famous phrase which aptly applies to CS and CA Professionals when they need to face the challenges posed by the Companies Act, 2013 and its voluminous rules and future notifications /clarifications expected to come periodically from the Government. Compounding applications will not be of any use in… Read More

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Rules under Companies Act 2013 Notified for 10 Chapters

The Rules under Companies Act 2013 have been notified and are available for quick download at the links below: The list of notified rules is given below: Chapter I-Companies (Specification of definition details) Rules 2014 Chapter II- Companies (Incorporation) Rules 2014 Chapter III- Companies (Prospectus and allotment of securities) Rules 2014 Chapter IV- Companies (Share… Read More

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ISSUE OF BONUS SHARES-COMPANIES ACT, 2013

There was no specific section under the Companies Act, 1956 dealing with Bonus Shares. Companies were following the norms prescribed by the Controller of Capital issues. Once SEBI came into existence and controller of Capital issues were abolished, unlisted Private Limited Companies and Public Limited Companies were free to issue Bonus Shares if there were… Read More

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Incorporation of Private Limited Company under Companies Act 2013

WHAT DOES THE ACT SAY REGARDING PRE INCORPORATION AND POST INCORPORATION? PRE INCORPORATION Q: Who shall a form a Private Limited Company? A: Two are more persons can form a Private Limited Company to conduct any lawful business {Section 3(1)} Q: What are the various methods of forming a Private Limited Company? A: There are… Read More

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Board™s Report Enhanced Role Under The New Companies Act 2013

Introduction Section 134 of the Companies Act, 2013 casts a responsibility on the Board of Directors to prepare a report containing details as discussed below and this report needs to be annexed to the Financial Statements which are laid before the members in the annual general meeting. Companies Act, 2013 also contains provisions regarding revision… Read More

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Companies Act 2013 and Draft Rules there under – Commentary on Drafting anomalies, aberrations, contradictions et al – Urgent Need for Review

Introduction The much awaited Companies Act 2013 (hereinafter referred to as The Act) is now a valid piece of legislation having received presidential assent in August last year. The Act is now operational, albeit, partially with 98 provisions having been notified for application effective September 12,2013.The other provisions have been kept in suspended animation awaiting… Read More

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Clarification with regard to holding of shares or exercising power in a fiduciary capacity – Holding and Subsidiary relationship under Section 2(87) of the Companies Act, 2013

General Circular No. 20 /2013, Dated: 27th December. 2013 No.1/1212013-CL-V Government of lndia Ministry of Corporate Affairs Sth Floor, 'A'Wing, Shastri Bhawan, Dr. R.P. Road. New Delhi-110001 Dated: 27th December. 2013. To All Registrar of Companies, All Regional Directors . Subject: Clarification with regard to holding of shares or exercising power in a fiduciary capacity  Holding and Subsidiary relationship under Section… Read More

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Class Action Suits Under Companies Act, 2013

The concept of Class Action Suits is among one of the many novelties introduced by the Companies Act, 2013. Thought the concept per se is not new but in Indian context it has found statutory recognition and enforceability now only by means of Companies Act 2013. The first time class action suit came to the… Read More

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