The document summarizes key amendments made to the Companies Act, 2013 by the Companies (Amendment) Act, 2020 relating to removal of imprisonment and changing fines to penalties for certain offences. It provides tables listing sections of the earlier Act, the previous provisions including fines and imprisonment, and the amended provisions focusing on penalties without imprisonment. The amendments aim to decriminalize certain offenses and reduce compliance burden for companies.
Study on Prospectus according to companies act 1956 and different case studies which would help you understand the provisions well. It's important to look at companies act 2013 for amendments made, so that much more clarity can be obtained.
The Payment of Gratuity Act, 1972 provides for a mandatory gratuity payment by employers to their employees at the time of their retirement or resignation after a minimum of 5 years of continuous service. The Act applies to shops, establishments, factories and other organizations employing 10 or more persons. It requires employers to determine gratuity amounts payable and make payments within 30 days. In case of disputes, the controlling authority determines the gratuity amount after providing an opportunity to both parties. Employers who fail to comply with the provisions of the Act may be punished with imprisonment and fines.
this ppt is very much useful for the students pursuing First year in B.COM for the Company Law subject. Specially the students of Saurashtra University.
The document summarizes the key aspects of the Gratuity Act of 1972 in India. It applies to employees working in establishments with 10 or more employees, including factories, mines, plantations, ports, and railways. Gratuity is a lump sum payment made to an employee on termination of employment based on their length of service. It is payable for continuous service of 5 years or more, or in case of death or disability regardless of service period. The maximum gratuity payable is Rs. 20,00,000 and is calculated as half a month's basic salary plus dearness allowance for each completed year of service. Employers must pay out gratuity within 30 days of it becoming due.
The document discusses the key aspects of gratuity as per the Payment of Gratuity Act, 1972. It provides definitions for gratuity, continuous service, and eligibility criteria. It states that gratuity is payable for continuous service of 5 years or more (or in case of death/disablement) and the maximum amount is Rs. 10 lakhs. The document outlines procedures for nomination, application for gratuity, penalties for non-compliance, and methods to calculate gratuity for different types of employees.
This document provides an overview of Company Law in India, including the origins and evolution of the Companies Act. It discusses how the first Companies Act was modeled on British law and was later amended after independence. The key highlights are:
- The Companies Act of 1956 was passed based on recommendations to amend the previous legislation. It came into force in April 1956 with 658 sections and 14 schedules.
- The Companies Act of 2013 replaced the 1956 act after 57 years. It has 470 sections and 7 schedules and aims to strengthen shareholder rights and regulation of companies.
- A company is defined as an association formed and registered under the Companies Act, with features like separate legal identity, limited liability, transferable shares,
This document provides an overview of the Trade Union Act of 1926 in India through a presentation. It discusses the history of trade unions in India and the reasons for establishing the Trade Union Act. Key points covered include definitions in the act, procedures for registering trade unions, rights and responsibilities of registered unions, and penalties for non-compliance. The presentation was given to a professor and covers topics such as the meaning of the act, registration process, roles of the registrar, legal status and rules of registered unions, their rights and liabilities, and penalties under the act.
Study on Prospectus according to companies act 1956 and different case studies which would help you understand the provisions well. It's important to look at companies act 2013 for amendments made, so that much more clarity can be obtained.
The Payment of Gratuity Act, 1972 provides for a mandatory gratuity payment by employers to their employees at the time of their retirement or resignation after a minimum of 5 years of continuous service. The Act applies to shops, establishments, factories and other organizations employing 10 or more persons. It requires employers to determine gratuity amounts payable and make payments within 30 days. In case of disputes, the controlling authority determines the gratuity amount after providing an opportunity to both parties. Employers who fail to comply with the provisions of the Act may be punished with imprisonment and fines.
this ppt is very much useful for the students pursuing First year in B.COM for the Company Law subject. Specially the students of Saurashtra University.
The document summarizes the key aspects of the Gratuity Act of 1972 in India. It applies to employees working in establishments with 10 or more employees, including factories, mines, plantations, ports, and railways. Gratuity is a lump sum payment made to an employee on termination of employment based on their length of service. It is payable for continuous service of 5 years or more, or in case of death or disability regardless of service period. The maximum gratuity payable is Rs. 20,00,000 and is calculated as half a month's basic salary plus dearness allowance for each completed year of service. Employers must pay out gratuity within 30 days of it becoming due.
The document discusses the key aspects of gratuity as per the Payment of Gratuity Act, 1972. It provides definitions for gratuity, continuous service, and eligibility criteria. It states that gratuity is payable for continuous service of 5 years or more (or in case of death/disablement) and the maximum amount is Rs. 10 lakhs. The document outlines procedures for nomination, application for gratuity, penalties for non-compliance, and methods to calculate gratuity for different types of employees.
This document provides an overview of Company Law in India, including the origins and evolution of the Companies Act. It discusses how the first Companies Act was modeled on British law and was later amended after independence. The key highlights are:
- The Companies Act of 1956 was passed based on recommendations to amend the previous legislation. It came into force in April 1956 with 658 sections and 14 schedules.
- The Companies Act of 2013 replaced the 1956 act after 57 years. It has 470 sections and 7 schedules and aims to strengthen shareholder rights and regulation of companies.
- A company is defined as an association formed and registered under the Companies Act, with features like separate legal identity, limited liability, transferable shares,
This document provides an overview of the Trade Union Act of 1926 in India through a presentation. It discusses the history of trade unions in India and the reasons for establishing the Trade Union Act. Key points covered include definitions in the act, procedures for registering trade unions, rights and responsibilities of registered unions, and penalties for non-compliance. The presentation was given to a professor and covers topics such as the meaning of the act, registration process, roles of the registrar, legal status and rules of registered unions, their rights and liabilities, and penalties under the act.
The Employees* Slate Insurance Act (ESI Act) was enacted with the object of introducing a scheme of health insurance for industrial workers. The scheme envisaged by it is one of compulsory State Insurance providing for certain benefits in the event of sickness, maternity and employment injury to workmen employed in or in connection with the work in factories other than seasonal factories. The ESI Act, which has replaced the Workmen's Compensation
Special thanks to all the people who made and released these awesome resources for free:
Presentation template by SlidesCarnival
Photographs by Unsplash
Backgrounds by SubtlePatterns
The Payment of Wages Act, 1936 regulates payment of wages to certain classes of employees in industries. Its objectives are to ensure wages are paid within prescribed time periods and without unjustified deductions. It applies to factories, railways, and other establishments specified in the Act employing workers earning up to Rs. 18,000 per month. Wages must be paid within 7-10 days of the end of the wage period, which cannot exceed one month. Only limited deductions are permitted from wages.
