1 / 41

Specific provisions as applicable to Private Company under Companies Act 2013

This article explains the specific provisions applicable to private companies under the Companies Act 2013, including changes in the definition of a private company, requirements for commencement of business, and rules for registered office and director identification numbers.

wcottle
Download Presentation

Specific provisions as applicable to Private Company under Companies Act 2013

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Specific provisions as applicable to Private Company under Companies Act 2013 CA. Rashmikant C. Thakkar M.Com, LL.B, FCA. E-mail : rcthakkarca@gmail.com

  2. Introduction – Companies Act,2013: • The Companies Act,2013 was passed on 29th August,2013 and its applicability extends to whole of India (including J&K). • Implementation of the Companies Act,2013 is being done in a phased manner – which creates a lot of confusion. • 98 Sections were made effective from 12th September,2013 and corresponding provisions of Co.Act,1956 ceased to exist. • 183 Sections and All VII Schedules have been made effective from 1st April,2014. • Out of 470 Sections and VII Schedules of the Co.Act,2013, Total 282 Sections and VII Schedules are applicable at present and 188 Sections are not applicable. • Some of the Sections / Provisions of Old Companies Act,1956 (very few) are still applicable.

  3. MEANING OF PRIVATE COMPANY ♣ CHANGE IN DEFINITION - PRIVATE COMPANY (S.2(68): • As per Section 2(68) : • Private Company” means: • A Company having a minimum paid-up share capital of ONE LAKH rupees or such higher paid-up share capital as may be prescribed, • And which by its articles :- - (i) Restricts the right to Transfer its Shares; - (ii) Limits the Number of its Members to 200; and - (iii) Prohibits any Invitation to the Public to Subscribe for any SECURITIES of the Company;

  4. CHANGE IN DEFINITION - PRIVATE COMPANY: • Action Points : • You Require to Alter Articles of Association of the Pvt. Co. by passing a Special Resolution at EGM: • Alterations: 1. Increase the Limit of Maximum number of members from 50 to 200. 2. Remove the old clauses of the Articles – ‘Prohibits any invitation to the Public to subscribe for any shares or debentures of the company” and; ‘Prohibits any invitation or acceptance of deposit from person other than its Member, Director and Relatives.” and Insert the New Clause in the Articles – “Prohibits any Invitation to the Public to Subscribe for any SECURITIES of the Company;”

  5. FINANCIAL YEAR (Section 2(41): • As per Section 2(41), now Financial Year of a Company can only be of APRIL to MARCH. Exception: only a Company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, may have different financial year subject to approval of Tribunal/CLB. Note: Transitional Phase: – A transitional period of 2 years is allowed for compliance with this provision.

  6. CERTIFICATE OF COMMENCEMENT OF BUSINESS(Section 11) • Now, Every Company (including Private Co.) before commencement of any business activity or exercising any borrowing powers has to file a declaration by any of its director – • - that minimum paid up capital asprescribed is maintained by the company and, • - the subscribers have brought in their subscription amount as agreed. • Such declaration has to be filed with Registrar of companies within 180 days from date of Incorporation in e-form INC-21. • PENALTY: – Company shall be liable to a penalty upto Rs. 5000 and every Officer in default liable to penalty of Rs.1000/- per day of default. Further, ROC may initiate actions for striking off the Company also.

  7. Name, Registed Office and CIN (Section 12) : • Every Company shall have its Registered Office within 15 days of incorporation and shall furnish verification of Registered Office within 30 days of Incorporation in Form INC-22. (Sec.12(1)and (2)) • Every Company shall get its Name, Address of Registered Office painted or affixed outside every office or place of business of the company. (Sec.12(3)(a)) • Every Company shall get its Name, Address of Registered Office and Corporate Identity Number (CIN) along with telephone number, fax number, if any, e-mail and website etc., printed on all its business letters heads, billheads, invoices, letter papers and in all its notices and other official publications. (Sec.12(3)(c)). • Penalty: – Company and officer in default liable to a penalty of Rs. 1000/- per day not exceeding Rs.1,00,000/-. • ACTIONS TO BE TAKEN:- • Ensure that Letterheads, Bills and other papers of the Co. are printed in accordance with the above provisions.

