With all executive overreach, Form DIR – 3 – KYC is present before us this early morning of pleasant rainy monsoon day. I welcome it with all my reservation about working of the ease of doing business with actual ease. Every individual who has a Director Identification Number (DIN); whether using, abusing, not using or disqualified from using; need to fill this form within 49 days time from today 14th July 2018 with an exception of individuals who received their Director Identification Number (DIN) after 31st March 2018. Let us discuss more the rule and the form.
Category Archives: Chapter XI – CA2013
Difference between various business positions is quite confusing for the general public. Here, we will discuss, what is the difference between a chairman, a managing director, a CEO, and a proprietor?
The qualification of independent director is among few provisions where the Companies Act, 2013 become stringent after amendments. The Companies Amendment Act, 2017 read with Notification S.O. 1833(E) dated 7th May 2018 amended sub-section (6) of 149.
The Companies Amendment Act, 2017 read with notification dated 9th February 2018 amended law related to the right of a person to be appointed as director of a company under Section 160 of the Companies Act, 2013. Section 160, in its original form, as applicable from 1st April 2014 until 8th February 2018. Section 160 is well ignored but the strong pillar of corporate governance and democracy. We shall discuss amended section 160 here along with its limitations and challenges present before it.
After numerous many leakages of sensitive information on faulty governance and unearthing of scam, Government is facing firework from ruling party and its parent organisations. The friendly government of corporate houses with allegedly better relationship with corny – capitalists business organisations, once again looking towards corporate jungle for next round of its killing hunt. As per primary level media reports, Ministry of Corporate Affairs preparing for additional information from directors to nab them at first sounding of the alarm bell. This is in public domain now; government is going to ask passport information of directors who are a citizen of India. This news is bigger than it appears in earlier newspaper reports.
Interestingly, proposed to be a director is a legally valid official status, now. This is a period between two board meetings one proposing him to be a director of an existing company and second board meeting actually appointing him as director. This status comes into being on 26th January 2018 due to the amendment in the Companies (Appointment and qualification of Directors) Rules, 2014.
Happy Republic Day 2018!!
From this Republic Day 2018, company secretaries will start using this headline day to day in reference to the incorporation of companies in India. The government of India these days works keeping ist both eyes on world banks’ ease of doing a business index. Ease of starting and closing businesses are the prime focus. The Companies (Amendment) Act, 2017 notified on 3rd January 2018 primly aims to ease the incorporation of companies among other objects. Now, three rules are amended to facilitate to make incorporation a “child’s play”.