The document outlines the regulatory framework for public deposits as per the Companies Act 2013. It defines what constitutes a deposit and exemptions. Eligible public companies can accept deposits from non-members if they meet certain net worth or turnover criteria. Deposit limits and periods are specified based on company type. Key compliances include issuing circulars, maintaining deposit repayment reserves, credit ratings, and annual returns. Contraventions may result in penal interest rates and fines.
The document provides information on key aspects of the Companies Act, 2013 and draft rules relating to types of companies, private companies, public companies, one person companies, and requirements for company names and memorandums. Some of the key points summarized:
- It introduces the concept of a One Person Company for the first time, with requirements that it must have one natural person as a member who is an Indian citizen.
- Private companies must restrict share transfers and limit members to 50, while public companies must have a minimum paid-up capital of Rs. 5 lakhs and no restriction on members.
- The memorandum must state the company name and objects, liability, share capital details, and in case of
The document summarizes the Employees' Provident Funds Act of 1952 in India. The objective of the act is to provide social security to industrial workers by providing retirement benefits like provident funds, pension plans, and insurance. The act applies to factories with 20 or more employees and requires both employee and employer contributions to provident funds. Employees contribute 12% of basic salary while employers contribute 3.67% toward funds and 1.1% for administrative charges. The act mandates various financial compliance requirements and forms to be filed at different deadlines and events like new hires, transfers, annual returns, or employee exits.
residential status and its effect on tax incidencefaizchhipa
The document discusses the determination of residential status in India for income tax purposes. It defines the different types of residential statuses as ordinary resident, resident but not ordinarily resident, and non-resident. It outlines the basic conditions and additional conditions to determine if an individual, HUF, firm, company, etc. qualifies as a ordinary resident or resident but not ordinarily resident. The control and management of affairs is used to determine residential status for HUF, firm, association of persons, and companies. Income from different sources is taxable in India based on the residential status of the assessee.
The Payment of Gratuity Act of 1972 provides monetary benefits to employees in factories, mines, and other establishments upon their retirement or death after 5 years of continuous service. It aims to financially support workers who have given long years of service. The Act mandates timely payment of gratuity amounts, regulates nominations, and establishes penalties for non-compliance. It is an important social welfare law that protects employees' post-employment benefits.
The Occupational Safety, Health and Working Conditions Code, 2020 – Part IVDVSResearchFoundatio
Key Takeaways:
- Special provisions for Contract Labour and Inter-State migrant workers
- Special provisions for Audio-Visual workers, Mines, Beedi and Cigar workers
- Special provisions for Building and other Construction workers
- Key changes in the Code
The document summarizes the key aspects of the Banking Regulation Act of 1949 in India. It defines banking and banking companies. It outlines the main and subsidiary business activities banks can engage in, as well as prohibited activities. It discusses capital requirements for domestic and foreign banks. It also covers management structure requirements, liquidity reserves like SLR and CRR, licensing provisions, RBI powers of supervision and control, return filing obligations, winding up procedures, and reforms from the Narasimham committee.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
Related Party Transaction as per Companies Act and SEBI(LODR)CS Bhuwan Taragi
This PPT is on Related Party Transaction as per companies Act, 2013 and SEBI(LODR) 2015. you will company know who are related parties and what are approval required for related parties transactions.
You can visit my you tube channel "CS Bhuwan Taragi- The Law Talks " for more clearity on this topic.
The document discusses various requirements for directors and key managerial personnel under the Companies Act 2013. It outlines the minimum and maximum number of directors allowed for different types of companies. It also discusses requirements for appointing independent directors, woman directors, and small shareholders' directors. Other topics covered include director identification numbers, appointment and vacation of directorship, resignation and removal of directors, and requirements for appointing key managerial personnel.
Useful for Law students, MBA- HR students, CS Students, Employees , Employer.
I have also mentioned a list of forms generally used during gratuity.
Every body should be aware of do's and don't. Knowledge of your rights makes you powerful.
Application of the Act
When gratuity is payable
Amount of gratuity payable
Forfeiture of gratuity
Obligations and rights of the employer
Compliance under the Act
reference: http://blog.simplycareer.net/2013/06/gratuityact.html
I have also refereed other sites and text books.
The document discusses the Employees' Provident Fund Act of 1952 which establishes a mandatory contributory pension fund for employees in India. The key points discussed are:
- The act created a provident fund to provide financial security for employees upon retirement or for dependents in case of death. The Employee Provident Fund Organization (EPFO) manages the fund.
- The fund consists of the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit-Linked Insurance (EDLI) scheme.
- 12% of an employee's salary is contributed to EPF each month by the employee and employer. A portion also goes to EPS and EDLI to provide pension
This document provides an overview of articles of association for companies in India. It defines articles of association and explains that they prescribe internal rules for a company's management, business conduct, and other operations. The key points covered include:
- Articles of association establish a contract between members and the company regarding membership rights and obligations.
- They must be subordinate to a company's memorandum of association.
- The Companies Act specifies different model forms of articles for different types of companies.
- Articles of association typically include provisions governing share capital, directors, meetings, financial matters, and winding up procedures.
- They require signatures by subscribers and authorization for any changes in a manner specified in the Companies Act.
The Payment of Bonus Act, 1965 requires employers in India to pay annual bonus to eligible employees based on profits. It applies to factories and other establishments with 20 or more employees. The minimum bonus is 8.33% of wages or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. Employers must calculate bonus using a specified formula and maintain registers showing computations. The Act establishes rights for employees to claim unpaid bonus and resolve disputes, and penalties for employers who violate the Act.
The document summarizes key aspects of trade unions and the Trade Unions Act of 1926 in India, including:
1) It defines a trade union and outlines their objectives of improving wages, terms/conditions, employment, and voice in government.
2) It discusses the registration process for trade unions with the Registrar of Trade Unions, including application requirements and obligations after registration.
3) It provides immunity protections for registered trade unions, preventing prosecution for conspiracy or civil suits relating to trade union activities.
The Trade Union Act 1926 was passed in India to provide for the lawful registration of trade unions and provide certain privileges and protections to registered trade unions. Key aspects of the Act include defining what constitutes a trade union and trade dispute, outlining the process for trade union registration including requirements for leadership structure and financial reporting, and specifying permissible uses of union funds for activities like legal proceedings, trade disputes, welfare benefits, and the establishment of a separate political fund. The Act aimed to strengthen the trade union movement by facilitating greater organization and representation of workers' interests within the legal framework.
What are the key elements of the companies (amendment) bill, 2020DVSResearchFoundatio
The document summarizes key proposed amendments to the Companies Act 2013 in India based on recommendations to decriminalize certain offenses. Some key points:
- It proposes to decriminalize certain offenses that do not involve larger public interest by removing imprisonment and relaxing penalties.
- It empowers the central government to exempt certain classes of companies from the definition of "listed company".
- It reduces timelines for rights issues to speed them up and provides exemptions to certain classes of companies from filing certain resolutions.
