Yes, an illiterate person can be a subscriber to the Memorandum of Association (MOA) of a company. There is no legal requirement for a subscriber to be literate. However, the subscriber must be capable of understanding the contents of the MOA and must sign the MOA in the presence of at least one witness who must attest to the signature of the subscriber.
If the subscriber is unable to read the MOA, it is recommended that the MOA be read out to the subscriber in a language that the subscriber understands, and the subscriber's consent to the terms of the MOA be obtained before signing. Additionally, the witness must confirm that the subscriber has signed the MOA in their presence.
It is also important to note that in case of any legal disputes, the subscriber will be bound by the terms of the MOA, whether or not they were able to read and understand the contents of the document.
what is the process of Micro finance company registration, whether it needs RBI Approval being a NBFC, only own would be used for micro financingClick here to view / answer Share it on
Can a director take advance salary from the private limited company equal to six months salary? Do we need to any specific compliance for the same in mca?Click here to view / answer Share it on
As per sub-section (1) of section 101 of Companies Act, 2013, a company can call a general meeting by giving notice of twenty one clear working days notice either in writing or through electronic mode. Refer to Notification No. GSR 464(E) dated 5-6-2015 (Exemption to Private Company), in case of private companies, Section 101 shall apply unless otherwise specified in respective sections or the articles of association of the company provide otherwise. so private limited company can hold a general meeting by giving notice of less than 21 days if the articles of the private company so provides ?Click here to view / answer Share it on
Share the draft formats for ESOP - employee investment in the company.
And also need a clarification that, should it required to take share valuation report from registered valuer and Income tax merchant Bank both or how?
I have seen , Many company are showing their website on letter head but not doing the compliances related disclosures on website which is mandatory such as :
Website address on all its official publications like business letter heads, billheads, and notices and other documents etc.
-The notice of “Change of objects for which money is raised through prospectus” under Rule 32 shall be published on the website;
-Details of Annual Return; (Important to note generally applicable on Companies )
-Details of Vigil Mechanism;
-CSR and Company’s policy on director’s appointment and remuneration;
-Terms and Conditions of the Independent Director;
-Closure of register of members or debenture holders;
-Notice of General Meeting including AGM;(Important to note generally applicable on Companies )
-Notice of Voting through electronic means;
-Notice of Postal Ballot;
-Special Notice, if any;
-Striking Off of the name of the company details; (Important to note generally applicable on Companies )
-Unpaid Dividend Details;
-Invitation of Deposits;
-Resignation of Director details, if any. (Important to note generally applicable on Companies )
As per Section 450 of the Companies Act of 2013, the penalty for non-compliance by the company or any officer of the company who defaults to any of the Act’s provisions will be Rs 10,000.
For continuing contravention, it will be a further fine of Rs 1,000 for every day of default. This will apply to the default of non-disclosure, a company must take care of publishing all relevant information on the website.
Can anyone suggest if any company having website but not active or able to control like no full time IT Professional for assisting website, then in that case also its applicable ?
we know that Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999 and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. Non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.
The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets.
Earlier we had to file in Excel based FLA return and that should be sent by email by 15 July. Any other attachment should not be forwarded along with the FLA return but now its totally online and need to file through flair Portal RBI;
The format is available on https://flair.rbi.org.in However, the format and email-based reporting system has been replaced by the web-based formats for submission of annual FLA return from June 2019 (i.e., reporting from the 2018-19 round of FLA). In this web-based reporting system of FLA, entities first need to create business-user through “Entity-User Registration form”.
But someone having, Share the Word / Excel file of FLA Return format, so that the relevant data or details can be obtained from the Company before filing the final return at FLAIR Portal.
KMP of holding company be appointed in only one subsidiary or in all subsidiaries of holding company at the same time please clear.Click here to view / answer Share it on
Company Secretary Required to attend all Board Meetings, Committee and General Meetings of the Companies ?Click here to view / answer Share it on
Compliance Calendar LLP is Recognised as Startup by DIPP Under Ministry of Commerce & Industry, Government of India
If the subscriber is illiterate, he/she can affix his/her thumb impression or mark and another person is required to describe the impression of mark writing for him and sign below the thumb impression of mark and such person also read and explain the content of MOA and AOA to the subscriber.