MCA Limits Layering of Subsidiaries by Companies The Ministry of Corporate Affairs (‘MCA’) on September 20, 2017 notified the proviso to Section 2(87) of the Companies Act, 2013 (‘Act’) and the Companies (Restriction on the number of layers) Rules, 2017 (‘Layering Rules’). Prior to said notification, the restriction on the numbers of subsidiaries as specified […]
Government plans to make PAN the business Aadhaar for companies, NGOs After debating since the months, the government is now moving to make Permanent Account Number (PAN) the Aadhaar for business Aadhaar for companies as well as non-government organisations as it looks to close possible gaps for generation of black money. The ministry of corporate […]
ANNUAL GENERAL MEETING – HOW TO CALL Annual General Meeting Section 96 of the Companies Act, 2013 provides that every company other than a One Person Company shall hold a general meeting every year as its annual general meeting. This meeting is in addition to any other meetings conducted by the Company. More than fifteen […]
LLP registration in India The whole idea of Limited Liability Partnership (LLP) is very common in India. This specific partnership pinpoints the fact that some partners in a partnership may have limited liabilities. Importantly, under LLP one partner is not responsible or liable for another partner’s misconduct or in any negligence. One can definitely say, […]
Nidhi Company – Provisions as per Companies Act 2013 Nidhi Company means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as […]
Critical issue of removal of auditor Many professionals have been raising question on interpretation/ procedure for removal of auditor:- Situation: The Companies Act, 2013 permits removal of auditor before completion of his term. The procedure for removal of auditors is given in sub-section (1) of Section 140 of the Act. If a Company is not […]
Basics of Non Government Organisations Across the world, governments are largely choosing the role of welfare state, i.e. taking case of the well-being of the people at large. Government, with limited resources and limited functionaries, cannot reach the people in every nook and concern of the society.