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.
Latest Companies (Accounts) Amendment Rules, 2016
Greatest relief to Unlisted companies and its auditors - No need to prepare consolidated financial statements. Please refer notification below
This document outlines regulations from the Insolvency and Bankruptcy Board of India regarding voluntary liquidation of corporate persons. It discusses the initiation of voluntary liquidation through declarations and resolutions, the effect on corporate status, eligibility and remuneration of liquidators, and key powers and functions of liquidators such as maintaining books and registers, preparing reports, and appointing professionals. The purpose is to provide a framework for orderly voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code of India.
This document outlines the bylaws of Advanced Micro Devices, Inc. regarding meetings of stockholders and the nomination of directors.
Key details include:
1) Stockholders must give advance notice between 90-120 days before the annual meeting to propose other business or nominate directors.
2) The notice must include information about the stockholder, the nominees, the proposed business, and any interests or arrangements related to the proposal.
3) Updates may be required within specified timeframes prior to the meeting.
The bylaws establish an orderly process for stockholder proposals and nominations at annual and special meetings.
OBJECTIVE
Slump sale is a method of corporate restructuring. Slump sale is generally undertaken to hive off a part of the business division, to weed out a loss making division and to focus on the core business activities and improve its performance. The webinar covers the provisions under Companies Act, 2013, secretarial compliance aspects and judicial precedents.
The document summarizes recent regulatory changes from the Securities and Exchange Board of India (SEBI) and Central Board of Direct Taxes (CBDT) in India. Specifically, it mentions that SEBI has introduced new regulations requiring the top 500 listed companies to disclose dividend distribution policies. It also notes that CBDT has revised income tax notice formats and clarified that interest paid by offshore banking units is not subject to tax deduction. Additionally, it outlines amendments made to the Delhi Value Added Tax Act, including allowing advance tax payment on certain imports and requiring electronic filing of returns.
OBJECTIVE
Winding up is the final stage in the business cycle of a company. It is the process of closing down the legal existence of a company. It can be done either by the company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions relating to debts and claims against the company as enshrined in Companies Act, 2013 read with Companies (Winding up) Rules, 2020.
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
OBJECTIVE
Companies in Singapore are governed by the laws of Companies Act (the Act), originally enacted in 1967 and which has undergone significant amendments in 2014 and 2017. The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and corporate service providers in Singapore. A foreign company may carry on business in Singapore by transferring that Company’s registration from foreign country to Singapore or by registering the branch of the foreign Company in Singapore. In this webinar, transfer of registration of foreign corporate entity to Singapore is covered. The provisions of Transfer of Registration are governed by Part XA of the Act read with Companies (Transfer of Registration) Regulations 2017.
Latest Companies (Accounts) Amendment Rules, 2016
Greatest relief to Unlisted companies and its auditors - No need to prepare consolidated financial statements. Please refer notification below
This document outlines regulations from the Insolvency and Bankruptcy Board of India regarding voluntary liquidation of corporate persons. It discusses the initiation of voluntary liquidation through declarations and resolutions, the effect on corporate status, eligibility and remuneration of liquidators, and key powers and functions of liquidators such as maintaining books and registers, preparing reports, and appointing professionals. The purpose is to provide a framework for orderly voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code of India.
This document outlines the bylaws of Advanced Micro Devices, Inc. regarding meetings of stockholders and the nomination of directors.
Key details include:
1) Stockholders must give advance notice between 90-120 days before the annual meeting to propose other business or nominate directors.
2) The notice must include information about the stockholder, the nominees, the proposed business, and any interests or arrangements related to the proposal.
3) Updates may be required within specified timeframes prior to the meeting.
The bylaws establish an orderly process for stockholder proposals and nominations at annual and special meetings.
OBJECTIVE
Slump sale is a method of corporate restructuring. Slump sale is generally undertaken to hive off a part of the business division, to weed out a loss making division and to focus on the core business activities and improve its performance. The webinar covers the provisions under Companies Act, 2013, secretarial compliance aspects and judicial precedents.
The document summarizes recent regulatory changes from the Securities and Exchange Board of India (SEBI) and Central Board of Direct Taxes (CBDT) in India. Specifically, it mentions that SEBI has introduced new regulations requiring the top 500 listed companies to disclose dividend distribution policies. It also notes that CBDT has revised income tax notice formats and clarified that interest paid by offshore banking units is not subject to tax deduction. Additionally, it outlines amendments made to the Delhi Value Added Tax Act, including allowing advance tax payment on certain imports and requiring electronic filing of returns.
OBJECTIVE
Winding up is the final stage in the business cycle of a company. It is the process of closing down the legal existence of a company. It can be done either by the company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions relating to debts and claims against the company as enshrined in Companies Act, 2013 read with Companies (Winding up) Rules, 2020.
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
OBJECTIVE
Companies in Singapore are governed by the laws of Companies Act (the Act), originally enacted in 1967 and which has undergone significant amendments in 2014 and 2017. The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and corporate service providers in Singapore. A foreign company may carry on business in Singapore by transferring that Company’s registration from foreign country to Singapore or by registering the branch of the foreign Company in Singapore. In this webinar, transfer of registration of foreign corporate entity to Singapore is covered. The provisions of Transfer of Registration are governed by Part XA of the Act read with Companies (Transfer of Registration) Regulations 2017.
Facebook completes WhatsApp acquisition, CEO Jan Koum agrees to $1 base salaryHarrison Weber
As expected, Facebook today closed its $19 billion acquisition of WhatsApp following approval from European regulators.
Details: http://venturebeat.com/2014/10/06/facebook-completes-whatsapp-acquisition-ceo-jan-koum-agrees-to-1-base-salary/
This notification outlines new rules for the registration of foreign companies in India under the Companies Act, 2013. Some key points:
- It defines terms like "electronic mode", "fees", and "forms" for registration.
- Foreign companies must deliver details of directors and secretaries to the Registrar within 30 days of establishing a place of business in India.
- Financial statements must be prepared according to Schedule III of the Companies Act and additional documents like related party transactions must be attached.
- Accounts must be audited by a chartered accountant in India.
- An annual return must be filed within 60 days of the financial year end with details of places of business.
Code on wages bill 2017 as introduced in lok sabhaSangraam Singh
This document contains the proposed Code on Wages, 2017 for India. It lays out 9 chapters that will consolidate and amend existing laws related to wages and bonuses. The key chapters include:
- Chapter I on preliminary definitions and prohibitions on gender discrimination.
- Chapter II on minimum wages including fixing and revising minimum wages rates.
- Chapter III on payment of wages including permissible deductions.
- Chapter IV on payment of bonuses to employees.
