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. … Read More » "Participation in Board meeting through video conference"
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 … Read More » "Minimum Number of Board Meetings A Company should hold during the year"
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 … Read More » "Maximum number of directorship an individual can hold – Section 165 of Companies Act 2013"
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 … Read More » "Disqualification of Company Director – When an individual cannot take directorship"
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 … Read More » "Appointment of directors in a Company- During and after incorporation"
An advocate in India can practice in any courts of India. We have three types of judicial courts i.e. district court, high court and Supreme Court. If you want to practice in Income tax laws or service tax or any other tax laws then instead of district court you are required to practice in lower … Read More » "How to set up a Law Firm in India – Advocate Practice"
In our last article we have discussed about books of accounts that a private or public limited company is required to maintain and time limit to maintain it. In this article we will be discussing who and when books of accounts can be inspected and penalty provisions if books of accounts are not maintained as … Read More » "Inspection of Company’s Books of Account and Penalty for not maintaining"
Section 209 of old Companies Act 1956 which deals with Books of account to be kept by a company now replaces with the new section 128 of Companies Act 2013. As per the provisions of section 128 of Companies Act 2013, every Company shall prepare and keep at its registered office, books of account and … Read More » "Where to keep Company’s Books Of Account – Section 128 of Companies Act 2013"
The Ministry of Corporate Affairs, Government of India issued the final notifications under Section 462 of the Companies Act, 2013 (Act), which provide exemptions under various provisions of the Act to (i) Private Companies; (ii) Government Companies; (iii) Section 8 Companies and (iv) Nidhis. The notifications are available at the Ministry’s website at www.mca.gov.in For … Read More » "Exemptions to Private, Government, Section 8 Companies and Nidhis – Government issues notifications"
A New Form ITR 2A Proposed by tax department which can be filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will … Read More » "ITR Forms 1, 2 and 4S Simplified and new form ITR2A Proposed"