Background The Companies Act, 2013 has defined the term Financial Year in order to ensure uniformity of financial year among all companies. Under the previous law i.e the Companies Act, 1956 (Old Act), the term Financial Year was not defined and Companies had the liberty to fix their financial year (for example-1st April to 31st March or 01st […]
Change in Financial year as per Companies Act, 2013 Read More »
This is a place to refer all concessions / reliefs provided by governments and authorities to Indian Businesses due to Corona (Covid-19) outbreak. This blog covers – Income Tax, Goods and Service Tax, Customs, Ministry of Corporate Affairs, Reserve Bank of India, Securities and Exchange Board of India, Insolvency and Bankruptcy Code, 2016, Telangana Government
Covid-19 N Business Read More »
A: Background: As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified & deployed a new Web form christened ‘SPICe+’ (Simplified Proforma for Incorporating Company Electronically Plus) (pronounced ‘SPICe Plus’) replacing the existing SPICe form. The Ministry of Corporate Affairs has in exercise of the powers
Procedure for Incorporation of a Company post the launch of Spice+ and Agile-Pro Read More »
Interim Dividend as per Companies Act, 2013 Dividend: 1. The word dividend is derived from the Latin world “DIVIDENDUM”. 2. Dividend means- i) In accounting terms – the profit distributed to shareholders. ii) In financial terms – the return on investments. 3. Dividend is generally paid on two types of instruments viz. i) Preference shares
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What is a Limited Liability Partnership? Limited Liability partnerships (“LLP”) is viewed as an alternative corporate business vehicle that provides the benefits of Limited Liability while allowing its partners the flexibility of organizing their internal structure as a partnership based on mutually arrived agreement.Owing to its flexibility in its structure and operation, the LLP often
LLP Settlement Scheme 2020 & Modified LLP Settlement Scheme 2020 Read More »
The Tata-Mistry clash has been one of the most high-profile and publicly fought corporate battles in India. On December 18, 2019 the NCLAT (National Company Law Appellate Tribunal) jolted the corporate world with its judgment on the Cyrus Investments Pvt. Ltd. & Anr. VS Tata Sons Ltd. & Ors. The two-judge Bench headed by Justice
Tata vs. Mistry – Case Analysis Read More »
Background: A Company may raise loan from the public other than deposits by way of issuing instruments of debt against the Company. Such instruments of debt are usually called debentures. “Debenture” as defined under Section 2(30) of the Companies Act, 2013 (“the Act”) includes debenture stock, bonds or any other instrument of a Company evidencing
Private Placement of Non-Convertible Debentures Read More »
What is an Offence? The term offence is not defined under the Companies Act, 2013 but in general parlance, an offence means an illegal act or crime. As per Section 3(38) of the General Clauses Act, 1897 the term “Offence” shall mean any act or omission made punishable by any law for the time being
Compounding of Offences under Section 441 of Companies Act 2013 Read More »
Background: Companies (Auditor’s Report) Order, 2020 [“CARO, 2020”] has been notified by the Ministry of Corporate Affairs (MCA) vide its order dated 25th February 2020, in exercise of the powers conferred in sub-section 11 of Section 143 of Companies Act,2013 and after consultation with the National Financial Reporting Authority (NFRA),. Companies (Auditor’s Report) Order, 2020 (CARO, 2020)
Companies (Auditor’s Report) Order,2020 [CARO,2020] – Summary Read More »
A. Background: In exercise of the powers conferred in the Section 203 of the Companies Act,2013 read with section 469 of the said Act, Ministry of Corporate Affairs vide its notification dated 3rd January 2020 [“Notification”] has amended the Rule 8A and Rule 9 Companies (Appointment and Remuneration of Managerial Personnel) Amendment