- It allows companies with CSR spending obligations up to Rs. 50 lakhs to not constitute a CSR committee and allows eligible companies to set off excess CSR spending against future obligations.
The Employees* Slate Insurance Act (ESI Act) was enacted with the object of introducing a scheme of health insurance for industrial workers. The scheme envisaged by it is one of compulsory State Insurance providing for certain benefits in the event of sickness, maternity and employment injury to workmen employed in or in connection with the work in factories other than seasonal factories. The ESI Act, which has replaced the Workmen's Compensation
Special thanks to all the people who made and released these awesome resources for free:
Presentation template by SlidesCarnival
Photographs by Unsplash
Backgrounds by SubtlePatterns
The Payment of Wages Act, 1936 regulates payment of wages to certain classes of employees in industries. Its objectives are to ensure wages are paid within prescribed time periods and without unjustified deductions. It applies to factories, railways, and other establishments specified in the Act employing workers earning up to Rs. 18,000 per month. Wages must be paid within 7-10 days of the end of the wage period, which cannot exceed one month. Only limited deductions are permitted from wages.
The document outlines the regulatory framework for public deposits as per the Companies Act 2013. It defines what constitutes a deposit and exemptions. Eligible public companies can accept deposits from non-members if they meet certain net worth or turnover criteria. Deposit limits and periods are specified based on company type. Key compliances include issuing circulars, maintaining deposit repayment reserves, credit ratings, and annual returns. Contraventions may result in penal interest rates and fines.
The document provides information on key aspects of the Companies Act, 2013 and draft rules relating to types of companies, private companies, public companies, one person companies, and requirements for company names and memorandums. Some of the key points summarized:
- It introduces the concept of a One Person Company for the first time, with requirements that it must have one natural person as a member who is an Indian citizen.
- Private companies must restrict share transfers and limit members to 50, while public companies must have a minimum paid-up capital of Rs. 5 lakhs and no restriction on members.
- The memorandum must state the company name and objects, liability, share capital details, and in case of
The document summarizes the Employees' Provident Funds Act of 1952 in India. The objective of the act is to provide social security to industrial workers by providing retirement benefits like provident funds, pension plans, and insurance. The act applies to factories with 20 or more employees and requires both employee and employer contributions to provident funds. Employees contribute 12% of basic salary while employers contribute 3.67% toward funds and 1.1% for administrative charges. The act mandates various financial compliance requirements and forms to be filed at different deadlines and events like new hires, transfers, annual returns, or employee exits.
residential status and its effect on tax incidencefaizchhipa
The document discusses the determination of residential status in India for income tax purposes. It defines the different types of residential statuses as ordinary resident, resident but not ordinarily resident, and non-resident. It outlines the basic conditions and additional conditions to determine if an individual, HUF, firm, company, etc. qualifies as a ordinary resident or resident but not ordinarily resident. The control and management of affairs is used to determine residential status for HUF, firm, association of persons, and companies. Income from different sources is taxable in India based on the residential status of the assessee.
The Payment of Gratuity Act of 1972 provides monetary benefits to employees in factories, mines, and other establishments upon their retirement or death after 5 years of continuous service. It aims to financially support workers who have given long years of service. The Act mandates timely payment of gratuity amounts, regulates nominations, and establishes penalties for non-compliance. It is an important social welfare law that protects employees' post-employment benefits.
The Occupational Safety, Health and Working Conditions Code, 2020 – Part IVDVSResearchFoundatio
Key Takeaways:
- Special provisions for Contract Labour and Inter-State migrant workers
- Special provisions for Audio-Visual workers, Mines, Beedi and Cigar workers
- Special provisions for Building and other Construction workers
- Key changes in the Code
The document summarizes the key aspects of the Banking Regulation Act of 1949 in India. It defines banking and banking companies. It outlines the main and subsidiary business activities banks can engage in, as well as prohibited activities. It discusses capital requirements for domestic and foreign banks. It also covers management structure requirements, liquidity reserves like SLR and CRR, licensing provisions, RBI powers of supervision and control, return filing obligations, winding up procedures, and reforms from the Narasimham committee.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
Related Party Transaction as per Companies Act and SEBI(LODR)CS Bhuwan Taragi
This PPT is on Related Party Transaction as per companies Act, 2013 and SEBI(LODR) 2015. you will company know who are related parties and what are approval required for related parties transactions.
You can visit my you tube channel "CS Bhuwan Taragi- The Law Talks " for more clearity on this topic.
The document discusses various requirements for directors and key managerial personnel under the Companies Act 2013. It outlines the minimum and maximum number of directors allowed for different types of companies. It also discusses requirements for appointing independent directors, woman directors, and small shareholders' directors. Other topics covered include director identification numbers, appointment and vacation of directorship, resignation and removal of directors, and requirements for appointing key managerial personnel.
Useful for Law students, MBA- HR students, CS Students, Employees , Employer.
I have also mentioned a list of forms generally used during gratuity.
Every body should be aware of do's and don't. Knowledge of your rights makes you powerful.
Application of the Act
When gratuity is payable
Amount of gratuity payable
Forfeiture of gratuity
Obligations and rights of the employer
Compliance under the Act
reference: http://blog.simplycareer.net/2013/06/gratuityact.html
I have also refereed other sites and text books.
The document discusses the Employees' Provident Fund Act of 1952 which establishes a mandatory contributory pension fund for employees in India. The key points discussed are:
- The act created a provident fund to provide financial security for employees upon retirement or for dependents in case of death. The Employee Provident Fund Organization (EPFO) manages the fund.
- The fund consists of the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit-Linked Insurance (EDLI) scheme.
- 12% of an employee's salary is contributed to EPF each month by the employee and employer. A portion also goes to EPS and EDLI to provide pension
This document provides an overview of articles of association for companies in India. It defines articles of association and explains that they prescribe internal rules for a company's management, business conduct, and other operations. The key points covered include:
- Articles of association establish a contract between members and the company regarding membership rights and obligations.
- They must be subordinate to a company's memorandum of association.
- The Companies Act specifies different model forms of articles for different types of companies.
- Articles of association typically include provisions governing share capital, directors, meetings, financial matters, and winding up procedures.
- They require signatures by subscribers and authorization for any changes in a manner specified in the Companies Act.
The Payment of Bonus Act, 1965 requires employers in India to pay annual bonus to eligible employees based on profits. It applies to factories and other establishments with 20 or more employees. The minimum bonus is 8.33% of wages or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. Employers must calculate bonus using a specified formula and maintain registers showing computations. The Act establishes rights for employees to claim unpaid bonus and resolve disputes, and penalties for employers who violate the Act.
The document summarizes key aspects of trade unions and the Trade Unions Act of 1926 in India, including:
1) It defines a trade union and outlines their objectives of improving wages, terms/conditions, employment, and voice in government.
2) It discusses the registration process for trade unions with the Registrar of Trade Unions, including application requirements and obligations after registration.
3) It provides immunity protections for registered trade unions, preventing prosecution for conspiracy or civil suits relating to trade union activities.
The Trade Union Act 1926 was passed in India to provide for the lawful registration of trade unions and provide certain privileges and protections to registered trade unions. Key aspects of the Act include defining what constitutes a trade union and trade dispute, outlining the process for trade union registration including requirements for leadership structure and financial reporting, and specifying permissible uses of union funds for activities like legal proceedings, trade disputes, welfare benefits, and the establishment of a separate political fund. The Act aimed to strengthen the trade union movement by facilitating greater organization and representation of workers' interests within the legal framework.
What are the key elements of the companies (amendment) bill, 2020DVSResearchFoundatio
The document summarizes key proposed amendments to the Companies Act 2013 in India based on recommendations to decriminalize certain offenses. Some key points:
- It proposes to decriminalize certain offenses that do not involve larger public interest by removing imprisonment and relaxing penalties.
- It empowers the central government to exempt certain classes of companies from the definition of "listed company".
- It reduces timelines for rights issues to speed them up and provides exemptions to certain classes of companies from filing certain resolutions.
- It allows companies with CSR spending obligations up to Rs. 50 lakhs to not constitute a CSR committee and allows eligible companies to set off excess CSR spending against future obligations.
1) The document lists penalties under the Companies Act 2013 for various offences like not complying with rules for companies registered under section 8, not filing required documents on time, issuing shares at a discount, not maintaining proper registers, and more.
2) Penalties for companies range from fines from Rs. 10,000 to Rs. 10 crores depending on the severity of the offence. Officers in default can also be penalized with fines from Rs. 25,000 to Rs. 2 crores and imprisonment in some cases.
3) Repeated offences are subject to additional daily penalties until compliance. Some offences are also compoundable (able to be settled by paying a fine).
The secrets to avoiding penalties and fines - Perspectives of HR & FinanceAkash Mahagaonkar V
This is the presentation of 2nd Mini Conference as a part of Relativity's Knowledge Series program at Coimbatore & Bangalore. We introduced "Learning Via Gamification" via this program and was a great success. Participants learn real & live scenarios & nuances of compliance.
Adjudication Orders by ROCs and RDs_PPT.pptxAbhishek622216
1. The document outlines 32 sections of the Companies Act, 2013 that contain compoundable offenses. It provides the section, provision, remarks, and fine amounts as specified in each relevant section.
2. The offenses listed as compoundable relate to matters such as formation of companies, prospectus contents, securities trading on stock exchanges, share certificates, company purchases of own shares, deposit repayment, financial statements, and duties of directors.
3. The fines specified for these compoundable offenses vary and include monetary penalties for both the company and officers in default, with some allowing for imprisonment in more serious offenses involving amounts of fraud or non-compliance with orders. The penalties are enforced by authorities such as the Regional Director,
The Contract Labour (Regulation and Abolition) Act, 1970 was enacted to regulate the employment of contract labour in certain establishments and to provide for its abolition in certain circumstances. Some key points:
1) The Act defines contract labour and establishes Advisory Boards at the central and state level to advise on matters related to the Act.
2) It requires the registration and licensing of establishments employing contract labour.
3) It provides for welfare measures for contract labour and fixes responsibility for payment of wages.
4) It prescribes penalties for non-compliance with the Act and gives powers to make rules to carry out its purposes.
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.
The Payment of Wages Act regulates the payment of wages to workers in factories and other establishments. It aims to ensure wages are paid regularly and without unauthorized deductions. The Act applies to workers earning up to Rs. 6,500 per month and requires wages to be paid within 7 days of the wage period, which is usually monthly. Only certain deductions are permitted, such as taxes or loans. Employers must maintain proper records and display notices about the Act. Non-compliance is punishable by fines or imprisonment.
This document provides an analysis of Chapter XI of the Companies Act 2013 regarding the appointment and qualification of directors. Some of the key points covered include:
- The minimum and maximum number of directors for public and private companies. The maximum was increased from 12 to 15 directors.
- Requirements for resident directors and mandatory women directors for certain companies.
- Regulations around independent directors, including their term limits, qualifications, and sources of income.
- Provisions for director identification numbers, appointment and removal of directors, number of directorships allowed, and directors' duties and disqualifications.
- Requirements for company registers and members' rights to inspect director information.
Penalties are prescribed for
The Industrial Relations Act of 2012 was passed to regulate labor relations and practices in Pakistan. It covers key areas like registration of trade unions, collective bargaining, unfair labor practices, dispute resolution and penalties. Some important provisions include requirements for registering trade unions, functions of collective bargaining agents, processes for resolving grievances and disputes, definitions of illegal strikes and lockouts, and penalties for violating various sections of the act. The act establishes the National Industrial Relations Commission to oversee its implementation.
The document discusses the Industrial Employment (Standing Orders) Act of 1946, which aims to regulate industrial relations and conditions of employment through establishing standing orders at industrial establishments. It covers topics like classification of workers, attendance policies, leave, termination, and grievance procedures. The document also outlines the process for employers to submit draft standing orders for certification and opportunities for appeals.
Union budget 2014 15 - for the common manAmeet Patel
The Union Budget of India always evokes a great amount of interest. This time, it was even more keenly awaited since it was the 1st Budget of the new Modi government. This presentation contains a few important pointers on how the Budget affects the common man.
The contract labour (regulation and abolition), 1970ACS Shalu Saraf
The document outlines the key provisions of the Contract Labour (Regulation and Abolition) Act of 1970 in India. It aims to prevent the exploitation of contract labor and improve their working conditions. The Act applies to establishments employing 20 or more contract laborers. It requires the registration of establishments and licensing of contractors. It also mandates various welfare measures for contract workers like canteens, restrooms, drinking water, first aid, and timely payment of wages. The appropriate government appoints inspectors to ensure compliance. Principal employers are responsible for welfare provisions and unpaid wages if contractors fail to provide them. Numerous forms are also prescribed under the Act.
Chapter XI Board and Board Provisions (Cos Act 2013)Mamta Binani
Mamta Binani presented on key changes to director requirements and qualifications under the Companies Act 2013. Some important provisions discussed include:
- Minimum number of directors for private and public companies being 2 and 3 respectively.
- Limit of maximum directors increased from 12 to 15.
- Requirement for at least one woman director in certain classes of companies.
- Requirement for one-third of directors to be independent in certain public companies.
- Restrictions on number of directorships an individual can hold.
- Increased qualifications, duties and disqualifications for directors.
- Requirements regarding appointment, resignation and removal of directors.
