DISQUALIFICATION OF DIRECTORS Sl. No. Questions Answers 1 Whether a person who is a Director as on 01.04.2014, in any company, which has not filed Financial Statements or Annual Returns for any immediate preceding three Financial Year, stands disqualified as on 01.04.2014 and whether these three Financial Years, would be reckoned from FY 2014-15? The...Continue Reading

The Companies Act, 2013 has cast a tremendous responsibility on the Directors and Key Managerial Personnel. Now, The Companies Act, 2013 specifically provides the applicability of the provisions related to appointment and remuneration of Managerial Personnel on Private Companies also. Earlier Private Companies were out of this ambit.   Broad Areas The Companies Act, 2013...Continue Reading

Section 379- 393 of Companies Act, 2013 read with The Companies (Registration  of Foreign Companies) Rules, 2014 The ambit of Foreign Company for complying to provisions has drastically increased and now even those Foreign Companies which carry business through Electronic Modes (e-commerce, etc) shall be deemed to have a place of business in India and...Continue Reading

Section 149-150 of Companies Act, 2013 read with The Companies (Appointment and Qualification of Directors) Rules, 2014   Earlier, The Companies Act, 1956 was silent about Independent Directors, as no such provision was mandated regarding the compulsory appointment of Independent Director on the Board. However, only Clause 49 of the listing agreement, which is applicable...Continue Reading

Section 135 of Chapter IX of Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy), Rules 20I4   The new Companies Act, 2013 has introduced various new concepts, and one such concept is, “Corporate Social Responsibility” (CSR). Although, this concept has been in existence as voluntary reporting by large companies, but through the recent...Continue Reading

The Union budget 2015-16 presented on 28th February, 2015 encompasses the fact that Government of the day is focused on consolidating the growth factors with achievable plan of actions. We have tried to bring out certain critical changes that this budget proposes, and that may impact the business decisions or individuals tax planning. Following are...Continue Reading

The new law of Companies Act, 2013 has introduced major changes in the provisions related to Accounting and Financial Reporting. Some of the key changes related to Books of Accounts are as follows:   Broad Areas  The Companies Act, 2013 The Companies Act, 1956 Depreciation Schedule II –          It deals with depreciation of tangible assets as well...Continue Reading

  Comparison to be provided The new law of Companies Act, 2013 has introduced certain changes to declaration and payment of dividend.  Some of the key features related to Dividend are as follows:   Meaning of Dividend: Dividend has origin from Latin word “dividendum”, which means a thing to be divided. ‘Dividend’ is a payment...Continue Reading

The new law of Companies Act, 2013 has introduced different type of companies. Some of the key features of these entities are as follows: ONE PERSON COMPANY (OPC)- Section 3 read with Rule 3 to 18 of Companies Incorporation Rules, 2014 Defined under Section 2(62) of the Companies Act, 2013 Only a natural person who...Continue Reading

As part of our weekly update on the changes related to new Companies Act, 2013, today we update you on changes affecting Auditors of all type of companies. Some of the important provisions related to their Appointment, Resignation, Removal are as follows:     Appointment of first and subsequent Auditors   Applicability: Every Company Public or Private...Continue Reading