The document summarizes proposed changes to the Companies Amendment Bill 2016 in India. Key changes include expanding the definition of related parties, key managerial personnel, and significant influence. It proposes changes to requirements around annual returns, board meetings, general meetings, director appointments and qualifications, and committees. Notable changes include allowing EGMs of foreign subsidiaries to be held outside India, lessening audit requirements, and expanding rights of auditors to review documents. The document outlines numerous proposed changes to modernize company law in India.
The document proposes several amendments to the Companies Act 2013. Some key changes include expanding the definition of key managerial personnel and related parties, allowing companies more flexibility in their memorandum of objects, changing timelines for various filings, reducing requirements for related party transactions, and amending provisions around loans to directors and managerial remuneration.
Key changes proposed in Companies Amendment, bill 2016Praveen Soni
The document proposes several amendments to the Companies Act 2013. Key changes include expanding the definition of key managerial personnel and related parties, allowing companies more flexibility in their memorandum of association, changing various filing timelines, easing restrictions on private placements and deposits, simplifying annual return filing, and making changes to director qualifications, loan provisions to directors, related party transactions, and managerial remuneration.
The document summarizes key aspects of Chapter III of the Companies Act 2013 regarding prospectuses and allotment of securities. It outlines the two parts of the chapter - Part I on prospectuses and allotment, and Part II on private placements. It defines key terms like securities, public offer, private placement, prospectus, listed and private companies. It describes the modes of issuing securities for public and private companies. It also summarizes some of the important sections regarding prospectuses, including matters to be stated in a prospectus as per Section 26.
Jai prakash Associate Court Order For Fixed Deposit Repayment atul baride
This the court case order in Case of Fixed Deposit Investor Refund of the Investment. Jaiprakash Associate and others are old players in company FD Market. The Few Percentile of higher interest attracted many investor
WHAT IS DEPOSITS AND WHAT IS NOT DEPOSITS UNDER COMPANIES ACT 2013.The Legal Magister
This document discusses what constitutes a deposit under the Companies Act 2013. It defines a deposit as any receipt of money by a company in the form of a deposit, loan or other means. However, it excludes amounts received from various government sources, financial institutions, other companies, issue of securities or debentures, promoters' loans, and amounts received in the ordinary course of business. The document provides detailed explanations of these exempted categories.
The document discusses the need for and contents of a prospectus issued by companies making public share offerings. Key points:
- A prospectus is a legal document that discloses all material information about a company to potential investors. It is required for public companies raising capital or making public share/debt offerings.
- The prospectus filing process involves submitting draft documents to regulatory agencies for review and approval before the final version is issued.
- The prospectus contains details about the company's management, financials, project details, use of funds from the offering, risks, and rights of shareholders. It discloses litigation, defaults and other important information.
- Regulations specify various sections and data that must be included in the
Companies (Amendment) Act 2017 - Changes in Key definitions & Issue of Securi...Manoj Singh Bisht
The document discusses changes made to key definitions in the Companies Act, 2017 related to associate companies, debentures, financial year, holding companies, key managerial personnel, net worth, public companies, related parties, small companies, and turnover. It also analyzes the impact of amendments made to regulations around private placements and the issue of shares at a discount. The changes aim to provide clarification and expand the scope of certain definitions.
The document provides information on prospectuses under Pakistani law. It defines a prospectus as a document that invites the public to subscribe to shares or debentures in a company. It must include key details about the company's business, management, financials, and the offering. The summary also outlines the requirements for prospectus content, types of prospectuses including shelf and red herring prospectuses, parties responsible if misstatements are made, and liabilities that can arise from an inaccurate or misleading prospectus.
The document proposes several amendments to the Companies Act 2013. Some key changes include expanding the definition of key managerial personnel and related parties, allowing companies more flexibility in their memorandum of objects, changing timelines for various filings, reducing requirements for related party transactions, and amending provisions around loans to directors and managerial remuneration.
Key changes proposed in Companies Amendment, bill 2016Praveen Soni
The document proposes several amendments to the Companies Act 2013. Key changes include expanding the definition of key managerial personnel and related parties, allowing companies more flexibility in their memorandum of association, changing various filing timelines, easing restrictions on private placements and deposits, simplifying annual return filing, and making changes to director qualifications, loan provisions to directors, related party transactions, and managerial remuneration.
The document summarizes key aspects of Chapter III of the Companies Act 2013 regarding prospectuses and allotment of securities. It outlines the two parts of the chapter - Part I on prospectuses and allotment, and Part II on private placements. It defines key terms like securities, public offer, private placement, prospectus, listed and private companies. It describes the modes of issuing securities for public and private companies. It also summarizes some of the important sections regarding prospectuses, including matters to be stated in a prospectus as per Section 26.
Jai prakash Associate Court Order For Fixed Deposit Repayment atul baride
This the court case order in Case of Fixed Deposit Investor Refund of the Investment. Jaiprakash Associate and others are old players in company FD Market. The Few Percentile of higher interest attracted many investor
WHAT IS DEPOSITS AND WHAT IS NOT DEPOSITS UNDER COMPANIES ACT 2013.The Legal Magister
This document discusses what constitutes a deposit under the Companies Act 2013. It defines a deposit as any receipt of money by a company in the form of a deposit, loan or other means. However, it excludes amounts received from various government sources, financial institutions, other companies, issue of securities or debentures, promoters' loans, and amounts received in the ordinary course of business. The document provides detailed explanations of these exempted categories.
The document discusses the need for and contents of a prospectus issued by companies making public share offerings. Key points:
- A prospectus is a legal document that discloses all material information about a company to potential investors. It is required for public companies raising capital or making public share/debt offerings.
- The prospectus filing process involves submitting draft documents to regulatory agencies for review and approval before the final version is issued.
- The prospectus contains details about the company's management, financials, project details, use of funds from the offering, risks, and rights of shareholders. It discloses litigation, defaults and other important information.
- Regulations specify various sections and data that must be included in the
Companies (Amendment) Act 2017 - Changes in Key definitions & Issue of Securi...Manoj Singh Bisht
The document discusses changes made to key definitions in the Companies Act, 2017 related to associate companies, debentures, financial year, holding companies, key managerial personnel, net worth, public companies, related parties, small companies, and turnover. It also analyzes the impact of amendments made to regulations around private placements and the issue of shares at a discount. The changes aim to provide clarification and expand the scope of certain definitions.