The document discusses various labor law compliances that must be ensured by companies. It outlines the key responsibilities of the principal employer and contractors under acts like the Contract Labour Act, Minimum Wages Act, and Building and Other Construction Workers Act. Major compliances include registering establishments, obtaining licenses, maintaining registers and records, displaying notices, making statutory payments and returns, and ensuring payment of minimum wages. Strict penalties are prescribed for non-compliance with the labor laws. Principal employers must oversee that contractors are also fulfilling their compliance obligations.
This document discusses India's Standing Orders Act of 1946 which regulates the employment conditions in industrial establishments with 100 or more workers. It outlines matters that must be included in standing orders like work hours, leaves, termination etc. It describes the procedures for drafting, certifying, modifying standing orders and the roles of the certifying officer and appellate authority. It also discusses payment of subsistence allowance during suspensions and penalties for non-compliance. The overall purpose is to bring uniformity in employment conditions and promote industrial peace through written standing orders.
The document discusses key provisions of the Industrial Disputes Act relating to settlements, awards, strikes, lock-outs, layoffs, retrenchment and closure.
It defines key terms and outlines procedures that must be followed, such as requiring one month notice periods and compensation for layoffs, retrenchment and closure. Penalties are prescribed for illegal strikes, lockouts and failure to follow proper procedures. Case studies are also referenced to provide examples.
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
3) After filing the offer document, the company must price the issue, keep the issue open for subscription for at least 3 days, and ensure the issue is underwritten and market making arrangements are in place.
This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Call8328958814 satta matka Kalyan result satta guessing➑➌➋➑➒➎➑➑➊➍
Satta Matka Kalyan Main Mumbai Fastest Results
Satta Matka ❋ Sattamatka ❋ New Mumbai Ratan Satta Matka ❋ Fast Matka ❋ Milan Market ❋ Kalyan Matka Results ❋ Satta Game ❋ Matka Game ❋ Satta Matka ❋ Kalyan Satta Matka ❋ Mumbai Main ❋ Online Matka Results ❋ Satta Matka Tips ❋ Milan Chart ❋ Satta Matka Boss❋ New Star Day ❋ Satta King ❋ Live Satta Matka Results ❋ Satta Matka Company ❋ Indian Matka ❋ Satta Matka 143❋ Kalyan Night Matka..
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
3. 3
Legends used in the Presentation
Act Companies Act NCLT National Company Law
Tribunal
Amendment Act Companies Amendment
Act
PCS Practising Company
Secretary
BOD Board of Directors ROC Registrar of Companies
CG Central Government SE Stock Exchange
CLC Company Law Committee SEBI Securities and Exchange
Board of India
MCA Ministry of Corporate
Affairs
Sec. Section
MSME Micro Small and Medium
Enterprises
u/s Under section
4. Presentation Schema
4
Overview
Amendments in which
penalty of imprisonment
is deleted
Distinguish between fine
and penalty
Amendments in which
fine is changed to penalty
Powers given to CG Miscellaneous provisions
5. Overview
5
To facilitate greater ease of living to law abiding corporates and to
decriminalise certain offences, CLC was constituted on 18th
September, 2019
CLC submitted its report on 14th November 2019
Primarily focusing on -
a) decriminalization of certain offenses
b) governance framework for Producer Companies
c) recommendations related to further ease of living
6. Contd.
6
Bill was passed to reduce compliance burden for MSMEs and
promote ease of living to corporates
Lok Sabha on
19th September, 2020
Rajya Sabha on
22nd September, 2020
President’s assent on
28th September, 2020
8. 8
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 8: Formation of
Companies with Charitable
Objects, etc
Sub-section (11): Default in
complying with provisions
of Sec 8
• Directors and every officer of the
company who is in default are
liable to,
Imprisonment - up to 3 years; or
Fine: Rs. 25,000 to 25 lakhs; or with
both
• Directors and every officer of the
company who is in default are liable to,
Fine: Rs. 25,000 to 25 lakhs
Sec 26: Matters to be
Stated in Prospectus
Sub-section (9): Default in
complying with provisions
of Sec 26
• Every person who is knowingly a
party to the issue of such
prospectus shall be punishable
with,
Imprisonment - up to 3 years; or
Fine: Rs. 50,000 to 3 lakhs; or with
both
• Every person who is knowingly a party to
the issue of such prospectus shall be
punishable with,
Fine: Rs. 50,000 to 3 lakhs
9. 9
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 40: Securities to be Dealt with
in Stock Exchanges
Sub-section (5): Default in
complying with provisions of Sec 40
• Every officer in default shall be
punishable with,
Imprisonment - up to 1 year; or
Fine: Rs. 50,000 to 3 lakhs; or with both
• Every officer in default
shall be punishable with,
Fine: Rs. 50,000 to 3 lakhs
Sec 48: Variation of Shareholders'
Rights
Sub-section (5): Default in
complying with provisions of Sec 48
• Company shall be punishable with,
Fine: Rs. 25,000 to 5 lakhs
• Every officer in default shall be
punishable with,
Imprisonment - up to 6 months; or
Fine: Rs. 25,000 to 5 lakhs; or with both
• *Omitted*
Sec 59: Rectification of Register of
Members
Sub-section (5): Default in
complying with Tribunal’s order
under Sec 59
• Company shall be punishable with,
Fine: Rs. 1 lakh to 5 lakhs
• Every officer in default shall be
punishable with,
Imprisonment - up to 1 year; or
Fine: Rs. 1 lakh to 3 lakhs; or with both
• *Omitted*
Contd.
10. 10
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 68: Power of Company to
Purchase its Own Securities
Sub-section (11): Default in
complying with provisions of
Sec 68
• Every officer in default shall be
punishable with,
Imprisonment - up to 3 years; or
Fine: Rs. 1 lakh to 3 lakhs; or with
both
• Every officer in default shall be
punishable with,
Fine: Rs. 1 lakh to 3 lakhs
Sec 71: Debentures
Sub-section (11): Default in
complying with Tribunal’s
order under Sec 71
• Every officer in default shall
punishable with,
Imprisonment - up to 3 years; or
Fine: Rs. 2 lakhs to 5 lakhs; or with
both
• *Omitted*
Sec 128: Books of Account,
etc., to be kept by Company
Sub-section (6): Default in
complying with provisions of
Sec 128
• MD, WTD in charge of finance,
CFO or any other person of a
company charged by the Board
with the duty of complying with
the provisions of this section shall
be punishable with,
Imprisonment: up to 1 year; or
Fine: Rs. 50,000 to 5 lakhs or with
both
• MD, WTD in charge of finance, CFO
or any other person of a company
charged by the Board with the duty
of complying with the provisions of
this section shall be punishable with,
Fine: Rs. 50,000 to 5 lakhs
Contd.
