One of my Client company has turnover of Rs. 7 Lacs and capital is only Rs. 5 Lacs but Secured Loan outstanding is of Rs. 26 Lacs then CARO will applicable or not as TAX audit is not applicable on the company.

Sir, One of my client Private company has secured loan outstanding of Rs. 67 Lacs as on 31.03.2011 so CARO 2003 is applicable but its capital is only 5 Lacs and also turnover is only 70 Lacs.

Then Pls guide whether Internal Audit is applicable or not and if yes what will be the other compliance company has to follow.

Can a private limited Company conduct a Board Meeting for approval of accounts and then on the same day conduct the Annual General Meeting for adoption of the accounts so approved ? Please let me know if it would be in complaince with the Companies Act, 1956? Urgent

why venture capitalist do not sell their shares when one of the companies in their portfolio goes public

please ans fast

on mail vrinda.maheshwari@adityabirla.com

Whether required subscribed capital for formation of private limited co. shall be RS. 10,00,000 instead of 1,00,000. MCA-21 portal require Resubmission of Form-1 with subscribed captal 1,00,000...message display by MCA21 portal as follow-: "Subscribed share capital should be Rs. 10 lacs. Please scan MOA and AOA alongwith subscribers sheet under the head of MOA and AOA respectively. Form should be resubmitted by 03/11/2011 failing which the eForm shall be treated as invalid and shall not be taken on record. (Please refer Regulation 17 of the Companies Regulation, 1956)"

Dear all expert

My query is that the date of incorporation of a Private Limited Company is 03/03/2011.
Which financial year should be adopted by the company?( 03/03/2011 to 31/03/2011 or 03/03/2011 to 31/03/2012)

Please explain.

An early reply is highly appreciated.

A Company has buy backed its shares at Premium.
It has credit Balance in P/L Account & Securitium Premium balance.

Now i want to ask whether Securitum Premium can be utilised for payment on buy back.
or i have to use credit balance of P/L Account due to restrictive use of security Premium Account stated U/s 78.

Sir/Madam i need to know:-
• Whether it is true that

“Property of the partnership firm cannot be deemed as property of the partners and that They are two separate things” ?

• Which section or case laws relate to it?

If company issue shares at premium whether Whether authorised share capital of company for security premium amt will be increased.

Pursuant to section 3(1)(ga) of the Sick Industrial Companies (Special provisions) Act, 1985, NET WORTH= (Paid up Capital + Free Reserves)

Whereas, Free Reserves are defined as all reserves credited out of the profits and share premium account but not include reserves credited out of re-evaluation of assets, write back of depreciation provisions and amalgamation.

What will be the calculation if the Company has accumulated losses in the balance sheet of the relevant financial year.

Please guide, if we need to deduct accumulated losses from the paid up capital while calculating Net Worth for a particular financial year.

with best regards
Deepika Bhardwaj
Company Secretary