As Per Section 164(2): No person who is or has been a director of a company which:
(a) has not filed financial statements or annual returns for any continuous period of three financial years; or
(b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more.
shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so. Continue reading “Intimation By Director U/s 164 of Companies Act, 2013”
Institute of Chartered Accountants of India had clarified on the applicability of CARO 2003 to the financial statements of companies for the financial year 2014-15 on April 8, 2015. It was Clarified that, As The Companies Act, 1956 has ceased to have effect from April 1, 2014; The Companies (Auditor’s Report) Order, 2003 issued under section … Continue reading Companies Auditors Report Order, 2015 (CARO 2015) For Financial Year 2014-15 Notified by MCA on 10-04-2015
Corporate Social Responsibility
Mahatma Gandhi ji has rightly said- ” Earn your crores but understand your wealth is not yours, it belongs to the society”.
As we all knows company’s main objective is it to maximize the shareholder’s wealth. This maximization works in the form of appreciation in a value of share. More the share value, more the wealth created for shareholder. Some people would say, more profits would results in appreciation in a share value. But that is not entirely true. The concept of CSR is beyond making profits. Continue reading “Corporate Social Responsibility”
The Recently Enacted Companies Act, 2013 is a landmark legislation and is likely to have far-reaching consequences on all companies operating in India. From the Last 57 years, When The Companies Act, 1956 was in existence, The corporate and business environment has evolved significantly and hence there was a need to revamp the legislation governing companies. The Companies Act, 2013 (“Act of 2013”) was enacted on 29th August 2013 after President’s assent; However It came into effect by the notifications by the Central Government. All the sections have not been notified in one Instance.
In the first phase of its implementation, the Government has notified 98+1 sections on September 12, 2013 which became applicable from September 12, 2013 “AND” On March 26, 2014 Government issued a fresh Notification in which 183 sections or part thereof have become applicable from April 1, 2014
Corresponding provisions of Companies Act, 1956 cease to have effect from that date.
Continue reading “Introduction of Companies Act, 2013 “A Beginning Of New ERA””