As per Rule :
(1) Every Nidhi shall, within a period of one year 1[from the date of its incorporation], ensure that it has-
(a) not less than two hundred members;
(b) Net Owned Funds of ten lakh rupees or more;
(c) unencumbered term deposits of not less than ten percent. of the outstanding deposits as specified in rule 14; and
(d) ratio of Net Owned Funds to deposits of not more than 1:20.
(2) Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, Nidhi shall file a return of statutory compliances in 4[Form NDH-1] along with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 with the Registrar duly certified by a company secretary in practice or a chartered accountant in practice or a cost accountant in practice.
We understand its a One-time Filing after its incorporation either Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year (in case of not falling under First Year), Here not stated subsequent Year or every year so we can opine that its one-time Compliance Return. PLease clarify if anyone having strong views on this.
Received From MCA:
“Affidavit/declaration pursuant to rule 29 (1) of companies (incorporation) rules, 2014 not enclosed/ Notice calling EGM is not on company's letter head and thereby violated the provisions of section 12 of ca, 2013. You are advised to file adjudication application under section 454 of ca, 2013 and submit proof”
Can anyone suggest what needs to be done or do share Format for Declaration.
incorporation
rules
companies
rule
query
regard
resubmission
Dear Friends
Anyone has done compliances under the Legal Metrology Act and Rules please let me know have few queries regarding the same
Thanks
Dear All,
With reference to the subject cited above, can someone in this group interpret the below provision of the rule.
Rule 5(2) of Nidhi Rules, 2014.
"(2) Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, Nidhi shall file a return of statutory compliances in Form NDH-1 along with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 with the Registrar duly certified by a company secretary in practice or a chartered accountant in practice or a cost accountant in practice."
My Understanding is : nidhi shall file statutory compliance in form NDH-1:-
Within ninety days from the close of the first financial year after its incorporation- This pertains to those companies incorporated after the said rule come into effect i.e. 2014.
where applicable, the second financial year,- This pertains to those companies incorporated prior to the said rule came into effect.
Is my understanding correct? if not, feel free to comment your interpretation accordingly
rules
nidhi
rule
interpretation
Dear All,
With reference to the subject cited above, can someone in this group interpret the below provision of the rule.
Rule 5(2) of Nidhi Rules, 2014.
"(2) Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, Nidhi shall file a return of statutory compliances in Form NDH-1 along with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 with the Registrar duly certified by a company secretary in practice or a chartered accountant in practice or a cost accountant in practice."
My Understanding is : nidhi shall file statutory compliance in form NDH-1:-
Within ninety days from the close of the first financial year after its incorporation- This pertains to those companies incorporated after the said rule come into effect i.e. 2014.
where applicable, the second financial year,- This pertains to those companies incorporated prior to the said rule came into effect.
Is my understanding correct? if not, feel free to comment your interpretation accordingly
rules
nidhi
rule
interpretation
In the Rule 2(c)(vi) The Companies (Acceptance of Deposit Rules), 2014, what is the nature of “Any amount received by the company from any other company". Whether it would include the amount received in a normal course of business i.e. against sale of goods/services ?
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2cvi
rule
clarification
In the Rule 2(c)(vi) The Companies (Acceptance of Deposit Rules), 2014, what is the nature of “Any amount received by the company from any other company". Whether it would include the amount received in a normal course of business i.e. against sale of goods/services ?
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deposit
2cvi
rule
clarification
As we all know Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, has been amended by MCA wide notification dated 3rd January, 2020.
I need a clarification on the below explanation provided in Rule 9(1), it says;
“Explanation :- For the purposes of this sub-rule, it is hereby clarified that the paid up share capital, turnover, or outstanding loans or borrowings as the case may be, existing on the last date of latest audited financial statement shall be taken into account.”.
What is meant by existing on the last date of latest audited financial statement shall be taken into account.
personnel
rules
managerial
remuneration
rule
companies
appointment
query
Dear Members,
Greetings !!!
Has received a resubmission regarding the Companies incorporation rule, 2014 as per rule 13(5) stating that the Documents INC-9 and DIR-2 has not been Notarized and apostilled but according to the above mention rule it States that:
"13 (5) Where subscriber to the memorandum is a foreign national residing outside India-
(a) in a country in any part of the Commonwealth, his signatures and address on the memorandum and articles of association and proof of identity shall be notarized by a Notary (Public) in that part of the Commonwealth.
(b) in a country which is a party to the Hague Apostille Convention, 1961, his signatures and address on the memorandum and articles of association and proof of identity shall be notarized before the Notary (Public) of the country of his origin and be duly apostilled in accordance with the said Hague Convention.
(c) in a country outside the Commonwealth and which is not a party to the Hague Apostille Convention, 1961, his signatures and address on the memorandum and articles of association and proof of identity, shall be notarized before the Notary (Public) of such country and the certificate of the Notary (Public) shall be authenticated by a Diplomatic or Consular Officer empowered in this behalf under section 3 of the Diplomatic and Consular Officers (Oaths and Fees) Act, 1948 (40 of 1948) or, where there is no such officer by any of the officials mentioned in section 6 of the Commissioners of Oaths Act, 1889 (52 and 53 Vic.C.10), or in any Act amending the same;
(d) visited in India and intended to incorporate a company, in such case the incorporation shall be allowed if, he/she is having a valid Business Visa."
My Conclusion: it states that the MOA, AOA, and Proof if Identity should be Notarised and Apostilled.
So my question is whether it is mandatory to Appostile and Notarise the INC-9 and DIR-2 document executed outside India and if yes then kindly quote relevant rules or sections?
Thank you.
rule
rules
incorporation
companies
What are the GST registration rules for freelancers who provide software services to foreign clients via Upwork? Please note income comes in INR.
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rules
registration
Dear All,
Please advise regarding the below matter from the point of view of Legal Metrology (Packaged Commodities) Rules.
'A' is the manufacturer of a product, who manufactures it exclusively for the distributors/ customers of 'B'
The brand name of 'B' is printed on principal display panel of the package of the product.
The name and registered office address of 'A' is also mentioned, but without the prefix 'manufactured by'.
The definition of 'manufacturer' under the Rules includes the person or firm who or which puts or causes to be put any mark on the packaged commodity and the mark claims the commodity in the package to be a commodity produced, made or manufactured by such person.
COnsidering the above, please let me know if the name and address of 'B' is mandatory to be declared on the package.
compliance
rules
metrology
legal
DIRECT TAXES - ( DEDUCTION OF INDIRECT TAXES PAID )
A company has wrongly availed Input Tax Credit under erstwhile CENVAT Rules in 2015-16. During GST Audit in current year, this was found out and the company paid the wrong credit availed in earlier years as above now, i.e. in FY 2019-20. The same has been expensed off. Is it an allowable expenses under Income Tax Act? Please provide any case laws, if available.
