One Person Company means a company that has only one person as a member. It is a separate entity distinct from its members, limited liability protection to shareholders and has a perpetual succession.
As per section 139 of the Companies Act, 2013, the first auditor of the company shall be appointed by the board of directors within 30 days of Incorporation or Registration of the Company.
Provisions of Companies Act are applicable on the basis of paid-up capital, turnover, type of company, net profit or on the basis of outstanding loan and borrowings of the company.
The Reserve Bank of India has permitted foreign investment in almost all sectors with a few exceptions. Thus, the increasing cross border transactions need a proper level of compliance mechanism to be in place.
Listed entities are required to comply with the provisions of the Companies Act, 2013 and those laid down by SEBI. These Compliances can be grouped into quarterly, half yearly and annual compliances.
Public limited companies are listed on the stock exchange where it's share/stocks are traded publicly. Let us discuss the Annual Compliances applicable to a Public Ltd. Company in all 4 quarters.
Disqualification of directors can be grouped into two parts - Disqualification at the time of appointment (Personal Disqualification) and Disqualification for re-appointment (Corporate Default).
As per the provisions of section 149(1) of the Companies Act, 2013, every company shall have a Board of Directors consisting of individuals as directors.
Private company is a company that restricts the right to transfer its shares and prohibits any invitation to the public to subscribe for the same. Let us discuss the Annual Compliances of a Private Company.
Where a dividend has been declared by a company but has not been paid or claimed within 30 days from the date of the declaration by any shareholder then it shall be transferred to an “Unpaid Dividend Account”.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English