As per Section 180(1)(c) of the new Companies Act, 2013, every Company should pass special resolution in general meeting if the Borrowings exceed the paid up capital and free reserves.
Similar provision is there in Sec. 293(1)(d) of the old Companies Act, 1956 but now extended to all companies and special resolution is required instead of ordinary earlier.

Now the query is, here Borrowings refer to the Sanctioned limit or the Loan outstanding?

For instance, the paid up capital & free reserves sum up to Rs.350 crores.

The Company has already obtained long term loan of 200 crores from a Bank repayable in 5 years of which, the current outstanding is Rs.125 crores (75 crores already repaid).

Now, the Company proposes to avail another long term loan of Rs.200 crores.

Is the approval of Shareholders' required in this case?

Hello everyone,

i am filing annual accounts and annual returns of a pvt ltd company engaged in advertising business ( ad agency).

In form 23aca it is compulosry to menion the Details of principal products/servies and (ITC/NPCS 4 digit code)

I read the instruction and got the list from mca site but it is not 4 digit code but 5 digit code (99836) and further subcategory )998361/998362 etc are there.

My question :
how to write the 4 digit code and file the form ACA ?

waiting for the views of the experts.

Can any1 help me with the procedure of winding up of a newly incorporated subsidiary Company. The promoter have not paid the subscription money also and a year has passed since incorporation

Kindly confirm the activity code for business of operating ships.

My form 23b is not getting uploaded as it says some transaction error and pre scrutiny validations are reqiured.....can someone guide me in the procedure of check form,prescrutiny and signing.....or what else could be the mistake....does the size of the file have any importance here?

Dear Members of CS Community

We have Company which has a Land of Rs. 3 cr. . We are planning to convert in LLP and then we want to wind up the LLP .

So can the money out of sell of Land be taken back by Partners without the Tax ?

Is there any LIMIT or Tax applicable on Partners remuneration in LLP ?

Wishing you earliest reply . To understand the business issue, requesting you to have a mgs or call at 9904478071/8000133307

Sir,

Our Company was incorporated on 09.01.2012 and the final accounts for the period from 09.01.2012 to 31.03.2013 have been prepared.

Our First AGM date was fixed on 30.09.2013 and accordingly Form 20B has been filed.

Due to some problem the Form 23AC & ACA has not been filed till date.

Now we came to know that there is a violation u/s 166 of the companies act, 1956.

Please suggest.

EXPERTS............
I WANTED TO KNOW WHETHER I VOILATE ANY LAW IF......

B/S SIGNED ON 11/7/2013

NOTICE OF AGM GIVEN ON 2/9/2013

& AGM HELD ON 30/9/2013.??????

PLZ RPLYYY

Dear Sir
I want to know that
If I want to appoint a person as a director in a company is it necessary that: -
first appoint him as a Additional Director and then appoint as director or
Can I appoint him direct as a director

Dear Experts

There is a Pvt Ltd Company. It has re-appointed its auditor XYZ & Co for the financial year 2012-13 on 25th September, 2012. On 1st November 2013 i.e. today Pvt Ltd wants to appoint XYZ & Co as auditors for same financial year i.e. 2012-13 and remove ABC & Co. ABC & Co is not providing resignation.

What are the Options available with the current auditor and the pvt ltd company in this scenario as the due for filing of income tax return , AGM and audit for financial year 2012-13 has expired?

Thanks & Regards
Ankit Sehra