The document provides information on prospectuses under Pakistani law. It defines a prospectus as a document that invites the public to subscribe to shares or debentures in a company. It must include key details about the company's business, management, financials, and the offering. The summary also outlines the requirements for prospectus content, types of prospectuses including shelf and red herring prospectuses, parties responsible if misstatements are made, and liabilities that can arise from an inaccurate or misleading prospectus.
Notice of extraordinary general meetingJoginder Pal
The document is a notice for an Extraordinary General Meeting of XYZ Pvt Ltd to be held on December 26, 2018. There are two items on the agenda: 1) To issue Cumulative Convertible Preference Shares through private placement and 2) To reclassify the authorized share capital of the company. The meeting notice provides details on the terms of the preference shares issuance such as issue price, dividend rate, conversion/redemption terms, and voting rights. It also outlines the proposed changes to the authorized share capital.
Presentation on Acceptance of Deposits under Companies Act, 2013SASPARTNERS
Presentation on Acceptance of Deposits under Companies Act, 2013 prepared by SAS Partners Team which gives an insight to the new concepts and changes in the provisions for acceptance of deposits under the new regime. This presentation shall be helpful for Professionals, Corporates and Students at large.
This document outlines a proposed scheme of arrangement and demerger between Jindal Saw Limited and its shareholders/creditors, and Hexa Tradex Limited and its shareholders/creditors.
Some key points:
- Jindal Saw is currently engaged in three distinct business activities which will be separated, with the investment business undertaking being demerged into Hexa Tradex Limited.
- The demerger aims to enable each company to focus on and improve their respective core businesses. It will also allow investors to hold investments tailored to their strategies and risk profiles.
- Upon demerger, Hexa Tradex's shareholding will mirror Jindal Saw's pre-demerger share
The document is The Shaw Group Inc. 2001 Employee Incentive Compensation Plan. The purpose of the plan is to attract and retain employees, motivate employees to achieve long-term goals, provide competitive compensation, and align employee and shareholder interests. The plan allows for various types of awards including stock options, restricted stock, and performance shares. It defines key terms, outlines plan administration, and establishes limits on the number of shares that may be awarded.
SEBI (Share Based Employee Benefits) Regulations, 2014Mmjc Advisory
This document outlines regulations from the Securities and Exchange Board of India regarding share-based employee benefit schemes for listed companies in India. It defines key terms related to employee stock option plans, purchase plans, stock appreciation rights schemes, general employee benefits schemes, and retirement benefit schemes. The regulations are intended to facilitate such schemes while preventing manipulation and ensuring compliance.
This document is an Act passed in Bangladesh in 1993 to regulate financial institutions. Some key points:
- It provides for the licensing of financial institutions by the Bangladesh Bank and sets minimum capital requirements.
- It gives the Bangladesh Bank powers to inspect financial institutions, cancel licenses for non-compliance, and intervene if an institution faces insolvency issues.
- It places restrictions on financial institutions regarding activities like accepting deposits, lending limits, investments, and property ownership to ensure stability.
- The Act aims to provide oversight and control of financial institutions in Bangladesh while protecting depositors and creditors.
The document discusses several proposals by XY Biz Sdn Bhd to raise additional capital and vary existing share rights. It asks whether certain proposals amount to variations of class rights and what legal requirements must be followed.
The assistant analyzes each proposal under the Companies Act 2016 and determines that (1) issuing new preference shares, (2) cancelling existing preference share rights, and (3) introducing a provision on varying rights are variations requiring approval. For other proposals, approval may not be needed depending on the company constitution. The assistant advises on procedures to obtain necessary approvals from shareholders as required by law.
Key Takeaways:
- Reduction of share capital with the approval of court
- Reduction of share capital without the approval of court
- Opportunity for Creditors to object capital reduction
Ppt deposit and other crucial provisions of the companies act 2014 ca vinod ...CS A Rengarajan
This document summarizes key provisions of the Companies Act 2013 related to acceptance of deposits, related party transactions, private placement, and loans to directors. It outlines conditions for companies to accept deposits from members, including issuing circulars, maintaining deposit repayment reserves, and obtaining deposit insurance. It defines related parties and requires related party transactions to be approved by shareholders. Private placement of securities must follow certain procedures including a special resolution and not exceeding 200 allottees. Loans to directors are prohibited except in certain circumstances and must be approved by shareholders.
A prospectus is a document that discloses key information about a company and securities offering. It includes general company information, capital structure, details of the securities issue, litigation history, and other prescribed particulars. There is both civil and criminal liability for untrue statements in a prospectus. According to the "Golden Rule" established in a landmark case, all representations in a prospectus must be stated with strict accuracy. Omitting material facts that could impact the understanding of what is stated would constitute misrepresentation.
Inspection, Inquiry and Investigation Under Companies Act 2013Harsh Ranjan
Impact Analysis of Chapter XIV of Companies Act. This Chapter Deals with Inspection, Inquiry and Investigation Rights of Government and Obligation of Corporate's.
The company wants to issue shares to advisors in recognition of technical services provided. There are three ways this can be done under Indian law: 1) employee stock options, 2) sweat equity shares, or 3) preferential allotment. Preferential allotment is the best option as it is not as restrictive as the other methods and can be used to issue shares to non-employees. For a preferential allotment, the company must get shareholder approval, determine share value by valuation, and comply with relevant laws on share issuance and foreign investment if any advisors reside overseas.
The document provides information on various types of companies under the Companies Act 2013 such as one person company, small company, dormant company, and their key characteristics. It also summarizes the roles of an associate, registered valuer, financial year, corporate social responsibility, secretarial audit, and the National Financial Reporting Authority. Some of the key points covered include that a one person company can be owned by one individual, small companies have certain relaxations, dormant companies are inactive companies registered for future projects, associates have significant influence through shareholding or agreements, and registered valuers are required for certain valuation work.
1. RDB Industries Limited was penalized Rs. 20,00,000 for previous acquisitions by promoters that triggered open offer obligations under Regulation 11(1) but where no open offer was made at the time.
2. The company had made preferential allotments to promoters, and in reviewing the letter of offer SEBI identified violations of failing to disclose previous acquisitions that exceeded thresholds.
3. While the company argued the violations were not intentional and an open offer was now being made, SEBI ruled the current open offer did not absolve the company of obligations for past violations.
