Whether donation given by Non-Resident Indians (NRIs) is treated
as ‘foreign contribution’?
If a company gives a guarantee to someone, does it require reporting to ROC?
If a company gives a guarantee to someone, does it have to report it to ROC?
MCA has given one clarification on 26-09-2022 that “Amendment to Schedule III to the Companies Act, 2013 vide MCA Notification GSR. 207(E) dated 24th March 2021 mandates companies to round off the figures appearing in the Financial Statements depending upon their total income. However, if the companies provide absolute figures in e-forms i.e. AOC-4, the same shall not be treated as incorrect certification by the Professionals”.
But no clarification came for filing of AOC-4 XBRL forms.
In XBRL, there is always an option to rounding off figures . So our query is whether we should give only rounded off figures in XBRL filing to comply with MCA Notification GSR. 207(E) dated 24th March 2021 or we can give actual figures there also as we are giving in AOC-4 form?
Whether gifts given by employers to the employee will also qualify as supply under GST?
WHAT ARE THE SECTORAL CAP APPLICABILITY ON INVESTMENTS BY PERSONS RESIDENT OUTSIDE INDIA ?Click here to view / answer Share it on
Please let me know the simplest procedure to borrow from Foreign director with RBI compliance's. Whether the loan taken has to be in form of CCDs ?
Greetings to all..
kindly clarify whether a Private Company can give guarantee to a Partnership firm (one of the partners of the fim is the Director in the guarantee given Company). As per section 185 (1) (b) of the Companies Act, 2013 it have restriction to give any loan or guarantee to any firm in which any such director or relative is a partner;
meanwhile Section 186 (2) (b) explains "No Company shall directly or indirectly give any guarantee or provide security in connection with to any other body corporate or person not exceeding the prescribed limit."
whether a company can give guarantee or not? if no under section 185 (1) (b) of the companies Act, 2013 means why the limit of the Guarantee has included "any person or any body corporate" in section 186 (2) (b) of the Companies Act, 2013.
Earlier the company has authorised through POA to its employes to represent the Company.
Meanwhile, the name of the company has been changed from ABC to XYZ.
name change intimation letter and certificate been circulated to communicate.
but certain Govt. Departments raising the query that the authorisation issued through the POA is in old name.
What could be the best solution ???
It may appear like an Unsecured loan as no charge on the assets of the company, but giving Guarantee from Foreign Holding company for loan is secured to the bank . In case of default , Holding Co will have to pay to the foreign bank on its behalf, and in turn it can claim the payment from subsidiary Indian company; Also find out any counter guarantee or agreement between them.in this respect and its registration.It is Secured Loan, backed by such Guarantee, to the bank .In short , it is secured loan to the Subsidiary Co also. So to avoid it as a .................case, comply the law :
Under FEMA , the Indian Company has to obtain prior RBI permission for getting such guarantee [contingent liability - obligation to pay to the Holding Co against such guarantee.in future]. . Then file the charges with ROC.under the Cos Act.
Please Let me know that the holding co can give loan to subsidiary both are private company. Whether Sec 73(2) of deposit will attract and sec 185 also.
The Indian Company has borrowed funds from a Bank situated in India, whereas the Guarantee is extended by the Foreign Holding Company.
Can any one suggest What are all the compliance applicable under Companies Act and FEMA ?
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