The Companies Act, 2013 by way of Section 73 to 76 has bought many changes in respect to acceptance of Deposits by any Company, including Private Limited Company.   What is considered as ‘Deposit’?   The following will be included in the definition of Deposit:   Any amount received against subscription to any securities including...Continue Reading

New Companies Act, 2013 makes the capital investment challenging by introducing new provisions regarding fund raising in any form of Company. There are various modes of raising funds by any Company, as listed below: Public Company: Public Offer Private Placement Right Issue or Bonus Issue   Private Company: Private Placement Right Issue or Bonus Issue...Continue Reading

  IMPORTANT DUE DATES FOR FILING MANDATORY DOCUMENTS WITH MINISTRY OF CORPORATE AFFAIRS: COMPLIANCES REQUISITE FORMS DUE DATE OF FILING Board Resolution for acceptance of Disclosures of Directors in Form MBP-1 e-Form MGT-14 Within 30 days of the Board Meeting in which noting of disclosures has been made Board Resolution for Adoption of Financial Statements,...Continue Reading

COMPLIANCES APPLICABLE GENERALLY TO EVERY COMPANY: Changes in official stationery Certain changes were required to be made in official stationery to comply with Companies Act, 2013 Alteration of Charter Documents Amendment of existing Memorandum (MOA) and Articles of Association (AOA) to incorporate the relevant provisions of the Companies Act, 2013 Updation of Statutory Registers Maintenance...Continue Reading

The new Companies Act expects a lot of discipline from the Directors. Explicit provisions relating to duties of Directors have been introduced for the first time which attempts to create high responsibility on Directors. With the requirement of inducting Independent Directors with enhanced eligibility norms, Women Directors, Resident Directors on the Boards of the Companies,...Continue Reading

MANDATORY STATUTORY REGISTERS NAME OF THE REGISTER BRIEF DESCRIPTION 1.  REGISTER OF RENEWED AND DUPLICATE SHARE CERTIFICATES: Section 46(3) of Companies Act, 2013 read with Rule 6(3)(a) of the Companies (Share Capital and Debentures) Rules, 2014 ·     This register shall be maintain in Form SH-2 indicating against the name(s) of the person(s) to whom the...Continue Reading

WHO IS A RELATED PARTY: With reference to a Company, Section 2(76) of the Companies Act, 2013 covers the following under umbrella of Related Party: INDIVIDUALS OTHER THAN INDIVIDUALS 1.     Director 2.     Relative of Director 3.     Key Managerial Personnel (KMP) 4.     Relative of KMP 5.     Any person on whose advice Director or Manager is accustomed...Continue Reading

It’s been three months since the new Companies Act, 2013 has been made effective and we have been informing about certain immediate changes required since then. We are providing a quick ‘recap‘ of certain changes that may have required restructuring of the Organization and Management structure thus aligning to new legal requirements. We have been...Continue Reading

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