- Chapter V establishes advisory boards to advise on wages and bonuses.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in home and foreign listing jurisdictions.
3) For two-way fungibility of IDRs, guidelines are provided for future IDR issuances allowing partial conversion after 1 year, and for existing listed IDRs requiring at least annual 25% conversion opportunities for holders.
IBC code – overview:
Insolvency precedes bankruptcy and liquidation follows bankruptcy.
Insolvency warnings:
drop in sales
delay in payments
Increasing reliance on credit
Cash flow test:
when cash flow IN s less than cash flow OUT flow.
This book is a complete compendium of Companies Act, 2013 (‘Act’) and Rules prescribed thereunder. It also covers Circulars and Notifications issued under the Act.
The Present Publication is the 14th Edition, which incorporates all the changes made by the Companies (Amendment) Act, 2020 and all changes made up to 8th October 2020. This book is divided into the following 3 divisions:
· Companies Act, 2013 with Rules
· Other Rules
· Circulars, Notifications issued under the Companies Act, 2013
This book incorporates the following:
· A guide to the Companies (Amendment) Act, 2020
· Annotated text of Companies Act 2013 [As Amended by Companies (Amendment) Act 2020] and Rules framed thereunder
· Text of relevant Rules is given along with text of relevant Section of Companies Act 2013
· Annotation under each section shows:
o Related Rules and Forms
o Exemptions available to private companies /Government companies/Nidhis/Charitable Companies/Unlisted Public Company/Private Company operating from IFSCs located in SEZ
o Gist of relevant Circulars and Notifications
o Date of enforcement of provision
o Corresponding provision under the 1956 Act
o Words & Phrases judicially noticed
o Allied Laws referred to in the provision, and
o Relevant provisions of SEBI Rules/SS-1 to SS-4/Listing Obligations/Table F of Schedule.
· Text of Circulars & Notifications issued under Companies Act 2013 as well as SS-1to SS
· Provisions of other Acts referred to in Companies Act, 2013
· Words & Phrases Judicially defined
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
The document provides an overview of public issue of debentures by companies in India. It defines debentures and various types of debentures. It discusses the process of public issue of debentures which requires issue of a prospectus, appointment of a debenture trustee, creation of debenture redemption reserve, and compliance with various other statutory requirements. It also describes different types of prospectus that can be issued for public offer of debentures and exceptions available for certain companies.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions involved in winding up as enshrined in Companies Act, 2013 along with judicial precedents.
The document discusses key changes introduced by the Companies Act 2013 relating to listed companies and corporate governance norms for listed companies proposed by SEBI. Some key points include:
1) The Act introduces stricter compliance requirements for listed companies regarding disclosures, reporting and transparency. It aligns listing agreement with the Act and lays out roadmaps for listed entities.
2) SEBI approved amendments to the listing agreement to strengthen corporate governance norms for listed companies in line with the Act. The amendments will be applicable from October 1, 2014.
3) The Act introduces new audit requirements for listed companies regarding secretarial audit and internal audit. It also changes terms of appointment for statutory auditors.
4) The
This document outlines the key definitions and sections contained in the Industrial Disputes Act, 1947 of India. It provides definitions for terms used in the act such as "appropriate government", "award", "conciliation officer", "employer", "industry", "industrial dispute", and "lay off". It also lists the various sections and schedules that make up the act, outlining topics like works committees, boards of conciliation, labour courts, prohibition of strikes and lock-outs, penalties, and resolution of industrial disputes. The document serves as a table of contents and high-level overview of the Industrial Disputes Act.
- The document is an order from the Ministry of Corporate Affairs in India establishing the Companies (Auditor's Report) Order, 2016, which specifies matters that must be addressed in audit reports for certain types of companies.
- It supersedes the previous Companies (Auditor's Report) Order from 2015 and applies to most types of companies except for things like banking, insurance, and some smaller private companies.
- The order lists 16 matters that must be included in the auditor's report, covering issues like maintenance of asset records, loans to other parties, statutory dues, fraud, and transactions with related parties.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions relating to meetings of creditors and contributories, advisory committee and Audit of Company Liquidator's accounts under winding up as enshrined in Companies Act, 2013.
OBJECTIVE
Compromise and arrangement is a form of Corporate Restructuring where company enters into an agreement with its creditors or members to reorganise the capital structure of the company. The webinar covers the aspects of statutory provisions pertaining to compromise and arrangement under Companies Act, 2013 in detail along with judicial precedents.
Income Tax Act with Supplement
As Amended by The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020
The Present Publication is the 65th Edition, with the following noteworthy features:
· Taxmann’s Bestseller Book for more than Five-Decades
· Follows the Six Sigma Approach to achieve the Benchmark of
‘Zero Error’
· Amended Provisions as per the following:
o The Finance Act, 2020
o The Taxation and Other Laws (Relaxation and Amendment of
Certain Provisions) Act, 2020
· Legislative History of Amendments, since 1961
· Relevant provisions of all other allied laws referred to in the
Income-tax Act
· Specially curated 'Guide to Amendments'
· Comprehensive Table of Contents
· Relevant Section Numbers are printed in Folios for Quick
Navigation
Supplement to Income-tax Act
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020, has inserted or amended 39 Sections of the Income-tax Act, 1961. This supplement to Income-tax Act provides all amended and newly inserted Sections. These amendments are relating to:
· Change in the due dates of various compliances
· Reduction in the rates of TDS/TCS
· Clarifications regarding amended provisions of residential
status
· Faceless proceedings
· Restoration and deferment of certain provisions relating to
trusts
· Exemptions and deductions
· Taxation of Alternative Investment Funds (AIFs)
· Reduced rates of surcharge on dividend income in case of
FPIs
This document lists various forms prescribed under the Companies Act, 2013 in India. It outlines the forms required for incorporation of companies, registration of charges, annual filings, appointment and resignation of directors and auditors, related party transactions, and other company law compliances. It also provides contact information for assistance in filing any of these forms. In total, it references over 50 forms across various chapters of the Companies Act that must be filed with the Registrar of Companies for compliance purposes.
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Objectives & Agenda :
One of the primary and popular forms of raising money by a public company is by way of offer of securities to public. Private Companies are prohibited to invite the public to subscribe for any securities of the company. Such issue enables a company to raise funds from large number of investors. The webinar covers the aspects of overview on public issue, issue of prospectus, various types of prospectus, statutory provisions in the Companies Act, 2013, compliance aspects and judicial precedents.
