This document summarizes key amendments made to the Indian Companies Act through recent legislation. Sections 2, 14, 77, 87, 90, 102, 132, 135, 164, 248 and others were amended related to penalties and imprisonment. New Section 10A on commencement of business and a sub-section to Section 12 on removal of non-operational companies were inserted. Key features of the amendments include allowing foreign subsidiaries different financial years, controlling shell companies, provisions for unspent CSR amounts, auditors, persons unfit to manage companies, and expanding compounding of offences.
Muds services of Winding Up of a Company:
Procedure for Winding up Private Limited Company.
Expert assistance to start winding up of a company.
Advice on Winding up or liquidation of a Company.
End-to-End follow-up till the process is complete.
Liaising with the Ministry of Corporate Affairs (MCA) and NCLT.
https://muds.co.in/winding-up-of-a-company/
Companies Act, 2013 - Chapter X - Audit and AuditorsSASPARTNERS
A detailed presentation prepared by SAS Partners Team which gives an insight into the provisions of Chapter X relating to Audit & Auditors. This Chapter has undergone a sea of changes with new concepts introduced. This presentation will prove to be beneficial for the Corporate, Professionals & Students and will give a birds eye view of the provisions and concepts.
Muds services of Winding Up of a Company:
Procedure for Winding up Private Limited Company.
Expert assistance to start winding up of a company.
Advice on Winding up or liquidation of a Company.
End-to-End follow-up till the process is complete.
Liaising with the Ministry of Corporate Affairs (MCA) and NCLT.
https://muds.co.in/winding-up-of-a-company/
Companies Act, 2013 - Chapter X - Audit and AuditorsSASPARTNERS
A detailed presentation prepared by SAS Partners Team which gives an insight into the provisions of Chapter X relating to Audit & Auditors. This Chapter has undergone a sea of changes with new concepts introduced. This presentation will prove to be beneficial for the Corporate, Professionals & Students and will give a birds eye view of the provisions and concepts.
Inspection, Inquiry and Investigation Under Companies Act 2013Harsh Ranjan
Impact Analysis of Chapter XIV of Companies Act. This Chapter Deals with Inspection, Inquiry and Investigation Rights of Government and Obligation of Corporate's.
Discussion on Chapter X - Audit and Auditors under the Companies Act, 2013Manoj Singh Bisht
In this presentation, i have tried my best to discuss various facets of provisions contained in Chapter X of the Companies Act, 2013. In few places, only relevant part of a particular section is quoted.
These are my personal views.
For feedback - you can reach out to me at csmanojsbisht@gmail.com
Govt. extends exemptions under Company Law to Pvt. Cos. [mca notification dat...Gaurav Pingle
With an objective to provide certain exemptions to Private Companies, Ministry of Corporate Affairs ('MCA') had issued a Notification on June 5, 2015. After 2 years, the MCA has amended the said Notification. By amendment, the MCA has extended the exemptions in the Notification to Private Cos. / Small Cos. / Start-Ups / OPC.
The document relates to the highlights and analysis of the extended exemptions:
The concept of Dormant Company is introduced under section 455 of the Companies Act, 2013 read with The Companies (Miscellaneous) Rules, 2014 and came into effect from 1st April, 2014. Basically it’s the status of company which is becomes dormant.
Dormant company in general means temporarily inactive. As per provision of Companies Act, 2013 any company can apply for dormant status of the company by making application to Registrar, if it fulfils the required conditions.
Several reasons can exist for closing a business in Thailand, such as low profitability, unable to sustain business operations, economic condition, or maybe tough competition. Additional reasons could also be the shareholders want to open a new company, or that the shareholders seeks to permanently cease doing business in Thailand. In the event of a Thai company dissolution, closing down a business in Thailand needs to be done legitimately and efficiently.
Section 230 to 233 of Companies Act, 2013
Procedure for Scheme of Compromise, Amalgamation and Arrangement.
Also it covers the newly introduced Sec. 233 of Companies Act, 2013 for FAST TRACK MERGER
Inspection, Inquiry and Investigation Under Companies Act 2013Harsh Ranjan
Impact Analysis of Chapter XIV of Companies Act. This Chapter Deals with Inspection, Inquiry and Investigation Rights of Government and Obligation of Corporate's.
Discussion on Chapter X - Audit and Auditors under the Companies Act, 2013Manoj Singh Bisht
In this presentation, i have tried my best to discuss various facets of provisions contained in Chapter X of the Companies Act, 2013. In few places, only relevant part of a particular section is quoted.
These are my personal views.
For feedback - you can reach out to me at csmanojsbisht@gmail.com
Govt. extends exemptions under Company Law to Pvt. Cos. [mca notification dat...Gaurav Pingle
With an objective to provide certain exemptions to Private Companies, Ministry of Corporate Affairs ('MCA') had issued a Notification on June 5, 2015. After 2 years, the MCA has amended the said Notification. By amendment, the MCA has extended the exemptions in the Notification to Private Cos. / Small Cos. / Start-Ups / OPC.
The document relates to the highlights and analysis of the extended exemptions:
The concept of Dormant Company is introduced under section 455 of the Companies Act, 2013 read with The Companies (Miscellaneous) Rules, 2014 and came into effect from 1st April, 2014. Basically it’s the status of company which is becomes dormant.
