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companies act 2013


Producer Company in India under the Companies Act, 2013

WHAT IS A PRODUCER COMPANY? "Producer Company" means a body corporate • registered under amended Companies Act, 1956, • the terms of section 465 of the Companies Act, 2013, the provisions of the Part IX A of the Companies Act, 1956 shall be applicable mutatis mutandis to a producer company • the objects of the producer company shall confirm to the activities included in 581B of the Companies Act, 1956. A Producer Com..

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Appointment of Key Managerial Personnel under Section 203 of the Companies Act, 2013

Definition of Key Managerial Personnel The concept of appointing Key managerial Personnel (KMPs)in the case of certain classes of companies has found a place in the statute Book for the first time through the insert of Section 203 of the Companies Act(herein after referred to as “The Act”).Before we discuss the substantive law on the subject ,let us look at Section 2(51) of the Act which provides the exhaustive definition of a KMP.In relation to a company, a KMP means-..

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MCA Notification on Annual Return| When two wrongs do not make a right

Background The Ministry of Corporate Affairs has issued on August 28, 2020 two notifications in relation to the enforceability of Section 92(3) of the Companies Act ,2013 (hereinafter referred to as "The Act")in respect to the dissemination of the company's Annual Return to its shareholders, which , in a manner of speaking, have set the cat amongst the pigeons. The Notifications have become the inflection point for discussion across the professional fraternity. This ..

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MCA amends Companies (CSR Policy) Rules, 2014 of the Companies Act, 2013

The MCA amends the CSR Policy Rules 2014. Now any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22 and 2022-23 subject to certain conditions as mentioned below: MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New D..

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Amendment of item no. (ix) in the Schedule VII of the Companies Act, 2013

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 24th August, 2020 G.S.R. 525(E). - In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule VII to the said Act, namely:- In the said Schedule, for item (ix) and the entries thereto, the following item and en..

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Accounting for corporate social responsibility

Requirement as per S.135 of Companies Act, 2013 Section 135 of the Companies Act, 2013 requires the Board of Directors to constitute a Corporate Social responsibility Committee for the following companies: a. Company having a net worth of Rs. 500 crores or more b. Turnover of Rs. 1000 crores or more c. Net profit of Rs. 5 crores or more Activities of Corporate Social Responsibility Committee 1. It has to formulate and recommend to the ..

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Section 162 of the Companies Act, 2013- Appointment of Directors to be voted individually

SECTION 162 OF THE COMPANIES ACT, 2013 Appointment of Directors to be voted individually In General, the appointment of directors is done in the General meeting of the Company by passing Ordinary Resolution. If a company wants to appoint 5 directors in the general meeting, it has to pass 5 ordinary resolutions for their appointment i.e. one resolution for the appointment of one director. Let us discuss a scenario: ABC Ltd. wants to appoint Mr. Rahul, Mrs. Pri..

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Procedure to Alter Object Clause of Company

Whenever a company incorporate, they have to prepare MOA (Memorandum of Association) where they have to mention all the objectives for which they want to be formed. After incorporation there may come certain situations where the company has to add/delete some objectives, mainly for expansion of business. Thus, there are few steps which need to be followed in case of any change made in Objective Clause of MOA (also refer section 13 of Companies Act, 2013). We will discuss ..

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Section 161 of the Companies Act, 2013- Additional Director

Generally, the director is appointed in the General Meeting of the Company. But sometimes the situation may require to appoint a director on an urgent basis and in that case, the Board cannot wait to convey the general meeting and appoint the director, as it requires lots of formality and hence, the decision may get delayed. ADDITIONAL DIRECTOR {Section 161(1)} As per section 149(1) of the Companies Act, 2013 only an individual can be a Director of the Company. If the Bo..

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Section 163 of the Companies Act, 2013

Option to adopt Principle of Proportional Representation for Appointment of Directors in the General Meeting of the Company The appointment of directors is normally done through a simple majority in the general meeting of the company. As such, majority shareholders are in a position to select all the directors and a significant minority shareholder as large as 49 percent may not be able to appoint even a single director. To mitigate this disadvantage of the minority shareholders, ..

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Section 185 of the Companies Act, 2013

To understand this Section properly we can divide it into three parts: Part 1. Will describe that Loan or Advance cannot be given to individuals or Director. Part 2. Will talk about Loans to Private Company and Body Corporates subject to fulfilment of certain conditions. Part 3. Will describe about the relaxation that are given to some individual and Company subject to certain conditions. ..

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Section 160 of the Companies Act, 2013

This section basically deals with the rights of person other than retiring director under Section 152 of the Companies Act, 2013 INTENTION BEHIND THIS PROVISION? Section 160 provides for right of any person (including Member or Non-Member of the company) to stand for the position of a director in a general meeting of the company. The intent of the section is to deter frivolous proposals for candidature because of which the law include deposit of Rs. 1,00,000. B..

Posted in articles |   561 Views




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