NO. FJ2 (49)/2021-LEGIS) THE LEGISLATION WAS RECEIVED ON DECEMBER 1, 2021 AFTER BEEN APPROVED BY THE PARLIAMENT HEREAFTER PROMULGATED ON DECEMBER 04, 2021 CALLED AS THE COMPANIES (AMENDMENT) ACT, 2021.
The President of India has given its assent to the Companies (Amendment) Bill, 2019, which further amends the Companies Act, 2013 (the Act). The Companies (Amendment) Bill, 2019 has been now published in the Official Gazette on 31 July 2019 as the Companies (Amendment) Act, 2019 (the
Amendment Act).
The Amendment Act has taken into consideration the amendments that were originally notified in the Companies (Amendment) Ordinance, 2018 which was promulgated by the President on 2 November 2018, and then retained in effect through the Companies (Amendment) Ordinance Act, 2019 and the Companies (Amendment) Second Ordinance, 2019 promulgated by the President on 12 January 2019 and 21 February 2019, respectively.
Facebook completes WhatsApp acquisition, CEO Jan Koum agrees to $1 base salaryHarrison Weber
As expected, Facebook today closed its $19 billion acquisition of WhatsApp following approval from European regulators.
Details: http://venturebeat.com/2014/10/06/facebook-completes-whatsapp-acquisition-ceo-jan-koum-agrees-to-1-base-salary/
This notification outlines new rules for the registration of foreign companies in India under the Companies Act, 2013. Some key points:
- It defines terms like "electronic mode", "fees", and "forms" for registration.
- Foreign companies must deliver details of directors and secretaries to the Registrar within 30 days of establishing a place of business in India.
- Financial statements must be prepared according to Schedule III of the Companies Act and additional documents like related party transactions must be attached.
- Accounts must be audited by a chartered accountant in India.
- An annual return must be filed within 60 days of the financial year end with details of places of business.
Code on wages bill 2017 as introduced in lok sabhaSangraam Singh
This document contains the proposed Code on Wages, 2017 for India. It lays out 9 chapters that will consolidate and amend existing laws related to wages and bonuses. The key chapters include:
- Chapter I on preliminary definitions and prohibitions on gender discrimination.
- Chapter II on minimum wages including fixing and revising minimum wages rates.
- Chapter III on payment of wages including permissible deductions.
- Chapter IV on payment of bonuses to employees.
- Chapter V establishes advisory boards to advise on wages and bonuses.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in home and foreign listing jurisdictions.
3) For two-way fungibility of IDRs, guidelines are provided for future IDR issuances allowing partial conversion after 1 year, and for existing listed IDRs requiring at least annual 25% conversion opportunities for holders.
IBC code – overview:
Insolvency precedes bankruptcy and liquidation follows bankruptcy.
Insolvency warnings:
drop in sales
delay in payments
Increasing reliance on credit
Cash flow test:
when cash flow IN s less than cash flow OUT flow.
This book is a complete compendium of Companies Act, 2013 (‘Act’) and Rules prescribed thereunder. It also covers Circulars and Notifications issued under the Act.
The Present Publication is the 14th Edition, which incorporates all the changes made by the Companies (Amendment) Act, 2020 and all changes made up to 8th October 2020. This book is divided into the following 3 divisions:
· Companies Act, 2013 with Rules
· Other Rules
· Circulars, Notifications issued under the Companies Act, 2013
This book incorporates the following:
· A guide to the Companies (Amendment) Act, 2020
· Annotated text of Companies Act 2013 [As Amended by Companies (Amendment) Act 2020] and Rules framed thereunder
· Text of relevant Rules is given along with text of relevant Section of Companies Act 2013
· Annotation under each section shows:
o Related Rules and Forms
o Exemptions available to private companies /Government companies/Nidhis/Charitable Companies/Unlisted Public Company/Private Company operating from IFSCs located in SEZ
o Gist of relevant Circulars and Notifications
o Date of enforcement of provision
o Corresponding provision under the 1956 Act
o Words & Phrases judicially noticed
o Allied Laws referred to in the provision, and
o Relevant provisions of SEBI Rules/SS-1 to SS-4/Listing Obligations/Table F of Schedule.
· Text of Circulars & Notifications issued under Companies Act 2013 as well as SS-1to SS
· Provisions of other Acts referred to in Companies Act, 2013
· Words & Phrases Judicially defined
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
The document provides an overview of public issue of debentures by companies in India. It defines debentures and various types of debentures. It discusses the process of public issue of debentures which requires issue of a prospectus, appointment of a debenture trustee, creation of debenture redemption reserve, and compliance with various other statutory requirements. It also describes different types of prospectus that can be issued for public offer of debentures and exceptions available for certain companies.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions involved in winding up as enshrined in Companies Act, 2013 along with judicial precedents.
The document discusses key changes introduced by the Companies Act 2013 relating to listed companies and corporate governance norms for listed companies proposed by SEBI. Some key points include:
1) The Act introduces stricter compliance requirements for listed companies regarding disclosures, reporting and transparency. It aligns listing agreement with the Act and lays out roadmaps for listed entities.
2) SEBI approved amendments to the listing agreement to strengthen corporate governance norms for listed companies in line with the Act. The amendments will be applicable from October 1, 2014.
3) The Act introduces new audit requirements for listed companies regarding secretarial audit and internal audit. It also changes terms of appointment for statutory auditors.
4) The
This document outlines the key definitions and sections contained in the Industrial Disputes Act, 1947 of India. It provides definitions for terms used in the act such as "appropriate government", "award", "conciliation officer", "employer", "industry", "industrial dispute", and "lay off". It also lists the various sections and schedules that make up the act, outlining topics like works committees, boards of conciliation, labour courts, prohibition of strikes and lock-outs, penalties, and resolution of industrial disputes. The document serves as a table of contents and high-level overview of the Industrial Disputes Act.
- The document is an order from the Ministry of Corporate Affairs in India establishing the Companies (Auditor's Report) Order, 2016, which specifies matters that must be addressed in audit reports for certain types of companies.
- It supersedes the previous Companies (Auditor's Report) Order from 2015 and applies to most types of companies except for things like banking, insurance, and some smaller private companies.
- The order lists 16 matters that must be included in the auditor's report, covering issues like maintenance of asset records, loans to other parties, statutory dues, fraud, and transactions with related parties.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions relating to meetings of creditors and contributories, advisory committee and Audit of Company Liquidator's accounts under winding up as enshrined in Companies Act, 2013.
OBJECTIVE
Compromise and arrangement is a form of Corporate Restructuring where company enters into an agreement with its creditors or members to reorganise the capital structure of the company. The webinar covers the aspects of statutory provisions pertaining to compromise and arrangement under Companies Act, 2013 in detail along with judicial precedents.
