As per Companies Act 2013 read with related rules there under, a Memorandum of Association and Article of Association of a company should be signed by all the subscribers to the MOA of the company at the time of incorporation stating therein the name of subscriber, address, description and occupation in presence of at least one witness. The witness shall attest the signature … [Read more...] about Who should sign subscription page of MOA or Memorandum of Association
Finance
How to identify loans or advances as Non Performing Asset or NPA for a bank
To move towards greater transparency and consistency in the published accounts of a bank, RBI has introduced prudential norms for income recognition, asset classification and provisioning for the advance portfolio of the banks. The main objective of these norms is to reflect bank’s actual financial health in its balance sheet. As per the prudential norms introduced by … [Read more...] about How to identify loans or advances as Non Performing Asset or NPA for a bank
How to get an Import export code or IEC number in India
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
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