11. 11
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 147: Punishment for
Contravention
Sub-section (1): Default in
complying with provisions
of Sec 139 to 146
• Company shall be punishable with,
Fine: Rs. 25,000 to 5 lakhs
• Every officer in default shall be
punishable with,
Imprisonment - up to 1 year; or
Fine: Rs. 10,000 to 1 lakh; or with
both
• Company shall be punishable with,
Fine: Rs. 25,000 to 5 lakhs
• Every officer in default shall be
punishable with,
Fine: Rs. 10,000 to 1 lakh
Sub-section (2) • Contravention of Sec 139, 143, 144
and 145 by an auditor of the
Company
• Where an auditor contravenes the
provisions of Sec 139, 144 and 145,
auditor shall be punishable with,
Fine: Rs. 25,000 to 5 lakhs or four
times the remuneration of auditor,
whichever is less
Sec 167: Vacation of
Office of Director
Sub-section (2): Default in
complying with provisions
of Sec 167(1)
• Such director shall be punishable
with,
Imprisonment - up to 1 year; or
Fine: Rs. 1 lakh to 5 lakhs; or with
both
• Such director shall be punishable
with,
Fine: Rs. 1 lakh to 5 lakhs
Contd.
12. 12
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 242: Powers of Tribunal
Sub-section (8): Contravening the
provisions of Sec 242 (order given
by Tribunal)
• Company shall be punishable with,
Fine: Rs. 1 lakh to 25 lakhs
• Every officer in default shall be punishable
with,
Imprisonment - up to 6 months; or
Fine: Rs. 25,000 to 1 lakh; or with both
• Company shall be punishable with,
Fine: Rs. 1 lakh to 25 lakhs
• Every officer in default shall be
punishable with,
Fine: Rs. 25,000 to 1 lakh
Sec 243: Consequence of
Termination or Modification of
Certain Agreements
Sub-section (2): Contravening the
provisions of Sec 243
• Every officer in default shall be punishable
with,
Imprisonment - up to 6 months; or
Fine: up to Rs. 5 lakhs; or with both
• Every officer in default shall be
punishable with,
Fine: up to Rs. 5 lakhs
Sec 302: Dissolution of Company
by Tribunal
Sub-section (3): Forwarding of
copy of tribunal’s order to
Registrar
• Within 30 days from the date of order the
Company Liquidator shall forward it to the
Registrar who shall record in the register
relating to the company a minute of the
dissolution of the company
• Default in the above provision by the
Company Liquidator shall be punishable
with,
Fine: Rs.5,000 for every day of default
• Tribunal shall within 30 days of order
forward a copy of the order to the
Registrar and direct the Company
Liquidator to forward a copy of the
order to the Registrar who shall record
in the register relating to the company a
minute of the dissolution of the
company
• Penalty *Omitted*
Contd.
13. 13
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 347: Disposal of Books and
Papers of Company
Sub-section (4): Contravening the
provisions of Sec 347(3)
• Such person shall be punishable with,
Imprisonment - up to 6 months; or
Fine: up to Rs. 50,000; or with both
• Such person shall be punishable with,
Fine: up to Rs. 50,000
Sec 392: Punishment for
Contravention
Contravening the provisions of
Chapter XXII (Companies
incorporated outside India)
• Every officer in default shall be punishable
with,
Imprisonment - up to 6 months; or
Fine: Rs. 25,000 to 5 lakhs; or with both
• Every officer in default shall be
punishable with,
Fine: Rs. 25,000 to 5 lakhs
Sec 441: Compounding of certain
offences
Sub-section (5): Fails to comply
with any order made by the
Tribunal / RD / any officer
authorised by CG
• Any officer / employee of the Company
Imprisonment - up to 6 months; or
Fine: up to Rs. 1 lakh; or with both
• Any officer / employee of the Company
Fine: twice the amount provided in the
corresponding sec. in which punishment
for such offence is provided
Contd.
15. Distinguish
Particulars Fine Penalty
Meaning Court orders to pay for an offence Court proceedings not
required and imposed on
non-compliance
Common criteria For non-compliance
Requirements Fine requires an order of the Court No such requirement
After Amendment Regulator may levy penalty directly on the defaulting companies
16. Illustration 1
•A person / beneficial owner fails to make
declaration in Form MGT-4 / Form MGT-5 within a
period of 30 days
Scenario
•Liable to a maximum fine of Rs.50,000 and
Rs.1,000 for every day of continuing default which
was levied by NCLT after hearing the parties
concerned
Earlier provision
•ROC / MCA / any other authority can levy penalty
up to Rs.50,000 and for everyday of continuing
default Rs.200 - Rs.5 lakhs
Amended provision
17. Illustration 2
•A Practising Company Secretary failed to certify
the Annual return in accordance with sec. 92
Scenario
•PCS shall be liable to a fine ranging from Rs.50,000
to Rs.5 lakhs which was levied by NCLT after
hearing the parties concerned
Earlier provision
•ROC / MCA / any other authority can levy penalty
up to Rs.2 lakhs without making any application to
NCLT / order of NCLT
Amended provision
18. Impact of Amendment
Earlier provisions:
Non-compliance was made good
by approaching NCLT and paying
the fine after receipt of notice by
defaulting companies from ROC /
MCA / suo-moto application to
NCLT.
In few scenarios, ROC / MCA may
issue notices to defaulting
companies imposing fine.
Current provisions:
ROC can levy penalty
immediately upon filing on MCA
portal, in addition to the late fees
which the company pays at the
time of delay in filing
19. Section and description Earlier provision in the Act Amendment Act, 2020
Sec 56: Transfer and Transmission
of Securities
Sub-section (6): Default in
complying with provisions of Sec 56
(1) to (5)
• Company shall be punishable with,
Fine: Rs. 25,000 to 5 lakhs
• Every officer in default shall be
punishable with,
Fine: Rs. 10,000 to 1 lakh
• Company and every officer
in default shall be liable to,
Penalty: Rs. 50,000
Sec 86: Punishment for
contravention
Sub-section (1): Default in
complying with provisions of
Chapter VI (Registration of Charges)
• Company shall be punishable with,
Fine: Rs. 1 lakh to 10 lakhs
• Every officer in default shall be
punishable with,
Imprisonment - up to 6 months; or
Fine: Rs. 25,000 to 1 lakh; or with both
• Company shall be liable to,
Penalty: Rs. 5 lakhs
• Every officer in default
shall be liable to,
Penalty: Rs. 50,000
Sec 88: Register of Members, etc.
Sub-section (5): Default in
maintaining registers or in the
prescribed manner
• Company and every officer in default
shall be punishable with,
Fine: Rs. 50,000 to 3 lakhs; and
Rs. 1,000 for everyday of continuing
default
• Company shall be liable to,
Penalty: Rs. 3 lakhs
• Every officer in default
shall be liable to,
Penalty: Rs. 50,000
Provisions
20. 20
Contd.
