Dear Sir
We are a MNC company. Recently we have receive share capital, as per the DCF method the share value is calculated.
But it is over and above the issue value.
The premium has to be shown in the P & L and pay tax for it ?
Kindly advice.
Suresh Subramanian
9791905733

If a company accounts is deviated from Indian Accounting Standards, then what are the consequences and where all do we have to report while preparing the finacials of the Company

A Private ltd company was incorporated on 26.12.2000. the company has filed PL, BS and Form 20B upto FY 31.03.2006 with ROC.

The company has registered charge for CC of Rs. 40 lacs with ROC and it is available under Charge Index of MCA portal. The has closed the CC of Rs. 40 lacs and has got no due certificate from the Bank. But it has not yet filed Form 17. The sales tax RC was cancelled on 01.01.2009 as the company has reported that it had stopped the Business on 01.01.2009. The company has filed income tax return upto the FY 2006-2007.

Now the company wants to close the company and exit under the Fast Track Exit scheme. There are no dues or assets in the name of the company. Can the company directly apply under FTE after filing the charge satisfaction?
Or
Should the company file the Form 23Ac & Form 20B for 2006-2007, 2007-2008 & 2008-2009 and then proceed under the FTE scheme?

Kindly let me know the procedure.

Dear Members.

could anyone provide me the main objects of carrying business of manufacturing and supply of lifts, elevators, esculators.

views solicited

look forward best.

Thanks and Regards
Girish

A private limited company issued preference shares to all of its existing shareholders at a premium.Now the amount lying in Securities Premium account + Paid up share capital is more than the authorised share capital of the Company. Is it ok or there is some non compliance?( Requisite forms - 23,5 and 2 were filed on time.)

what are the company law requirements in case of "change of location" of company from one state to other.

A private limited real estate company (builder) received advance payments from intending purchasers towards flats under construction in a particular project in August / September 2010. Two types of intending purchasers are seen – one who have made down payments and another who have availed home loans from banks. This company has reported in its balance sheet for FY 2010-11, down payment customers under the “List of Unsecured Loans” and the purchasers with bank loans under “List of Customer Advances”.
This company had also developed another project in which purchasers had paid “Interest Free Maintenance Security (IFMS)”; which is a form of deposit with the builder towards providing maintenance services. In its balance sheet FY 2009-10, this company has shown this IFMS component (Rs. 93,76,280/-) under the “List of Unsecured Loans”.
For FY 10-11, the company secretary firm, in its compliance certificate has specifically mentioned that “The Company has not invited/accepted any deposits including any loans falling within the purview of Section 58A during the financial year. Secured Loans As On 31-03-2010-Nil. As On 31-03-2011-Nil. Unsecured Loans As On 31-03-2010 - Rs. 7,40,04,032/-. Unsecured Loans As On 31-03-2011- Rs. 20,36,04,258/-”. There is no such statement on unsecured loans in the compliance certificate FY 09-10. Similar unsecured loans are reported in balance sheets for FY 2005-06, 2007-08, 2008-09.

All these annual filing documents were downloaded from MCA website for public inspection by paying the requisite fees.

Given the above, can you please guide on the following:

a) Can such unsecured loans be taken from general public under the Companies Act 1956?
b) Is there any specific exemptions given to real estate companies to show customer advances as unsecured loans?
c) If this is incorrect disclosure & violation of the Companies Act 1956; how can this be legally challenged? What is the procedure?
d) Under the law, what are the penalties & consequences of such violations?
e) Are there any precedents from company law board, high court /supreme judgments?

May please advise & guide.

what no of companies director can hold directorship as whole time employee of company.

What is the rule for writting off the preliminery/pre-incorporation expenses in the books of a private limited company. Is there any such rule in the compaqnies act or is it done as per the Income Tax act. please explain in detail?

In Pvt Ltd. Company Director is holding post of Jt.M.D. and remunertion is paid in that company as whole time director. He is also director in other Pvt.Ltd.co.so can he take remuneration in other company? Pl. confirm & reply.