Pathways Advisory Group provides financial consulting services to clients under this agreement. They will assess the client's financial situation, develop an investment plan, manage investment assets, and be available for ongoing financial planning advice. Fees are based on a percentage of assets under management. The agreement outlines the services provided, responsibilities of both parties, compensation, and terms for terminating the agreement.
Get inaccurate, incomplete, or unverifiable information removed from your credit report with a credit sweep. Under the Federal Credit Reporting Act, you have the right to dispute inaccurate or incomplete information in your credit profile. And a credit reporting agency must remove or correct inaccurate, incomplete, or unverifiable information. But there is a way credit reporting agencies get around this requirement. Use a credit sweep to protect yourself against credit agencies.
This document contains information about several different businesses and services including:
1. A medical care cooperation and ladies salon advertising packages for hair and beauty services.
2. Details about a contracting company called Masons Contracting including their services, beliefs, and contact information.
3. Information and contact details for several other companies involved in industries like lubricant oils, heating/cooling products, media/art productions, and firefighting equipment.
Notice of extraordinary general meetingJoginder Pal
The document is a notice for an Extraordinary General Meeting of XYZ Pvt Ltd to be held on December 26, 2018. There are two items on the agenda: 1) To issue Cumulative Convertible Preference Shares through private placement and 2) To reclassify the authorized share capital of the company. The meeting notice provides details on the terms of the preference shares issuance such as issue price, dividend rate, conversion/redemption terms, and voting rights. It also outlines the proposed changes to the authorized share capital.
Presentation on Acceptance of Deposits under Companies Act, 2013SASPARTNERS
Presentation on Acceptance of Deposits under Companies Act, 2013 prepared by SAS Partners Team which gives an insight to the new concepts and changes in the provisions for acceptance of deposits under the new regime. This presentation shall be helpful for Professionals, Corporates and Students at large.
This document outlines a proposed scheme of arrangement and demerger between Jindal Saw Limited and its shareholders/creditors, and Hexa Tradex Limited and its shareholders/creditors.
Some key points:
- Jindal Saw is currently engaged in three distinct business activities which will be separated, with the investment business undertaking being demerged into Hexa Tradex Limited.
- The demerger aims to enable each company to focus on and improve their respective core businesses. It will also allow investors to hold investments tailored to their strategies and risk profiles.
- Upon demerger, Hexa Tradex's shareholding will mirror Jindal Saw's pre-demerger share
The document is The Shaw Group Inc. 2001 Employee Incentive Compensation Plan. The purpose of the plan is to attract and retain employees, motivate employees to achieve long-term goals, provide competitive compensation, and align employee and shareholder interests. The plan allows for various types of awards including stock options, restricted stock, and performance shares. It defines key terms, outlines plan administration, and establishes limits on the number of shares that may be awarded.
SEBI (Share Based Employee Benefits) Regulations, 2014Mmjc Advisory
This document outlines regulations from the Securities and Exchange Board of India regarding share-based employee benefit schemes for listed companies in India. It defines key terms related to employee stock option plans, purchase plans, stock appreciation rights schemes, general employee benefits schemes, and retirement benefit schemes. The regulations are intended to facilitate such schemes while preventing manipulation and ensuring compliance.
This document is an Act passed in Bangladesh in 1993 to regulate financial institutions. Some key points:
- It provides for the licensing of financial institutions by the Bangladesh Bank and sets minimum capital requirements.
- It gives the Bangladesh Bank powers to inspect financial institutions, cancel licenses for non-compliance, and intervene if an institution faces insolvency issues.
- It places restrictions on financial institutions regarding activities like accepting deposits, lending limits, investments, and property ownership to ensure stability.
- The Act aims to provide oversight and control of financial institutions in Bangladesh while protecting depositors and creditors.
The document discusses several proposals by XY Biz Sdn Bhd to raise additional capital and vary existing share rights. It asks whether certain proposals amount to variations of class rights and what legal requirements must be followed.
The assistant analyzes each proposal under the Companies Act 2016 and determines that (1) issuing new preference shares, (2) cancelling existing preference share rights, and (3) introducing a provision on varying rights are variations requiring approval. For other proposals, approval may not be needed depending on the company constitution. The assistant advises on procedures to obtain necessary approvals from shareholders as required by law.
Key Takeaways:
- Reduction of share capital with the approval of court
- Reduction of share capital without the approval of court
- Opportunity for Creditors to object capital reduction
Ppt deposit and other crucial provisions of the companies act 2014 ca vinod ...CS A Rengarajan
This document summarizes key provisions of the Companies Act 2013 related to acceptance of deposits, related party transactions, private placement, and loans to directors. It outlines conditions for companies to accept deposits from members, including issuing circulars, maintaining deposit repayment reserves, and obtaining deposit insurance. It defines related parties and requires related party transactions to be approved by shareholders. Private placement of securities must follow certain procedures including a special resolution and not exceeding 200 allottees. Loans to directors are prohibited except in certain circumstances and must be approved by shareholders.
A prospectus is a document that discloses key information about a company and securities offering. It includes general company information, capital structure, details of the securities issue, litigation history, and other prescribed particulars. There is both civil and criminal liability for untrue statements in a prospectus. According to the "Golden Rule" established in a landmark case, all representations in a prospectus must be stated with strict accuracy. Omitting material facts that could impact the understanding of what is stated would constitute misrepresentation.
Inspection, Inquiry and Investigation Under Companies Act 2013Harsh Ranjan
Impact Analysis of Chapter XIV of Companies Act. This Chapter Deals with Inspection, Inquiry and Investigation Rights of Government and Obligation of Corporate's.
The company wants to issue shares to advisors in recognition of technical services provided. There are three ways this can be done under Indian law: 1) employee stock options, 2) sweat equity shares, or 3) preferential allotment. Preferential allotment is the best option as it is not as restrictive as the other methods and can be used to issue shares to non-employees. For a preferential allotment, the company must get shareholder approval, determine share value by valuation, and comply with relevant laws on share issuance and foreign investment if any advisors reside overseas.
The document provides information on various types of companies under the Companies Act 2013 such as one person company, small company, dormant company, and their key characteristics. It also summarizes the roles of an associate, registered valuer, financial year, corporate social responsibility, secretarial audit, and the National Financial Reporting Authority. Some of the key points covered include that a one person company can be owned by one individual, small companies have certain relaxations, dormant companies are inactive companies registered for future projects, associates have significant influence through shareholding or agreements, and registered valuers are required for certain valuation work.
