Import Export Code or IEC in short, is provided by Director General of Foreign Trade, ministry of commerce, government of India. Its a 10 digit special code required for a person looking at making an import into India or exporting a product or service out of India. To get issued an import export code or IEC number for your business, you are required to submit following … [Read more...] about How to get an Import export code or IEC number in India
Finance
Now, One individual can start a company in India – One Person Company or OPC
Under the old Companies Act 1956, it was required to have at least two people to form a private limited company and 7 people to form a public limited company. There was no concept of forming a company with a single shareholder as its member. Also Read: Minimum Persons required to register a company in India In Companies Act 2013, a new concept has been introduced known as … [Read more...] about Now, One individual can start a company in India – One Person Company or OPC
Minimum persons required to form a company in India
As per companies act 2013, in India we can form three type of companies i.e. private limited, public limited and One Person Company or OPC. Section 3 prescribes minimum number of persons required to form a public, private or OPC in India. As per section 3 of Companies act 2013, a company in India can be formed for any lawful purpose by; seven or more persons where … [Read more...] about Minimum persons required to form a company in India
RBI Prudential norms for Income recognition in case of NPA and standard assets
Reserve Bank of India has introduced prudential norms for income recognition of the advances portfolio of the banks. These norms are used during the year by bank to recognize its income. At the end of the year, auditor is required to see whether these income recognition norms are followed or not, in addition to other requirements. As per the present norms introduced … [Read more...] about RBI Prudential norms for Income recognition in case of NPA and standard assets
Quorum for meeting of the board of directors – Section 174
A quorum for board meeting means the minimum number of directors necessary to conduct the business of the company in a meeting of board of directors. Provisions related to quorum of board meeting are now specified in section 174 of Companies Act 2013 which replaced the old section 287 of Companies Act 1956. As per section 174 of Companies Act 2013, quorum of meeting of board … [Read more...] about Quorum for meeting of the board of directors – Section 174
Participation in Board meeting through video conference
As per section 173(2), a director may participate in the board meeting either in person or through video conferencing or other audio visual means. Such method of participation should have capability of recording and recognizing the participation of the directors and of recording and storing the proceeding of such meetings along with date and time. This means a director has … [Read more...] about Participation in Board meeting through video conference
Minimum Number of Board Meetings A Company should hold during the year
Provisions related to company Board meetings are specified in section 173 of Companies Act 2013. As per section 173, every company after incorporation shall hold the first meeting of the board of directors within 30 days from the date of registration. After the first board meeting, company is required to hold a minimum number of 4 meeting of board of directors every year … [Read more...] about Minimum Number of Board Meetings A Company should hold during the year
Maximum number of directorship an individual can hold – Section 165 of Companies Act 2013
As per section 165 of Companies Act 2013, no person shall hold office as a director including any alternate directorship, in more than 20 companies at the same time. Provided that the maximum number of public companies in which a person can be appointed as director shall not exceed 10. This means, total number of directorship an individual can hold has been fixed at 20 … [Read more...] about Maximum number of directorship an individual can hold – Section 165 of Companies Act 2013
Disqualification of Company Director – When an individual cannot take directorship
Section 164 of Companies Act 2013 has listed few disqualifications for director. If any person fulfills these criteria then he or she will not be eligible to get appointed as director of a company. As per section 164 (1) of Companies Act 2013, a person shall not be eligible for appointment as a director of a company, if- he is of unsound mind and stands so declared … [Read more...] about Disqualification of Company Director – When an individual cannot take directorship
Appointment of directors in a Company- During and after incorporation
Companies Act 2013 has re-defined and refined the requirements relating to appointment of a director in an existing company or during the incorporation. As per section 149(1)(a) of Companies Act 2013, a public and private limited company is required to have 3 and 2 minimum directors respectively. Similarly a One Person Company is required to have only one director. As … [Read more...] about Appointment of directors in a Company- During and after incorporation