Nidhi Companies to apply to the Central government for updation of their status/ declaration as Nidhi Company in Form NDH-4 in accordance to amended provisions of the Companies Act and Nidhi Amendment Rules 2019 In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI under the Companies Act and the Rules (effective from 15.08.2019..
As per Section 96 of the Companies Act, 2013 (“Act”), every Company other than OPC shall in each year, hold a General Meeting as its Annual General Meeting (“AGM”). Every Company shall hold its first AGM within nine months from the date of closing of the first financial year of the Company and thereafter in each year within six months from the closure of the financial year, such that the interval shall not be more than fifteen months between two successive AGM. ..
Update: From 15th Feb 2020, new Companies registered through MCA Portal, need not comply with provisions of ESI Act till they reach threshold limit of ESI coverage or initial 6 months whichever is earlier. Submission of Mobile Number and Bank Account details shall be mandatory for registration of New employee and for settlement of benefits/claims reimbursements. Contents <table class="t..
Understanding the term Producer Company: A Producer Company may be referred to as a legally recognized entity of farmers with the objective of improving the standard of living. Producer Company can be incorporated by 10 or more individuals or 2 or more institutions or it can be a combination of both having business objectives as one of the following: Production Procurement Grading Harvesting Handling <l..
The Ministry of Corporate Affairs (MCA) has information of the companies which have violated the provisions of Company Law. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha today. MCA either directly or through Regional Directors (RDs)/ Registrar of Companies (ROCs) receive complaints against companies from public (Individual/entities), from other Ministries..
The Ministry of Corporate Affairs has taken steps to provide several incentives/ relaxation/concession during Lockdown period so as to reduce the burden of companies/LLPs during COVID-19. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha today. Enumerating the steps, Shri Thakur stated the following: Introducing Companies Fresh Start Scheme 2020 (CFSS) vide ..
Background Employee Stock Option Plan (Hereinafter "ESOP") or Equity incentive plan is the scheme through which the companies provide ownership rights to its employees. ESOP is governed through Section 62(1) (b) of the Companies Act, 2013 ("CA, 2013") and SEBI (ESOS and ESPS) Guidelines, 1999 as amended. In the present article, understanding with regard to the ESOP scheme has been provided. Understanding ESOP? In simple..
A Public Limited Company has been defined under Section 2(71) of the Companies law. Public Limited Company offers shares to the general public and has limited liability. A Company which is a subsidiary of a public company shall be deemed to be a public company for the purpose of this Act even where such subsidiary continues to be a private company in its articles. Classification: Listed Company: A Listed Company is a company as defined in Section 2(52..
1. Is the CFSS 2020 applicable on foreign company? Will the forms FC-1, FC-2 and FC-3 be covered under the scheme? Ans : Yes. 2. How to file the belated returns for companies under liquidation? Ans: Only Refund form, GNL-2 (149, 152, 153, 154, 156, 157, 158, 159 and others), INC-28 (Amalgamation/Merger/Demerger/445, 466, 481, Others), MGT-14 (Others) and GNL-4 are allowed to be filed if the company status is under liquidation. 3. Can Deactivated di..
Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 10th September, 2020 ANNOUNCEMENT Sub: Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date During the challenging t..
General Circular No.29/2020 File No: 17/52/2020-CL-V GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, 'A' Wing Shastri Bhawan, Dr. R.P. Road, New Delhi Dated:- 10th September, 2020 To All Regional Directors, All R..
Private Limited Company The word “Private Company” defined under Section 2(68) of the Companies Act 2013 and means a company having minimum paid up share capital as may be prescribed (now it is optional to keep any minimal capital) and which by its articles], a. The private limited company is restricted to transfer its shares; b. The maximum number of its members is restricted to two hundred c. P..