  8. DIN to be mentioned with Director’s Signature (Section 158) • Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents which are required to be furnished under this Act where he is signing in the capacity of director. (e.g. True Copy of the Resolution). • PENALTY: – Company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to Rs. 10,000/- and where the contravention is continuing one, with a further fine which may extend to Rs. 1,000/- for every day during which the contravention continues.

  9. DEPOSITS (Section 73-76) • No Company shall invite, accept or renew any Deposits under this Act except in accordance with the provisions of Chapeter V (i.e. Sec 73 to 76). • Now a Private Company cannot Accept Deposits from Relatives of Directors, Shareholders as was allowed earlier under Co. Act, 1956 unless Sec.73 of Companies Act, 2013 and Companies (Acceptance of Deposit) Rules, 2014 are complied with. • As per CAD Rules,2014; the Amount Recd. by a Company from another Company and the Amount received from Directors shall not be treated as “Deposits” provided, the Director furnishes a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing from others.

  10. DEPOSITS (Section 73-76)(Sec.74(2)(3) and Sec.75 – Not Notified). • Sec. 73(2) provides that – Subject to the passing of a Resolution at the GM and subject to the compliance of the CAD Rules,2014; a Company may accept deposits from its members on such terms and conditions as may be agreed, subject to the following conditions: (a) Issuance of Circular to its Members containing the Financial Positon, Credit Rating, Deposits and Repayment Details etc. (b) Filing of Copy of the Circular with ROC within 30 days. (c) Depositing at least 15% of the amount of deposits maturing during current and next financial year in a separate bank account. (d) Providing Deposit Insurance in the prescribed manner. (e) Certifying that Co. has not committed any default in repayment of deposits or interest till date. (f) Providing Security (if agreed) for the repayment of Deposit/ Interest and creation of charge thereof.

  11. DEPOSITS (Section 73-76) • Deposits From the Members: • As per the CAD Rules,2014; the Deposits from Members shall not exceed 25% per cent of the aggregate of the paid up share capital and free reserves of the company. • As per Section 74(1) and Companies (Acceptance of Deposit) Rules, 2014; every company who has accepted deposits before commencement of Co. Act, 2013 has to file a return in Form DPT-4 within 3 months from commencement of Co. Act, 2013 and further it has to be repaid within 1 year from commencement of this Act. • PENALTY:- If the Company fails to repay the deposits/interest thereon within the stipulated time limit, the Co. shall be punishable with fine which may extend to Rs.10000/-* and where the contravention is continuing one, with a further fine which may extend to Rs. 1,000/- for every day during which the contravention continues. (shall not be < Rs.1 Crore and which may extend to Rs. 10 Crores (Sec.74(3)) – Not Notified)

  12. Further issue of share capital: (Section 62 (1),(2) and (3)) As per Sec.62(1)(a), where a Company (including Private Co.) proposes to increase its Subscribed Share Capital, such shares shall be required to be offered to its existing shareholders in proportion to their shareholding before allotting any shares to outsiders. For that, the Company shall be required to send the Offer Letter specifying the number of shares offered at least 3 days before the opening of the Issue and such shareholder shall be given time of not less than 15 days and not exceeding 30 days for the acceptance of the Offer with the right of renunciation. *On the expiry of the Offer Period, the BOD may dispose off the unsubscribed shares in a manner not dis-advantageous to the Co. *The above provisions shall not apply to the increase of share capital as a result of conversion of debentures or loan into equity as per the terms of the issue of the Debentures/ Loan Raised.

  13. Further issue of share capitaland Private Placement: (Sec.62 (3),42) As per Sec.62(3), if the company wants to allot shares directly to persons other than its existing shareholders then it has to pass a Special Resolution and has to comply with the provisions of Private Placement (Section 42) and The Companies(Prospectus & Allotment of Securities) Rules,2014 :- • Giving Offer Letter for Private Placement with name of the person. • Filing of offer letter to ROC in form PAS-4 within 30 days along with the names of the persons to whom the Offer is made. • Maintenance of records pertaining to the offer letter and Private Placement in Form PAS-5. • Minimum investment to be made by a person is 20,000/- • Justification of price by obtaining a Valuation Report from Registered Valuer for the price including premium and by giving Explanatory Statement of Special Resolution.