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 89: Declaration in respect
of Beneficial Interest in any
Share
Sub-section (5): Failure to
make declaration under Sec 89
by specified persons in
specified manner
• Such person who failed to
make declaration shall be
punishable with,
Fine: up to Rs. 50,000; and
Rs. 1,000 for every day of
continuing default
• Such person who failed to make
declaration shall be liable to,
Penalty: Rs. 50,000; and
Rs. 200 for every day of continuing
default but not exceeding Rs. 5 lakhs
Sub-section (7): Failure to file
Form MGT-6 with Registrar
within 30 days of receipt of
declaration
• Company and every
officer in default shall be
punishable with,
Fine: Rs. 500 to 1000; and
Rs. 1,000 for every day of
continuing default
• Company shall be liable to,
Penalty: Rs. 1,000 for every day of
continuing default but not exceeding
Rs. 5 lakhs
• Every officer in default shall be
liable to,
Penalty: Rs. 1,000 for every day of
continuing default but not exceeding
Rs. 2 lakhs
21. 21
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 90: Register of significant
beneficial owners in a
company
Sub-section (10): Failure to
make declaration under Sec
90(1)
• Such person who failed to
make declaration shall be
punishable with,
Imprisonment: up to 1 year;
or
Fine: Rs. 1 lakh to Rs. 10
lakhs; and
Rs. 1,000 for every day of
continuing default; or with
both imprisonment and fine
• Such person who failed to make
declaration shall be liable to,
Penalty: Rs. 50,000; and
Rs. 1,000 for every day of continuing
default but not exceeding Rs. 2 lakhs
Sub-section (11): Failure to
maintain register in Form BEN-
3, file Form BEN-2 and take
necessary steps under Sec
90(4A)
• Company and every
officer in default shall be
punishable with,
Fine: Rs. 10 lakhs to 50 lakhs;
and
Rs. 1,000 for every day of
continuing default
• Company shall be liable to,
Penalty: Rs. 1 lakh; and
Rs. 500 for every day of continuing
default but not exceeding Rs. 5 lakhs
• Every officer in default shall be
liable to,
Penalty: Rs. 25,000; and
Rs. 200 for every day of continuing
default but not exceeding Rs. 1 lakh
Contd.
22. 22
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 92: Annual Return
Sub-section (5): Default in
filing Annual Return within
the specified period
• Company and every officer
in default shall be liable to,
Penalty: Rs. 50,000; and
Rs. 100 for every day of
continuing default but not
exceeding Rs. 5 lakhs
• Company shall be liable to,
Penalty: Rs. 10,000; and
Rs. 100 for every day of continuing
default but not exceeding Rs. 2 lakhs
• Every officer in default shall be liable
to,
Penalty: Rs. 10,000; and
Rs. 100 for every day of continuing
default but not exceeding Rs. 50,000
Sub-section (6): Failure by
Company Secretary to certify
the Annual Return in
accordance with Sec 92
• Such Company Secretary
shall be punishable with,
Fine: Rs. 50,000 to 5 lakhs
• Such Company Secretary shall be
liable to,
Penalty: Rs. 2 lakhs
Sec 105: Proxies
Sub-section (5): Proxy
invitations are issued at the
company's expense to any
member entitled to have a
notice of the meeting
Every officer of the company
who knowingly issues the
invitations as aforesaid or
wilfully authorises or permits
their issue shall be punishable
with,
Fine: up to Rs. 1 lakh
Every officer of the company who issues
the invitation as aforesaid or authorises
or permits their issue, shall be liable to,
Penalty: Rs. 50,000
Contd.
23. Section and description Earlier provision in the Act Amendment Act, 2020
Sec 124: Unpaid Dividend
Account
Sub-section (7): Default in
complying with provisions
of Sec 124
• Company shall be punishable with,
Fine: Rs. 5 lakhs to 25 lakhs
• Every officer in default shall be
punishable with,
Fine: Rs. 1 lakh to 5 lakhs
• Company shall be liable to,
Penalty: Rs. 1 lakh; and
Rs. 500 for every day of continuing
default but not exceeding Rs. 10 lakhs
• Every officer in default shall be liable
to,
Penalty - Rs. 25,000; and
Rs. 100 for every day of continuing
default but not exceeding Rs. 2 lakhs
Sec 134: Financial
Statement, Board’s
Report, etc.
Sub-section (8): Default in
complying with provisions
of Sec 134
• Company shall be punishable with,
Fine: Rs. 50,000 to 25 lakhs
• Every officer in default shall be
punishable with,
Imprisonment - up to 3 years; or
Fine: Rs. 50,000 to 5 lakhs; or with
both
• Company shall be liable to,
Penalty: Rs. 3 lakhs
• Every officer in default shall be liable
to,
Penalty - Rs. 50,000
Contd.
24. 24
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 143: Powers and Duties of
Auditors and Auditing Standards
Sub-section (15): Default in
complying with provisions of Sec
143(12) [Fraud Reporting]
• Auditor, cost accountant or
company secretary in practice
shall be punishable with,
Fine: Rs. 1 lakh to 25 lakhs
• Auditor, cost accountant or company secretary in
practice shall be liable to,
Penalty: Rs. 5 lakhs (in case of listed Company); or
Rs. 1 lakh (in case of any other Company)
Sec 172: Punishment
Contravening the provisions of
Chapter XI (Appointment and
Qualifications of Directors)
• Company and every officer in
default shall be punishable with,
Fine: Rs. 50,000 to 5 lakhs
• Company shall be liable to,
Penalty: Rs. 50,000; and Rs. 500 for every continuing
day of default but not exceeding Rs. 3 lakhs
• Every officer in default shall be liable to,
Penalty: Rs. 50,000; and Rs. 500 for every continuing
day of default but not exceeding Rs. 1 lakh
Sec 178: Nomination and
Remuneration Committee and
Stakeholders Relationship
Committee
Sub-section (8): Contravening the
provisions of Sec 177 and 178
• Company shall be punishable
with,
Fine: Rs. 1 lakh to 5 lakhs
• Every officer in default shall be
punishable with,
Imprisonment - up to 1 year; or
Fine: Rs. 25,000 to 1 lakh; or with
both
• Company shall be liable to,
Penalty: Rs. 5 lakhs
• Every officer in default shall be liable to,
Penalty: Rs. 1 lakh
Contd.
