AUDIT OF COMPANY LIQUIDATION ACCOUNTS

The audit of the accounts of a firm is not compulsory, whereas the audit of accounts of a company is mandatory. APPOINTMENT OF AUDITORS The Companies Act, 2013 (the “Act”), has laid down specific and onerous obligations on the company and its auditors with stringent penalties, including imprisonment for non-compliance with the relevant provisions for... Continue Reading →

FUNCTION OF COMPANY SECREYARY

INTRODUCTION The existing Companies Act, 1956 (the Act) in India (as also the Companies Act, 1985 in England) do not list out the functions of the secretary, there have been attempts over the last decade or so to include the same in the Act. The Companies (Amendment) Bill, 2003 and the Concept Paper on Company... Continue Reading →

PROCEDURE TO CONVERT A COMPANY

ACCORDING TO SEC 8 OF COMPANY ACT----- Companies that are registered under Section 8 of the Companies Act, 2013 are those companies that pertain to Non-Government or Non-Profit Organizations. Such Section 8 companies are formed with an objective to promote the fields of trade, commerce, art, science, sports, education, research, religion, social welfare, environment protection... Continue Reading →

ROLE OF MANAGING DIRECTOR

The managing director of a company is in charge of the organization’s daily operations and is under the purview of the CEO (Chief Executive Officer), the executive head of a company. He or she is also expected to keep a company solvent and facilitate its expansion and growth. In other words, the managing director is... Continue Reading →

APPLICATION TO TRIBUNAL FOR RELIEF IN CASE OF OPPRESSION

INTRODUCTION Sec 241 deal with application to tribunal for relief in case of oppression, ETC. The terms oppression and mismanagement are not defined under the Companies Act, 2013. These terms are to be interpreted by the court depending upon the facts of each case. Mismanagement refers to practices of managing the company incompetently and dishonestly.... Continue Reading →

Compensation For Loss of Office of Managing or Whole Time Director or Manager

Section 202: Compensation for loss of office of managing or whole-time director or manager. As per the provisions of Section 202 of Companies Act 2013, compensation for loss of office/consideration for retirement from office may be paid to MD/WTD or manager subject to specified limits and except in the specified cases. (1) A company may... Continue Reading →

BOOK TO BE KEPT BY COMPANY LIQUIDATOR

Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 293 of CA 2013 provides for books to be kept by Company Liquidator. Section 293: Books to be kept by Company Liquidator. (1) The Company Liquidator shall keep proper books in such manner, as may be... Continue Reading →

Official liquidator to make payment into public account of India

Chapter xx (sec270 – 365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 349 of CA 2013 provides for official Liquidator to make payments into public account of India. As per the section of 349 of company law in which it was given that “EVERY OFFICIAL LIQUIDATOR... Continue Reading →

REPAYMENT OF DEPOSITE ETC. ACCEPTED BEFORE COMMENCEMENT OF THE ACT

Section 74. Repayment of deposits, etc., accepted before commencement of this Act. Chapter V (SEC 73-76A) of the Companies Act, 2013 deals with the provisions related to acceptance of deposits by companies. Section 74 of CA 2013 provides for repayment of deposits, etc., accepted before commencement of this Act. Applicability of the provision (1) Where... Continue Reading →

WHAT IS A PUBLIC COMPANY?

INTRODUCTION As per Section 2(71) of the Companies Act, 2013 “Public company” means a company which is not a private company and has a minimum paid-up share capital as may be prescribed. Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be a public... Continue Reading →

Create a website or blog at WordPress.com

Up ↑

%d bloggers like this: