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SEBI LODR REGULATIONS Key Highlights Vol 002
Obligations of Independent Directors: Number of companies in which appointment can be made: A person shall not be Independent Director in more than 07 (seven) Listed companies If ID is whole time Director in any listed company then he can be appointed as ID in maximum 03 (three) Listed companies Tenure of Appointment: Maximum...Continue Reading
SEBI LODR REGULATIONS Key Highlights Vol 001
Effective Date: Notified on 02nd September, 2015 Applicable w.e.f. 01st December, 2015 Applicability: All Listed Companies who has listed any specified securities in any stock exchanges All existing listed entities shall execute a fresh listing agreement within 06months from date of notification of SEBI LODR Regulations. Framework: Total XII chapters and X Schedules Chapter defines...Continue Reading
“PARADIGM CHANGE FOR MAINTENANCE OF SECRETARIAL DOCUMENTS ELECTRONICALLY”
What secretarial documents can be maintained as e-records? As per Section 120 read with Rule 27 of The Companies (Management and Administration) Rules, 2014, the following “Records” shall/ may be maintained electronically: All Statutory Registers Index Agreements Memorandum and Articles Minutes Any other document required to be kept by the Company under the Companies Act,...Continue Reading
LOAN TO/ FROM DIRECTORS
WHAT CAN BE CONSTRUED AS ‘LOAN’? Since the term ‘loan’ is not defined under Section 2 of the Companies Act, 2013, it becomes absolutely necessary to understand the precise and concise meaning of word ‘Loan’, as there are serious implications in the event of non-compliances. As per the oxford dictionary, loan has been defined as...Continue Reading
PoEM (Place of Effective Management)
Keeping in mind the global commercial environment and the shift from ‘brick and mortar’ to faceless websites, a need was felt to stop the sand from escaping the tight clutches of the tax department. In the Finance Bill of 2015, the definition of Indian resident company under the Income Tax act was sought to...Continue Reading
SWACHH BHARAT CESS ADDED TO SERVICE TAX RATE
Applicability of Swachh Bharat Cess (SB Cess): The concept of SB Cess has been originated from the Union Budget, 2015, where the provision has been made for levying a SB Cess on all or any of the Services but this cess was to be levied only from the date as notified by the Central Government....Continue Reading
REPORTING OF FRAUD UNDER COMPANIES ACT, 2013
In recent years in India, the financial and corporate frauds and scams have rekindled the thought for corporate governance and stringent provisions to tackle fraud. This prompted the lawmakers to statutorily deal with this problem. The Companies Act, 1956 also recognizes the concept of “fraud” as it has provisions for punishment with regard to fraudulent...Continue Reading
Annual Filing: Avoid common mistakes
Few checkpoints while filing the Annual Filing form: Email ID of the Company (Authorized Person) in the company master data: It is recommended to give the email ID of the person handling the secretarial compliances of the company, as all official correspondence from Ministry, such as, form approvals, notices will be sent on this email...Continue Reading