Income Tax Act with Supplement
As Amended by The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020
The Present Publication is the 65th Edition, with the following noteworthy features:
· Taxmann’s Bestseller Book for more than Five-Decades
· Follows the Six Sigma Approach to achieve the Benchmark of
‘Zero Error’
· Amended Provisions as per the following:
o The Finance Act, 2020
o The Taxation and Other Laws (Relaxation and Amendment of
Certain Provisions) Act, 2020
· Legislative History of Amendments, since 1961
· Relevant provisions of all other allied laws referred to in the
Income-tax Act
· Specially curated 'Guide to Amendments'
· Comprehensive Table of Contents
· Relevant Section Numbers are printed in Folios for Quick
Navigation
Supplement to Income-tax Act
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020, has inserted or amended 39 Sections of the Income-tax Act, 1961. This supplement to Income-tax Act provides all amended and newly inserted Sections. These amendments are relating to:
· Change in the due dates of various compliances
· Reduction in the rates of TDS/TCS
· Clarifications regarding amended provisions of residential
status
· Faceless proceedings
· Restoration and deferment of certain provisions relating to
trusts
· Exemptions and deductions
· Taxation of Alternative Investment Funds (AIFs)
· Reduced rates of surcharge on dividend income in case of
FPIs
This document lists various forms prescribed under the Companies Act, 2013 in India. It outlines the forms required for incorporation of companies, registration of charges, annual filings, appointment and resignation of directors and auditors, related party transactions, and other company law compliances. It also provides contact information for assistance in filing any of these forms. In total, it references over 50 forms across various chapters of the Companies Act that must be filed with the Registrar of Companies for compliance purposes.
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
Objectives & Agenda :
One of the primary and popular forms of raising money by a public company is by way of offer of securities to public. Private Companies are prohibited to invite the public to subscribe for any securities of the company. Such issue enables a company to raise funds from large number of investors. The webinar covers the aspects of overview on public issue, issue of prospectus, various types of prospectus, statutory provisions in the Companies Act, 2013, compliance aspects and judicial precedents.
NO. FJ2 (49)/2021-LEGIS) THE LEGISLATION WAS RECEIVED ON DECEMBER 1, 2021 AFTER BEEN APPROVED BY THE PARLIAMENT HEREAFTER PROMULGATED ON DECEMBER 04, 2021 CALLED AS THE COMPANIES (AMENDMENT) ACT, 2021.
The President of India has given its assent to the Companies (Amendment) Bill, 2019, which further amends the Companies Act, 2013 (the Act). The Companies (Amendment) Bill, 2019 has been now published in the Official Gazette on 31 July 2019 as the Companies (Amendment) Act, 2019 (the
Amendment Act).
The Amendment Act has taken into consideration the amendments that were originally notified in the Companies (Amendment) Ordinance, 2018 which was promulgated by the President on 2 November 2018, and then retained in effect through the Companies (Amendment) Ordinance Act, 2019 and the Companies (Amendment) Second Ordinance, 2019 promulgated by the President on 12 January 2019 and 21 February 2019, respectively.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a Company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). Provisions under Companies Act, 2013 with respect to voluntary winding up are omitted and shifted to Insolvency and Bankruptcy Code, 2016 (“the Code”). The webinar covers the aspects of provisions involved in voluntary winding up as enshrined under the Code read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.
This document provides an amendment to the Companies Act of 2013 in India. It outlines 22 sections that are being amended or inserted. Some of the key changes include removing the requirement for companies to have a common seal, inserting a new section on punishment for contravention of deposit acceptance rules, amending provisions around reporting of frauds by auditors, and amending rules around related party transactions. The amendments are meant to update and improve various provisions of corporate law in India.
The document provides guidance on procedures for converting between different types of company statuses in Pakistan. It discusses converting:
- Private companies to public companies and vice versa
- Private companies to single-member companies and vice versa
- Single-member companies to private companies
For each conversion type, it outlines the required steps, including board approval, shareholder approval via special resolution, amending articles of association, regulatory approvals and filings with the registrar. Approval from the Securities and Exchange Commission of Pakistan is needed to convert a public company to private or a private multi-member company to single-member.
- The document is a notification from the Government of Pakistan Securities and Exchange Commission of Pakistan regarding new rules called the Single Member Companies Rules, 2003.
- The rules define terms related to single member companies, outline requirements for single member companies including appointing a nominee director and filing nominations, and set procedures for a single member company changing status to a private company or vice versa.
- The rules provide a framework to regulate companies with a single member in Pakistan.
Buzz on Corporate Laws: eNewsletter: July 2014 Part 2 issuePrakash Pandya
Buzz on Corporate Laws, an eNewsletter of P. K. Pandya & Co.: July 2014 Part - 2 issue - covers legal updates. To subscribe http://newsletter.pkpandya.com/?p=subscribe&id=1
The document summarizes the process of strike off or removal of a company's name from the register of companies under the Companies Act, 2013 in India. There are two modes of strike off - by the Registrar of Companies under Section 248(1) if certain conditions are met, or by a company applying on its own under Section 248(2). The process involves issuing notices, publishing notices, restrictions on certain types of companies, effects of dissolution, penalties for fraudulent applications, and rights of appeal. The summary aims to provide a concise overview of the key details and steps involved in the strike off process for companies in India according to the Companies Act.
APPOINTMENT OF MANAGING OR WHOLETIME DIRECTORCS Ashish Shah
The document provides steps to appoint and remove managing directors and whole time directors in a company.
1. It outlines convening a board meeting and general meeting, passing resolutions, filing necessary forms with the registrar of companies, and obtaining central government approval if required to appoint a managing director or whole time director.
2. For removal, it notes the appointment is a contract and removal may require compensation, and outlines providing notice and representations if removing a managing or whole time director before the end of their term.
The document summarizes recent amendments made to the Companies Act 2013 regarding various compliance requirements for companies. Key points include:
- Companies must file the ACTIVE form by April 26th 2019 or face penalties, with restrictions on certain filings if marked "ACTIVE-non-compliant".
- Introduction of rules for filing commencment of business declaration using Form INC-20A within 180 days of incorporation or face penalties.
- Increased penalties for non-compliance with provisions regarding annual returns, shareholder meetings, charge creation and other filings.
- Introduction of new forms like DPT-3 for deposit reporting and DIR-3 KYC for director updates.
1) A prospectus is a document that invites the public to invest in a company through shares or debentures. It must contain specific information required by law to properly inform investors.
2) The document outlines the legal requirements for prospectus contents in India, including general company information, capital structure, management details, financials, and statutory disclosures.
