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The Act lays down the provisions regarding the appointment, rights, and duties of the directors. Any person appointed as a director of a company has the freedom to be a director in another company. However, Section 165 of the Companies Act 2013 states the provisions relating to the number of directorships a person can hold […]
What is NFRA? The National Financial Reporting Authority (NFRA) is an independent organization constituted under Section 132 of the Companies Act of 2013. This authority was brought into effect on October 1, 2018, and it has been in operation since then. Section 132: Constitution of National Financial Reporting Authority The Central Government may, by notification, […]
Section 96 of Companies Act,. Annual general meeting “(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall […]
Section 201 of the Companies Act, 2013 will be applicable from the 12th of September 2018. Section 201 of the Companies Act, 2013, is as amended by the Companies (Amendment) Act, 2017. (1) Any application made to the Central Government under Section 196 of this Chapter must be made in the form prescribed in Form […]
Companies (Winding-up) Rules, 2020 The Companies (Winding-up) Rules, 2020 were published by the Ministry of Corporate Affairs in 2020. While the Insolvency and Bankruptcy Code, 2016 covers ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay debts,’ the Winding Up Rules outline the procedure for winding up following Section 271 of […]
Section 277: Intimation to Company Liquidator, provisional liquidator, and Registrar Once the Tribunal passes an order, either interim order or final winding-up order, then the information is disseminated to the Company Liquidator or Provisional Liquidator or the Registrar of the company. Note: The order shall be intimated within 7 days from the date of passing […]
Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013, is a legal requirement for certain companies in India to contribute to social and environmental development. It ensures that businesses go beyond profit-making and take responsibility for their impact on society. As per Section 135 of the Companies Act, 2013, read with the […]
What is Registrar of Companies (ROC)? The Registrar of Companies (ROC) is an office under the Ministry of Corporate Affairs (MCA), which is the body that deals with the administration of companies and Limited Liability Partnerships in India. At present, 25 Registrar Companies (ROCs) is operating in all the major states/ UTs. However, states like […]
(1) No association or partnership consisting of more than such number of persons as may be prescribed shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the association or partnership or by the individual members thereof, unless it is registered as a company […]
Amalgamation is the process in which two or more companies unite or blend together into one. In this process, the shareholders will hold blended undertakings of both companies. Merger is a form of amalgamation where all the properties and liabilities of the transferor company get merged with the properties and liabilities of the transferee company […]