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Filter Query : All | Only Resolved | Only Open

TARIQUE RIZVI

asked On 19 April 2015 at 13:06

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Depreciation on refrigerator


Sir we have purchased a refrigerator durng fy 2014-15 what will be the rate of depreciation as per companies act 2014. Is is 13.91%. Secondly let me know please whether the rate of depreciation as per the companies act 2014 are the same as we had applied for the fy 2013-14. I have to finalise the balance sheet of a private limited company for the fy 2014-15.



CA Aashish Dani

asked On 19 April 2015 at 10:11

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Audit in case of merger


The issue is -
There is four companies
1. Company A is a public limited company
2. Company B is a public limited company
3. Company c is a private limited company
4. Company d is a Pvt. ltd company (this is 100% subsidiary company of A ltd.)

All these companies goes into merger on dated 01-04-2013 and file application to high court. High court issue order of merger on dated 26-03-2015.

Now question is for financial year 2014-15 audit require to all companies of only merger company.



ashutosh

asked On 19 April 2015 at 08:47

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Sicka


Diff b/w net worth prescribed under sick cos. and net worth prescribed under cos. act 1956.



Saurabh Makwana

asked On 18 April 2015 at 18:07

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Section 185 and section 185


[Entire discussion is in relation to the companies which are associate companies and not holding-subsidiary companies]

As per Section 185, the company cannot give guarantee or provide any security in connection with a loan to any other body corporate. However, Section 185 allows corporate guarantee if these companies are holding-subsidiary company.

Section 185 provides that “Save as otherwise provided in this Act, no company shall, directly or indirectly, advance any loan, including any loan represented by a book debt, to any of its directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person”. Section 185 provides exemption to holding company for giving loan or guarantee to its subsidiary companies.

Now i draw reference to Section 186, which reads as follow:

Section 186 (2):

No company shall directly or indirectly —
a) give any loan to any person or other body corporate;
b) give any guarantee or provide security in connection with a loan to any other body corporate or person; and
c) acquire by way of subscription, purchase or otherwise, the securities of any other body corporate, exceeding sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more.

Section 186 (5):

No investment shall be made or loan or guarantee or security given by the company unless the resolution sanctioning it is passed at a meeting of the Board with the consent of all the directors present at the meeting and the prior approval of the public financial institution concerned where any term loan is subsisting, is obtained:

Provided that prior approval of a public financial institution shall not be required where the aggregate of the loans and investments so far made, the amount for which guarantee or security so far provided to or in all other bodies corporate, along with the investments, loans, guarantee or security proposed to be made or given does not exceed the limit as specified in sub-section (2), and there is no default in repayment of loan instalments or payment of interest thereon as per the terms and conditions of such loan to the public financial institution.

Hence, as per my opinion, reading of the Section 185 and 186 together provides as follow:

1. General Permission: Though giving of loans / guarantee is not possible as per Section 185, it is possible upto 60% of the networth of the company giving loan / guarantee.

2. Specific Permission: Giving loan / guarantee in excess of 60% is also possible, if board resolution is passed at a meeting of the Board with the consent of all the directors present at the meeting and the prior approval of the public financial institution is obtained.


Is my interpretation correct? Kindly advise me.



Anonymous

asked On 18 April 2015 at 17:15

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Capital of partner


We are Pvt Ltd Co want to convert into LLP we have 2 director & share holder having paid up capital of Rs. 100000/- and reserve & surplus is Rs.10000000 One Carore

we want to convert PVT LTD into LLP now what will be Partner Capital in Form No -1

i.e. 100000/- or share capital and reserve surplus both together ?



Anonymous

asked On 18 April 2015 at 13:52

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Auditors


according to section 141 of companies act 2013 about disqualification of an auditor can you tell me what is meant by "person" whether an individual or audit firm or both



Anonymous

asked On 18 April 2015 at 10:17

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Borrowing of money in the ordinary course of business


Dear all

I would be highly obliged if anyone can clear my doubt on whether borrowing of money by a company is in the ordinary course of its business.

Thanks



Anonymous

asked On 18 April 2015 at 02:14

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Allotment to other than existing shareholders in private co.


If allotment to be made to other than existing shareholders in private co., what forms and procedure required under Co Act 2013.

Pl guide.



Anonymous

asked On 17 April 2015 at 18:45

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Roc


whenever i am trying to upload the form after prescrutiny no windoe for making payment is opening kindly guide me what should i do thricly i have tried to uploaded the form but coudent do so..



CA Tushar Vyas

asked On 17 April 2015 at 18:25

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Llp- filing and wind-up


Dear Professionals, I just to know about an LLP. It registered in 2011, but till date haven't filed Form 8&11 for any of the financial years. now the additional fees is coming of near about 4.5 L. Partners never made any transaction in this llp. They want to wind up it. What could be the procedure and probability that they can safeguard themselves from this heavy additional fee. Best Regards



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