3) Prospectuses can be civilly or criminally liable for misstatements. Investors can sue for damages or rescission, while companies and directors face fines or imprisonment. Prospectuses must therefore disclose all material facts accurately and avoid omissions to prevent misleading investors.
The new Companies Law 2013 (India) - Chapter 6: Registration of chargesBold Kiln
This notification provides rules related to the registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days in Form CHG-1 or CHG-9 along with fees. Late registration within 300 days requires additional fees.
- The Registrar can allow late registration between 30-300 days if sufficient cause is shown.
- Certificates of registration and modification will be issued in Forms CHG-2 and CHG-3 as evidence of complying with registration requirements.
- Other rules cover maintaining a register of charges, satisfaction of charges, appointment of receivers, and inspection of records.
This notification provides rules related to registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days along with required forms and fees. Additional fees are levied for later registration within 300 days.
- The register of charges will be maintained on the MCA portal and open for public inspection.
- Companies must register satisfaction of a charge within 30 days and the Registrar will issue certificates. Intimation must also be provided for appointment of receivers.
- Companies must maintain their own register of charges and make entries within 30 days of any creation, modification or satisfaction.
The document discusses the key provisions around acceptance of deposits and issue of securities by companies under the Companies Act, 2013. It provides 10 exclusions for what does not constitute a 'deposit' according to the Act. It also outlines the conditions stipulated under Section 73 for a company to accept deposits from members, including issuing a circular, maintaining a deposit repayment reserve account, and obtaining credit ratings. Specific additional conditions are provided for eligible companies to restrict the amount of deposits accepted.
The document summarizes key amendments made by the Companies (Amendment) Act, 2017 in India. Some of the major amendments addressed difficulties in implementation of certain provisions, facilitated ease of doing business, and harmonized company law with other statutes. Specifically, it reduced the time period for name reservation from 60 to 20 days, increased the deadline for informing about a change in registered office from 15 to 30 days, and required companies to prepare consolidated financial statements including associate companies in addition to subsidiaries.
the Companies Amendment bill, 2016 by Praveen SoniPraveen Soni
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, financial statements, appointment of directors and auditors. Some key points are allowing companies more flexibility in where they hold meetings, clarifying requirements for resigning directors, and exempting related party transactions between holding and wholly owned subsidiaries from approval requirements. The document outlines numerous proposed changes to various sections of company law.
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.
Similar to Companies (Incorporation) Third Amendment Rules, 2016 (20)
Single Master Form introduced for reporting Foreign investment in India.GAURAV KR SHARMA
The Reserve Bank of India will introduce a Single Master Form (SMF) to integrate reporting of foreign investment in India. The SMF will be filed online. It will provide a facility to report total foreign investment in an Indian entity as well as investment in an Investment Vehicle by non-residents. Indian entities must input data on total foreign investment through an online interface available from June 28, 2018 to July 12, 2018. Entities not complying will be non-compliant with foreign exchange laws and regulations. The format of the SMF is provided in the annexures. Commercial banks are asked to inform customers of this new reporting requirement under FEMA.
Monitoring of Foreign Investment limits in listed Indian companies May 17th 2018GAURAV KR SHARMA
SEBI issued a circular amending two previous circulars regarding monitoring foreign investment limits in listed Indian companies. The deadline for companies to provide necessary data to depositories was extended to May 25th. The new monitoring system was pushed back to becoming operational on June 1st, in response to requests from stakeholders. This circular was issued under powers of the Securities and Exchange Board of India Act of 1992.
The document outlines amendments made by the Securities and Exchange Board of India to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key changes include requiring listed companies to have at least one independent woman director, increasing the minimum board size for large companies, setting limits on the number of directorships a person can hold, strengthening independent director requirements, and enhancing nomination and remuneration committee meetings and composition. The amendments are aimed at improving corporate governance practices of listed companies in India.
Latest Circular on Non compliance of SEBI LODR Regulations GAURAV KR SHARMA
This document outlines the standard operating procedure that stock exchanges must follow for imposing fines and suspending trading of securities for listed entities that are non-compliant with certain provisions of SEBI's Listing Obligations and Disclosure Requirements Regulations. It specifies the fines to be levied for different types of non-compliances and the process for moving securities to a "Z" category with trade for trade settlement or suspending trading. It also details the procedure for revoking suspension or initiating compulsory delisting for entities that remain non-compliant.
SEBI update on Additional Risk management measures for derivatives segmentGAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing additional risk management measures for derivatives trading in stock exchanges and clearing corporations. It requires stock exchanges and clearing corporations to (1) collect initial margin, exposure margin, extreme loss margin, calendar spread margin and mark to market settlements from clearing members and trading members for equity derivatives trading; (2) enforce collection of these margins from clearing members and trading members for both equity and currency derivatives; and (3) calculate liquid net worth for clearing members in equity derivatives by deducting initial and exposure margins from liquid assets. The provisions take effect from June 1, 2018.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically:
SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.
This notification announces that various sections of the Companies (Amendment) Act 2017 will come into force on February 6, 2018. Specifically, sections 2, 3, 9, 11-12, 14, 17, 27-29, 32, 34-35, 38, 41-45, 47-48, 50-51, 53, 59-60, 63-65, 72-74, 77-79, 82, 84-85, and 90-93 will take effect from that date. The notification is issued by the Ministry of Corporate Affairs, Government of India to inform all relevant parties of the commencement of these new provisions.
Mca has notified below mentioned 41 sections of companies amendment actGAURAV KR SHARMA
The document notifies that 41 sections of the Companies Amendment Act, 2017 will come into effect from February 9th, 2018. These sections pertain to definitions, member liability, authentication of documents, voting rights, issue of shares, board meetings, related party transactions, auditing standards, and qualifications for directors, tribunal members, and appellate tribunal members among other things. The notification provides a table with the section numbers of the amendment act and the corresponding sections in the Companies Act, 2013 that have been amended.
Securities and Exchange Board of India (International Financial Services Cent...GAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing amendments to the definition of "issuer" in the SEBI (International Financial Services Centres) Guidelines from 2015. The definition has been amended to include any entity incorporated in India seeking to raise foreign currency other than Indian rupee with necessary approvals, any entity incorporated abroad allowed to issue securities outside its place of incorporation per local laws, and any supranational organizations allowed to issue securities per their constitution. The circular was issued under SEBI's power to protect investors and regulate securities markets.
Report Submitted by Committee on Corporate Governance GAURAV KR SHARMA
The committee was formed in June 2017 under the chairmanship of Mr. Uday Kotak to enhance corporate governance standards of listed Indian entities. It consisted of officials from government, industry, professional bodies and academia.