Dormant company in general means temporarily inactive. As per provision of Companies Act, 2013 any company can apply for dormant status of the company by making application to Registrar, if it fulfils the required conditions.
Several reasons can exist for closing a business in Thailand, such as low profitability, unable to sustain business operations, economic condition, or maybe tough competition. Additional reasons could also be the shareholders want to open a new company, or that the shareholders seeks to permanently cease doing business in Thailand. In the event of a Thai company dissolution, closing down a business in Thailand needs to be done legitimately and efficiently.
Section 230 to 233 of Companies Act, 2013
Procedure for Scheme of Compromise, Amalgamation and Arrangement.
Also it covers the newly introduced Sec. 233 of Companies Act, 2013 for FAST TRACK MERGER
CSR and its important definitions - Dr S. ChandrasekaranD Murali ☆
CSR and its important definitions - Dr S. Chandrasekaran - Article published in Business Advisor, dated August 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Listed companies,
Companies delisted due to non-compliance,
Vanishing companies,
Companies under inspection and investigation,
Notice issued by RoC / Inspector and pending for reply under S.206 or S.207,
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
2. *
SECTIONS AMENDED ARE:
Sec. 2, 14, 77, 87, 90, 102, 132, 135, 164, 248,
(Amended for penalty or imprisonment etc.:
53, 64, 86, 92,105, ,117, 121, 137, 140, 157, 159, 165,
191, 197, 203, 238, 441, 446B, 447, 454, 454A )
Insertion of New Section or sub section :
Section 10A, sub section 9 inserted in section 12
3. *Aim of this amendment :
“Control Shell Companies and promote Ease of
Doing Business.”
4. Key Features of this Amendment:
1) Allowing subsidiaries of foreign companies to follow
different Financial Year for accounting.
2) Measure to Control ‘shell companies’.
3) Provisions to deal with unspent CSR amount.
4) Debarring of erring auditors.
5) Provisions to deal with person ‘unfit and improper to
manage companies’
6) Expending the power to compound offences
7) Disqualification of directors
5. *1) Allowing subsidiaries of foreign companies
to follow different Financial Year for
accounting:
Clause 41 of Section 2 of Company law is amended “ that a
company or body corporate , which is holding or a subsidiary, or
associate company of a company incorporated outside india can
follow any accounting year by applying to central government
whether or not that period is a year. “
6. New Section 10 A:
Commencement of Business:
After the effect of this amendment : Any company with
share capital can commence its business or exercise any
of its borrowing power after complying the following
steps:
a) A declaration must be submitted to the registrar with in
180 days of incorporation “That the Subscriber of the
memorandum has paid the value of share agreed by him.”
b) the Company has filed a verification of its registered
office with registrar as per section 12(2)
7. Section 12: insertion of sub section 9 in section
12
“ If Registrar came to know about that any
company company is not in operation or not doing
any business than he may cause a physical
verification of the registered office of that
company and if any default is found registrar can
order the removal of the name of that company .
8. Section 14: Authority for conversion of Public
Company into Private company is now “ Central
Government “ earlier it was Tribunal.
Section 29: Unlisted company required to held or
transfer its share in dematerialise form only .
Section 135: Corporate Social
Responsibility (CSR)
a) Sub Section 5: If company has not completed it’s 3
years of incorporation than for this section we use
“ During such preceding financial years.”
b) any unspent amount should be transferred to Fund
specified in schedule VII within 6 months of expiry
of FY.
9. Sub section 6 is inserted in section 135 : If any unspent
amount of CSR is there than with in 30 days of the end of
financial year the amount should be transferred to a
schedule bank by opening a special account named
“unspent CSR account “ and such amount only can be
spent by the company to CSR activities within 3 years if
fails to utilise the same than it will transfer the amount
to funds specified in schedule VII within 30 days of
completion of 3 FY.
If company fails to comply the provision of above sub section5
and 6 of Section 135 than can be fined from 50 thousand to 25
Lakh Rs.
10. Provisions to deal with person ‘unfit and
improper to manage companies’
Section: Sub section 2 of Section 241
If in the openion of Central Government the exist circumstances
suggested that:
a) Any peron connected with the business of the company found
guilty of fraud , misfeasance, persistent negligence , or default in
carrying out his obligation and function under law or of breach of
trust .
b) Person is not conducting the business with sound business
principle and prudent commercial practice.
c) Company is conducted and managed by such person in a manner
which will cause serious injury or damage to the interest of the
trade , industry or business.
d) Company is conducted or managed by a person with intent to
defraud its creditors , members or other person or otherwise for
unlawful or fraudulent purposes or in a manner prejudicial to
public interest
11. The CG may intiate a case against such person and refer it
to Tribunal .
Every Application under sub section 3 of section 241 shall
contain all circumstances and materials as CG may
consider necessary for this enquiry and be signed as
required under CPC, 1908for a Plaint.
Section 242 : “Tribunal shall decide whether the person is
fit or proper peron to hold the office or not”
12. Section 243: Person declared as not fit or not
proper to hold or manage any office by the
Tribunal u/s 242 shall not hold or manage and
office for next 5 years from the date of decision.
Provided the CG with the leave of tribunal may
permit him to hold such office before expiry of 5
years.
Such person not entitled to have any
compensation for loss of office.