Tag Archives: Annual Accounts

Serious Penal Consequence of late Annual Filing – landmine ahead

Posted on October 26, 2018 | Leave a comment

[The law stated in this post is effective from the 7th day of May 2018]

There is a perception that filing of financial statements and other documents with additional fee absolve the company from consequences under section 92, section 137 and conditional exemption given to certain companies by certain notifications issued by the Ministry of Corporate Affairs.

This is also a general view of the companies that any extension granted for the filing of the financial statements and other documents without additional fee grant immunity to the companies from its liabilities under mentioned provisions.

I beg to differ, conditionally.

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Posted in Chapter IX - CA2013, Chapter VII – CA2013, Companies Act 2013

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Connection of Director’s Disqualification to Fraud

Posted on January 12, 2018 | 2 comments

Disqualification of directors certainly is a hot topic among professionals practising corporate laws. Irrespectively of popular perception, the list compiled and released by Ministry of Corporate Affairs does not confer any disqualification to any director. These directors were already disqualified. In a serious violation, many of these directors might have failed to communicate about their disqualification to companies appointing or reappointing them after the actual date of disqualification. Such failure has penal consequences. This blog post will discuss serious consequences of the failure of compliance with law and procedures after incurring disqualification by a director.

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Posted in Chapter XI - CA2013, Chapter XXIX - CA2013, Companies Act 2013

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Understanding Form DIR – 10

Posted on September 15, 2017 | Leave a comment

Many years ago one Hindu priest told me, those worshipping Laxmi ji (goddess of wealth) before without satisfying Ganesh Ji (god of goodness) may not get good wealth. We need to follow established a procedure to get the desired result. Without understanding utility of Form DIR – 10, its use may not give the desired result. Here, we will have a discussion.

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Posted in Chapter XI - CA2013, Chapter XIX -CA2013, Chapter XVIII - CA2013

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Remedies for disqualified directors of strike – off companies

Posted on September 8, 2017 | 25 comments

Compliance way or Confine way! The Government made it clear. Directors who were on a long-term picnic after removal of names of their “shell companies” are now offered sleepless nights. I appreciate.

Ministry of Corporate Affairs issued two important lists in this regard –

  1. List Of Directors Associated With Struck Off Companies U/S 248
  2. List Of Disqualified Directors U/S 164 (2)(A)

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Posted in Chapter IX - CA2013, Chapter XI - CA2013, Chapter XVIII - CA2013, Chapter XXIX - CA2013, Companies Act 2013

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