Showing posts from August, 2018

THE END - MGT-9 - Requirement Series - 377

THE END MGT-9 - Requirement Since previous some days many professionals have asked one question to “Whether MGT-9 is required to be preparing for F.y. 2017-18 or not”. As per CA, 2013 section 134, Companies was required to prepare MGT-9 extract of Annual Return and such MGT-9 was required to file with Directors Report. However, this provision has been amended by CAA, 2017 w.e.f. 31.7.2018 i.e. as per notification dated 31 st July, 2017 provision in relation to MGT-9 has been removed from Section 134 and a new provision I added i.e. “ the web address, if any, where annual return referred to in sub-section (3) of section 92 has been placed” . Therefore, one can opine that MGT-9 is not required to prepare by any Company if Directors Report approved in Board Meeting on or after 31 st July, 2018. FIRST: Notification of Section 134 of Amendment Act, 2017 SECOND: Section 134 of Amendment Act, 2017 Note: As per above mentioned two screen sh


PROCESS FOR SURRENDER OF DIN         COMPANIES ACT- 1956        ·         As per Section 266A of Companies Act, 1956: Every individual intending to be appointed as director of Company should obtain Director Identification Number (DIN).          ·         As per Section 266C of Companies Act, 1956: No individual, who had already been allotted a Director Identification Number under Section 266B, shall apply, obtain or process another Director Identification Number.        ·         As per Section 266G of Companies Act, 1956: If any individual or director, referred to in section 266A or section 266C, contravenes any of the provisions of those sections, every such individual or director or the Company, as the case may be, who or which, is in default, shall be punishable with ·          Fine which may extend to Rs. 5000/- (five thousand rupees only) and ·          where the contravention is a continuing one, with a further fine which may extend to R


FAQ’S – SERIES II      A.1.     What is minimum age for appointment of Director under Companies Act, 2013? As Per Companies Act, 2013 Section 152(3) “ No person shall be appointed as a director of a company unless he has been allotted the Director Identification Number”. Director Identification No. can be apply through e-form DIR-3. As per e-form DIR-3 ‘ Person should be minimum 18 years of age whil e applying for this application”. However, one can opine that minimum age for appointment of Director is 18 years. MINIMUM AGE for MD & WTD? No Person can be appoint as MD/ WTD or Manger if such person is below the age of twenty-one year.          A.2.   What is the maximum age for a Director to serve company as Director? As per CA, 2013 section 197, Maximum age for a Managing Director is 70 years. If Company want to appoint a person as MD even after attainment of age of 70 can do by passing of Special Resolution. There is no maximum ag