The Ministry of Corporate Affairs has noticed that companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to a Public Limited Company of which any such director …
Loan to Public Limited Companies under Section 295 of the Companies Act, 1956 Read More »
The Ministry of Corporate Affairs had issued a Circular bearing No 09/2010 dated 31.03.2010 as per which it had mandated certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. MCA has now issued a Corrigendum vide circular No. 25/2011 dated 12th May, …
Meaning : Non compos mentis is a term meaning ‘not of sound mind’. Non compos mentis is derived from the Latin words – • non meaning “not”, • compos meaning “having (command of)”, and • mentis meaning “mind”. It is the direct opposite of Compos mentis which means “of a composed mind”. Example: Contracts entered …
The MCA had as per its circular bearing No. 14/2011 dated 8th April, 2011 entrusted practicing professionals registered as Members of the professional bodies namely, ICAI, ICSI & ICWAI with the responsibility of ensuring integrity of documents filed by them with MCA in electronic mode and the system would accept these documents online without the …
Certification of e-Forms under the Companies Act, 1956 by Practicing Professionals Read More »
Green Initiative in the Corporate Governance-Issue of Certificate by Digital Signature: The Ministry of Corporate Affairs vide its General Circular No. 29/2011 dated 20.05.2011 has taken another step towards “Green Initiative” and decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signature of …
Meaning: Bona vacantia is derived from a Latin word which basically means “ownerless goods”. It is a legal concept associated with property which does not have an owner. Bona Vacantia is partly a common law doctrine and partly found in statute. It governs property of deceased persons with no known heirs, the property of defunct …
Section 108A to 108I of the Companies Act, 1956 were inserted through Monopolies and Restrictive Trade Practices (Amendment) Act, 1991. As the MRTP Act, 1969 stands repealed the provisions of Section 108A to 108I of the Companies Act, 1956 have become redundant and will have no legal force This was notified by MCA as per …
The MCA received representation from ICAI stating that under Section 226(30(a) of the Companies Act, 1956, a body corporate is disqualified from appointment as auditor of the company. Since LLP is a body corporate under section 3(1) of the LLP Act, 2008, LLP among other chartered accountants will not be qualified for appointment as auditor …
Electronic mode : The MCA has in partial modification of its circular dated 9th March, 2011 regarding acceptance of payment of value above Rs. 50,000/- for MCA services, only in electronic mode w.e.f 27th March, 2011 has in the following case allowed challan mode of payment for amount less than Rs. 50,000/-: Payment to ‘Investor …
Case Law : Scheme of Arrangement between: M/s. Vodafone Essar Limited, Non-petitioner/Transferor [Company No.1], M/s. Vodafone Essar Mobile Services Limited, petitioner/Transferor [Company No. 2], M/s. Vodafone Essar East Limited, Non-petitioner/Transferor [Company No. 3], M/s. Vodafone Essar Gujarat Limited, Non-petitioner/Transferor [Company No. 4], M/s. Vodafone Essar South Limited, petitioner/Transferor [Company No. 5], M/s. Vodafone Essar Digilink …
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