Whether a private Company having paid-up share capital 45 Lakhs and turnover of Rs. 20 Crores as per last audited balance sheet will be treated as small company or not?

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Privy Counci

According to section 2(85) define a small company as a company other than a public company – Paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than five crore rupees. Turnover of which as per its last profit and loss… Read more »

Is it mandatory to file the return of appointment of KMPs appointed in terms of Section 203?

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company

Yes, according to Form no. MR.1 as prescribed in Rule 3 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secretary and Chief Financial officer in Form no. MR.1… Read more »

What is a company?

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A company is an association of several persons. Decisions are made according to the view of the majority. Various matters have to be discussed and decided upon. These discussions take place at the various meetings which take place between members and between the directors. Needless to say, the importance of meetings cannot be under-emphasised in… Read more »

List the different Kinds of Company Meetings?

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Broadly, meetings in a company are of the following types :- I. Meetings of Members : These are meetings where the members / shareholders of the company meet and discuss various matters. Member’s meetings are of the following types :- A. Statutory Meeting : A public company limited by shares or a guarantee company having… Read more »

What does the term Proxy refers to?

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In case of a company having a share capital and in the case of any other company, if the articles so authorise, any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint another person (whether a member or not) as his proxy to attend… Read more »

What does the term Quorum refers to?

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Quorum refers to the minimum number of members who must be present at a meeting in order to constitute a valid meeting. A meeting without the minimum quorum is invalid and decisions taken at such a meeting are not binding. The articles of a company may provide for a quorum without which a meeting will… Read more »

Who is a Chairman?

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The chairman is the head of the meeting. Generally, the chairman of the Board of Directors is the Chairman of the meeting. Unless the articles otherwise provide, the members present in person at the meeting elect one of themselves to be the chairman thereof on a show of the hands. If there is no Chairman… Read more »

What are the Duties of the chairman?

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Without a chairman, a meeting is incomplete. The chairman is the regulator of the meeting. His duties include the following :- He must ensure that the meeting is properly convened and constituted i.e. that proper notice has been given, that the required quorum is present, etc. He must ensure that the provisions of the act… Read more »

When there is need for Voting and Demand for Poll?

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Generally, initially matters are decided at a general meeting by a show of hands. If the majority of the hands raise their hands in favour of a particular resolution, then unless a poll is demanded, it is taken as passed. Voting by a show of hands operates on the principle of “One Member-One Vote”. However,… Read more »