shares preference date redemption extending
An Indian Pvt Ltd co. engaged in certain services classified under export of services under GST.
The company received advance worth 2cr from an overseas customer in March 2020 in USD in their bank account as advance against the travel-based services to be provided. From March 2020 the international travel ceased so, the company has not provided any services for last two years to the said client.
The issue : How will the above advance be treated under section 73 and Deposit rules.
-Whether it falls under Public Deposit/Loan
-Whereas it's simply a business advance against services to be provided in future but outstanding for more than 365 days.
-What options the company has to not the same be treated as deposit/loan.
Please give resolutions
under services export classified certain Procedure to be followed for shifting of registered office within the same Special Economic Zone area. it will be within state compliances or what ?
Click here to view / answer Share it onoffice registered shifting Share the procedure for registration and other compliances if any needs to be done.
Click here to view / answer Share it on
Required drafts formats for First Board Meeting Agenda, Notes of Agenda and Minutes Format.
Please share as per SS-1 & SS-2 Applicability
Company will be considered as Public company since where a company being a private company alters its articles in such a manner that they no longer include the restrictions and limitations which are required to be included in the articles of a private company under this Act, the company shall, as from the date of such alteration, cease to be a private company.
Name Change will be effective from the date of COI or EGM ?
Company incorporated in 2019, company does not file INC-20A within 6 months of incorporation and failed to commence its business. MCA Strike Off the company , but my question is directors will be considered as disqualified ?
Presently directors DIN is active and they want to incorporate a new Company , so is it possible ? Please give light on my query
filing struck case disqualification directors
Which sections of the Companies Act applicable or having exemption for NBFC Companies in regard to loan, investment and borrowings ?
nbfc compliances
share procedure for Conversion of Nidhi company to Private Limited
Dear Ma'am
As per section 55(2) of the companies act 2013 read with rule 9(6) of the Companies (Issue and redemption of the preference shares)
(6) A company may redeem its preference shares only on the terms on which they were issued or as varied after due approval of preference shareholders under section 48 of the Act and the preference shares may be redeemed:-
(a) at a fixed time or on the happening of a particular event;
(b) any time at the company’s option; or
(c) any time at the shareholder’s option.
Further as per Section 48 of the compaies act,2013
48. Variation of Shareholders' Rights.
(1) Where a share capital of the company is divided into different classes of shares, the rights attached to the shares of any class may be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or by means of a special resolution passed at a separate meeting of the holders of the issued shares of that class,—
(a) if provision with respect to such variation is contained in the memorandum or articles of the company; or
(b) in the absence of any such provision in the memorandum or articles, if such variation is not prohibited by the terms of issue of the shares of that class:
Provided that if variation by one class of shareholders affects the rights of any other class of shareholders, the consent of three-fourths of such other class of shareholders shall also be obtained and the provisions of this section shall apply to such variation.
(2) Where the holders of not less than ten per cent of the issued shares of a class did not consent to such variation or vote in favour of the special resolution for the variation, they may apply to the Tribunal to have the variation cancelled, and where any such application is made, the variation shall not have effect unless and until it is confirmed by the Tribunal:
Provided that an application under this section shall be made within twenty-one days after the date on which the consent was given or the resolution was passed, as the case may be, and may be made on behalf of the shareholders entitled to make the application by such one or more of their number as they may appoint in writing for the purpose.
(3) The decision of the Tribunal on any application under sub-section (2) shall be binding on the shareholders.
(4) The company shall, within thirty days of the date of the order of the Tribunal, file a copy thereof with the Registrar.
Therefore, the companies can extend the tenure of redemption of the preference shares.
If the company extend the tenure of redemption of the preference shares by passing special resolution, then it is mandatory to file MGT-14 with ROC for the extending date.
Thanking you!