One of my client (US Citizen) has invested around 90% in one of the company.Now he is in india (more than 180 days in 2009-10). Currently there are two directors with 50% share each. Now my client want to introduce himself as a director with 98% share.I would like to know whether is it posssible to do the same. if yes whats the procedure to do the needful. If No Please specify the reason. Thanks

XYZ is a public limited company having six directors. Three Directors have obtained DIN and DIN-3 has been filed with ROC in the year 2007. There is no communication from the balance three directors for the past two years and their whereabouts is not traceable. Due to the above the company could not file DIN-3 with ROC. Further while filing Form 20B (Annual Return) the company is required to give the details of all its six directors. Since DIN of the three absonding directors are not available the company cannot fill up the details in Form 20B. If the situation is allowed to continue the company cannot file the Annual Return with ROC leading to violation.

MCA or the department has not come out with a proper solution for filing Form 32 for absconding directors.

To overcome the above said problem I have devised a plan of action.

Since the three absonding directors have not attended any board meetings from April 2008 onwards they shall vacate their office automatically as per the provisions of Section 283(1)(g) of the Act.

The Board of Directors at their meeting held on 01.09.2009 (accounts meeting) will take on record the vacation of office by these directors. It will be properly recorded in the minutes.

The company has to file Form 32 with ROC within 30 days (on or before 30.09.2009). In the absence of DIN the company cannot file Form 32.

The Company will prepare a detailed letter addressed to ROC. The company will also prepare a manual Form 32 for the vacating three directors. Both the letter and Form 32 will be signed by a Director.

The above said letter and Form 32 will be scanned and attached with Form 20B (Annual Return form). However details of continuing directors who has obtained DIN will be duly filled in Form 20B. Form 20B will be uploaded to MCA portal and fees will be remitted.

As regards fees for Form 32 the company will make the payment under Miscellaneous Payment route, generate the challan and keep the same on record.

Form 20B will be approved under Straight Through Process mode and there will not be any query for the time being from ROC.

However there is a likely chance that the company may get a notice from ROC in future. At that time the company will submit the details to ROC. The company wil also highlight to ROC that it has attached a detailed letter alongwith Form 32 with Form 20B. Fees for Form 32 has also been remitted to the government under miscellaneous payment option.

Valued Members are hereby requested to inform me whether the action plan is workable. Whether any other violation will crop up in future.

(Note: I understand from some of my friends that ROC, Pondichery is allowing the companies to file Form 32 for directors who do not possess DIN. The companies concerned have to manually prepare a Form 32 sign it and scan the same. The duly signed manual Form 32 has to be attached with Form 66 and filed online. ROC, Pondichery is approving the Form 66)

with regards

Muralidharan

Sir

whether hosing loan is eligible for executive Director under section 295 of the C A 1956
pl clarify

What is time limit for registration of Transefer deed ( Share transfer Form ) with registrar in form 7B?

Is there are any relaxtion in form 7C?


Give full Detail.

A private company becoming subsidiary of Public Company is a public company as per definition of Public Company.

Please advice as to the steps to be taken and also whether it can continue the restiction of a pvt company in its articles.

please give relevant caluse reference and citations to have presentation before the management.

its very urgent

Dear Experts,
Can nyone please provide the procedure for Reduction of capital under Sec 100 of the Co act 1956.

Regards
Priyanka

Hi,
Can a Pvt. Ltd. Company refund some part of share application money, if shares are pendining to allotment? And same money is received from foreign?
Please answer as soon as possible with section, because this is required for TAX AUDIT.

Thanks.

I am from Columbia Asia Hospital P Ltd. One of our vendor has supplied a lab equipment on lease basis. Its market value is around Rs 25lakhs.The agreement is as follows - the vendor supplies the equipment freely, but we have to purchase the consumables which is to be used for that equipment from him only at agreed rate for 5years with a minimum of Rs 50000/-per month. After 5yrs our company will become the owner of the equipment. During this lease period we need to bear AMC cost.How to treat this as Asset in the books??? The estimated life of Asset is 10yrs.Kindly advice.

Hello Experts,

Can u pls tel me that , can CARO-2003 is applicable to STPI
STPI means Soft. Technology park of India & not the companies registered under it.

Please tell me any refrence for applicabality or non applicability of CARO to STPI

i m unable to understand of concept of lifting of corporate veil plz give me some examples on that concept ?