  14. Further issue of share capitaland Private Placement: (Sec.62 (3),42) • Return of Allotment to be filed with ROC in form PAS-3 within 30 days of the Date of Allotment. In PAS-3, now, along with the Name and Address, the PAN and E-mail ID of Allottee also to be given. • In case Company is not able to allot securities within 60 days of receipt of application money, it shall be repaid within next 15 days otherwise, the Company shall have to pay along with Interest @ 12% p.a. per annum. • PENALTY: - If the company makes violation of Provisions of Sec.42, its promoters and directors shall be liable to a penalty which may extend to Amount of Offer or Rs. 2 Crore whichever is higher.

  15. CORPORATE SOCIAL RESPONSIBILITY (Section 135) Now a Company (including Private Company) having, a. Net worth of Rs. 500 crore or more, or b. Turnover of Rs. 1000 crore or more, or c. Net profit of Rs. 5 crore or more during any financial year - Shall spend at least 2% of its Average Net Profits made during preceding 3 years in CSR activities. - Shall constitute a CSR Committee consisting of MINIMUM 3 Directors (2 in case of a private company), with at least Independent Director. (For Private Company the criteria of independent Director shall not apply). - Shall Comply with the Provisions of Co.(CSR) Rules,2014.

  16. CORPORATE SOCIAL RESPONSIBILITY (Section 135) The Co. Can undertake CSR activities in 3 ways: • (a) By making contribution to registered trust or society. • (b) Through a company established by the company under Sec. 8 • (c) By spending on CSR on its own. * If the Company fails to spend on CSR activities in any year, the BOD shall specify the reasons for not spending the amount in the Report of the Board u/s 134. • PENALTY: – Company and every officer of the company who is in default shall be punishable with fine which may extend to Rs. 10,000/- and where the contravention is continuing one, Rs. 1,000/- for every day after which the contravention continues.

  17. MEETINGS OF BOARD OF DIRECTORS (Section 173) • Frequency of Meeting: • First Meeting: First Meeting of BOD within 30 (Thirty) days from the date of Incorporation of company. • Subsequent Meetings: • Minimum 4 meetings of Board in a calendar year • Maximum Gap B/W two meetings should not be more than 120 days. • Calling of Meeting: by giving 7 days notice to Directors at their registered address through: • Hand delivery/ By post/ By Electronic means.

  18. MEETINGS OF BOARD OF DIRECTORS (Section 173) • Meeting at Shorter Notice: A meeting of BOD can be called by shorter notice subject to the conditions: • If the company is required to have independent director: • Presence of at least one Independent director is required at the meeting. • In case of absence of Independent Director, decision taken at such meeting shall be circulated to all the directors, and shall be final only on ratification thereof by at least one Independent Director. Thus, a Private Company which is not required to have Independent Director, can call the Board Meeting at a shorter notice.

  19. Board of Directors and Maximum No. of Directorships (Section 149,165) • As per Section 149(1), every Company shall have BOD consisting of Individuals as Directors and shall have minimum 3 Directors in case of Public Co., 2 in case of Private Co. and 1 in case of OPC and a maximum of 15 Directors. • Every company must have at least one director who has stayed in India for a minimum period of 182 days during the previous calendar year. (S.149(3)) • Every Listed Public Co. shall have at least 1/3rd of its Directors as Independent Directors. (S.149(4)) • As per Section 165, NO Person shall hold office as a Director, including any alternate directorship, in more than 20 companies at the same time. Further provided that, a person can become Director in Max. 10 Public Companies.

  20. Resignation of Director (Section 168) • As per Companies (Appointment and Qualification of Directors) Rules,2014; in case of Appointment, Resignation or any change in the Directors , the Particulars thereof are required to be filed with ROC in Form No.DIR-12 (earlier Form 32) within 30 days of such change. • Now, in case of Resignation, apart from the company, Director also has to file a form (DIR-11) with ROC intimating his resignation indicating reasons therefore, attaching the notice of resignation along with proof of dispatch to the Company. • PENALTY: – Company and every officer of the company who is in default or such other person shall bepunishable with fine which may extend to Rs. 10,000/- and where the contravention is continuing one, Rs. 1,000/- for every day during which the contravention continues.

