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What is an Internal Audit? Internal audit refers to an independent service to evaluate an organisation’s internal controls, its corporate practices, processes, and methods. An internal audit helps in securing compliance with the various laws applicable to an organisation. Section 138 of the companies act deals with the same, i.e., Internal Auditing. And states about […]
Filing of Financial Statements 1) Adopted Financial Statements A copy of the financial statements that are duly adopted at the Annual General Meeting (AGM) of the company has to be filed with the Registrar of Companies (ROC) within 30 days in such manner, with such fees or additional fees as may be prescribed within the […]
Investor Education and Protection Fund or IEPF was initially a fund set up under Section 205C of the Companies Act, 1956. Now it is set up under Section 125 of the Companies Act, 2013. It is a fund set up to pool in all the dividends of the Asset Management Companies, matured deposits, share application […]
In general, a dividend is a portion of a company’s earnings that is delivered to its shareholders. A dividend is defined as a specified proportion of profit from a company’s net profit for a financial year that is not held in the firm and has been distributed among the company’s shareholders under Section 2 (35) […]
Section 119: Inspection of Minutes Book of General Meeting Under the Companies Act of 2013, a company is a legal entity that has been incorporated through the proper process of company registration. The company’s affairs are managed by the board of directors, which serves as the company’s governing body. Many statutory powers and rights are […]
What are the Minutes of the Meeting? Section 118 of the Companies acts 2013 deals with the Minutes of the meetings of the company. The term ‘Minutes’ means the official record of the meetings of a company. These are the summary of business transacted, decisions, and the resolutions arrived at the meeting. Minutes are like […]
Representation of corporations at meetings of companies and of creditors Section 113 of the Companies Act 2013 states the representation of corporations at meetings of companies and of creditors. According to the section: (1) A body corporate, whether a company within the meaning of this Act or not, may,— (a) If it is a member […]
1. SECTION 107 – VOTING BY SHOW OF HANDS At any general meeting, a resolution put to the vote of the meeting shall, unless a poll is demanded under section 109 of the Companies Act 2013, of the voting is carried out electronically, be decided on a show of hands. A declaration by the Chairman […]
The legal concept of beneficial ownership is where specific property rights in equity belong to a person even though the legal title of the property belongs to another person. Financial Action Task Force (FATF) an inter-governmental body established in 1989 by more than 35 member countries including India to combat money laundering, terrorist financing, and […]
The fact that who shall be the “beneficial owner” was clear from the time Section 89 was enacted, i.e. 1st April 2014, “beneficial owner” will be the person where “beneficial interest” is vested, but there was a lot of ambiguity as to what amounts to “beneficial interest” and on what grounds we can say that […]