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Showing posts from February, 2018

Key features - CODS FORM

Key features - CODS FORM [1] CODS form is available on MCA website w.e.f. 27th February, 2018. ü   The e - Form will be auto-approved (STP). ü   Fees for the forms shall be Rs. 30,000/- ü   Mention the CIN and Prefill. ü   Details of documents filed under the Condonation of Delay scheme,2018                     i.             Enter the SRN of documents filed under scheme (The SRNs entered should belong to the form ID AOC-4/AoC-4 CFS / AOC-4 XBRL / 23AC/23ACA/ 23ACXBRL/23ACA XBRL / 20B / 21A / MGT-7 / ADT-1/23B/66             ii.         Maximum 20 SRNs can be entered in a form ü   The e - Form should be digitally signed by a director or manager or secretary or CEO or CFO of the company duly authorized by the board of directors. [1] http://www.mca.gov.in/MinistryV2/companyformsdownload.html

KEY FEATURES - FILING OF CRL- 1

KEY FEATURES - FILING OF CRL- 1 Information to the Registrar by company regarding the number of layers of subsidiaries MCA has issue [1] Notification on 20 th September, 2017 in respect of “Numbers of Layers of Investment in Subsidiaries” of Company. These rules called as Companies (Restriction on number of layers) Rules, 2017 MCA has issued CRL -1 form w.e.f. 26 th February, 2018. Now this form is available on MCA website.     Feature of CRL - 1 ü    Enter the number of layers of subsidiaries as on the date of commencement of these rules i.e. 20 th  September, 2017. ( The field value is restricted to 99 ). ü    Enter the number of subsidiaries in each layer. ü    The value entered should be greater than zero ü    System shall auto-calculate Sum of all no. of subsidiaries entered in the layers ü    Note - Disqualified director should not be able to sign the form ü    The form will be processed in auto approval mode. ü    Time limit (days) for filing 1

“Liability of Director after Strike off’ and ‘Wound up of Company after Strike off”

“Liability of Director after Strike off’ and ‘Wound up of Company after Strike off” Short Summary: In this flash editorial author shall through some light on the provisions of liability of directors after strike off of Company or winding up of Company by tribunal after Struck off in the record of Registrar of Companies. This is article no. 322 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC , LLP Act, 2008 etc.}. Legal Provision: Companies Act, 2013- Liability of Directors & Members: Section 248(7) - The Liability , if any, of every Director , Manager or other officer who was exercising any power of management, and of Every Member of the company dissolved under sub-section (5), shall continue and may be enforced as if the company had not been dissolved. Undertaking by Managing Director, Director or other person in charge of the management of the Company: - Section 248

Process of Conversion of Loan into Equity

Conversion of Loan into Equity Share Capital– “NCLT ORDER” Short Summary: In this flash editorial author shall through some light on the provisions of Conversion of Loan into Equity Share Capital of the Company as per provisiosn of Companies Act, 2013 and recent NCLT Judgement on the same. The provisions for conversion of loan into equity have been significantly amended under Companies Act, 2013 in comparison to Companies Act, 1956. The provision under this Act is stricter then earlier Act. The author shall try to clear the provision of conversion of loan into equity on the basis of Judgement of Hon’ble NCLT. This is article no. 321 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC , LLP Act, 2008 etc.}. Legal Provision: Companies Act, 2013- Section 62(3): Nothing in this section shall apply to the increase of the subscribed capital of a company caused by the exercise of an option as