The committee's terms of reference were to make recommendations to SEBI on ensuring independence of independent directors, improving related party transaction disclosures and safeguards, addressing issues in accounting/auditing practices, improving board evaluation effectiveness, and addressing investor voting issues.
The committee submitted its report on October 5, 2017 after taking public comments on its recommendations.
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notif...GAURAV KR SHARMA
The Central Board of Excise and Customs of India determined new exchange rates of foreign currencies relating to imported and exported goods, effective September 22, 2017. Schedules I and II list 19 currencies and their exchange rates in Indian rupees for both imported and exported goods. For example, the rate for the Australian dollar was set at 52.65 rupees for imported goods and 50.80 rupees for exported goods. The notification supersedes the previous exchange rate notification from September 7, 2017.
Outsourcing of activities by Stock Exchanges and Clearing CorporationsGAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) issued a circular to clarify regulations around exchange traded cross currency derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs. Key points:
- SEBI had previously laid out a framework for these cross currency futures and options contracts, as well as currency options on EUR-INR, GBP-INR and JPY-INR.
- The circular modifies the proprietary position limits for stock brokers (both bank and non-bank) for positions created in foreign currency-rupee pairs like USD-INR.
- Stock exchanges must implement a uniform methodology, in consultation, for computing and monitoring these proprietary position
Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-...GAURAV KR SHARMA
The document provides guidelines from the Securities and Exchange Board of India (SEBI) for stock exchanges and clearing corporations regarding outsourcing activities. Some key points:
- Stock exchanges and clearing corporations must develop an outsourcing policy and approval process for any outsourced activities.
- Core and critical activities like trading, clearing, settlement, and regulatory functions cannot be outsourced.
- Due diligence must be conducted on any third-party service providers and legal agreements must define roles and responsibilities.
- Exchanges and clearing corporations retain ultimate responsibility and must monitor outsourced services and have contingency plans.
Top 10 Free Accounting and Bookkeeping Apps for Small BusinessesYourLegal Accounting
Maintaining a proper record of your money is important for any business whether it is small or large. It helps you stay one step ahead in the financial race and be aware of your earnings and any tax obligations.
However, managing finances without an entire accounting staff can be challenging for small businesses.
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Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
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Companies (Incorporation) Third Amendment Rules, 2016
1. [To be published in the Gazette of India, Extraordinarf ,Parl II, Section 3,
Sub-Section (i)l
Government of India
Ministry of Corporate Affairs
Notification
New Delhi, 27th July,2016
G.S.R. .-In exercise of the powers conferred by sub-sections (1) and (2) of
section 469 of the companies Act, 2013 (18 of 2013), the central Govemment hereby
makes the following rules further to amend the Companies (Incorporation) Rules,
2014, namely:-
1. (1) These rules may be called the Companies (Incorporation) Third Amendment
Rules,2016.
(2) They shall come into force on the date of their publication in the Official
Gazette.
2. ln the Companies (lncorporation) Rules, 2014 (hereinafter referred to as the
principal rules), in rule 3, for sub-rule (2), the following shall be substituted,
namely:-
* (2) A natural person shall not be member of more than a One Person Company at
any point of time and the said person shall not be a nominee of more than a C)ne
Person Company".
3. In the principal rules, in rule 8,-
(a) in sub-rule (2) for clause (ii), the following shall be substituted namely:-
..(ii) it includes the name of a trade mark registered or a trade mark which is subject
of an application for registration under the Trade Marks Act, 1999 and the rules
framed thereunder unless the consent of the owner or applicant for registration, of
the trade mark, as the case may be, has been obtained and produced by the
promoters;"
(b) in sub-rule (6), in clause(n), the comma between the words 'financial' and
'comoration' shall be omitted.
2. 4. In the principal rules, in rule 13, after sub-rule (2), the following Explanation shall
be inserted, namely:-
"Explanation.- For the purposes of sub-rule (1) and sub-rule (2), the type written or
printed particulars of the subscribers and witnesses shall be allowed as if it is written
by the subscriber and witness respectively so long as the subscriber and the witness
as the case may be appends his or her signature or thumb impression, as the case may
be."
5. In the principal rules, in rulel6,-
(i) in sub-rule ( 1),-
(a) in clause (m), the following Explanation shall be inserted, namely:-
"Explanation.- In case the subscriber is already holding a valid DIN, and the
particulars provided therein have been updated as on the date of application,
and the declaration to this effect is given in the application, the proof of
identity and residence need not be attached."'
(b)"clause (q) shall be omitted;
(ii) in sub-rule (2) in clause (g), the words " or partnership firm" shall be omitted.
6. In the principal rules, for rule 26, the following rule shall be substituted, namely:-
"26. Publication of name by company.- (1) Every company which has a website for
conducting online business or otherwise, shall disclose/publish its name, address of
its registered office, the Corporate Identity Number, Telephone number, fax number
ifany, email and the name ofthe person who may be contacted in case ofany queries
or grievances on the landinglhome page of the said website.
(2) The Central Govemment may as and when required, notify the other documents
on which the name of the company shall be printed.".
7. In the principal rules, in rule 28, in sub-rule (2), after the second
following proviso shall be inserted, namely:-
the
3. t
"Provided also that on completion of such inquiry, inspection or investigation as a
consequence of which no prosecution is envisaged or no prosecution is pending,
shifting of registered office shall be allowed.".
8. In the principal rules, in rule 29, for sub-rule (1), the following shall be substituted,
namely:-
"( I ) The change of name shall not be allowed to a company which has not filed annual
returns or financial statements due for filing with the Registrar or which has failed to
pay or repay matured deposits or debentures or interest thereon:
Provided that the change of name shall be allowed upon filing necessary documents
or payment or repayment of matured deposits or debentures or interest thereon as the
case may be."
9. In the principal rules, in rule 30,-
(A) in sub-rule (1), after clause (i), the following shall be inserted namely:-
"O a copy of the No Objection Certificate from the Reserve Bank of India where
the applicant is a registered Non-Banking Financial Company"
(B) in sub-rule (6), in clause (c) the words "and to the Securities and Exchanse Board
in the case of listed companies" shall be omitted;
(C) in sub-rule (10), after the proviso, the following Explanation shall be inserted,
namely:-
"Explanation.- On completion of such inquiry, inspection or investigation as a
consequence of which no prosecution is envisaged or no prosecution is pending,
shifting ofregistered office shall be allowed.".
