When a Fixed asset of a Company whoes net book value becomes Nil, but it is decided by the Company to use for another 2 years,
What amount must be shown in Balance Sheet of the Company?

We have a Pvt Ltd company with 3 directors. 2 directors are holding 85 % shares and other 1 hold 15 %. One of the directors holding 15 % shares is creating trouble in business. Is it possible to -?
1) Remove/ terminate this director by simple majority or a special resolution?
If yes what is the procedure and does this require a simple majority or special resolution?
And How to with draw his share or transfer shares to some body else.
Please advise me.

I HAVE SUBMITTED FORM 1 WHEREIN IN MEMORANDUM ONE OF THE SUBSCRIBER HAS SIGNED IN KANNADA (REGIONAL LANGUAGE).
THE OFFICER APPRAISED US THAT WE SHOULD FILE AN AFFIDAVIT. KINDLY PROVIDE THE AFFIDAVIT FORMAT AND THE STAMP PAPER CHARES TO MY MAIL ID acharya.sahana@gmail.com

my query is that i have prepared balance sheets of a govt organization from 1990-91 to 2008-09. Since the Balance sheets are prepared now no audit of any type was done previously. now how the matters will proceed in regard to statutory & ag audit.

Thanks in advance
Amit Jain
Dehradun

MY QUERY IS, A PVT. LTD. CO. WHOSE AUDITOR HAS BEEN EXPIRE APPOINT ME AS AUDITOR IN JULY'09, WRONGLY WE HAVE NOT FILE THE FORM 23B IN ROC UPT TO 30TH SEPT. 2009, & NOW WE FILE THE FORM NO. 23B IN IST WEEK OF OCTOBER'2009 IN THIS SITUATION PLEASE TELL US THE STATUS OF PENALTY IF ANY FOR LATE FILLING FORM 23B.

THANKS

CA M.K. JAIN

WE HAVE APPOINTED A AUDITOR IN CASE OF CASUAL VACANCY ARRISE DUE TO DEATH OF PREVIOUS AUDITOR, WRONGLY WE HAVE NOT FILE THE FORM NO. 23B IN TIME & TODAY WE HAVE FILE THE FORM 23B AFTER 30 DAYS PRESCRIBED LIMIT OF RECD. OF APPOINTMENT LETTER, PLEASE CLARIFY THE POSITION IN SUCH SITUATION.

If an asset is procured with payment of Cenvat. For E.g. Cost of Asset 10 Lakh, Cenvat 1 Lakh.
1. Can the asset to be capitalised for 11 Lakh.
a). What is the treatment when Cenvat Credit not availed.

b). What is the treatment when Cenvat Credit availed for Full value of Cenvat Paid.

C). What is the treatment when Cenvat Credit availed Partial in current financial year and remaining in the next financial year.

Iam thanking you all in advance to help me to find solution.

Hi Frendz,

I am confronting difficulty in fillin the 9th clause of Form 5 required to be filed in case of increase in authorised share capital. Can nyone help me out...

Thanks in advance!!!!

In the case of existing auditor, who has been appointed in the last AGM ( held in the year 2008), has submitted his resignation or he has notified in writing his unwillingness to be re-appointed before the next AGM ( to be held in the year 2009.

Was a special notice under section 225 of the Companies Act,1956 is necessary to appoint the new auditor ?

As per Indian companies Act, a company will have authorized share capital. When the company issues shares, a share cetificate will be issued with the details of number of shares and the face value per share. Every further issue if made to the same person will be done in the same procedure as a new investment.

For US companies, the incorporation certificate shows the no. of shares they are authorized to issue. Break up of face value per share is not specified. Now, I got the information that there is no concept of face value per share in US. They don't provide any documentation for the sharecapital issued.

So, I would like to know what is the actual procedure followed in US for issuing shares (to anyone and in particular to Indian companies). If the information received to me is correct, how do they value the share of the share holder in the company.