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

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

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

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

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

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

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

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

The Ministry of Corporate Affairs, vide Notification dated July 21, 2016, has notified the National Company Law Tribunal Rules, 2016 (NCLT Rules, 2016), which has replaced the Company Law Board. Further, the rules for the National Company Law Appellate Tribunal have also been notified by the Corporate Affairs Ministry. The Tribunal and its Appellate Authority are...Continue Reading

UNDERSTANDING GST: Goods and Service Tax (GST), as we all know has been in consideration for years now and the basic concept is also clear to many. Yet there are a few technical concepts that may need broad deliberations to reduce the ambiguities upon its implementation. We list down few of these for simple understanding....Continue Reading