10. In the principal rules, after rule 36, the following rule shall be inserted,
namely:-
"37. Conversion of unlimited Iiability company into a limited Iiability
company by shares or guarantee.- (1) Without prejudice to any other
provision in the Companies Act for effecting the conversion of an unlimited
liability company with or without share capital into limited liability company
by shares or guarantee, such a company shall pass a special resolution in a
general meeting and thereafter, an application shall be filed in Form No. INC-
27 inthe manner provided in sub-rules (2) and (3).
4. (2)The Company shall within seven days from the date of passing of the special
resolution in a general meeting, publish a notice, in Form No. INC-27A of
such proposed conversion in two newspapers (one in English and one in
vernacular language) in the district in which the registered office of the
company is situate and shall also place the same on the website of the
Company, if any, indicating clearly the proposal of conversion of the
company into a company limited by shares or guarantee, and seeking
objections if any, from the persons interested in its affairs to such conversion
and cause a copy of such notice to be dispatched to its creditors and
debentures holders made as on the date of notice of the general meeting by
registered post or by speed post or through courier with proof of dispatch.
The notice shall also state that the objections, if any, may be intimated to the
Registrar and to the company within twenty-one days of the date of
publication of the notice, duly indicating nature of interest and grounds of
opposition.
(3)The Company shall within forty five days of passing of the special
resolution file an application as prescribed in sub rule (1) for its conversion
into a company limited by shares or guarantee alongwith the fees as
provided in the Companies (Registration offices and Fees) Rules, 2014, by
attaching the following documents, namely:-
notice of the general meeting along with explanatory statemen!
copy of the resolution passed in the general meeting;
copy of the newspaper publication;
a copy of altered Memorandum of Association as well as Articles of
Association duly certified by any one of the Directors duly authorised
in this behalf or Company Secretary of the Company, if any.
e. declaration signed by not less two Directors of the Company,
including Managing Director, if any, that such conversion shall not
affect any debts, liabilities, obligations or contracts incurred or entered
into by or on behalf of the Company before conversion (except to the
extent that the liabiliw of the members shall become limited).
f. a complete list of creditors and debenture holders, to whom
individual notices have been sent under sub-rule (2) setting forth the
f ollowing details, namely:-
a.
b.
c.
d.
than
if anr
5. (i) the names and address of every creditor and debenture
holder of the Company;
(ii) the nature and respective amounts due to them in respect of
debts, claims or liabilities:
(iii) declaration by a Director of the Company that notice as
required under sub-rule (2) has been dispatched to all the creditors
and debenture holders with proof of dispatch.
C. a declaration signed by not less than two Directors of the Company,
one of whom shall be a Managing Director where there is one, to the
effect that they have made a full enquiry into the affairs of the Company
and, having done so, have formed an opinion that the list of creditors is
correct, and that the estimated value as given in the list of the debts or
claims payable on a contingency are proper estimates of the values of
such debts and claims and that there are no other debts or claims against
the company to their knowledge.
h. a declaration of solvency signed by at least two Directors of the
Company, one of whom shall be the Managing Director, where there is
one to the effect that the Board of Directors of the Company have made
a full inquiry into the affairs of the company, as a result of which they
have formed an opinion that it is capable of meeting its liabilities and
will not be rendered insolvent within a period of one year from the date
of declaration, through a resolution, passed in a duly convened meeting
or by circulation.
i. The company shall also obtain a certificate from the Auditors that the
company is solvent and that it is a going concern as on the date of passing
of resolution by the Board certifying solvency as per clause (h) above.
j. No Objection Certificate from sectoral regulator, if applicable.
k. No Objection Certificate from all secured creditors, if any.
(4) Declaration signed by not less than two Directors including Managing Director,
where there is one, that no complaints are pending against the company from
the members or investors and no inquiry, inspection or investigation is pending
against the company or its Directors or officers.
6. (s)The Registrar shall, after considering the application and objections if any,
received by the Registrar and after ensuring that the company has satisfactorily
addressed the objections received by the company, suitably decide whether the
approval for conversion should or should not be granted.
(6)The certificate of incorporation consequent to conversion of unlimited liability
company to into a company limited by shares or guarantee be in Form INC-11A
issued to the company upon grant of approval for conversion.
(7)Conditions to be complied witfu subsequent to conversion.-
(1) Company shall not change its name for a period of one year from the
date of such conversion.
(2) The company shall not declare or distribute any dividend without
satisfying past debts, liabilities, obligations or contracts incurred or
entered into before conversion.
Explanation: For the purpose of this clause, past debts, liabilities,
obligations or contracts does not include secured debts due to banks
and financial instibutions.
(8) An Unlimited Liability Company shall not be eligible for conversion into a
company limited by shares or guarantee in case-
(a) its networth is negative, or
(b) an application is pending under the provisions of the Companies Act 1956
or the Companies Act, 2013 for striking off its name, or
(c) the company is in default of any of its Annual Returns or financial
statements under the provisions of the Companies Act, 1956 or the
Companies 4ct,2013, or
(d) a petition for winding up is pending against the company, or
(e) the company has not received amount due on calls in arrears, from its
directors, for a period of not less than six months from the due date; or
(f) an inquiry, inspection or investigation is pending against the company.
(9) The Registrar of Companies shall take a decision on the application filed under
these rules within thirty days from the date of receipt of application complete in
all respects.
7. 11. In the principal rules, Form No. INC-10 shall be omitted.
12. In the principal rules, for Form No. INC-11, the following forms shall be
substituted. namelv:-
"Form No.lNC-11
GOV[iRNMEN]'OII IND:A
MIN IS'I'RY OI' C]ORPORAI'L] AITITA I RS
Central Registlation Centre
Certificate of Incorporation
[Pursuant to sub-section (2) o1'section 7 o1'the Companies Act, 20 | 3 ancl rule 8 the Companies
(lncorporation) Rules. 20 | "{l
I hereby certify that <name of the company> is incorpurated on this (i.e. FIRST, SECOND
etc.) day of <Month of'approval o1'work item in wordp 1wo thousand --YEAR o{'approval ol
rvork item in words> under the Companies Act. 2013 and that the company is <limited by
shares/lirnited hy guarantee/unIimited company>.
The CllN of the company is <ClN>.
Given under my hand at < Namc o1'the citv rvhere the RoC Ol'lice is localed > lhis < Date ol'
approval of thc rvork itenr in words (i.e F'lRS'l-, SECIOND etc.)> day ol'< Mouth of approval
of the work ilenr in words > <YUAR of'approval of the wolk item in words>.