1. RDB Industries Limited was penalized Rs. 20,00,000 for previous acquisitions by promoters that triggered open offer obligations under Regulation 11(1) but where no open offer was made at the time.
2. The company had made preferential allotments to promoters, and in reviewing the letter of offer SEBI identified violations of failing to disclose previous acquisitions that exceeded thresholds.
3. While the company argued the violations were not intentional and an open offer was now being made, SEBI ruled the current open offer did not absolve the company of obligations for past violations.
Pathways Advisory Group provides financial consulting services to clients under this agreement. They will assess the client's financial situation, develop an investment plan, manage investment assets, and be available for ongoing financial planning advice. Fees are based on a percentage of assets under management. The agreement outlines the services provided, responsibilities of both parties, compensation, and terms for terminating the agreement.
Get inaccurate, incomplete, or unverifiable information removed from your credit report with a credit sweep. Under the Federal Credit Reporting Act, you have the right to dispute inaccurate or incomplete information in your credit profile. And a credit reporting agency must remove or correct inaccurate, incomplete, or unverifiable information. But there is a way credit reporting agencies get around this requirement. Use a credit sweep to protect yourself against credit agencies.
This document contains information about several different businesses and services including:
1. A medical care cooperation and ladies salon advertising packages for hair and beauty services.
2. Details about a contracting company called Masons Contracting including their services, beliefs, and contact information.
3. Information and contact details for several other companies involved in industries like lubricant oils, heating/cooling products, media/art productions, and firefighting equipment.
The document discusses the key characteristics of four types of plants: gymnosperms, angiosperms, ferns, and mosses. Gymnosperms reproduce through cones and do not produce fruit, while angiosperms reproduce through flowering and fruit-bearing plants like roses and berries. Ferns have roots, stems, and large frond-like leaves and have existed for over 300 million years. Mosses have simple stems and leaves and reproduce via spores inside capsules. The document also provides a brief overview of the main parts of plants - roots, stems, and leaves.
This document contains information about several different businesses and services including:
1) A medical care cooperation in Dubai that offers various healthcare packages.
2) A contracting company in Dubai that provides fit-out and decoration services for commercial and industrial buildings.
3) An oil factory in Dubai and Fujairah that produces lubricant oils and has ISO 9001 certification.
This study aimed to determine if health literacy is associated with cancer screening rates among middle-class African Americans. The study found:
1) Health literacy was generally not associated with breast, colorectal, prostate, or cervical cancer screening, though higher income and education predicted higher cervical screening rates.
2) Limitations included the cross-sectional design and use of a single-item health literacy measure.
3) Further research is needed to better understand factors predicting low health literacy and how literacy impacts cancer screening decisions.
This document provides information about the Post Graduate Diploma in Management (PGDM) program offered by BIMTECH. Some key details include:
- The 2-year full time PGDM program aims to train students to be capable executives equipped with management skills and knowledge across various business functions.
- The curriculum covers core management subjects in 6 trimesters, with opportunities for specialization electives, knowledge enhancement courses, simulations, projects and internships.
- The class profile of the 2015-2017 batch indicates around half of students held B.E./B.Tech degrees, with other common backgrounds being B.Com, BBA and BCA.
- Elective specialization courses are offered
There are three eligibility criteria and selection procedures for admission to BIMTECH programs:
1. 90% of seats are filled through merit-based admission which requires a minimum 50% in graduation, a valid CAT/XAT/GMAT score, and selection through GD/PI and academic criteria.
2. 10% of seats are filled through other categories including corporate sponsored, NRI, NRI sponsored, and international students which require the same academic eligibility but separate selection criteria weighting GD/PI, work experience, and academic scores differently.
3. The selection process involves applying online, appearing for GD and PI if shortlisted based on academic and test scores, with final admission determined by overall merit calculated based on
Juliana Bacchus has over 20 years of experience in credit and collections roles. She has worked for many major entertainment and technology companies, including Warner Bros., Disney, and Technicolor. Her experience includes building credit departments, implementing software upgrades, reducing past due accounts, and delivering measurable results. She has strong skills in credit analysis, account reconciliation, and developing relationships with customers, management and coworkers.
Travel takes people out of their comfort zones and daily obsessions, allowing them to connect with their natural environments and inner truths. It also brings people into contact with "lifestyle mates" who share similar ideas and values. Travel provides "psychic distance" from problems, enabling a fresh perspective similar to walking beside a calming river. Ultimately, though travel seems to distance people physically, it actually brings them closer to their inner core and true purpose.
El documento describe los diferentes elementos que componen un plano, incluyendo las marcas de orientación que indican los puntos cardinales, los signos y símbolos convencionales utilizados para representar objetos, la leyenda que explica el significado de los símbolos, la escala que indica la reducción de la realidad en el plano, y la toponimia que muestra los lugares y calles. Además, explica los diferentes tipos de planos como el ortogonal para ciudades con calles en ángulo recto, el lineal para localidades alargadas asoci
El documento describe los conceptos de producción, productividad y método justo a tiempo. Específicamente, define la producción como la creación de bienes y servicios y la adición de valor, y la productividad como la relación entre los resultados y los recursos utilizados. Luego, explica que el método justo a tiempo busca aumentar la productividad mediante la reducción de costos y stocks al producir solo sobre pedidos reales.
Manuel atelier iveco 4 x4 - véhicule de 1998 - PDFteneree2014
The document consists of over 200 repetitions of the phrase "Simpo PDF Merge and Split Unregistered Version - http://www.simpopdf.com". It appears to be promoting the Simpo PDF Merge and Split software available at their website for an unregistered/free version.
The author is excited to travel to Huatulco, Oaxaca in July with family and friends. They will take a bus to get there and visit important and beautiful places once arrived. The author plans to stay in a beach hotel, eat seafood, and enjoy the ocean, beach and pool with their family and friends.
A insuficiência venosa crônica é muito comum, afetando cerca de metade da população. As varizes são mais prevalentes em mulheres, e fatores de risco incluem postura prolongada, número de gestações e obesidade. A úlcera de estase é mais comum em mulheres, e fatores de risco associados são número de gestações, obesidade e baixa renda.
