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Employment Contracts : Legally Binding or Not???
Indian law is very restrictive in the matters of restricting an employee to be bounded by the terms of any written contract. It provides the freedom to an employee to leave a job, join a new one for...
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SECTION 314: OFFICE OR PLACE OF PROFIT
If a director is appointed to a hold a position other than that of a director or if a relative of director is appointed to hold a position in the Company against the remuneration I must be in...
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Conversion of Private Company into Public Company in India:
As the Company grows and specially when it has been incorporated by new age entrepreneur who do not belong to some business back ground soon they realize that the it is more easy to raise funds and get...
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Appointment of Internal Auditor in Compliance of Companies (Auditor’s Report)...
Appointment of internal auditors are not a mandatory clause for all the companies, moreover the word used in Companies (Auditor’s Report) Order, 2003 is "Proper Internal Control System" not "Internal...
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ESOP IN UNLISTED PUBLIC COMPANY AND PRIVATE COMPANY
Here I am starting with ESOP for private companies because there are lots of information available for ESOP by listed public companies but least available for private companies or unlisted public...
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APPOINTMENT OF MANAGING DIRECTOR
Procedure and/or regulations or compliance for appointment of managing director differs on the basis of class of company i.e. private company/unlisted public company/ listed public company.Appointment...
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SERVICE TAX REGISTRATION
Registration of Service Tax is compulsory only when the gross turnover exceeds 10 lacs respectively in an accounting year. Below that, it is voluntary.In case of Service Tax: Assesses need to file ST –...
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CHECK LIST FOR OBTAINING IMPORT EXPORT CODE (IEC) BY COMPANIES
IEC stands for “Import Export Code”, it is a ten digit unique code issued by DGFT (Director General of Foreign Trade) to the importers or exporters. For obtaining IEC an application need to be filed to...
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INCORPORATION OF COMPANY IN INDIA:
The incorporation of company in India has become more easier after online filing procedure and online payment of stamp duty being adopted. Now a private or public limited company can be incorporated in...
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ANNUAL GENERAL MEETING
Annual general meeting (AGM) is the meeting which is hold once in a year, any general meeting hold between two AGMs is called "extra ordinary general meeting". The most commonly asked questions about...
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ALL ABOUT CONDUCTING BOARD MEETINGS:
Q 1: How many board meeting are necessary to be called in one financial year?Ans: For private companies and unlisted public companies at least four meetings in one financial year and at least one...
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Clarification of MCA on Manegerial Remuneration
LEGAL UPDATEAs per recent the recent clarification of MCA issued on 16th August, 2012:Any employee of the Company or any other person holding more than 0.5% shares in the paid - up capital of the...
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Statutory Registers as per Companies Act
Sr. No.Relevant SectionsRegister/Books/ReturnsInspectionFees/Charges for Inspection, if anyClarificationMandatory or Non-Mandatory1.49(7)Register of investments in any shares or securities not held in...
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ISSUE OF BONUS SHARES
· MEANING AND DEFINITION OF BONUS SHARES:Bonus share is a share issued to the existing shareholders of the company in ratio to the respective shareholding in the Company at free of cost. The...
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Appointment of Statutory Auditor(s)
· Appointment of First Auditors:As per section 224(5) of the Companies Act, 1956 First Auditors of the Company shall be appointed within 30 days of registration of the Company by the Board of...
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MCA CIRCULAR ON XBRL FILING DEFAULTS
Ministry of Corporate Affairs has issued circular dated 16thOctober, 2012 to point out the mistakes and defaults made in XBRL filings for the year 2010-11. It has requested the respective institutes to...
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OFFICER IN DEFAULT
If a Company made default in compliance of the applicable legal provisions, who will be held responsible for it? Officers in default. Who are the officers in default? As per section 5 of the Companies...
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TIME LIMIT FOR FILING XBRL BALANCE SHEET FOR THE FINANCIAL YEAR 2011-12
MCA has issued circular on 25th October, 2012 to extend the time limit for filing balance sheet in XBRL form from 15th November, 2012 (as per circular dated 6th July, 2012) to 15th December, 2012.Now...
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JUDGEMENT OF KOLKATA HIGH COURT ON DEFUNCT COMPANY NOTICE REPLY
In the recent Kolkata High Court Judgment on BASANTI COTTON MILLS PVT. LTD. Vs REGISTRAR OF COMPANIES, WEST BENGAL As per the judgment:A Company can be strike off by the Registrar of the Companies as...
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CHANGE IN FINANCIAL YEAR
Company follows a financial year of April to March or of January to December, which is decided either by the articles of association of the Company or by directors in the first board meeting by passing...
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