  21. Restriction on Non-Cash Transaction Involving Directors (Section 192) • No Company shall enter into – - An arrangement with Director, Director of Holding, Subsidiary or Associate Company or with a person connected with him - by which he acquires from company any assets for consideration other than cash or vice-versa. • However, such arrangement can be made if approved by the company in general meeting by way of prior ordinary resolution.

  22. RELATED PARTY TRANSACTIONS (Section 188) • Except with the consent of Board of Directors given by a resolution and in certain cases prior approval by way of special resolution, no company shall enter into any contract or arrangement with a related party with respect to following transactions: a) Sale, purchase or supply of any goods or materials; b) Selling or otherwise disposing of, or buying, property of any kind; c) Leasing of property of any kind; d) Availing or rendering of any services;

  23. RELATED PARTY TRANSACTIONS (Section 188) (Refer Companies (Meetings of Board & Powers) Rules,2014) e) Appointment of any agent for purchase or sale of goods, materials, services or property; f) Such related party’s appointment to any office or place of profit in the company, its subsidiary company or associate company; (e.g. Salary to Relatives) and, g) Underwriting the subscription of any securities or derivatives thereof, of the company. • PENALTY: Any Director or any other employee of the company who has entered into or authorized the contract or arrangement in violation of provisions of this section shall be punishable with Minimum fine of Rs. 25,000/- which may extend up to Rs. 5,00,000/-.

  24. DISCLOSURE OF INTEREST (SECTION 184) • Every Director shall at the first meeting of Board in which he participates and thereafter, at every first meeting of board in a financial year, shall disclose his concern or interest in any company or companies or bodies corporate (including shareholding interest), firms or other association of individuals, by giving a notice in writing in Form MBP 1. • This Form MBP-1 is to be filed within 30 days of the date of such Board Meeting and it has to be filed every year. • Every Director of a company who is in any way whether directly, or indirectly concerned or interested in contract, with body corporate or a firm or other entity, then he shall disclose the nature of his concern or interest at the BM in which the contract or arrangement is discussed and shall not participate in such meeting.

  25. LOAN TO directors (SECTION 185) Save, as provided in the Act, No Company (Private or Public) shall: - Directly or Indirectly, - Advance any Loan including any loan represented by a Book Debt, - to any of its Directors or any other person in whom the Director is interested or, - give any Guarantee or Provide any Security in connection with any loan taken by him or such other person.

  26. LOAN TO DIRECTORS (SECTION 185) • Provided that nothing contained in this sub-section shall apply to— (a) The giving of any loan to a managing or whole-time director— (i) As a part of the conditions of service extended by the company to all its employees; or (ii) Pursuant to any scheme approved by the members by a special resolution; or (b) A company which in the ordinary course of its business provides loans or gives guarantees or securities for the due repayment of any loan and in respect of such loans an interest is charged at a rate not less than the bank rate declared by the Reserve Bank of India. • PENALTY : In case of contravention, the company shall be punishable with fine which shall not be less than 5 lakh rupees but which may extend to 25 lakh rupees, and the Director or the other person to whom any loan is advanced, shall be punishable with imprisonment which may extend to six months or with fine which shall not be less than 5 lakh rupees but which may extend to 25 lakh rupees, or with both.

  27. LOANS AND INVESTMENT BY COMPANY (SECTION 186) Sec.186(5): No Company Shall, without passing a Resolution at the Board Meeting and without prior approval of the Public Financial Institution (where any Term Loan is subsisting), make any Investment or Grant any Loan or Advance to any person or any Body Corporate. Sec.186(2): No Company Shall, Directly or Indirectly – • Give any Loan to any person or other Body Corporate; • Give any Guarantee or Provide any Security in connection with a loan taken by any other Body Corporate or Person; and, • Acquire by way of subscription, purchase or otherwise, the securities of any other Body Corporate. exceeding 60% of its Paid up Share Capital, Free Reserves and Security Premium Account or 100% of Free Reserves and Security Premium Account – whichever is higher.

