Companies Act, 2013

COMPARISION BETWEEN INCORPORATOIN OF COMPANY BY NEW AND OLD PROCESS According to the latest World Bank report, India stands at the 142th position in terms of ease of doing business globally. No wonder, there have always been clamour and concern for bureaucratic hurdles which prevent the business to run efficiently and smoothly. One such hurdle was the bureaucratic procedure as to the incorporation of a new company. However, welcome step has been taken by the Narendra Modi government to make the procedure more simple and user-friendly by introducing an integrated e-form INC-29 for incorporating a company in India. ‘EASE OF DOING BUSINESS’. With the introduction of the INC-29, the Ministry of Corporate Affairs (MCA) has begun to make good on its promise to improve India’s ranking on the World Bank’s   Ease of Starting a Business Index   to inside the top 50 from the current 158.   The new concept of FAST TRACK INCORPORATION was given effect by the MCA in the form

Annual Compliance Calendar under Companies Act, 2013      BACKGROUNGD As per Companies Act, 2013 Companies requirements for Companies have been changed in comparison of Companies Act, 1956. For financial year on or after 2014-15 Annual Compliances will be as per Companies Act, 2013. New Annual Forms will be prepared with new Requirements. Annual Compliances have completely changed from the earlier Compliances. Major Changes are as follow: Directors’ Report: There are many new clauses, which Companies have to add in Directors’ Report. Like: Disclosure of Sexual Harassment Act, Dates of Board Meetings held during the Financial Year, No. of Board Meetings attended by the Directors etc. 1.       Annual Return (MGT-7): Earlier Annual Return was required to be prepared in e-form 20B. Now, new form for Annual Return is MGT-7. This is a very lengthy form in comparison to earlier Annual Return under Schedule- V. There are two provisions relating to annual return one is ‘