Companies amendment act 2017 amended sections with analysismystartupvakil.com
The Companies Amendment Act, 2017 was passed by the Rajya Sabha in December 2017 and received presidential assent in January 2018. The amendments will come into force on dates notified by the Ministry of Corporate Affairs. This article summarizes the key amendments made to section 2, which defines terms used in the Act. Some of the important changes include expanding the definition of "associate company", including cost accountants in practice in the definition of "cost accountant", and increasing the limits for paid-up capital and turnover to qualify as a small company.
The document provides an overview of key changes introduced in the Companies Act 2013 compared to the previous Companies Act 1956. Some of the major changes include the introduction of new classes of companies like One Person Company and Dormant Company, greater accountability of directors and auditors, emphasis on corporate governance and investor protection, mandatory spending on corporate social responsibility, and establishment of the National Company Law Tribunal. The new Act aims to transition to a regime of self-regulation with simplified procedures and more e-governance.
The document provides guidance on preparing, filing, and certifying the Annual Return for companies in India. It defines key terms and explains that the Annual Return contains important company information like registered office details, shareholding patterns, board and committee meetings, and remuneration. It must be filed within 60 days of the AGM and certified by a Company Secretary for listed or large companies. The Annual Return gives stakeholders a snapshot of the company's status and is important for transparency.
The document provides an overview of key provisions in the new Companies Act 2013 in India, which aims to transition corporate regulation from a government-regulated regime to one of greater self-regulation. Some key changes include requirements for committees on remuneration and stakeholder grievances, greater powers for audit committees, rules around independent directors, mandatory social responsibility expenditures, restrictions on auditor services, and enhanced auditor liability. The new law reduces the number of sections compared to the previous Companies Act of 1956 and aims to simplify compliance while increasing transparency and investor protections for corporations.
The document provides a comprehensive table summarizing the various monetary limits and exemptions specified in the Companies Act, 2013. It lists out key terms such as paid-up capital, reserves, net worth, turnover, and profits and the limits defined for them in different sections of the Act. It also notes certain sections that allow scope for different interpretations regarding these terms and limits. The table covers 8 items, explaining the applicable limits and exemptions for provisions related to definitions, small companies, subsidiaries, and voluntary conversion of One Person Companies.
(1) Section 186 of the Companies Act 2013 regulates inter-corporate loans and investments made by companies. It restricts such loans/investments to 60% of the company's paid-up capital and reserves or 100% of its reserves, whichever is higher.
(2) Exceptions to Section 186 include loans by banking, insurance, housing finance companies and infrastructure finance companies in the normal course of business. Registered non-banking finance companies focused on security acquisition are also exempt.
(3) Contravention of Section 186 attracts a penalty of up to Rs. 5 lakhs for the company and imprisonment up to 2 years and a fine of up to Rs. 1 lakh for officers in
Presentation companies amendment bill 2017Ameet Roy
This document provides an overview of proposed amendments to the Companies Act, 2013 in India through the Companies (Amendment) Bill, 2017. Some key points:
- Many changes aim to simplify and soften provisions of the Act based on recommendations of the Standing Committee.
- Changes include expanding the definition of small companies, increasing timelines for certain filings, allowing electronic notice of rights issues, and empowering rules on non-applicability of charge registration requirements.
- Penalty provisions are amended for private placement of securities and contravention of deposit acceptance and repayment rules.
The document outlines key amendments made to the Insurance Act of 1938. Some of the major amendments include:
- Increasing the cap on foreign investment in insurance companies from 26% to 49%.
- Allowing foreign re-insurers to open branches in India.
- Recognizing 'health insurance' as a separate field of insurance business.
- Removing requirements for insurers to maintain deposits with RBI.
- Prescribing minimum annuities and benefits that must be paid out under life insurance policies.
- Increasing penalties for non-compliance, such as fines up to Rs. 25 crores and imprisonment up to 10 years.
This document outlines rules related to Nidhi companies in India as established by the Central Government. Some key points:
- Nidhi companies must have a minimum paid-up capital of Rs. 5 lakh and can only carry out the business of borrowing and lending among members.
- Within one year, Nidhis must have at least 200 members, net owned funds of Rs. 10 lakh, 10% of deposits in fixed deposits, and a net owned funds to deposits ratio of 1:20.
- Nidhis cannot issue preference shares, carry out other businesses like insurance, or accept deposits from non-members. They also cannot pledge member assets or pay brokerage on deposits.
comparative study of Companies act 2013Rohit Natani
The document provides an overview of key changes between the Companies Act, 1956 and the Companies Act, 2013. Some of the major changes include an increase in the number of chapters and sections in the new act, the introduction of new types of companies like One Person Company, more stringent requirements for public deposits and charges, and changes to provisions related to annual general meetings, board meetings, and share capital. The new act also includes updated definitions for terms like associate company, promoter, and small company.
Exemptions to private companies under companies act 2013 impact analysisFCS BHAVIK GALA
The document discusses exemptions provided to private companies under the Companies Act 2013 that reduce compliance burdens. Key exemptions summarized are:
1) Private companies are exempt from filing board resolutions with the Registrar of Companies, reducing a significant compliance burden.
2) Private companies can purchase their own shares without a reduction in capital, subject to certain conditions like no other corporate investment and borrowing limits.
3) Private companies have flexibility in issuing shares with differential voting rights if allowed by memorandum and articles of association.
4) The definition of related party transactions excludes holding, subsidiary and associate companies for private companies, simplifying approval requirements.
The document provides an introduction to the Companies Auditor's Report Order (CARO) 2016 for auditors. Some key points:
- CARO 2016 was notified on March 29, 2016 and applies to financial years starting April 1, 2015. It consists of 16 clauses, with 7 new clauses added and 3 removed from CARO 2015.
- The eligibility criteria for exemption of private companies from CARO was increased, such as the paid-up capital limit rising from Rs. 50 lakh to Rs. 1 crore.
- New clauses require auditors to report on compliance with Sections 185 and 186 of the Companies Act regarding loans to directors and investments exceeding thresholds. Title deeds of properties must also be verified
The document discusses key provisions around inter-corporate loans, investments, guarantees and securities under the Companies Act.
1. It defines terms like "loan", "investment", and "free reserves".
2. It sets limits on the board's powers to approve loans/investments of 60% of paid-up capital and free reserves or 100% of free reserves without shareholder approval.
3. Shareholder approval by special resolution is needed for exceeding these limits. Notice to shareholders must provide details of the proposal, body corporate involved, funding sources, etc. No blanket approvals are allowed.
