Section 180 of the Companies Act 2013 corresponds to section 293 of the companies Act, 1956 and the said section has been brought into effect from 12th September 2013. The earlier section 293 and the new section 180 pertained to powers of the Board of Directors which can be exercised [...]
In recent years, there have been substantial changes in the reporting requirement by the auditors, but no such corresponding amendments were made in Schedule-III for the preparation of the financial statements. [...]
Auditors Ask Cos to Keep Their Books in Order Before April ’16, from when issues like fraud in a firm they examine could land them in jail. Under the new Companies Act, the board of directors and the auditors will be held responsible for fraud or discrepancies in company operations. [...]
The MCA has issued a draft notification dated 24/6/2014 inviting public comments thereon in respect of several proposals to give partial exemption to private companies from the rigorous compliance provisions of the Companies Act, 2013. The salient features of the draft proposals are : 1) Private companies are allowed to [...]
As you may know the new Companies Act 2013 has brought in major changes. Here is a brief compilation for private and public limited companies. Immediate Changes in letterhead, bills or other official communications, as if full name, address of its registered office,Corporate Identity Number (21 digit number allotted by Government), [...]
For the first time internal audit has been mandatory for certain class of companies. Rule 13 of the Companies (Accounts) Rules 2014 specifies that 1) every listed company; 2) every unlisted public company having paid up share capital of Rs.50 crores or more during the preceding financial year OR turnover of Rs.200 crores or [...]
The contents of the Directors Report as hitherto provided in section 217 of the Companies Act, 1956 has undergone changes in the newly enacted section 134 of the Companies Act, 2013. The Board of Directors’ Report shall now include: (a) the extract of the annual return as provided under sub-section [...]
The Ministry of Corporate Affairs has published the Table of Fees pursuant to Rule 12 of the Companies (Registration of Offices and Fees) Rules, 2014. Accordingly, the fees payable for registration of documents at the MCA portal are as follows: For company having nominal share capital 1) of upto Rs.100,000 [...]
Under the Companies Act, 1956 a private company could start its business immediately upon receiving certificate of incorporation. They were not required to obtained a certificate of commencement of business under section 149 of that Act. Now under Section 11 of the Companies Act, 2013, ALL companies cannot commence business [...]