MCA’s Condonation of delay scheme, 2018

During October, 2017 the MCA had disqualified more than 3 lakh directors of companies who failed to submit their annual filings for 3 or more years. This move was a bit harsh on part of certain innocent and genuine directors of companies, as they were also barred from accessing the online registry, i.e., MCA21 portal. […]

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Company can alter MOA to increase its share capital provided there are reasonable statutory compliances: HC

A company shall be entitled to alter its memorandum to increase its share capital provided there is reasonable statutory compliance of provisions of law Facts of the case : a) The appellant- Company was incorporated with an authorized share capital of Rs.2 lakhs and later, the authorized capital was increased upto Rs.5 lakhs. b) Further, […]

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LLP (Amendment) Rules, 2017 (LLP Closure Procedure)

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 16th May, 2017 G.S.R. 470(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely:— 1. […]

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ICSI says chairman can be removed without prior intimation

The Tatas are unlikely to face troubles over allegations of breach of corporate governance norms while dealing with Cyrus Mistry, particularly while removing him as the head of Tata Sons. Institute of Company Secretaries of India (ICSI), the standard setting body for corporate governance, believes a chairman of a company can be removed without prior […]

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Doctrine of Lifting Corporate Veil can be applied when under the Grab of Transfer of Shares, property is sold

ESTATE OFFICER, UT CHANDIGARH AND OTHERS V. ESYS INFORMATION TECHNOLOGIES (P.) LTD.   [2016] 134 CLA 303 (SC) SUPREME COURT OF INDIA CA No. 3765 of 2016 V Gopala Gowda & Arun Mishra, JJ 11th May 2016   Chandigarh Administration allotted 6-acres of land to Esys Information Technologies Pvt. Ltd. for setting up a Small […]

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Relaxation of additional fee and extension of last date of filing of ROC Annual Forms

General Circular No. 12/2016 In continuance of this  Ministry’s  General Circular No. 08/2016 dated 29.07.2016, keeping in view the requests received from various stakeholders, it has been decided to further extend the last date for filing of financial statements  and annual returns  e­forms AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 as  the case may be, without payment of additional fee, […]

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Relaxation of additional fee and extension of last date of in filing AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 e­forms under the Companies Act, 2013 ­regarding

General Circular No. 12/2016 In continuance of this  Ministry’s  General Circular No. 08/2016 dated 29.07.2016, keeping in view the requests received from various stakeholders, it has been decided to further extend the last date for filing of financial statements  and annual returns  e­forms AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 as  the case may be, without payment of additional fee, […]

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New Company Incorporation Form INC 32

The Ministry of Corporate Affairs has launched Simplified Performa for Incorporating Company Electronically (SPICe) e-Form INC 32 through Companies (Incorporation) Fourth Amendment Rules, 2016, on the occasion of Gandhi Jayanthi 2016, with the specific objective of providing speedy incorporation related services within stipulated time frames which are in line with international best practices.   This […]

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Summary of EXEMPTIONS TO A PRIVATE LIMITED COMPANY under CA 2013

EXEMPTIONS TO A PRIVATE LIMITED COMPANY S.No. Exemption and Interpretation Section Date of Applicability 1.   DEFINITION OF RELATED PARTY RELAXED WITH RESPECT TO SECTION 188: Related Party does not include Holding, Subsidiary, Associate Company and sister concern(subsidiary of holding). Transactions entered with them and falling under section 188 does not require compliance of section […]

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