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Query Posted : 985
Query Replied : 985
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  • CHALLENGING OF ROC OR RD ORDER
    by Santosh on Monday, May 25, 2020  at 05:48 PM

    What is the provision for challenging the ROC and RD order? Whether it can be done through writs only or any other recourse is also available? Please presume appealing provision is not in the section unlike provided in section 252 and 454. Also, refer any case law, if possible?

  • Query on Rotation of Auditors
    by GIRISH PAPAT on Monday, May 25, 2020  at 11:50 AM

    B Pvt Ltd formed on 3/1/2016. Mr. Q was appointed Auditor in individual capacity for 2016. In the AGM of 2016 he was appointed till 2021. In 2018 Comp's Paidup capital increased to Rs.100 crores from 1 Lakh. 1. Now, whether new Auditor will have to be appointed in the AGM to be held in the year 2020 considering Rotation of Auditor provisions? 2. What if Q resigns without doing the Audit for 19-20(before his term expires) & suggests that a Firm in which he is a Partner be appointed for 5 years

  • Veto rights in AOA
    by Ilayaraja on Sunday, May 24, 2020  at 09:55 AM

    Dear sir, veto rights mean the right to forbid or withhold assent or to reject. In other words, it is a special right given to a person to reject a proposal. As anybody can agree to or reject any proposal, one may ask, what is special in veto. The importance or specialty of veto is that when exercised it rejects the proposal inspite of the proposal having majority assent. Is it legally valid? Can i give in AOA Or through special resolution in AGM Which is better?

  • Appointment of Secretarial Auditor in Private Company
    by Premnarayan Tripathi on Wednesday, May 20, 2020  at 07:42 PM

    Respected Sir, As per the clause (c) of sub rule (1) of rule 9 of the the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 private limited cross the prescribed Limit as per audited financial statement of 31-03-2019 and un-audited Financial statement on 31-03-2020. Hence whether we have to appoint Secretarial Auditor for FY. 2019-20 or 2020-21? as This rules shall be applicable in respect of financial years commencing on or after 1st April, 2020.

  • FILING OF MR-1
    by Premnarayan Tripathi on Wednesday, May 20, 2020  at 07:06 PM

    Resected Sir, In case of Public Limited Co., as per the 196, MR-1 shall be filed within 60 days from the date of appointment of MD/WTD. and such appointment is subject to approval of the Members in next GM. In Point 10. of MR-1 asked that whether approval of members is taken or not. Now, whether GM is to be called within 60 days from the date of appointment made in BM ?. if not, then Whether we have to file MR-1 again after getting approval from Members in GM called after 60 days.

  • Exemption to Private Company
    by Rutu on Tuesday, May 19, 2020  at 05:00 PM

    Section 185 shall not apply to a private co(a) in whose share capital no other body corporate has invested any money(b) if the borrowings of company from banks or financial institutions or any body corporate is less than twice of its PSC or fifty crore rupees, whichever is lower(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section. Is this exemption still available as in 2017 amendment act whole section is substituted?

  • Filing of DIR-12 w.r.t appointment of MD
    by Premnarayan on Wednesday, May 13, 2020  at 12:04 PM

    A Managing Director is appointed in a private company in the BM. Since he is an additional director till the ensuing AGM, at the time of filing of DIR-12 for such appointment in BM, whether the designation will be selected as Additional director or Managing director ? Further, appointment of MD in pvt. company attracts section 203 ?

  • Deposit
    by Arvind on Saturday, May 09, 2020  at 06:56 PM

    Tour operator a Pvt Ltd Co., receives advance money from a group of tourist in May 2019 for the foreign tour to take place in May 2020. Because of COVID 19, all tours have been cancelled. The tourist has informed they will take the tour in December 2020. Whether advance receipt in May 2019 will be viewed as Deposit.

  • Section 241 application against
    by Kamal on Wednesday, May 06, 2020  at 01:02 PM

    in continuation of previous query, can't the application be file COC by covering it in Section 241(1) "the affairs of the company have been or are being conducted in a manner prejudicial to public interest or in a manner prejudicial or oppressive to him or any other member or members or in a manner prejudicial to the interests of the company"

  • ANNUAL FILING & EXPENSES
    by GIRISH PAPAT on Monday, May 04, 2020  at 10:10 AM

    Dormant/Inactive Comps file Return in MSC-3. They are allowed to incur only expenses for maintaining office & records apart from ROC filing fees. My Queries are: 1. Is a dormant company required to prepare Balance Sheet, P &L, notes, Directors report, file form AOC4 & MGT 7? 2. They are allowed to hold assets for future projects or to hold IPR. However, the act,rules & form MSC 3 does not envisage expenses such as NA tax, Renewal fees for IPR, etc.Whether such comp needs to change its status?

  • Capital reserve use
    by Parth on Tuesday, April 28, 2020  at 12:08 PM

    Hi Sir, The company has balance of Capital Reserve in its books of accounts which was created pursuant to NCLT approved Scheme of Arrangement. Wanted your guidance to know as to what are the permissible use of such Capital Reserve as per Companies Act, 2013?

  • Resolution of disputes IN producer companies
    by Ilayaraja on Tuesday, April 21, 2020  at 04:13 PM

    Sir, Producer Company Closed by Existing directors as they are unable to do more sales through proper marketing due to which company not paid Term Loan EMI and Working Capital Interest and obtained Loan from outsiders also , not maintained proper accounts for 2 years but members want to appoint new directors but existing directors not co-operating. whether company members can appoint arbitrator for this problem ? if AOA not contain arbitration whether company can apply Section 581ZO provision

  • Capital reserve end use
    by Parth on Monday, April 13, 2020  at 01:32 PM

    Hi Sir, There is no harm keeping the same in books. But the company is contemplating to adjust certain capital loss against it or use it for issue of capital instruments. As there is no guidance under the Act, wanted your guidance on the utilization of such capital reserve as to what is permissible or not

  • Capital reserve end use
    by Parth on Friday, April 10, 2020  at 12:21 PM

    Hi Sir, With regard to the earlier query, such reserve was created due to court approved scheme. But as you rightly pointed out there seems to be no specific description or utilization for capital reserve provided under the Act. Hence, if you could provide any guidance on utilization of capital reserve as the same does not fall under the category of free reserve and thus cannot be used for the purpose of dividend etc. Where and in what manner can such capital reserve can be used?

  • Difference between substantive & Procedural violation
    by Santosh on Thursday, April 09, 2020  at 03:52 PM

    Would like to know the difference between substantive violation of law and procedural violation of law? Would be happy if any cases can be shared for reference. Also confirm, filing of MGT-14 prescribed u/s 117 of CA 2013 is a substantive violation or procedural violation in your view? As per my understanding it is a procedural violation. Pls confirm.

  • Difference between substantive & Procedural violation
    by Santosh on Thursday, April 09, 2020  at 03:52 PM

    Would like to know the difference between substantive violation of law and procedural violation of law? Would be happy if any cases can be shared for reference. Also confirm, filing of MGT-14 prescribed u/s 117 of CA 2013 is a substantive violation or procedural violation in your view? As per my understanding it is a procedural violation. Pls confirm.

  • Change in SBO
    by Premnarayan Tripathi on Wednesday, April 08, 2020  at 02:40 PM

    Whether filing of BEN-2 is required for a person (SBO), who transfers his entire shareholding in Member Company of Reporting Company to another Person and ceases to be a SBO of Reporting Company ? If yes, which field is to be selected in Form BEN-2? If we select change is SBO in Form BEN-2, it does not permit US to put Nil holding in respect of person, who ceases to be SBO.

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