25. 25
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 184: Disclosure of Interest by
Director
Sub-section (2): Contravening the
provisions of Sec 184
• Such director shall be punishable with,
Imprisonment - up to 1 year; or
Fine: up to Rs. 1 lakh; or with both
• Such director shall be liable to,
Penalty: Rs. 1 lakh
Sec 187: Investments of Company
to be Held in its Own Name
Sub-section (4): Contravening the
provisions of Sec 187
• Company shall be punishable with,
Fine: Rs. 25,000 to 25 lakhs
• Every officer in default shall be punishable
with,
Imprisonment - up to 6 months; or
Fine: Rs. 25,000 to 1 lakh; or with both
• Company shall be liable to,
Penalty: Rs. 5 lakhs
• Every officer in default shall be liable to,
Penalty: Rs. 50,000
Sec 188: Related Party
Transactions
Sub-section (5): Contravening the
provisions of Sec 188
• Such director or any other employee of
the Company shall be punishable with,
Imprisonment - up to 1 year (in case of listed
Company); or
Fine: Rs. 25,000 to 5 lakhs (in case of any
Company); or with both (in case of listed
Company)
• Such director or any other employee of
the Company shall be liable to,
Penalty: Rs. 25 lakhs (in case of listed
Company); or
Rs. 5 lakhs (in case of any other Company)
Contd.
26. 26
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 204: Secretarial Audit for
Bigger Companies
Sub-section (4): Contravening the
provisions of Sec 204
• Company, every officer of the company or
the company secretary in practice who is
in default shall be punishable with,
Fine: Rs. 1 lakh to 5 lakhs
• Company, every officer of the company
or the company secretary in practice
who is in default shall be liable to,
Penalty: Rs. 2 lakhs
Sec 232: Merger and
Amalgamation of Companies
Sub-section (8): Contravening the
provisions of Sec 232
• Company (transferor and transferee) shall
be punishable with,
Fine: Rs. 1 lakh to 25 lakhs
• Every officer in default (transferor and
transferee) shall be punishable with,
Imprisonment - up to 1 year; or
Fine: Rs. 1 lakh to 3 lakhs; or with both
• Failure to comply with Sec 232(5) by
Company and every officer in default
shall be liable to,
Penalty: Rs. 20,000; and Rs. 1,000 for
every continuing day of default but not
exceeding Rs. 3 lakhs
Sec 247: Valuation by Registered
Valuers
Sub-section (3): Contravening the
provisions of Sec 247
• Valuer shall be punishable with,
Fine: Rs. 25,000 to 1 lakh
• Valuer shall be liable to,
Penalty: Rs. 50,000
Contd.
27. 27
Section and description Earlier provision in the Act Amendment Act, 2020
Sec 405: Power of Central
Government to Direct
Companies to Furnish
Information or Statistics
Sub-section (4):
Contravening the
provisions of Sec 405
• Company shall be punishable
with,
Fine: up to Rs. 25,000
• Every officer in default shall be
punishable with,
Imprisonment - up to 6 months; or
Fine: Rs. 25,000 to 3 lakhs; or with
both
• Company and every officer in default shall be liable
to,
Penalty: Rs. 20,000; and Rs. 1,000 for every continuing
day of default but not exceeding Rs. 3 lakhs
Sec 450: Punishment
Where No Specific Penalty
or Punishment is Provided
• Company and every officer in
default or any other person
shall be punishable with,
Fine: up to Rs. 10,000; and Rs.
1,000 for every continuing day of
default
• Company shall be liable to,
Penalty: Rs. 10,000; and Rs. 1,000 for every continuing
day of default but not exceeding Rs. 2 lakhs
• Every officer in default or any other person shall be
liable to,
Penalty: Rs. 10,000; and Rs. 1,000 for every continuing
day of default but not exceeding Rs. 50,000
Contd.
29. 29
To exclude certain class of companies from the definition of Listed Company after
consultation with SEBI
To exempt any class of foreign companies / companies incorporated / to be
incorporated outside India from any of the provisions of Chapter XXII of the Act –
Companies Incorporated Outside India by notification laid before both houses
To mandate certain classes of unlisted company to prepare periodical financial
results
30. Contd.
30
To allot a new name to any company having similar name and issue fresh Certificate
of Incorporation due to Rectification of Name of the company
To exempt class of persons from complying with regulation of Sec. 89 relating to
beneficial interest in shares of the company
To allow a class of public companies to list certain class of its securities on SEs in
permissible foreign jurisdictions and such companies may be exempted from any of
the provisions of Chapter III, Chapter IV, Sec 89, 90 or 127 of the Act
31. Contd.
31
To reduce the time limit of offer to be kept open for less than 15 days in rights issue
In respect of Producer Company- shifting of registered office from one state to another,
to invest in companies other than Producer company for a value exceeding 30% of Paid-
up capital + free reserves
To set up such number of benches of National Company law appellate tribunal
33. Corporate Social Responsibility – Sec 135
33
If the company spends in excess of the required CSR spending, such company may set off
such excess amount against the requirement to spend u/s 135(5) for such number of
succeeding financial years and in such manner, as may be prescribed
Where the amount to be spent does not exceed Rs. 50 lakhs, the requirement for
constitution of the CSR Committee shall not be applicable and the functions of such
Committee be discharged by the BOD
Penal provision:
Company- twice the amount required to be transferred by the company to the Fund
specified in Schedule VII / the Unspent CSR Account / Rs. 1 crore (whichever is less)
Every officer of the company who is in default- 1/10th of the amount required to be
transferred by the company to Fund specified in Schedule VII / the Unspent CSR Account/
Rs.2 lakhs (whichever is less)
34. 34
Independent directors – Sec 149
Independent director may receive remuneration, exclusive of any fees payable under Sec
197(5), in accordance with the provisions of Schedule V, if a company has no profits /
inadequate profits
Sec 197(5) deals with sitting fee of directors for attending meetings
Filing resolutions- Sec 117
Second proviso to Sec 117(3)(g) provides exemption to banking Company from filing Form
MGT-14 with respect to resolution passed to grant loans, or give guarantee or provide
security in respect of loans under Sec 179(3)(f)
This exemption is now extended to Non-Banking Finance Companies and Housing Finance
Companies
35. 35
Remuneration in case of inadequate profits – Sec 197
If a company fails to make profits or makes inadequate profits in a financial year, any non-
executive director of such company, including an independent director, shall be paid
remuneration in accordance with Schedule V of the Act
Lesser penalties for Certain companies – Sec 446B
which shall not be more than one-half of the penalty specified in such provisions subject to a
maximum of Rs. 2 lakhs for Company and Rs. 1 lakh in case of an officer who is in default /
any other person
then such company, its officer in default / any other person, shall be liable to a penalty
If penalty is payable for non-compliance of any of the provisions of the Act by an OPC, small
company, start-up company or Producer Company, or by any of its officer in default, or any
other person in respect of such company,
36. Producer Company
36
Earlier provisions of Companies Act, 1956 shall be applicable
mutatis mutandis to a Producer Company
A new chapter is introduced for Producer Companies –
Chapter XXIA containing sections from 378A to 378ZU
If any question arises whether the dispute relates to formation,
management or business of the Producer Company, the question
shall be referred to the arbitrator, whose decision thereon shall be
final.