Dear Friends,
I need your inputs on the following:
1. Existing auditors completing 5 years term on the date of AGM - 30.06.2019.
2. Total tenure of their office is more than 10 years.
3. Section 139(2) w.r.t rotation of auditors was not applicable to them.
4. Currently, there is a chance that the borrowings may exceed 50 crore anytime during the year attracting Section 139(2).
5. Can existing auditors be appointed for another 5 years? As on the date of AGM Section 139(2) is not applicable.
6. What are the implications if the Section becomes applicable after reappointment for 5 years.? Can they continue for entire tenure?
7. Can they be appointed just for one year? I do not think so.
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applicability
Required resolution format can any one share?
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Dear Professional Colleague,
For Conversion of Private Company into Section 8 Company whether we have required to file RUN.
Kindly share the procedure.
Section 197(2) provides for insurance provision for
managing director, whole-time director, manager, chief
executive officer, chief financial officer or company
secretary for indemnification against any liability. Since
the term ‘independent director’ is not used, whether
independent directors are covered under this insurance?
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As per section 186 (2) of the Companies Act 2013:
No company shall directly or indirectly —
(a) give any loan to any person or other body corporate;
(b) give any guarantee or provide security in connection
with a loan to any other body corporate or person;
and Loan and investment by company.
(c) acquire by way of subscription, purchase or otherwise,
the securities of any other body corporate,
1. Are employees and workers of the company covered
under the term “Person” used in the section?
2. Will Salary advances made by the Company for only
1 or 2 months (without interest) come in the preview
of “Loan”?
Can u share the procedure for Incorporation of section 8 Micro Finance Cmpany. and is there any approval required from RBI
Kindly Guide
A person wants to run business to sale products realted to women hygiene and simultaneously wants to invest it in Welfare of Women and also earn profit.For said person she wants to open section 8 Company.
Whether Section 8 Company will work in above mentioned situation; if not then what is the way out..?
I suggested to open Partnership Firma t first and then go for section 8 Company..
What is the procedure to close SECTION 8 Company incorporated 2 yrs. back..
The assessee was issued show-cause notice under section 143 (2) for scrutiny, followed by notice u/s. 142(1) r.w.s. 129 of the Act along with a detailed questionnaire enclosed requesting the assessee to submit the details which were timely submitted by the assessee. After reply from the assessee, Further Notices u/s. 142(1) were issued for the cash sales made to the certain customer and the assessee replied to it. In further 142(1) notices, there was nothing mentioned related to decline in the N.P. Ratio and disallowance of administrative expenses. But in the order u/s. 143(3), disallowance of expenses was made without mentioning this issue in any of the show cause notice issued earlier.
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Can anybody please guide me what are the forms to be filed at the time of incorporation of Section 8 company specifically how to file MOA and AOA. Is there any specific form like SPICE MOA and SPICE AOA or we need to file physical MOA and AOA.
Please reply its urgent.
Dear Colleagues,
Please help Interpretation of Exemption of Pvt Limited company section 185 as per MCA notification 05/06/20145, is Exemption available to Pvt company after substitution of Section 185 by Amendment Companies Act, 2017
As verified in e-Book of MCA they have removed said Expention notification details in Note of Section 185.
Please update.
Dear Friends
Please let me know if a wholly owned subsidiary Indian company is allotting shares to its foreign holding company u/s 62(1)(a), whether offer letter needs to be issued. If yes, please share a draft of offer letter.
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