We are a public limited company say X limited. 43% of our share is held by another company say Y limited. Two directors are the common directors i.e in both the company they are the directors and in company X their shareholding in individual capacity is not exceeding 2% but in company Y limited their shareholding is exceeding 2%.

Now X limited by an agreement with Y limited take two employees service one is driver and the other one is a peon for it's business need. For this Y limited charged a bill on submission of a copy of pay details and X limited is making the reimbursement to Y limited.

This contract since a reimbursement of expenses only x limited did not take cognizance of requirement of section 299. The auditor is of the view since this a violation on the part of section 299 and thereby section 301 this is to be qualified in CARO.

Sir, will you please help us whether this is a violation at all or not and if yes where is the escape route?

regards,

Alok Mukherjee

Let us assume X and his son Y, both are CA. X is working as a Partner in Firm A and his son is practicing as a Proprietor in Firm B. Firm A and Firm B are purely independent. Suppose X is statutory Audit of Company C Ltd. in capacity as a partner of Partnership Firm. Can Y, son of X can accept Internal Audit in company C Ltd. Note: X and Y are working independently and Y is having no relation with the Partnership Firm. In view of Code of Professional Ethics, Auditing Standard, Company Act or any other Notification/Circular etc Can Y accept as a Internal Auditor of C Ltd. or not.

Dear sir,
what is the difference between NCLT & ROC ?
Tx in advance

I have to form a new private limited company manufacturing and processing mineral water into Bottles and sachets. Can I give the word "MANUFACTURING" in the Object clause? If not then what is the appropriate word?

Depreciation rate as per company law & Income tax law is same

A limited company's (say company x) 47% share is held by company y. In an agreement company x received two employees service of company y and for which they reimburse the actual expenses on the basis of bill raised by company y to company x. Is it relevant to record in section 301?

If at the time of incorporation of public limited company there is some printing error like in place of word "proprietary concern" partnership concern is typed. How to rectify mistake.

Dear All,

My client, a NBFC-ND received a notice from RBI for presenting "copies of particulars relating to approval of Foreign Exchange Department in respect of FDI received."

My question are

1) What is this approval
2) Does it required even if company receiving FDI under automatic route.


Regds

Dear All,

As per RBI circular DNBS (PD).CC. No 167 /03.10.01 /2009-10 dated 4-2-2010 a NBFC with FDI has to furnish a Half yearly certificate from its statutory auditor about Compliance of minimum capitalization norms.

Can anyone pls provide me its format?

Thanks in advance.

Regds

A private limited company has registered office at X place and its books of accounts are maintained at Y place. both X and y are in the same city. the company has not passed the special resolution for this thing. Please let me know the concequences for this non compliance.