a client running business under proprietorship concern, chnaged the proprietory status and formed a private limited company on 03.03.10. A meomrandum of understanding for takeover of business was entered b/n the proprietor and the newly formed company on 01.04.10.For FY 10-11 which is the company's first year of audit, it has shown in its trading a/c opening stock as well as opening WDV in its fixed asset schedule. Is the accounting treatment given proper? As far as company law suggests a proprietorship cannot be converted into company. It is only taken over by another company - which in this case is the newly incorporated one.. Pls advice ASAP

If a coMpany accepts loans from its directors/ their relatives/ shareholders...... is it require to comply with compliance of section 58A.(Public deposit)

Regards

Madhusudan

CAN ANYONE PROVIDE ME FORM NO.1 FOR FILING PETITION WITH CLB FOR CHANGE OF REGISTERED OFFICE OUTSIDE STATE. ALSO, IN HOW MANY DAYS THE PETITION IS APPROVED.

I know the name and date of incorporation of the company and i want to know their pan numbers .... help me out ..!

Request to all professional friends,

If a person is appointed a director in a private company and drawing nil remuneration. Some time later, that director remuneration is increased from nil to Rs.100000/-. In this case, shall section 314(1)be applicable on him? Does he fall in place or profit of place category prescribed in the said section?

Looking forward to reply

Regards,
Harvinder

BOARD RESOLUTION FORMAT TO CHANGE IN SIGNATORY TO OPERATE A BANK ACCOUNT IN A PRIVATE COMPANY,

In a pubic Company having paid up Capital more than 5 Crores a person has been appointed as an Non Executive Director. He is not paid anything directly but prior to his appointment (and still today) his wife is drawing a consultancy fee and also consultancy fee is paid to one of the fim in which this appointtee is a proprietor/partner. Please let me hnow which Sections will be applicable and what compliances needs to be in this respect. As per my rough knowlede Section 297 and Section 314 will be applicable. Please correct me if I am wrong.

dear sir/madem

A PSU company wants to reopen its accounts ( after approved in AGM and annual return filed) on the ground that Government grant wrongly shown in profit and loss a/c as Income.
Now Company wants not to show government grant as Income as government refuse to give the same.
So company shows its accounts on loss basis.
Is there any provision in company low for the same and will it be re-audited. Please explain briefly.

Dear all,


i want to make application for strike off the name of the company under FAST TRACK EXIT SCHEME and i have following financial situation in its Balance sheet

Share Capital Rs. 1,00,000/-
P&L (Debit Balance) Rs. 64000/- and
Misc. Exp to the extend not W/O Rs. 36,000/-

but when ever i put figures in Misc. Exp in e-form "FTE" it shows error that, Amount of Misc Exp should be Zero

pls guide me about this.

Kindly anyone solve following problem

Sit#1- In a plain private company, remuneration of a director, who is already in the Board, is increased/started giving. what will be procedure for it. Is there any limit on the salary in a simple private company? Is sec.314 is mandatory in this case.

Sit#2- In this very Private Company, relative of said director is appointed as a consultant, for instance, having engineering degree and proposed to give 50000 salary p.m.(example). what would be step by step procedure. Is his consent/disclosure required under sec 314(2A)? Is there need to pass special resolution in the Members Meetings?

I hope experts on this site will give their serious attention on the issue

Thanks and Regards,
Harvinder