Ministry of corporate came out with minor but significant decision in the Companies (Registration Offices and Fees) Rules, 2014 by way of the Companies (Registration Offices and Fees) 2nd Amendment Rules, 2016.
According to Section 148 (3) of CA 2013 and Cost audit Rules 2014, cost auditor shall be appointed by the Board.
According to Section 148(3) of CA2013 and Audit and Auditor Rules, 2014 Remuneration shall be determined by the Members (in general meeting).
Now, according to Contract Act, 1872 (or in common law) this contract of appointment of cost auditor completes at General Meeting only that too on passing on resolution.
Query 1 – should we call it as “approval/ratification of remuneration or cost auditor” or “appointment of cost auditor” in general meeting? Unlikely but interesting situation will be where in members in general meeting does not ratify remuneration or modify the remuneration.
First case, no contract and second case counter offer. Further interesting, shall cost auditor bound to accept modified remuneration or not?
Ministry of Corporate Affairs came with amendment to the Companies (Accounts) Rules, 2014, last month. These rules has been published in official gazette on 27th July 2016 and came into force on that date. In this post, we will discuss these amendments in this blog post.
Yesterday late evening, I posted here about press release issued by Ministry of Corporate Affairs. Soon thereafter, two files uploaded on Official Gazette website with two notifications in each. In earlier post here today, we discussed establishment and jurisdiction of various NCLT benches.
In this post, we will have a bird’s eye view on Sections notified on 1st June 2016 related to NCLT.
Posted in Chapter I - CA2013, Chapter II - CA2013, Chapter IX - CA2013, Chapter VI - CA2013, Chapter VII – CA2013, Chapter XI - CA2013, Chapter XIV - CA2013, Chapter XV - CA2013, Chapter XXVII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounts, Annual General Meeting, Annual Return, Articles, Auditor, Board of Directors, Boards’ Report, class-action suits, Debentures, deposits, Deposits Creditors and Charges, General Meeting, Incorporation, Incorporation & Registration, Inquiry, INQUIRY AND INVESTIGATION, Inspection, Investigation, Members and Shareholders, Memorandum, National Company Law Appellate Tribunal, National Company Law Tribunal, NCLAT, NCLT, Oppression and Mismanagement, Shares and Securities, Statutory Audit
In a rare gesture, Ministry of Corporate Affairs notified two orders for Removal of Difficulty on same date. I have no legal understanding for the requirement of two separate orders, except little drafting hurdle of combined order for its statement of reason or preamble.
Now, we will discuss both orders here.
MCA recently introduced the Companies (Filing of Documents and forms in XBRL) Rules 2015 dated 9th September 2015 for which I have yet to locate published copy in the Official Gazette. These rules shall come into force from the date of publication in Official Gazette. These rules have already discussed earlier here.
Note: AOC – 4 XBRL Version 1st October 2015 is being used for writing this post.
Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged AOC – 4 XBRL, Extensive Business Reporting Language, India, MCA, Ministry of corporate affairs, Registrar of Companies, the Companies (Filing of Documents and forms in XBRL) Rules 2015, The Companies Act 2013, XBRL