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The Ministry of Corporate Affairs has notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 that come into force from 15th September, 2022. The Amendment has been introduced to provide ease of doing business and to reduce the burden of compliance from a large number of companies as the definition has been widened to cover more companies.
Section 158 of Companies Act, 2013 states that every person or company, while filing any return, information or particulars as are required to be furnished under this Act, shall mention the Director Identification Number ("DIN") in such return, information or particulars in case such return, information or particulars relate to the director or contain any reference of any director.
The Companies Act, 2013 (the Act) introduced the mandatory provisions of CSR and accordingly Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014 ["CSR Rules"] framed thereunder govern CSR in India.
Every Company should maintain its registered office pursuant to Section 12 of the Companies Act, 2013.
The MCA vide notification dated 18/08/2022 has notified Companies (Incorporation) Third Amendment Rules, 2022 to insert a new rule in Companies (Incorporation) Rules, 2014, which pertains to physical verification of the registered office address of the Companies.
Section 185 of the Companies Act, 2013 contains prohibition, restriction and exemption for providing Loan, Guarantee, and Security to the Directors of the Company and any of their relatives.
Annual Return is a significant document for all the Stakeholders of the Company as it provides in a nutshell, very comprehensive information about various aspects of the Company.
The expression "ratification" was precisely defined by the English Court in one old case, Hartman v. Hornsby as under "Ratification" is the approval by act, word, or conduct, of that which was attempted (of accomplishment), but which was improperly or without proper authority performed in the first instance."
The executive management of a company is responsible for the day-to-day functioning of the company. The Companies Act, 2013 has used the term key managerial personnel to define executive management. The key managerial personnel are the point of first contact between the company and its stakeholders.
The regulators has imposed restrictions for related party transactions for empowering protection to the minority shareholders' interests through requirement of the approval of the shareholders through a resolution for all material related party transactions, wherein all the related party of the company refrain from voting.
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