DSC
<Assisrant Re_qistrar of con;tJ ;il;,;'J[,]li:li:iliilffi T:;iJlf iltHH':.::
Fol and on behalfol'the Jurisdictional Registlar of Cornpanies
Il.egistrar o1' Companies
Central Registration Centre
Disclaimer: This certifioate only evidences incorpclration ol' the colnpany on the basis of
documents and declarations of the applicant(s). 'l'his certilicate is neifier a license nor
penrission to conduct business or solicit deposits or t'unds fionr public. Perrnission of secror
regulator is necessary wherevor recluired. Registration status itncl other details ol'the company
can be verillcd ()n ..n1.r.!,t.irl
Mailing Addless as per the reoords available in Registrar olCompanies oflice:
< Name of the company >
< Address of the correspondencc/registered olllce of the conrpany >".
8. Form No. INC-11A
Certificate of Incorporation pursuant to conversion of Unlimited
Liability company into Limited Liability Company
[pursuant to section 18 of the Companies Act,2013 read with rule 37 of the
Companies (Incorporation) Rules, 2014]
I hereby certify that....,..........(name of the company prior to conversion)
having unlimited liability has been converted into..........(name of the
company after conversion) company having limited liability with effect from
the date of this certificate and the company is limited by shares or limited by
guarantee.
The CIN of the companv is...........
Given under my hand at............... this..................... day of
two thousand.
SEAL:
Registrar of Companies
1.3. in the principal rules,, for
inserted, namely:-
Form the following forms shall be
9. Form language o o Hindi
Refer the instruction kit for filing the form.
1. tApplication for o Conversion of private company into public company
o Conversion of public company into private company
o Conversion of Unlimited Liability Company into Company Limited
by shares or guarantee
2. *(a) Corporate identity number(ClN) of company
(b) Global Location Number
(a) Name of the Company
(b) Address of registered office
(c) email Id of the company
*Particulars of filing Form No. MGT-14 with Registrar of Companies (RoC)
(a) SRN of Form No. MGT-14
(b) Date of passing the special resolution (DD/MM/YYYY)
(c) Date of filing Form No. MGT-14
5. 1'Pafticulars of the order of Tribunal
(a) Date of passing the order
(DD/MM/YYYY)
FORM NO. INC-27
[Pursuant to sections 74 and 78 of the
Companies Act, 2Ol3 and Rule 33 and
Rute 37 made there under of the
Companies Rules, 20731
Conversion of public company
into private company or
private company into public
company and Conversion of
Unlimited Liability Company
anto a Company Limited by
shares or guarantee
10. (b) Date of receiving the order
at the time of incorporation (to be in the
7' (a) Details of members present at the meeting where the decision of conversion
was taken and number of shares held by them
(i) tNumber of members
(ii) Numberof shares treta offi
(b) Details of the members who
shares held by them
(i) *Number of members
(ii) Number of shares held
(c) Details of the members
held by them
(i) xNumber of members
(ii) Number of shares held by them
(d) Details of members who abstained
them
(i) *Number of members
(ii) Number of shares held bv them
Attachments
xMinutes of the members' meeting;
x Copy of altered Memorandum
Articles of Association ;
3. Order for condonation of delay;
4. *Copy of special resolution;
5. xCopy of newspaper publication;
6. Order of competent authority;
7. tDeclaration of all Directors
by them
who voted against the proposal and number of shares
voted in favour of the proposal and number of
from voting and number of shares held by
List of attachments
Remove Attachment
Attach
l*.*l
t A,,r.t I
[^*"rl
f;.d. I
f- ^*.h I
1.
xName of the company
10
11. as per Rule 37(3)(e);
8. xDeclaration of Directors
As per Rule 3Z(3Xg);
9. xComplete list of creditors and
debentures holders;
10. *Declaration of Solvency;
Attach
Attach
Attach
11.*Declarationregardingnocomplaints Attach
As per Rule 37(4)
12.x A copy of Statutory Auditors Certificate Attach
l3.Optional attachment(s) (if any)
Declaration
To the best of my knowledge and belief, the information given in this application and
its attachments are correct and complete. The company has obtained all the mandatory
approvals from the concerned authorities, departments and substantial creditors. I have
been authorized by the board of directors' resolution number ;B
dated x
(DD/MM/YYYY) to sign and submit this application.
rflll
osc aox
To be digitally signed by
{Designation
xDirector identification number of the director; or
DIN or PAN of the manager or CEO or CFO; or
Membership number of Company secretary
Note: Attention is drawn to provisions of section 448 and 449 of the companies Act, 2013 which
provide for punishment for talse statement / certificate and punishment for false evidence respectively.
11
12. For offlca uco only:
i 'l r '' -;l :: t l:t l:l
6Fofm srrvice .!qu63t number (sRN)
f
.--*--l
eForm fiting date F,oD/MM/yyyy)
Digital signaturs of tho authorbing officer
This e-Form b hrreby approv.d
This e-Form is heroby rejectod
Datr ot 3igning
[:
[]
f_:
:.:::.i'. ' t.t.).)..-. ,.tt t)t
(DD/MM/YYYY)
12
13. Form no INC-27A
f[Pursuant to rule 37(2) the Companies (Incorporation) Rules, 2014]
Advertasement to be published in the newspaper for conversion of
unlimited liability into limited liability company
Before the Central Government
Region
In the matter of the Companies Act, 2013, Section 18 of Companies Act,
2013 and rule 37 of the Companies (Incorporation) Rules, 2014
AND
In the matter of Limited (unlimited liability company) having
its registered office at Petitioner
Director
Date
Place.
Notice is hereby given to the General public that the company proposes to maKe
application to the central Government under section 18 of the companies Act,
2013 seeking confirmation of alteration of the Memorandum of Association of
the company in terms of the special resolution passed at the Annual General
Meeting/ Extra ordinary general meeting held on to enable the
company to convert from unlimited liability into limited liability,,.
Any person whose interest is likely to be affected by the proposed conversion
from unlimited liability into limited liability may deliver or cause to be delivereo
or send by registered post of his/her objections supported by an affidavit stating
the nature of his/her interest and grounds of opposition to the Registrar of
companies (address of the ROC) within twenty-one days from the date of
publication of this notice with a copy to the applicant company at its registered
office at the address mentioned below:
For and on behalf of the Applicant
12
14. tF.Ngr rtr3/20t3 CL-vl
nf*w,
AMARDEEP SINGHBIIATIA, Jt. Secy.
Note: The principal notification was published in the Gazette of India,
Extraordinary Part II, Section 3, Sub-section (i) vde number G.S.R. 250(E) dated
3l't March, 2014 and subsequently amended videthe following notifications:-
Serial
Number
Notification Number Notification Date
l. G.S.R. 349 (E) 0l-05-2015
2. G.S.R.442 (E) 29-05-2015
3. G.S.R. ee (E) 22-01-2016
4. G.S.R.336(E) 23-03-2016
14
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