4. An exception exists for guarantees, where the board can exceed limits without
This document outlines the requirements for an auditor's report on the financial statements of certain companies according to the Companies (Auditor's Report) Order, 2020. It specifies 16 key matters that must be addressed in the auditor's report, including confirming proper maintenance of accounting records, conducting physical verification of assets and inventory, examining loan transactions, assessing compliance with regulatory requirements, and disclosing any fraud or defaults. The auditor must comment on each matter and disclose any non-compliance observed.
The Reserve Bank of India revised guidelines for the Corporate Debt Restructuring (CDR) mechanism based on recommendations from a special group. Key changes include:
1) RBI will no longer be part of the CDR standing forum and core group, but will provide broad guidelines.
2) The CDR mechanism will only cover accounts with outstanding exposure of 10 crore rupees or more from multiple banks/institutions.
3) Accounts of wilful defaulters will not be considered, except in exceptional cases approved by the core group.
4) If 75% of creditors by value and 60% by number approve a restructuring package, it will be binding on remaining creditors.
The document discusses various provisions related to the issue of capital by companies under Indian law. It covers topics like the memorandum of association, capital clause, alteration of capital clause, reduction of share capital, variation in rights of shareholders, prospectus, and allotment of shares. Key points include that the memorandum defines and limits a company's powers, a capital clause states the share capital amount and structure, and special provisions under law regulate the initial and subsequent allotment of shares offered to the public.
Loans & deposits as per new companies act 2013Raghav Madhavan
The document discusses the key changes in the Companies Act, 2013 regarding loans and deposits for companies. Some of the main points covered are:
1) Private companies can now only borrow from directors and financial institutions, removing shareholders and relatives of directors from the list of permitted lenders.
2) Strict limits are placed on accepting deposits, with private companies only allowed to accept from directors. Compliance with additional rules is required to accept deposits from non-directors.
3) Loans to directors and other interested parties are prohibited, with some exceptions. Shareholder approval is required if total borrowings exceed paid-up capital and reserves.
4) Strict rules also govern acceptance of deposits from the public, including
Companies (Incorporation) Third Amendment Rules, 2016GAURAV KR SHARMA
The notification amends the Companies (Incorporation) Rules, 2014 to:
1. Allow a natural person to be a member of only one One Person Company.
2. Require consent from trademark owners when including their trademarks in company names.
3. Simplify document filing requirements and allow digital signatures for some documents.
4. Introduce new rules for converting unlimited liability companies to limited liability companies.
2. DEFINITIONS
Section Existing Provision/
Particulars
Proposed
Explanatio
n to
2(6)
“significant influence”
means
control of at least twenty
per cent. of total share
capital, or of business
decisions
under an agreement;
(a) the expression "significant influence"
means control of at least
twenty per cent. of total voting power,
or control of or participation in
business decisions under an agreement;
Joint Venture was Not
Defined
(b) the expression "joint venture" means
a joint arrangement whereby
the parties that have joint control of the
arrangement have rights to the net
assets of the arrangement;';
3. Section Existing Provision/
Particulars
Proposed
2(28) “cost accountant” means
a cost accountant as
defined in clause (b) of
subsection
(1) of section 2 of the Cost
and Works Accountants
Act, 1959;
"Cost Accountant" means a cost
accountant as defined in clause (b)
of sub-section (1) of section 2 of the Cost
and Works Accountants Act, 1959 and
who holds a valid certificate of practice
under sub-section (1) of section 6 of
that
Act;';
2(30) Debentures - New
Proviso added
"Provided that—
(a) the instruments referred to in Chapter
III-D of the Reserve Bank
of India Act, 1934; and
(b) such other instrument, as may be
prescribed by the Central
Government in consultation with Reserve
Bank of India, issued by a
company, shall not be treated as
debenture;";
4. Section Existing Provision/ Particulars Proposed
2(51) Definition of KMP :
New Clause proposed to be
added
(i) the Chief Executive Officer or the managing director
or the manager;
(ii) the company secretary;
(iii) the whole-time director;
(iv) the Chief Financial Officer; and
(v) such other officer, not more than one level below
the directors
who is in whole-time employment, designated as key
managerial personnel
by the Board; and
(vi) such other officer as may be prescribed;";
2(57) Net Worth - New Words
proposed to be added after
Securities Premium Account
securities premium account and debit or credit balance
of profit and loss account
2(76) New Related Party Proposed "(viii) any body corporate which is—
(A) a holding, subsidiary or an associate company of such
company;
(B) a subsidiary of a holding company to which it is also
a subsidiary;
or
(C) an investing company or the venturer of a
company;";
5. Section Existing
Provision/
Particulars
Proposed
2(85) Small
Company
‘‘small company’’ means a company, other than a
public company,—
(i) paid-up share capital of which does not exceed
fifty lakh rupees or such
higher amount as may be prescribed which shall not
be more than Ten crore rupees; or
(ii) turnover of which as per its profit and loss
account for the immediately preceding financial
year does not exceed two crore rupees or such higher
amount as may be prescribed which shall not be more
than one hundred Crore rupees:
Provided that nothing in this clause shall apply to—
(A) a holding company or a subsidiary company;
(B) a company registered under section 8; or
(C) a company or body corporate governed by any
special Act;
6. Section Existing
Provision/
Particulars
Proposed
2(87) Subsidiary
Company
“subsidiary company” or “subsidiary”, in relation to any other
company
(that is to say the holding company), means a company in which the
holding company—
(i) controls the composition of the Board of Directors; or
(ii) exercises or controls more than one-half of the total Voting
Power either at its own or together with one or more of its subsidiary
companies
Omitted :
Provided that such class or classes of holding companies as may be
prescribed shall not have layers of subsidiaries beyond such numbers
as may be prescribed.
Explanation (d) “layer” in relation to a holding company means its
subsidiary or
subsidiaries;
2(91) Turnover "turnover" means the gross amount of revenue recognised in the
profit and loss account from the sale, supply, or distribution of goods
or on account of services rendered, or both, by a company during a
financial year;'.
7. Section Existing Provision/
Particulars
Proposed
3A New Section Proposed
Members
severally liable
certain cases.
If at any time the number of members of a
company is reduced,
in the case of a public company, below seven,
in the case of a private Company, below two, and
the company carries on business for more than six
months while the number of members is so
reduced,
every person who is a member of the company
during the time that it so carries on business after
those six months and is cognizant of the fact that it
is carrying on business with less than seven
members or two members, as the case may be,
shall be severally liable for the payment of the
whole debts of the company contracted during that
time, and may be severally sued therefor.".
