Striking-off means the temporary closure of the Company or the removal of the Company’s name from the ROC (Register of Company) by the Registrar following the provisions of the Companies Act 2013. This is a substitute for the dissolution of the Company, in which case the Company may be revived for twenty years from the…
A chit fund is a revolving savings scheme that has been a part of the Indian financial system for over a century. It is also known as chit, chitty, or kuree. A chit fund is an excellent financial tool for both saving and borrowing. As a savings vehicle, it provides a good return on investment,…
In a recent directive, the MCA (Ministry of Corporate Affairs) added measures to the statute that make the procedure for “Physical address verification of Registered Office by ROC” more apparent by requiring the application’s administrators to follow additional protocols. There are several updates towards the method that company owners with a registered office address for their…
XBRL is used as an abbreviation for “Extensible Business Reporting Language”. It is a language that is used for electronic communication of business and financial data that revises the reporting of business across the world. It provides a lot more benefits in regard to preparing, analyzing, and communicating business information. It saves costs by being…
Most Indian people drink about two cups of tea each day on average; however, this amount might vary depending on the climate and the person’s mood. As a result, tea is one of the most promising industries. One of the simplest ways to start your own company in India is to create a tea shop….
The Companies (Incorporation) Third Amendment Rules, 2022, an update to the Companies (Incorporation) Rules, 2014, was put to notice by the Ministry of Corporate Affairs (MCA) on August 18, 2022. Compliance with Rule 25B of Companies Rules, relating to the physical evidence of the company’s registrar’s office, has been released by the MCA. Table of…
Hunger is a disease for which no medicine has been invented. This statement seems correct as it correctly justified the reasoning presented by the great philosopher of the times named “Thomas Hobbes.” Hobbes in his book called “Leviathan” argued that there is no democracy or law lies with the Hungry men, as the only potential…
Term Insurance Plans were introduced with a very basic structure — the plan will offer a sum assured on the death of the policyholder, provide coverage up to the age of 65, and the premium can only be paid on an annual basis. However, it became more complicated when more and more insurers started offering…
India ranked 3rd in Global Startup Ecosystem following United States and China, according to the Global Innovation Index (GII) for the year 2021-2022 which was released by the World Intellectual Property Organization (WIPO). India is currently witnessing a boost in the Startup sector with entrepreneurs coming up with different ideas and innovations. In the field…
The Companies Act, 2013 mandates the filing of a declaration in Form No INC-20A with additional details regarding Bank statements and Registered address when a newly registered company wants to commence its business and operations in the desired manner. Requisite complying with the provisions is mandatory to exercise its borrowing powers. Several pieces of information…