Welcome to Smart Genie – A service offering to ensure efficient services with value addition utilising our rich domain knowledge to the optimum
Through this presentation, we will look at how compliance is handled by most of the closely held companies and challenges the Company’s face in that scenario. Then, we will see the Role of Smart Genie - its benefits & processes.
Before elaborating on benefits of our services to you, we will see how the Company Law Compliance is handled at most of the closely held unlisted companies. Either knowingly or unknowingly, things are made unnecessarily complicated
A promoter or senior management would be interested to spend more time on business and its development. And hence could spare little / no attention on compliances specifically with MCA / RoC. This would lead to adverse consequences.
General tendency is – “No adverse consequences now, so let us procrastinate, let us comply the provisions when there is a pressure”. Agreed that penal provisions are not very stringent for closely held Companies, but there are certain other adverse effects which are usually least bothered. Look at the procrastinator’s clock – time runs off at the end of the hour.
Coming to the Statutory Records maintenance either No records are maintained or maintained but irregularly maintained and mostly where maintained – physical records are maintained. Sometimes even the minutes are not properly recorded and maintained. Minutes are prominent source of evidence for the operations of the Company and the activities of the Board.
Because of non-compliances in past the ensuing compliances will also be paralysed making things difficult - If we fail in annual filings for more than 3 years, it will not allow us to file the forms for charge registration. Impact - Banker will not be ready to release the funds unless the charge is registered. Then, we initiate at the nick of the moment
Let us see the challenges faced by the Company and/or Legal Counsel in the current scenario.
Irregular maintenance of records lead errors/mistakes, overlap of information with various stakeholders. Directors fall under Defaulters List – crippling the compliances of other compliant companies too. Recent amendment made the penalty to 10 times if compliance not done in 90 days unlike 2 years earlier. For example for a normal form filing fees is say Rs.500/- if done within statutory time, will cost Rs.5000/- if done after 90 days of due date. May even fall prey to show cause notices. And if you wish to apply for condonation of an offence, you should undergo lengthy compounding processes.
Many times we find that compliances are in chaos – no proper track. We cannot retrieve the required data. Recently one client approached us – it is in operation past few years and has yielded consistently good financial results, but to our utter surprise – it was under the “process of strike-off”. Why? They defaulted in annual filings from the date of incorporation. They have been complying other statutory laws. But neglected Companies Act compliance. Consequence, existence of the Company itself is at stake. The awareness of MCA 21 is so intense, believe it or not, that every stakeholder right from employment seeker to prospective investor including the vendor, banker, etc., would be interested in your Company Law compliance status. Further the Comfort levels of certifying professionals would be low.
Challenge is not an obstacle in itself. There n no. of ways to address these challenges. Here comes the role of Smart Genie – KPO for Corporate Law Compliances, a division of R & A Associates. You are absolutely right in asking what makes Smart Genie distinctive. Let’s see.
R & A is in the field of Corporate Secretarial Services past 15 years and has vast experience in domain knowledge. With us your Company would be in safe hands. You can be rest assured and focus 100% on your core business. You would be relieved from the statutory Company Law compliances from time to time.
Towards serving more efficiently, we use the latest Information Technology Tools. Combination of our experience with IT tools would enable seamless experience of our services.
We would continue to provide our services but with some Value addition to it. Our thought process is always to assure you of our best services in an efficient way and technology driven. In coming slides we’ll see the details of our Value addition.
Rich domain knowledge with 15 years experience is the greatest benefit. Further, besides taking care of core compliances, we provide online access to Company’s historic data, will alert you on upcoming statutory time limits and ensure that compliances are met within statutory time limits.
We follow standardised systems and processes to ensure complete cycle of the Compliances is made for a given task. For example, if there is an allotment of shares – its not simply done away with filing return of allotment with RoC. Infact, it starts with Share Application Forms and includes – make necessary entries in share application & allotment register, Members Register, Filing of return, Issue of Share Certificates, Recording of Minutes and related documents and last but not least, revise the online information pertaining to client.
We follow system of maker & checker policy for every process. We have pre-determined work flow for each identified activity, which are reviewed periodically.
Let us see, few screen shots on how online access is provided. This is Home page for entering Login credentials Try to add “smart Genie”
Dash Board – where you can know the latest updates from all the users of a particular project
This is the Documents section where you can access all the documents of Company like Statutory Registers, E-Forms filed with RoC, Certificates, Minutes, Corporate Information – Summary of all Corporate Secretarial transactions
The entire secretarial information is classified into various sections for easy access. We can go to the desired section to view its complete details. For example, if wish to look at Capital details….
On selecting the “Capital” section, it will throw – details of authorised and paid-up capitals. We can view the details of changes in Authorised Capital along with the Forms. Similarly we can glance at the allotment details done during the year. Further, we can view all the Registers relevant to Capital details with real time information, within two working days of filing the returns.
Similarly if we need information on Directors – It will give details of Directors as on date and changes during the current year – i.e., appointments and cessations at a glance. Will also provide with relevant registers like Directors’ Register, Directors’ shareholding, Interest of Directors, Contracts in which Directors are interested, etc.
If went to filing section – It will throw the details of all the Forms filed with the Registrar of Companies along with the link of the Forms and its acknowledgement receipts, in a chronological order. These are few of the sections.
There will be n no. of options if you are looking only for Secretarial Compliances. Our vision is not to just efficiently meet your Corporate Law Compliances, but our efforts are to putforth our entire domain experience of above 15 years to your complete utility – and ensure – on time compliances, accurate & upto date maintainence of records, reduced service time, alert on upcoming obligations, update on amendments, give access to your information at your finger tips at any time and from any place on the globe. That is what Smart Genie does – “take up tasks smartly and efficiently like Genie”
We would be pleased to attend you for any kind of clarifications
"Reduce the complexity of life by eliminating theneedless wants of life, and the labours of life reducethemselves." — Edwin Way Teale
11 Update Task in Zoho(a tool for work Task Assigned flow management)SMART GENIE 22 Work Relevant Check List 33 44 55 Note Information Prepare documents for Required & the filing Directors Signatures 77 fee details Send 66 88 documents 99Update IPRO (a tool for record to clients Verification and Generate maintenance) by Quality Forms ( if Applicable) Control 10 Mark Task as Executive Complete in Zoho Send Forms for Main 12 Verification & Certification 14 Update: 11 1.Transaction Status Track the Upload Certified Forms & save 2.Company Information Status of their Acknowledgement Receipts 3.Corporate Information Forms 13
Team & Contact usCS. T. Sandhya with an experience of about 7 yearswith a team of 10 (Asst. Managers & SecretarialExecutives) will exclusively handle your Company. Reach us at - Ph: 8499849988 Email ID: email@example.com