8. Section Existing Provision/
Particulars
Proposed
4(1)(c) Object Clause (whole
clause Amendment)
that the company may engage in any lawful act or
activity or business, or any act or activity or
business to pursue any specific object or objects, as
per the law for the time being in force:
Provided that in case a company proposes to pursue
any specific object or objects or restrict its objects,
the Memorandum shall state the said object or
objects for which the company is incorporated and
any matter considered necessary in furtherance
thereof and in such case the company shall not
pursue any act or activity or business, other than
specific objects stated in the Memorandum;
9. Section Existing Provision/
Particulars
Proposed
4(5) Reservation of Name
for 60 Days from Date
of the Application
20 days from the date of approval or such other
period as may be prescribed.
4(6A) New Section A company may adopt the model memorandum
applicable to such a company.
4(6B) New Section In case of any company, which is registered after
the commencement of the Companies
(Amendment) Act, 2016, in so far as the
registered memorandum of such company does not
exclude or modify the contents in the model
memorandum applicable to such company, those
contents shall, so far as applicable, be the contents
of the Memorandum of that company in the same
manner and to the extent as if that was
contents of the duly registered memorandum of the
company.".
10. Section Existing Provision/
Particulars
Proposed
7(1)(c) An affidavit form each of
subscriber have to be filled
while incorporating a
company.
Now a declaration will required to be
submitted
12 (1) Companies should have its
registered office on or from
15th day of its Incorporation.
Now this Period will be 30 Days
12(4) INC – 22 is to be filled within
15 Days of change
Now this Period will be 30 Days
21 Authentication of Documents,
Proceedings and contracts
Now an employee can be authorised by board
for authentication apart from KMP and Officer
of the Company
11. Section Existing
Provision/
Particulars
Proposed
42 Private Placement New section Proposed:
• private placement offer and application shall not carry
any right of renunciation.
• PAS-3 is to be file within 15 days from the date of
allotment.
• company shall not utilize monies raised through
private placement unless allotment is made and the
return of allotment is filed with the Registrar
• Filing of record of offers to be dispensed with
53(2A) New Sub section "(2A) Notwithstanding anything contained in sub-sections
(1) and (2), a
company may issue shares at a discount to its creditors
when its debt is converted into shares in pursuance of any
statutory resolution plan or debt restructuring scheme in
accordance with any guidelines or directions or
regulations specified by the Reserve Bank of India under
the Reserve Bank of India Act, 1934 or the Banking
(Regulation) Act, 1949.".
12. Section Existing Provision/ Particulars Proposed
73(2)(c) Acceptance of deposits :
depositing such sum which shall
not be less than fifteen per cent.
of the amount of its deposits
maturing during a financial year
and the financial year next
following, and kept in a
scheduled bank in a separate
bank account to be called as
deposit repayment reserve
account;
depositing, on or before the 30th day
of April each year, such sum
which shall not be less than twenty per
cent. of the amount of its deposits
maturing during the following
financial year and kept in a scheduled
bank in a separate bank account to be
called deposit repayment reserve
account.
73(2)(d) Debenture Insurance Omitted
73(2)(e) Acceptance of Further Deposit if
made any default
If 5 years has not been elapsed from the
date of making default good , company
can’t accept further deposit.
13. Section Existing Provision/ Particulars Proposed
76(1)(b) Repayment of deposit accepted
before commencement of this Act:
Now one year has been allowed from
commencement of this act or from the
date on which such payment are due
Whichever is earlier
repay within three years from such
commencement or on or before
expiry of the period for which the
deposits were accepted, whichever is
earlier:
89(10) Declaration in respect of beneficial
interest in any shares
New sub Section Proposed
For the purposes of this section and
section 90, beneficial interest in a
share includes, directly or indirectly,
through any contract, arrangement or
otherwise,
the right or entitlement of a person
alone or together with any other
person to—
(i) exercise or cause to be exercised
any or all of the rights attached to
such share; or
(ii)receive or participate in any
dividend or other distribution in
respect of such share.".
14. Secti
on
Existing Provision/
Particulars
Proposed
92 Annual Return No need to give Information regarding
Indebtedness
92(3) Section Substituted :
An extract of annual return in
such form as may be prescribed
shall form part of Board’s
Report
Every company shall place a copy of the
annual return on the website of the
company, if any, and the web-link of such
annual return shall be disclosed
in the Board's report.".
Concept of MGT-9 proposed to be
Abolished.
93 Concept of Filling MGT-10 Omitted whole section
15. Sectio
n
Existing Provision/
Particulars
Proposed
96 AGM annual general meeting of an unlisted
company may be held at any place in India
if consent is given in writing or by
electronic mode by all the members in
advance:
100 EGM Provided that an extraordinary general
meeting of the company, other than of
the wholly owned subsidiary of a
company incorporated outside India, shall
be held at a place within India.".
It means EGM of wholly owned foreign
Subsidiary can be held outside India.
16. Sectio
n
Existing
Provision/
Particulars
Proposed
123(3) Declaration of
Dividend
The Board of Directors of a company may declare interim
dividend during any financial year or at any time
during the period from closure of financial year till
holding of the annual general meeting out of the surplus
in the profit and loss account or out of profits of the
financial year for which such interim dividend is sought to
be declared or out of profits generated in the financial year
till the quarter preceding the date of declaration of the
interim dividend:".
129 Financial
Statements
The requirement of consolidating the accounts of Joint
venture proposed to be omitted.
134 Board’s
Report
CEO Shall sign Financial Statements whether he is a
Director or not.
It Seeks to modify the disclosure requirement with
respect to Annual Return and Policies in respect of
Nomination and CSR.
17. Sectio
n
Existing
Provision/
Particulars
Proposed
136 Right of member
to copies of
audited Financial
Statement
Copies of audited financial statement and other
documents can be sent at shorter period provided that
95% member entitled to vote at the meeting agree for
the same.
137 Copies of
Financial
Statement to be
filled with
registrar
Filling of Unaudited financial statement of foreign
Subsidiary to the ROC will be Mandatory.
139 Auditor Do away the annual ratification for the appointment of
Auditor by member.
18. Sectio
n
Existing Provision/
Particulars
Proposed
143 Power and Duties of
Auditors
Now Auditor will have access to
Accounts and Records of Associate
Companies.
