Nominee is a person appointed by the member of the one person company (OPC) who shall, in the event of subscriber’s death or his in capacity to contract becomes member/shareholder of the one person company (OPC). To get appointed, the person should be Indian citizen and resident in India but should not be a minor. A person for this purpose, will be considered as resident in … [Read more...] about How to appoint or remove a nominee in one person company (OPC)
Company Law
How many board meetings a One Person Company should conduct in a year
To consider policy issues and other major problems of a one person company, board meetings are held by bringing together the directors. Companies act allow you to hold it in many forms. Directors can meet to take decision in all most all cases of the OPC. They can also delegate certain type of functions to a particular person or group of people. Depending on the size of … [Read more...] about How many board meetings a One Person Company should conduct in a year
Board meeting for One Person Company
One Person Company or OPC is a separate legal entity registered with the registrar of companies. Most important feature of an OPC is that it’s formed by only one person as a member and in which member and director can be the same person. One Person Company can be registered only as a private limited company in which the name OPC must be used within the bracket. In … [Read more...] about Board meeting for One Person Company
Compliance and annual filing for One Person Company – OPC
In the old Companies Act 1956 there were no provisions of forming a One Person Company. Minimum of two directors and shareholders were required to form a private limited company. With the introduction of new Companies act 2013, a One Person Company can be formed with only 1 person who can be a director as well as a shareholder. One Person Company or OPC is required to … [Read more...] about Compliance and annual filing for One Person Company – OPC
Certification of Annual return by a Practicing Company Secretary
Annual return is a comprehensive document containing information of a company relating to its share capital, indebtedness, directors, shareholders, changes in directorships and other important disclosures. According to the Companies Act 2013, annual return can be divided into three parts; Form MGT-7- Annual Return [Sec.92] Form MGT-9- Extract of Annual Return which … [Read more...] about Certification of Annual return by a Practicing Company Secretary
Extract of Annual Return to be filed with ROC
Board of director’s report is the main part of company’s annual report as its required having details of the company. According to companies act 2013 read with Companies (Management and Administration) Rule, 2014, every company is required to attach an extract of annual return in form MGT-9 to company’s board report. This means the extract of annual return in form MGT-9 is … [Read more...] about Extract of Annual Return to be filed with ROC
Consequences of not filing Annual Return with ROC – Form MGT 7
In our previous article, we have discussed when and how to file company’s annual return and signing of annual returns. In this article, we will be discussing the consequences of not filing Annual Return. As per section 92 of Companies act 2013, every company shall prepare an annual return in form MGT-7 containing details as on 31st March of the financial year. It must be … [Read more...] about Consequences of not filing Annual Return with ROC – Form MGT 7
Penalty for late filing or failure to file Company’s annual return – Form MGT7
Company’s annual return is to be filed with registrar of companies within 60 days from the date of annual general meeting. Where annual general meeting has not been held for the year then within 60 days from the date on which AGM should have been held. Read: Detail provision on time limit for filing company's annual return In this article, we will discuss normal fees that … [Read more...] about Penalty for late filing or failure to file Company’s annual return – Form MGT7
Appointment of first auditor for a company – Companies Act 2013
Company registered in India is required to appoint an individual or a audit firm as it's first auditor after its incorporation. Accounts of the company's are required to be audited by such first auditor. At the year end, financial statements along with the auditor’s report are to be filled with register of companies (ROC) within 30 days after completion of annual general … [Read more...] about Appointment of first auditor for a company – Companies Act 2013
Legal compliance for private limited company – Annual Audit
Irrespective of the size and nature of business all private limited companies are required to comply with the legal requirements of India. Following legal compliance are must for a private limited company to comply. Legal compliance as per companies act As per companies act, all companies register in India are required to maintain books of accounts and get it audited by a … [Read more...] about Legal compliance for private limited company – Annual Audit