Indian Government announced another regulatory relief for the companies registered in India. The government has introduced a fresh scheme i.e. Companies Fresh Start Scheme, 2020 to make a fresh start on a clean slate. Under this scheme, corporate of India can file their pending documents such as Annual Return and Financial Statements without paying higher…

In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary measures to address the COVID-19 threat, including the economic disruptions caused by it, the following measures have been implemented by the Ministry of Corporate Affairs to reduce their compliance burden and other risks:

Table of Content Requirement under the Companies Act, 2013 for Transfer of Shares from Non-residents to Residents- Valuation of shares: – Price of share shall be decided on the basis of valuation of Shares by a Chartered Accountant or/a SEBI registered Merchant Banker. Sale consideration (net of taxes) must be remitted outside India through an…

Table of Content Benefits offered through new SPICE+ Some of the Highlights of SPICE+ The Ministry of Corporate Affairs has came out with a new simple application to make it easier for starting and incorporating a business entity in India through SPICE+ (Simplified Proforma for Incorporating Company Electronically Plus) thereby integrating 10 services from various…

Table of Content Types of charges to be registered Under Companies Act, 2013 The duty of registration of the charge Under Companies Act, 2013 Effect of registration of this charge Registration of Charge by (Section 78 of the Act) individual in whose favour charge is created: Modification of charge Under Companies Act, 2013 Other points…

LLP settlement Scheme, 2020 launched to provide One-time relaxation in additional fees to defaulting LLPs to make good their default by filing pending documents . Applicability: This scheme is applicable on the defaulting Limited Liability Partnership means and LLP which has made default in filing of documents on the due date(s) specified under the LLP…

Table of Content Is CSR applicable on Section 8 Companies (Not for profit Organisations)? View of Directors/ Promoters of Section 8 Companies Views of High level Committee formed for reviewing the existing framework of CSR CSR is a concept whereby companies takes care of the interest of society and the environment by taking responsibility for…

Table of Content Recent Amendments under CARO Companies covered under CARO 2020 Matters to be included in auditor’s report Comparison between CARO 2016 and CARO 2020 Recent Amendments under CARO Ministry of Corporate Affairs (MCA) has made certain changes in companies (auditor’s record) order vide its notification dated 25th February 2020, and has published Companies…

The Central Government has decided to introduce a scheme namely “LLP Settlement Scheme, 2020”, by allowing a One-time condonation of delay in filing statutorily required documents with the Registrar. LLPs, that wish to avail themselves of the scheme, may file the pending documents/Forms and make good the defaults, to gain immunity from prosecutions for such…

Table of Content Appointment of additional Director Eligibility Criteria Documents required for appointment Process for Appointment of Additional Director Appointment of Director in case of casual vacancy Provisions as per Companies Act, 2013 The Company may appoint director for internal management and to make better and sound business decisions for the company. As per legal…

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