The Companies Act 2013 was introduced to incentivize companies to follow the “Jet Set Go” motto, with compliance and transparency being key. Among the diverse issues outlined in this act, there has been a revolution in Related Party Transactions, a term that has made all companies nervous about the complexity surrounding it for many years….

The companies that are created are governed by the Companies Act, 2013 (Act). It lays out some requirements that the corporation must meet. The threshold limits that the Act specifies, determine whether the applicants under the Act must comply with these requirements. The specific corporation must adhere to the clause in question if it falls…

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…

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…

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to generate and quote a DIN on any communication issued by CBIC officials to taxpayers and other concerned persons from 8 November 2019 vide Circular No. 122/41/ 2019. Issuance of certain communications without a DIN is permitted under certain specific circumstances, however…

CARO 2020 is a new format for issuing audit reports for statutory audits of companies under the Companies Act 2013. CARO 2020 has included additional reporting requirements in consultation with the National Financial Reporting Authority (NFRA). NFRA is an independent regulatory body for regulating the auditing and accounting profession in India. The objective of CARO…

There are 2 types of shares in any company firstly Equity share or Common Stock and secondly Preference shares or Preferred stock. Shareholders are considered to be the real owners of the Company as they have voting rights in the company while preferred shareholders do not have the right to vote in all decisions under…

Minutes are the official record of the proceedings of a meeting of the Board of Directors or the Annual General Meeting or any other meeting and the proceedings at that meeting. All companies incorporated in India are required to keep minutes of all board and committee meetings in a minute book. In this article, we…

If you are running your own business, then you must know that bonuses are one of the best motivators. The employees feel that they get rewarded for their work. This can bring very good results for both you and your business. Employee Stock Option Plan is also similar to a bonus. By owning shares of…

A charge in terms of section 2 (16) of the Companies Act 2013 means interest or liability created on the Company’s property or assets or any of its contracts or both as collateral and includes mortgage debt. In simple terms, a charge is financial collateral created by a Company on its assets or property instead…

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