INTRODUCTION: Within thirty days of the passing or making of any resolution or agreement relating to matters specified in sub-section (3), a copy of the resolution or agreement, along with the explanatory statement under section 102, if any, attached to the notice calling the meeting at which the resolution is proposed, shall be filed with the Registrar in such way and with such fees as may be stipulated within the time provided in section 403: The copy of every resolution th

ACKNOWLEDGEMENT OF DEPOSITS: Deposits are one of the options open to the company for raising funds to meet its short-term and long-term funding needs. The invitation and acceptance of deposits are governed by Section 73 to 76 of the Companies Act 2013 (hereafter referred to as the Act) and Rules adopted under Chapter V of the Companies Act, 2013. According to the Companies Act 2013, a "deposit" is any money received by a company in the form of a deposit, loan, or other forms,

ACQUISITION RESTRICTIONS OR LOANS FOR THE PURCHASE OF THE COMPANY’S SHARES: Purchases of or loans to others for the purpose of obtaining the company's own shares are forbidden – A basic concept of company law is that a corporation cannot buy its own stock. This is stated forth in Section 67 of the Companies Act, 2013, which states that no company is limited by shares, and hence guarantees company having a share capital, shall buy its own shares unless the share capital is red

INTRODUCTION: This provision is stated under the Companies Act, 2013 as Section 68 deals with the buyback of its securities for that purpose there are certain powers to buy back it for the company. A corporation may buy its shares or other specified securities with funds from: its free reserves, the securities premium account, the proceeds of the issuance of any shares or other specified securities. There shall be no buy-back of any kind of shares or any other specified secur

INTRODUCTION: An ordinary resolution is passed by a simple majority of the company's members. A special resolution, on the other hand, is approved by a three-fourths majority of the company's members. The items of business to be conducted during a GM (General Meeting) at a firm are submitted as motions. The term "move" refers to a suggestion made for discussion and approval at the meeting. A resolution is created when a motion is agreed unanimously by all members present at t

INTRODUCTION: This section seeks to provide for the re-opening of books of accounts and recasting of accounting records on an order by the competent court or Tribunal if it is discovered that earlier accounts were prepared fraudulently, or financial statements are not accurate due to mismanagement of the company's affairs. REOPENING OF ACCOUNTS ON ORDERS OF TRIBUNAL/ COMPETENT COURT: Subsection (1) of Section 130 of the Companies Act,2013 stipulates that a firm may reopen its

INTRODUCTION: This provision talks about the remuneration of the management of the company. This Section applies to every public company but not to private companies. MAXIMUM MANAGERIAL REMUNERATION: The Company which is acquiring the profits in the financial year may have to pay the remuneration to managerial personnel or person, not exceeding the limits prescribed in this provision. According to Section 197(1) of the Companies Act, 2013, the total managerial remuneration pa

#companiesact2013 #companylaws #director #corporatepractice #disclosure #disclosureofinterestbydirector INTRODUCTION: Section 184 of the Companies Act of 2013 governs the disclosure of a director's conflict of interest. It states that every director must disclose his concern of interest in any company or companies or firms, or other association of persons at the first meeting of the Board in which he engages as a director, and thereafter at the first meeting of the Board in e

#companiesact2013 #charitablefunds #politicalfunds #defencefunds #companylaw #corporatepractice #complainces INTRODUCTION: Generally, many companies do contribute in different forms and various sectors. The purpose of the contribution by the company is to maintain the goodwill of the company and maintain corporate social responsibility. TYPES OF FUNDS: There are three categories in which the companies are contributing the funds. They are as follows: Company to Contribute to b

#Companylaw #CompaniesAct2013 #AuditCommittee #Corporatelaws #Companies #Formationofauditcommittee #Complainces #auditing #corporatepractice #companiesactsection177 INTRODUCTION: Company law implies that when your company reaches a particular limit or a turnover, then there is a requirement to appoint some individuals from the Board of Directors separately & that is known as the Audit Committee. The People who are appointed as the Audit Committee members are the ones who are