By what time are companies required to switch over to the new format of Register of Members, Register of Directors and Key Managerial Personnel and their Shareholding?

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As per Rule 3 of the Companies (Management & Administration) Rules, 2014 all the existing companies, registered under the Companies Act, 1956, shall prepare their register of members as per the provisions of section 88 of the Companies Act, 2013 within a period of 6 months from the date of commencement of Companies (Management &… Read more »

What is the preservation period of register of members and annual return under the companies Act, 2013 ?

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In terms of Rule 15 of the Companies (Management & Administration) Rules, 2014, the register of members along with the index shall be preserved permanently. Copies of annual returns prepared under section 92 and copies of all certificates and documents required to be annexed thereto shall be preserved for a period of eight years from… Read more »

Whether advance taken from customers by real estate company on which no interest has been paid will be treated as advance or deposit as per the Companies Act 2013?

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As per the Rule 2(xii) of the Companies (Acceptance of Deposits) Rules, 2014, any amount received in the course of, or for the purposes of the business of the company – as advance, accounted for in any manner whatsoever, received in connection with consideration for property under an agreement or arrangement is exempted from the… Read more »

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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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 »

What if one have paper attachment to file with E-form?

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One has to first get the Paper attachments scanned and saved as a soft copy in PDF/ XBRL format. Thus one can upload/submit the scanned documents by attaching the same with the e-form and submitting on MCA portal. An E-form is the electronic equivalent of a paper form. The Ministry of Company Affairs has launched… Read more »

Section 2(49) defines the term ‘interested directors’ whereas at various sections reference to section 184 is drawn to define interested director which definition should be applied?

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Section 2(49) of the Companies Act, 2013 – It defines interested director as a director who is in any way, whether by himself or through any of his relatives or firm, body corporate or other association of individuals in which he or any of his relatives is a partner, director or a member, interested in a… Read more »

What is an E-form in company law?

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An E-form is the electronic equivalent of a paper form. The Ministry of Company Affairs has launched E-Governance initiative MCA21. In the new system, it is envisaged that all company related documents would be filed electronically. The word ‘Company‘ is an amalgamation of the Latin word ‘Com’ meaning “with or together” and ‘Pains’ meaning “bread”…. Read more »

What is section 217?

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Section 217 -Public servant disobeying direction of law with intent to save person from punishment or property from forfeiture. “Whoever , being a public servant, knowingly disobeys any direction of the law as to the way in which he is to conduct himself as such public servant, intending thereby to save, or knowing it to… Read more »

Is it mandatory for a company to keep its documents records, registers and minutes in electronic form?

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Yes, it is mandatory for a company to keep its documents records, registers and minutes in electronic form. The word ‘Company‘ is an amalgamation of the Latin word ‘Com’ meaning “with or together” and ‘Pains’ meaning “bread”. Originally, it referred to a group of persons who took their meals together. A company is nothing but a… Read more »