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Query Posted : 1006
Query Replied : 1006
  • Producer company related
    by Srinath Rao on Friday, August 14, 2020  at 11:47 AM

    A producer company incorporated during November 2019 filed their Form INC 20A during July 2020 when can they commence their business? Further, what would be the implications if they have commenced business (purchase and sale of goods) prior to filing Form INC 20A. farmers buy and sell only cash. If cash transactions were done before filing INC 20A. Is it fine. Producer company are required to file INC 20A or ignore because rules and regulations are aligned under Companies Act 1956 and not 2013

  • Consolidation of Accounts
    by Tanya on Wednesday, August 12, 2020  at 11:21 AM

    The items of Balance Sheet and P & L Account for the year 2019-2020 of Foreign Subsidiary will be converted into INR at which Rate. What will be treated as the effective rate of exchange?

  • Consolidation of Accounts
    by Tanya on Tuesday, August 11, 2020  at 12:11 PM

    Holding Company is Indian Company and has wholly owned subsidiary (WOS)in US. During consolidation, the figures of has to be taken in Rupees. So, who will convert the figures to INR. Whether the WOS has to prepare the Financials Statements as per INR also? What will be the basis to convert Dollar to INR

  • Valuation
    by amol on Wednesday, August 05, 2020  at 12:16 PM

    is it necessary to issue shares in pvt limited companyif issued to other persons on preferential basis at or above the price fixed by valuer even though the existing shareholders unanimously agree to issue the same at book value Many times the value as fixed by valuer is higher than book or net asset value . It appers that the company will be under compulsion to issue shares at premium value higher than book value and this may entail unnecessary litigation under incometax .

  • CEO in Producer Company
    by Ilayaraja on Monday, August 03, 2020  at 11:27 PM

    Dear Sir Whether CEO of Producer Company must be other than Farmer Members in Farmer Producer Company ? or Director of Farmer Producer Company can be appointed as CEO ? CEO and MD Can be same Person ?

  • Sec.581P(6) of Companies Act,1956
    by Ilayaraja on Monday, August 03, 2020  at 11:24 PM

    Provided that the expert directors shall not have the right to vote in the election of the Chairman but shall be eligible to be elected as Chairman, if so provided by its articles Whether Expert Director have Voting right in Board Meeting ? if so provided by its articles – Means What Sir ? that is can AOA provide voting right to expert director for election of the Chairman ?

  • Allotment of shares
    by amol on Thursday, July 23, 2020  at 01:12 PM

    there was a circular which stated that if company issues shares for debt payable then it will ballotment for cash it was not necessary to give the money and take same back and then allot shares the circular was under 75 of old act whether sameclarification which was under 1956 act stii holding good

  • Small company
    by arun on Monday, July 20, 2020  at 10:03 PM

    dear sir small company definition as per section 2(85) of company's act . A pvt ltd compan's paid up share capital is 49 lakh and turnover as per last years profit and loss account is Rs 1.75 crore . but share premium amount is Rs 1 crore. if we include share premium amount in paid up share capital then it will not be SMALL COMPANY. but if we exclude then it will be SMALL COMPANY. Please sugges

  • Liquid Assets
    by Kamal on Tuesday, July 07, 2020  at 12:19 PM

    Whether maintaining liquid assets shall be as an additional requirement that is in addition to maintaining Deposit Repayment Reserve

  • Takeover offer for unlisted companies
    by Akshat on Saturday, June 27, 2020  at 11:04 AM

    Takeover Offer as per Section 230(11) of Companies Act, 2013-Is it mandatory for minority shareholders to tender shares in Takeover Offer? Section 230(11) does not define Takeover Offer. Section 201(10) of Companies Bill, 2009, which intended to introduce provisions pertaining to Takeover Offer for unlisted cos, defined Takeover Offer as "an offer to acquire all the shares in a company". However, said definition was not included in Section 230(11). What was rationale for removal of definition

  • Appointment of Additional Director cum Managing Director
    by Premnarayan Tripathi on Friday, June 26, 2020  at 10:13 AM

    In continuation to my earlier query dtd. 25/06/2020, if we file one DIR-12 for appointment as Additional Director and another DIR-12 for appointment as Managing Director, now as per Sec. 161, Additional Director holds office till the ensuing AGM, then how his appointment will be regularized in the ensuing AGM and form DIR-12 will be filed at that time as his designation has already changed? And can an Additional Director during his tenure as Additional Director be appointed as Managing Director

  • Appointment of Additional Director cum Managing Director
    by Premnarayan Tripathi on Thursday, June 25, 2020  at 03:42 PM

    A private company is appointing a person in a Board Meeting as Additional Director and in the same Board Meeting, also appointing the same person as Managing Director. Now, upon filing of Form DIR-12, which designation will be selected, Additional Director or Managing Director?

  • Shareholders Agreement (SHA)
    by Bhruganshi on Saturday, June 06, 2020  at 05:20 PM

    Dear Sir, Whether by entering into SHA, Mr. X, a shareholder holding 70% shares can bind other shareholder Mr. Y holding 30% to always vote in favour of Mr. X where special resolution required?

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