  28. LOANS AND INVESTMENT BY COMPANY (SECTION 186) • Sec.186(3) : If the Amount of the Loan given or Security Provided exceeds the above specified limits, a Special Resolution at the General Meeting shall be necessary. • Sec.186(4) : The Company shall disclose to the members in the financial statement, the full particulars of the loan given, investment made or security provided and the purpose of such loan or investment or security as the case may be. • Sec.186(4) : No Loan or Advance shall be given at a rate of interest lower than the prevailing rate of interest on similar Govt.Securities. • Sec.186(13) - PENALTY: If a company contravenes the provisions of this section, the company shall be punishable with fine in the range of Rs. 25,000 to Rs.5 Lacs and every officer in default shall be punishable with imprisonment for a term which may extend to 2 years and with fine in the ranage of Rs.25,000 to Rs.1.00 Lakh. rupees.

  29. RESOLUTIONS AND AGREEMENTS TO BE FILED WITH ROC (SECTION 117) Sec.117: Resolutions & Agreements to be filed: A copy of every resolution or any agreement, in respect of matters specified in sub section (3) together with the explanatory statement under section 102, if any, annexed to the notice calling the meeting in which the resolution is proposed, shall be filed with the Registrar within thirty days of the passing or making thereof in Form MGT-14. Sec.117(3) : The provisions of this section shall apply to— • Special resolutions; • Resolutions which have been agreed to by all the members of a company; • Any resolution of the Board of Directors of a company or agreement executed by a company, relating to the appointment, re-appointment or renewal of the appointment, or variation of the terms of appointment, of a Managing Director;

  30. RESOLUTIONS AND AGREEMENTS TO BE FILED WITH ROC (SECTION 117) • Resolutions or agreements which have been agreed to by any class of members by a specified majority or otherwise in some particular manner; and all resolutions or agreements which effectively bind such class of members though not agreed to by all those members; • Resolutions passed by a company (Special Resolution) according consent to the exercise by its Board of Directors of any of the powers under clause (a) and clause (c) of sub-section (1) of section 180; (S.180(1)(a) – To sell, lease or dispose of the whole or substantial part of undertaking) (S.180(1) (c) – To borrow money in excess of paid up capital and free reserves of the company) • Resolutions requiring a company to be wound up voluntarily passed in pursuance of section 304; • Board Resolutions passed in pursuance of sub-sec.(3) of section 179; and • Any other resolution or agreement as may be prescribed and placed in the public domain.

  31. POWER EXERCISABLE BY BOARD [SECTION 179]: • Sec.179(1): The Board of Directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorized to exercise and do. • In exercising such powers or doing such act or thing, the Board shall be subject to the provisions of this Act, or the Memorandum or Articles, or Regulations made by the Company in general meeting: • Further, the Board shall not exercise any powers or do any act which can be done only by the Company in the general meeting.

  32. POWER EXERCISABLE BY BOARD [SECTION 179(3)]: POWERS TO BE EXERCISED BY THE BOARD BY PASSING A RESOLUTION AT THE BOARD MEETING: • Make calls on shareholders in respect of money unpaid on shares; • To Authorize buy-back of securities under section 68; • Issue securities, including debentures, whether in or outside India; • To Borrow monies or To Invest the funds of the company; • To grant loans or give guarantee or provide security in respect of loans; • To Approve financial statement and the Board’s report; • Diversify the business of the company; • To Approve amalgamation, merger or reconstruction; • Take over a company or acquire a controlling or substantial stake in another company; • Any other matter as may be prescribed.

  33. POWER EXERCISABLE BY BOARD [SECTION 179(3)]: • Under Rules (Companies (Meetings of Board & Powers) Rules,2014): • To Make political contributions; • Appoint or remove key managerial personnel (KMP); • Take note of appointment(s) or removal(s) of one level below the Key Management Personnel; • Appoint Internal auditors and secretarial auditor; • Take note of the disclosure of director’s interest and shareholding; • Buy, sell investments held by the company (other than trade investments), constituting five percent or more of the paid up share capital and free reserves of the investee company; • Invite or accept or renew public deposits and related matters; • Review or change the terms and conditions of public deposit; • Approve quarterly, half yearly and annual financial statements or financial results as the case may be.

