This was a long-standing demand to have less compliance for one person and small companies. Rule 8A introduced with effect from 31st July 2018 by the Companies (Accounts) Amendment Rules 2018. Let us discuss.
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.
Posted in Chapter XI - CA2013, Chapter XIX -CA2013, Chapter XVIII - CA2013
Tagged Annual Accounts, Annual Filing, Annual Returns, Disqualified Director, National Company Law Tribunal, Registrar of Companies, Removal of Name, Restoration of Companies, Shell Companies, Strike – off companies, Winding Up
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 –
Posted in Chapter IX - CA2013, Chapter XI - CA2013, Chapter XVIII - CA2013, Chapter XXIX - CA2013, Companies Act 2013
Tagged Annual Accounts, Annual Filing, Annual Returns, Disqualified Director, National Company Law Tribunal, Registrar of Companies, Removal of Name, Restoration of Companies, Shell Companies, Strike – off companies, Winding Up
The Central Government issued the Company Law Settlement Scheme 2014 [CLSS-2014] in exercise of power conferred under Section 403 and 460 of the Companies Act, 2014.
Scheme aims to support companies to complete annual filing or got declare themselves dormant.
The Scheme shall be in force from 15th August 2014 to 15th October 2014. Under the scheme any defaulting company may file documents which were due for filing till 30th June 2014. The defaulting company shall pay statutory filing fees along with additional fees of 25% of the actual additional fee payable.
The Financial Statements of a company is most important document until recent past, when non – financial reporting started to gain its momentum. This is a reporting of growth in business in monetary units.
BOOK OF ACCOUNTS (SECTION 128):
Every company shall prepare and keep at its registered office books of accounts and other relevant books and papers and financial statement for every financial year. These books must give a true and fair view of the state of affairs of the company and its branch offices. These books must explain the transactions effected both at the registered office and its branches. These books shall be kept on actual basis and double entry system of accounting.
Posted in Chapter IX - CA2013, Companies Act 2013, Governance and Responsibility
Tagged Accounting Standards, Adjourned Annual General Meeting, Annual Filing, Annual General Meeting, Audit Report, Auditors, Balance Sheet, Books of Accounts, Branch Office, Chief Financial Officer, Companies Act 2013, Companies Bill 2012, Consolidated Financial Statements, CorpGov, CorpLaw, Corporate Governance, Corporate Law, Directors, Financial Statements, India, Inspection of Books, Legal Reforms, Managing Director, Members, Ministry of corporate affairs, Notes to Accounts, Profit and Loss Accounts, Provisional Annual filing, Re – casting of Financial Statement, Reforms, Registered Office, Voluntary revision of Financial Statements
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AishMGhrana 