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
companies act 2013
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
Inspection of Company’s Books of Account and Penalty for not maintaining
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 required by law. Section 128 of Companies Act 2013 talks about … [Read more...] about Inspection of Company’s Books of Account and Penalty for not maintaining
Where to keep Company’s Books Of Account – Section 128 of Companies Act 2013
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 other relevant books and papers and financial statements for every financial … [Read more...] about Where to keep Company’s Books Of Account – Section 128 of Companies Act 2013
Appointment of cost auditor in a company – Procedure and Reporting as per Companies Act 2013
In our last articles, we have discussed who can be appointed as cost auditor for a company and what are the companies required to maintain cost records and get them audited as per companies act 2013. In this article we will be discussing the procedure or process of cost auditor appointment and to whom cost auditor has to report as specified in Companies act 2013 and … [Read more...] about Appointment of cost auditor in a company – Procedure and Reporting as per Companies Act 2013
Qualification and Disqualification of Cost Auditor – Who can be appointed
In our last articles we have discussed sectors or industry to which cost audit and cost records are mandatory as per new companies act 2013 and how to appoint cost auditor in companies. In this article we will be discussing who can be appointed as cost auditor, qualification and disqualification of cost auditor. Qualification - Who can be appointed as a cost … [Read more...] about Qualification and Disqualification of Cost Auditor – Who can be appointed
Applicability of Cost Records and Cost Audit to Companies
Pursuant to Companies Act 2013, on 30th June 2014, MCA has notified Companies (Cost Records and Audit) Rules 2014. This rule has further been amended on 31st December 2014 vide Companies (Cost Records and Audit) Amendment Rules 2014. From financial year 2014-15 onwards, maintenance of cost records, cost audit and appointment of cost auditor shall be in accordance to new … [Read more...] about Applicability of Cost Records and Cost Audit to Companies
Integrated Process of Company Registration – Form INC29
With effect from 1st May 2015, government has introduced a new process of incorporation called Integrated Process for Incorporation. For this purpose a new form INC29 has been introduced. Please remember that the facility to file integrated application for incorporation of a company in Form INC29 is available as an option not mandatory. One can still follow the old procedure … [Read more...] about Integrated Process of Company Registration – Form INC29
Laws and regulations a company secretary required to examine and report in secretarial audit
Secretarial audit is an audit applicable to certain specified companies to check compliance of various legislation including the Companies Act and other corporate and economic laws applicable to the company. In our last article, we have discussed when and why secretarial audit is required for companies. In this article we will look into those laws and regulations that a … [Read more...] about Laws and regulations a company secretary required to examine and report in secretarial audit
When and why Secretarial Audit is mandatory for Companies
Secretarial audit is an audit to check compliance of various legislation including the Companies Act and other corporate and economic laws applicable to the company. In this article we will discuss when companies in India are required to do secretarial audit and who can conduct such audit. As per section 204 (1) of Companies Act 2013 read with rule 9 of the Companies … [Read more...] about When and why Secretarial Audit is mandatory for Companies