Companies Act – Neeraj Bhagat & Co.

January 1, 2021 / Companies Act

What are the documents/information needed to form an Indian company?

Article explains Documents/Information needed to Form an Indian Company under Companies Act, 2013 and same includes Documents required from client’s end, Document required In case of Body Corporate/Company acting as Subscriber cum shareholders in Indian Company and Documents that require to be drafted and filed as per Laws in India towards Company Registration.

Documents required from client’s end:

In case of Indian Subscribers and/or Directors:	In case of Foreign National acting as subscriber and/or Directors:
Directors’ Identification Number (DIN), if

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January 1, 2021 / Companies Act

Steps for company formation in India

Effective from 23rd Feb, 2020, a new integrated Web Based form ‘SPICE+’ pursuant to the Companies (incorporation) Amendment Rules, 2020 has been introduced by Ministry of Corporate Affairs (MCA) which will facilitate: –

Allotment of Director’s Identification Number (DIN) of the directors
> Approval of Name of the company
> Approval of PAN/TAN of company
> Incorporation of the company
> Registration under EPFO
> Registration under ESIC
> Registration under Profession Tax (Maharashtra)
> Opening of Bank Account
>

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April 8, 2020 / Companies Act

LLPs and FDI in India

The concept of LLP, introduced in India through the Limited Liability Partnership Act, 2008 has become a popular form of business entity in India owing to its simplified procedures for registration and maintenance. LLPs allow many of the small and medium-sized to enjoy a separate legal entity, improve transferability and provide its promoters with limited liability protection. Therefore, there is tremendous interest among small business owners and service providers to register their business as an LLP.

With the Indian population …

January 1, 2021 / Companies Act

Companies fresh start scheme 2020 (CFSS-2020)- a quick review

The Ministry of Corporate Affairs (MCA) vide its General Circular No. 12/2020, comes up with the Companies Fresh Start Scheme, 2020 for one-time application of condonation of delay of filling the various documents, forms, returns etc. with the MCA.

Let us have a quick review:

FEW SPECIAL CASES

If defaulting company has filed any appeal against any notice, complaint, order passed by court or by an adjudicating authority, it can file application under this scheme for immunity certificate only

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April 8, 2020 / Companies Act

MCA updates due to Covid 19

Ministry of Corporate Affairs in view of COVID-19 have taken the following measures to reduce the compliance burden and other risks:

UPDATE NO.1
Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company, under Section 149 of the Companies Act, 2013 shall not be treated as a non-compliance for the financial year 2019-20.

UPDATE NO.2
The mandatory requirement of holding meetings of the Board of the companies

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April 8, 2020 / Companies Act

Additional Director Appointment under Companies Act, 2013

Article discusses Procedure for the appointment of Additional director, Procedure of Regularisation of Additional Director as Normal director and ROC Forms required to be filed for Additional director.

Relevant Sections: [161(1), read with 152, 153, Schedule I Table F Regulation 66 AOA of Companies Act, 2013]

Generally, every director shall be appointed by the members in General Meeting of the Company, but appointment of an Additional Director is an exception to this, accordingly:

Procedure for the appointment of Additional director:

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April 8, 2020 / Companies Act

Related Party Transaction | Section 188 | Companies Act, 2013

Analysis on Related Party Transaction Under Section 188 of the Companies Act, 2013 – Section 188 of Companies Act, 2013 is been made effective from 01.04.2014 and since than the same been amended nine times till date. In this article Analyses Provision of Section 188-

Meaning of Related Party

Transactions Covered

Some Important Definitions:

1. Goods means every kind of movable property other than actionable claim and money and includes stock and shares, growing crops, grass attached to or forming …

April 8, 2020 / Companies Act

Statutory Registers to be Maintained by a Company

All about Statutory Registers to be maintained by the Company Under Companies Act, 2013 In India

What are the Statutory Registers?
♦According to the Companies Act, Statutory Registers are the registers that contain the specific record of the company’s shareholders, directors, deposits, loan & guaranty, etc. and are placed at the Registered Office of the Company.

Why Statutory Registers are required to be maintained?
♦For good corporate governance and to avoid the penalties, it is always advised to maintain the …

April 8, 2020 / Companies Act

Checklist for Scheme of Compromise, Arrangements and Amalgamations

Section 230 and 232 of Companies Act 2103 read with rules Companies (Compromise, Arrangements and Amalgamation) Rules, 2016

Step: 1 AUTHORISATION IN MOA AOA

Step: 2 DRAFT SCHEME OF MERGER

Step: 3 CALL BOARD MEETING ⇓

Call Board Meeting and approve following resolutions:

a. Approve the draft scheme of Merger.

b. Authorization to filing of application to NCLT

c. Authorization to file a Petition for confirmation of scheme by the NCLT.

d. Appointment of an Independent Registered Valuer for valuing …

April 8, 2020 / Companies Act

All about Section 185 of Companies Act, 2013

Section 185 explains Provisions under Company Law Related to Direct or Indirect Loan or Advances to Directors by Company. Loan or advances include loan represented by a book debt, to any of the directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person. Article also explains filing requirement related to Loan or Advances to Directors and penalty for …