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Important changes

Important changes. R Sogani & Associates By: CA BHARAT SONKHIYA. Companies Act 2013. 1. companies act, 1956. Companies Act, 2013. 2. Now it has become a proactive law with inclusion and emphasis on more and more stringent clauses. 3. 4. 5.

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Important changes

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  1. Important changes R Sogani & Associates By: CA BHARAT SONKHIYA Companies Act 2013 CA Bharat Sonkhiya| R Sogani & Associates 1

  2. companies act, 1956 Companies Act, 2013 CA Bharat Sonkhiya| R Sogani & Associates 2

  3. Now it has become a proactive law with inclusion and emphasis on more and more stringent clauses. 3 CA Bharat Sonkhiya| R Sogani & Associates

  4. 4 CA Bharat Sonkhiya| R Sogani & Associates

  5. 5 CA Bharat Sonkhiya| R Sogani & Associates

  6. Limit on number of members in private companies 50 200 6 CA Bharat Sonkhiya| R Sogani & Associates

  7. TAKING OF LOANS BY PRIVATE COMPANIES 7 CA Bharat Sonkhiya| R Sogani & Associates

  8. taking of loans by private Company Loan taken from Upto 31st March, 2014 After 31st March, 2014 Director Director’s relatives Shareholders (Strict procedure) 8 CA Bharat Sonkhiya| R Sogani & Associates

  9. deposits from members/ Shareholders Stringent Provisions 9 CA Bharat Sonkhiya| R Sogani & Associates

  10. Loan from directors Out of Borrowed Funds Out of Own Funds Not Allowed Allowed Wrong Declaration by Directors- Huge Penalties. 10 CA Bharat Sonkhiya| R Sogani & Associates

  11. By- 31st March, 2015 Section - 74Repayment of deposits By :- 30th June, 2014 • Filing of documents with ROC 11 CA Bharat Sonkhiya| R Sogani & Associates

  12. Loan from Other Companies ALLOWED 12 CA Bharat Sonkhiya| R Sogani & Associates

  13. 13 CA Bharat Sonkhiya| R Sogani & Associates

  14. If not alloted - Treated as Deposits. 14 CA Bharat Sonkhiya| R Sogani & Associates

  15. Any queries ….. 15 CA Bharat Sonkhiya| R Sogani & Associates

  16. Mandatory filing of Board Resolution CA Bharat Sonkhiya| R Sogani & Associates 16

  17. Now on Private Companies Borrowing needs Shareholder’s ApprovalSection 180(1)(c) • Borrowings > Paid up share capital + • Free Reserves • Special Resolution needs to be passed in the General Meeting • Borrowings does not includes CC Limit. 17 CA Bharat Sonkhiya| R Sogani & Associates

  18. Mentioning CIN and other details!Section 12(3)(c) • What to mention? • Name • Address of its registered office • Corporate Identity Number (CIN) • Telephone number • Fax number • E-mail and • Websiteaddresses • Where to mention? • business letters, • billheads, • letter papers • all its notices (including E-Mail) • and other official publications ** Paint or affix its name, and the address of its registered office outside every office or place of its business. 18 CA Bharat Sonkhiya| R Sogani & Associates

  19. Now on Private Companies Consent to act as director Consent within 30 days of appointment Director shall file form DIR-12 with ROC 19 CA Bharat Sonkhiya| R Sogani & Associates

  20. Now on Private Companies Appointment of director Rs.1,00,000/- securitySection 160 • Requirement of 14 days prior notice and Rs.1,00,000/- as security for appointment of Directors in General Meeting. 20 CA Bharat Sonkhiya| R Sogani & Associates

  21. RESIGNATION OF DIRECTORS- Section 168 • Intimation by Company to Registrar –within 30 days – Form DIR – 12. • Intimation by Director to Registrar –within 30 days – Form DIR – 11. • Directors who have resigned shall be liable even after his resignation for the offences occurred during his tenure. • Stringent provisions. • Detailed reasons required to be given by the Directors 21 CA Bharat Sonkhiya| R Sogani & Associates

  22. Now on Private Companies Appointment of WTD/ MDSection- 196 22 CA Bharat Sonkhiya| R Sogani & Associates

  23. Original documents to be kept till dissolution 23 CA Bharat Sonkhiya| R Sogani & Associates

  24. Now on Private Companies INSPECTION OF STATEMENT OF PROFIT AND LOSS 24 CA Bharat Sonkhiya| R Sogani & Associates

  25. Corporate Social ResponsibilitySection 135 25 CA Bharat Sonkhiya| R Sogani & Associates

  26. Registration of Charges To be registered with ROC All Charges 26 CA Bharat Sonkhiya| R Sogani & Associates

  27. CFO & CEO also liable for default. 27 CA Bharat Sonkhiya| R Sogani & Associates

  28. STRINGENT AND HEFTY PENALTIES • Under the Companies Act, 2013 strict penalties have been imposed on the Company and Officer who is in Default, in case of non-compliance of provisions as mentioned in the Act. • The amounts of penalties have been increased as compared to the previous provisions. 28 CA Bharat Sonkhiya| R Sogani & Associates

  29. Private company equivalent to public company Company L. L. P. only way forward LLP 29 CA Bharat Sonkhiya| R Sogani & Associates

  30. 30 CA Bharat Sonkhiya| R Sogani & Associates

  31. 31 CA Bharat Sonkhiya| R Sogani & Associates

  32. 32 CA Bharat Sonkhiya| R Sogani & Associates

  33. 33 CA Bharat Sonkhiya| R Sogani & Associates

  34. 34 CA Bharat Sonkhiya| R Sogani & Associates

  35. ANY QUESTIONS ….. 32 CA Bharat Sonkhiya| R Sogani & Associates

  36. 33 CA Bharat Sonkhiya| R Sogani & Associates

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