148 Cost Audit Now cost audit can been done by
Cost Accountant apart from Cost
Accountant in Practice
19. Sectio
n
Existing
Provision/
Particulars
Proposed
149(3) Resident
Director
Computation of Period of 182 days will be in respect of
Financial year Instead of Previous Year
149(6) Independent
Director
the words "pecuniary relationship", the words
"pecuniary relationship, other than remuneration as
such director or having transaction not exceeding ten per
cent. of his total income or such amount as may be
prescribed," shall be substituted;
Clause (d) shall be amended.
152 Director Director may hold other identification no as may be
prescribed by CG in addition to DIN
153 DIN CG may recognize other Identification no as DIN, in
addition to DIN
20. Sectio
n
Existing
Provision/
Particulars
Proposed
160 Appointment of
Director other
than retiring
Director
no need to deposit 1 lac rupees in case of appointment of
Independent Director and Director nominated by
Nomination and remuneration committee
161(2) Alternate
Director
(now it is in
other company)
Restrict a person from being appointed as alternate
director if he is holding alternate directorship in same
company.
161(4) Filling of casual
vacancy
(Only applicable
to Public
Companies)
Now it is proposed to be applicable to all company and
approval in immediate next General Meeting will be
necessary
21. Sectio
n
Existing
Provision/
Particulars
Proposed
164(2) Disqualification
of Director
a person is appointed as a director of a company which is
in default of clause (a) or clause (b), he shall not incur the
disqualification for a period of six months from the date
of his appointment.
Proviso: amendment
"Provided that the disqualifications referred to in clauses
(d), (e) and (g) of sub-section (1) shall continue to apply
even if the appeal or petition has been filed against the
order of conviction or disqualification
165 No. of
Directorship
Directorship in Dormant company will be excluded
from the limit of Directorship in 20 Companies.
167 Vacation of
office of
Directorship
where he incurs disqualification under sub-section (2) of
section 164, the office of the director shall become
vacant in all the companies, other than the company
which is in default under that sub-section.
It also seeks to amend this section with respect to appeal
against conviction order.
22. Sectio
n
Existing
Provision/
Particulars
Proposed
168 Resignation of
Director
Forwarding a copy of resignation by director to the
registrar will be optional.
173 Meeting of BOD where there is quorum in a meeting through physical
presence of directors, any other director may
participate through video conferencing or other audio
visual means in such meeting on any matter specified
under the first proviso
177(1) Audit
Committee
Every Listed Public Company and such other class or
classes of companies as may be prescribed shall
constitute audit committee.
177(4) New proviso Provide for ratification by audit committee of transaction
involving amount not exceeding 1 Cr rupees within 3
months of transaction, Consequent to non-ratification.
Exemption from approval of audit committee to Related
Party Transaction between holding and its wholly owned
subsidiary company, other than those covered in sec 188.
23. Sectio
n
Existing
Provision/
Particulars
Proposed
178 Nomination and
Remuneration
Committee
Every Listed Public Company and such other class or
classes of companies as may be prescribed shall
constitute audit committee.
Evaluation of
Performance
shall specify the manner for effective evaluation of
performance of Board, its committees and individual
directors to be carried out either by the Board, by the
Nomination and Remuneration Committee or by an
independent external agency and review its
implementation and compliance"
Proviso to sub
section (4)
policy shall be placed on the website of the company, if
any, and the salient features of the policy and changes
therein, if any, along with the web address of the policy,
if any, shall be disclosed in the Board's report.
180(1)
(c)
Restriction on
Power of Board
Include securities premium account along with paid up
capital and free reserve for calculating upper limit of
borrowing.
24. Sectio
n
Existing
Provision/
Particulars
Proposed
185 Loan to director Substitution of new section;
Key changes:
• No company shall, directly or indirectly, advance any
loan, including any loan represented by a book debt
to, or give any guarantee or provide any security in
connection with any loan taken by,—
(a) any director of company, or of a company which is its
holding company or any partner or relative of any
such director; or
(b) any firm in which any such director or relative is a
partner
• Loan to parties covered under clause (c) to (e) of
explanation to section 185(1) is allowed subject to
certain condition and passing of Special Resolution.
25. Sectio
n
Existing
Provision/
Particulars
Proposed
186 Inter corporate
loan and
investment
• Omit the restriction on layer of Investment
companies.
• Exclude the employee from ambit of this section.
• where a loan or guarantee is given or where a security
has been provided by a company to its wholly owned
subsidiary company or a joint venture company, or
acquisition is made by a holding company, by way of
subscription, purchase or otherwise of, the securities
of its wholly owned subsidiary company, the
requirement of passing Special Resolution shall not
apply:
Provided company shall disclose the details of such
loans or guarantee or security or acquisition in the
financial statement
188 RPT (New
Proviso)
Provided also that nothing contained in the second
proviso shall apply to a company in which ninety per
cent. or more members, in number, are relatives of
promoters or are related parties:
26. Sectio
n
Existing Provision/
Particulars
Proposed
194 Prohibition on forward
dealing in securities of
company by Directors
or KMP
Omit the sections
195 Prohibition on Insider
Trading of Securities
Omit the sections
197 Managerial
remuneration
• No need to obtain CG approval in case of
paying remuneration exceeding 11%.
• Provided also that, where any term loan of any
bank or public financial institution is
subsisting or the company has defaulted in
payment of dues to non-convertible debenture
holders or any other secured creditor, the prior
approval of the bank or public financial
institution concerned or the non-convertible
debenture holders or other secured creditor, as
the case may be, shall be obtained by the
company before obtaining the approval in the
general meeting.
27. Sectio
n
Existing
Provision/
Particulars
Proposed
197 Managerial
remuneration
• If any director draws or receives, directly or indirectly,
by way of remuneration any such sums in excess of the
limit prescribed by this section or without approval
required under this section, he shall refund such sums
to the company, within two years or such lesser
period as may be allowed by the company, and until
such sum is refunded, hold it in trust for the company
• Can Waive the recovery of any sum refundable to it with
passing of Special Resolution within 2 years from the
date the sum becomes refundable.
• The auditor of the company shall, in his report under
section 143, make a statement as to whether the
remuneration paid by the company to its directors is in
accordance with the provisions of this section, whether
remuneration paid to any director is in excess of the limit
laid down under this section and give such other details
as may be prescribed