Ministry of Corporate Affairs vide General Circular No. 6/2011 dated 8th March, 2011 has simplified the procedure for the Incorporation of the Companies. With effect of this Circular, only the application in Form 1 will be approved by the ROC office and other incorporation forms such as notice of situation of registered office (Form 18) and particulars of appointment …

Process of Incorporation of Companies (Form- 1) and Establishment of Principal Place of Business in India by foreign companies (Form- 44) – procedure simplified Read More »

Ministry of Corporate Affairs vide General Circular No. 4/2011 dated 4th March, 2011, decided that a company shall not require approval of the Central Government for making payment of remuneration by way of commission to its Non- Whole Time Director(s) in addition to the sitting fee if the total commission to be paid to all those Non-Whole Time Directors does …

Payment of commission to Non-Whole time Directors Read More »

Ministry of Corporate Affairs vide General Circular No. 5/2011 dated 4th March, 2011 has simplified the process of obtaining DIN. The salient feature will be that DIN application has to be filed electronically no physical submission is required. Also that  if  DIN 1 is verified by the professional, the DIN will be approved by the system immediately online. In other cases, the …

DIN process simplified Read More »

Ministry of Corporate Affairs on 3rd March 2011 has Revised Schedule VI to the Companies Act, 1956 which deals with the Format and Content of  Balance Sheet, Profit & Loss Account and disclosures, as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and will apply to all companies uniformly for the financial statements to …

Revised Schedule VI Read More »

The Ministry of Corporate Affairs has notified convergence of 35 Indian Accounting Standards with International Financial Reporting Standards (henceforth called IND AS) on February 25, 2011.

General Exemption Under Section 212 of the Companies Act, 1956: Ministry of Corporate Affairs vide General Circular No.2/2011 dated 8th February, 2011 has granted a General Exemption under Section 212 (8) of the Companies Act, 1956 from attaching the Balance Sheet, Profit & Loss Accounts etc., of each of its subsidiary Companies to the Balance Sheet of Holding Companies on certain …

General Exemption Under Sections Read More »

The Ministry of Corporate Affairs issued a notification dated 8th February, 2011 giving exemption to Unlisted Companies (which are not subsidiaries of listed companies) from Central Government approval for payment of Managerial Remuneration in case of no profits/inadequate profits subject to the conditions stipulated in the schedule.

In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the Easy Exit Scheme, it has been decided to extend the Scheme for another three months i.e. upto 30th April, 2011.  All the terms of circular no. 6/2010 dated 03.12.2010 will remain the same.

(i) The new feature of downloadable e-forms has been made available on the LLP Portal. This facility will enable the users to download the e-forms required to be filed and upload the same once filled at their end. (ii) Every LLP shall file Form 3 and Form 4 within 30 days of incorporation failing which Rs.100/- per day will be charged …

LLP Updations Read More »