  34. BOOKS OF ACCOUNT TO BE KEPT BY COMPANY [SECTION 128(1)]: Every company shall prepare and keep at its Registered Office, the books of account and other relevant books and papers and financial statement for every financial year, including that of its branch office or offices, if any, and such books shall be kept on accrual basis and according to the Double Entry System of Accounting. Provided that all or any of the books of account aforesaid may be kept at such other place in India as Board of Directors may decide and where such a decision is taken, the company shall, within 7 days thereof, file with theRegistrar a notice in writing giving the full address of that other place. Provided further that the company may keep such books of account or other relevant papers in electronic mode in such manner as may be prescribed.

  35. BOOKS OF ACCOUNT TO BE KEPT BY COMPANY [SECTION 128(1)]: • As per Sec 128(5), books of account of every company relating to a period of at least Eight Financial Years immediately preceding a financial year, or where the company had been in existence for a period less thaneight years, in respect of all the preceding years together with the vouchers relevant to any entry in such books of account shall be kept in good order. • PENALTY: If the managing director, the whole-time director in charge of finance, the Chief Financial Officer or any other person of a company charged by the Board with the duty of complying with the provisions of this section, contravenes such provisions, such person shall be punishable with imprisonment for a term which may extend to 1 year or with fine in the range of Rs.50,000/- to Rs.5 Lakhsor with both.

  36. MISC. PENALTIES: • SECTION 447: Every person found guilty of fraud shall be punishable with minimum 6 months and maximum 10years imprisonment and shall also be liable to minimum fine which shall not be less than the amount involved in the fraud, but which may extend to 3 times the amount involved in the fraud. • SECTION 448: Every person making a false statement shall also be liable under Section 447. • SECTION 450: PENALTY WHERE NO SPECIFIC PENALTY IS PROVIDED Where no specific penalty is provided in law for any default, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to Rs. 10,000/- and where the contravention is continuing one, with a further fine which may extend to Rs. 1,000/- for every day after the first during which the contravention continues.

  37. Summary: • If not Done, Alter Article of Association of Private companies by passing Special Resolution for the necessary Alterations: • Increase limit of Maximum number of members to 200. • Remove clause ‘Prohibit any invitation or acceptance of deposit from person other than its Member, director and relatives. • And Insert the New Clause as per Definition of Private Co. • “Prohibits any invitation to the Public to subscribe for any securities of the Company”. • Pass the Board Resolution to fix Financial Year of Company from April to March, If the Financial Year is different. • Get fresh Letterheads, bills and other papers printed with Name, Address of Regd. Office and the Corporate Identity Number (CIN) along with Telephone/Fax number, if any, e-mail and website etc.

  38. Summary: • Now, Private Company can’t accept Deposits from other than its Directors. • If the company has accepted any deposit from Directors then, obtain a declaration from the director in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others. • If the Company has accepted any deposit under previous Act: • It was necessary to file Form DPT-4 till 30th June,2014 with ROC. • Such Amount is to be repaid before 31 st March, 2014 or on the date when such payment is due whichever is earlier. (If not able to repay then make application to CLB).

  39. Summary: • Now company if going to allot shares to existing share holders shall be required to issue offer letter and follow the procedure mentioned in section 62. • If company falls in any of the criteria mentioned in section 135 then CSR committee is to be established and such Committee shall recommend to the Board a CSR policy and the amount of expenditure to be incurred on the activities. • Now, it is necessary to give 7 days’ notice to call Board Meeting. • If any person is Director in more than 20 companies then he has to resign from the companies above 20 till 31st march, 2015. • Every company must have at least one director who has stayed in India for a minimum period of 182 days during the previous calendar year.

  40. Summary: • Whenever, a person resigns from the Board, the Director himself is also required to inform to the ROC in form DIR-11. • Mention the DIN of Director on every document which is to be submitted to ROC where signature is done by Director. • Ensure compliance relating to Disclosure of Interest by Directors in Form MBP 1 and file the same with MCA in form MGT 14 within 30 days of the first Board Meeting in every financial year. • Ensure Compliance of S.179,180 relating to Powers of Board. • Ensure Compliance of S.185, 186 relating to Loans to Directors and Loans/ Investments made by Company. • Ensure Compliance of Sec.117 relating to Registration of Resolutions and Agreements with ROC by filing Form MGT-14. @@@

  41. THANK YOU • CA R.C.THAKKAR • rcthakkarca@gmail.com

More Related