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There would be applicability of multiple companies Act (1956 & 2013) at the time of preparation of financial reports and conducting audits. MCA & ICAI has issued following clarifications regarding applicability of the Act and format etc. General Circular No 8 of 2014 – Format of balance sheets & audit Report for the FY ending …
Preparation of Financial Report for the year ended on or before 31.3.2014 Read More »
Companies Act 2013 is bundled with many path breaking provisions for private limited entities. Among those most vivacious provisions are restriction on granting of loans to directors or their related parties and group companies through section 185 & 186. First time in the history restrictions were placed on fund transfers between related entities and hence …
Companies Act 2013 has posed many challenges before the professionals. One such challenge is posed by few brand new sections introduced in the law and few process added first time in the history of India Inc. Information is every where and interactive social networks have created more opportunities for professional to share and exchange information …
Be professionally bold – interprete the law rightly Read More »
Section 167 (1) provided the list of incidences leading to automatic vacation by a director from all companies. This section which came into effect from 1st April 2014, has open the new Pandora’s box. Clause (a) of the said section provides that if director incurs any of the disqualifications specified in entire section 164, he vacates …
Section 161 of the Companies Act 2013 provides for appointment of additional, alternate and nominee director on the Board of the any Company. Sub section (4) provides that Board of Public Company can fill up the casual vacancy caused at the office of director (who is appointed by general meeting) before expiry of his tenure. …
Can Private Company fill up the casual vacancy in the Board? Read More »
After 1st April I found that there are many advisory’s circulating on Whats up, Facebook & on all social media’s as to what is instantly required to be done by the existing companies in order to comply with CA 2013. One such common advise is to amend the Articles. Section 5 & Tables under Schedule I …
Do existing companies alter thier articles immediately? Read More »
Companies Act 2014 has placed numerous challenges before the Companies & Professionals. The most hitting part is settlement of outstanding share application money & unsecured loans on the last day of financial year 2013-14. New Sections, affecting these two important aspects of business were notified from 1st April, 2014, putting most of the Companies in …
What will happen to share application money & unsecured loan outstanding as on 31.3.2014 Read More »
It was a routine practice followed by the Companies to take declaration from a Director under section 274 (1) (g) of the CA 1956 as on last day of the financial year and Disclosure of Interest from a Director under Section 299 (1) before beginning of the next financial year in a form 24AA. Because of commencement …
Declaration & Disclosure to be made by Director under CA 2013 Read More »
New Companies Act 2013 is effective from 1st April, 2014. Section 149 of the Act provides for appointment of Directors on the Board of the Company. Sub Section 4 requires every Listed & other classified Companies to appoint Independent Directors of specified numbers on the Board. Sub Section 3 requires every Company hall have at …
Independent Director Appointment – Transitional period of 1 year Read More »
Ministry vide its circular no 8/2014 dated 4.4.2014 clarified that provision of the Companies Act 1956 will continue to apply to financial year which has commenced prior to 1.4.2014 in respect of maintenance of books of accounts, preparation, adoption, filing of financial statements, Boards Reports & attachments to such statements and reports. in view of …
Applicability of Companies Act 2013 to the FY 2013-14 Read More »