ROC Matters relating to Appointment of Directors, Increase of Share Capital, Board Meeting, Audit Committee, Commencement of business

- 
1. Appointment of first auditor 139 (6) 
    Within 30 days of incorporation of company the board shall appoint by board mating and inform ROC by ADT 1 within 15 days of board meeting.
The tenure shall be until the conclusion of 1st AGM.

2. the appointment of subsequent auditor for 5 years us 139 (1)

3. Increase of paid up capital form PAS3

4. Press release dated 11 September 2018  amendment of the companies  (prospectus  and allotment of securities) Rules 2014, issue  of securities only in demat form and de-materialization of all existing securities in accordance to the provision of Depositors Act 1996.

5. Guidance on  "Audit Committee" by companies Act. 2013.
*Public companies paid up capital 10 cr. / turnover 100 cr. / outstanding loan, debenture, deposit 50 cr. 

6. Rules on Board meetings 
*Companies  (Meeting of Board and its Powers) Rules, 2014

7. Commencement of business:
 Companies (Amendment) Ordinance 2018 relating Section 10A of Companies Act 2013. 
7.1 Applicable to Private and Public companies having share capital 
7.2 No commencement of business & No exercise of borrowing power unless 
a) declaration is filed within 180 days of its formation that every subscriber has paid the value so agreed.
b) Verification regarding establishment of registered office.
*For the purpose of Subscription, opening of bank account 
*Maintaining such bank account at the time of declaration.
7.3 Consequence of failure:
Section 248 empowers the Register to remove the name. Notice of such intention of Register to do so may be sent to the company requiring representation along with proof of relevant documents.

8. Appointment of Managing Director:       
8.1. Section 196 of Companies Act 2013 appointment can be for a period of 5 years.
8.2. Appointment of a person above the age of 70 years can be possible after the Amendment Act 2013 w.e.f 01 April 2014

9. Participation of directors through Video-conferencing in meeting is allowed.

Comments

Post a Comment

Popular posts from this blog

Accounting for turnover of travel agents and treatment of reimbursable expenses

-
How to calculate turnover of travel agents and recognition of revenue to be made: Example:- 1. Receipt by travel agents of ₹ 11,090. The fare of train is ₹ 10,000 and GST on train fare @ 5% ₹ 500. Service Charge of the travel agent is ₹ 500 and GST @ 18% ₹ 90. Accounting: 1. ₹ 11,090 is to treated as advance from customer under current liabilities. 2. Payment of train fare of ₹ 10,500 to be shown as advance recoverable for cash or kind under current assets.(Note :1) 3. Adjustment of the above current assets and current liabilities should be squarred off by journal. 4. Service Charges of ₹ 500  to be shown as revenue. 5. GST of ₹ 90 is to kept under current liabilities as Output. Note: 1. GST Number of the person in whose name train ticket is booked, may be provided at booking time for the benefit of ITC of such person. Conclusion: To be eligible to treat the above payment of train fare not to be included in the turnover of the travel agent the following conditi...
Read more

The Constitution (101st Amendment Act) 2016 for implementation of GST in India

-
1. The Constitution (101 st Amendment Act) 2016. 1.1. It is containing 20 Sections. 1.2. Article 279 A , a newly inserted Article for setting up GST Council Note: 1. The same is notified on 12 September 2016 Note: 2. Remaining provision is notified on 16 September 2016 1.3.          Compensation to state for loss of revenue by The Central Government for a period of 5 Years on recommendation of Council. 1.4. Formation of Joint forum by State and Central Govt. i.e. The GST Council. Note: 1. Provision comes into effect from 12 September 2020. Note: 2. Council is constituted on 15 September 2020. 1.5.          Finance Minister is the chairman of the council and other ministers of States are members. 1.6.          Council makes recommendation to the State Govt. on different issues. 1.7.          Declared Goods o...
Read more

How rating downgrade effects Debt Fund of Mutual fund Industry

-
Four names which become the nightmare are IL&FS, DHFL, Reliance Anil Dhirubhai Ambani Group(ADAG) and Zee / Essel. What is particularly noticeable that in corporate bond instruments not only the ability to repay the bond is important but also the willingness of repayment is also important ,  hence subjective factors are also present there. Another important point is no cap has now been provided by regulator on promoter's borrowing capacity, which also effects the financial ability of the borrower's. 1. Role of credit rating agencies 1.1 Credit rating agencies generally delay in downgrading funds which itself creates problems, such action puts question mark on the credibility of credit rating. Now regulatory authority has started scrutiny. 2. Mutual fund schemes are affected 2.1 Downgrading of funds from AA+ ( high-grade investment) to D (Investment in default) 2.2 Since October 2018 credit rating agencies have downgraded 319 bonds of 63 issuers, which is more than the total...
Read more