Categories
Notes

Companies Act 2013: MCA introduces new eforms

On its way to the journey of implementation of Companies Act 2013, MCA introduces the following new eforms Serial no New form Purpose of the form 1 INC-1 Application for reservation of name 2 INC-2 OPC- Application for Incorporation 3 INC-3 OPC- nominee consent forms 4 INC-4 OPC-change in members/nominees 5 INC-5 OPC-Intimation of cessation […]

Categories
Notes

Companies Act 2013-A brief outlook on major changes affecting private companies

Glance on provisions affecting private companies Section Details Brief Provision Section 2(41) Definitions Financial Year of any Company can end only on March 31 and only exception is for companies, which are holding / subsidiary of a foreign entity requiring consolidation outside India, can have a different financial year with the approval of Tribunal. Section […]

Categories
Notes

Highlights of Company Bill 2012- passed in Lok Sabha

After a long wait –   Companies Bill, 2008 became Companies Bill, 2009 and then Companies Bill, 2011. Based on Parliamentary Standing Committee’s recommendations, it was again amended and finally now we have Companies Bill, 2012 – Passed in Lok Sabha on 18th Dec 2012 at 10:46 PM The Companies Bill, 2012 has been passed by the […]

Categories
Notes

Note on FDI allowed in LLP

The Cabinet Committee of Economic Affairs (CCEA) has today approved Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) firms. The FDI in LLP has been permitted subject to the following conditions: -FDI upto 100% will be permitted with the prior approval of Foreign Investment Promotion Board (FIPB) for the sectors falling under 100% automatic […]

Categories
Notes

Compliance under SEBI Insider Trading Regulations

The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations states that an insider shall not- on his behalf or on behalf of any other person deal in securities or communicate such information to any other person, who while in possession of such information shall not deal in securities. “Insider means any person […]

Categories
Notes

Resignation of a Director

The Companies Act does not have any provision governing the resignation of a Director. Section 284 of the Act provides for removal of a Director in a General Meeting, whereas Section 283 deals with vacation of office in certain specific circumstances. Nothing has been mentioned in the statute with reference to resignation of a Director […]

Categories
Notes

Disqualification of Directors u/s 274(1)(g)

The provision of Section 274(1) (g) was inserted by the Companies (Amendment) Act, 2000 w.e.f. 13-12-2000. The provision states as follows: Provision: A person shall not be capable of being appointed director of a company, if such person is already a director of a public company which- (A)Has not filed the annual accounts and¹ annual […]