The board of directors of a company, if authorized by the articles of association, may appoint a person as an additional director. If a company wants to appoint a person as a director of the company but couldn’t do the same, as it is not possible to convene a general meeting then the company can…
The Ministry of Corporate Affairs has amended the Companies (Audit and Auditors) Rules, 2014 and these rules may be called the Companies (Audit and Auditors) Amendment Rules, 2021 which shall come into force from 01.04.2021. Notification: http://www.mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_24032021.pdf By this amendment, the MCA has amended the Rule 11 of Companies (Audit and Auditors) Rules, 2014 Rule…
Employee stock option plan Definition According to the Section-62 of the Companies Act, 2013 employee means- Permanent employee of the company. Director of the company except for the independent director. An employee of a subsidiary and holding of a company. Except for the person who is anemployee promoter and related to the group of promoters….
The Ministry of Corporate Affairs vide its notification dated 24th March 2021 has amended the Companies (Accounts) Rules, 2014, in the exercise of the power conferred under section 139 along with Section 469 of the Companies Act, 2013 and the amended rules to be called as Companies (Accounts) Rules, 2014. The amendment shall come into…
The Ministry of Corporate Affairs vide its notification dated 24th March 2021 issued the commencement of Section 23 and Section 45 of the Companies (Amendment) Act, 2020. Notification: http://www.mca.gov.in/Ministry/pdf/CommencementNotification_24032021.pdf Section 23 of the Companies (Amendment) Act, 2020 seeks to amend Section 124 of the Companies Act 2013by replacing the sub-section (7) of the same. Similarly,…
Section 230 to 240 of the Companies Act, 2013 contains provisions of ‘Compromises, Arrangements, and Amalgamations’, that covers: Compromise or arrangements, Mergers and amalgamations, Demergers, Corporate Debt Restructuring, Fast track mergers (process for small companies/holding subsidiary companies), Takeovers, Cross border mergers, Amalgamation of companies. Corporate Restructuring: Restructuring is an act by which a company can…
Section 192 of Companies Act 2013 seeks to provide the manner in respect of regulation of arrangements between a company and its directors in regard to the acquisition of assets for consideration other than cash. This clause furnishes that such arrangements shall require prior approval of members of the company by a resolution in general…
Secretarial Audit was initiated by MCA under section 204 of the Companies Act, 2013read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Secretarial Audit is a process by which the compliances with the provisions of various laws and rules/regulations/procedures, maintenance of books, records, etc., are duly checked by the independent practicing Company Secretary.The…
The Ministry of Corporate Affairs has vide notification dated 05th May 2020 has relaxed the provisions of conducting the Annual General Meeting (AGM) by allowing conducting AGM through Video Conferencing or other Audio-Visual Means. The ministry has published the below requirements subject by which the AGM can be conducted through OAVM or VC: The companies…
The Ministry of Corporate Affairs has vide its notification dated 17thJune 2020 (General Circular No. 23/2020) introduced the Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013and further amended by notification dated 28th September 2020 by General Circular no 32/2020. As the relaxation from…
