Kavit Vijay

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Insolvency and Bankruptcy Code, 2016 is the bankruptcy law
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Kavit Vijay

Insolvency and Bankruptcy Code, 2016 is the bankruptcy law

Insolvency and Bankruptcy Code, 2016 (“The Code”) is the bankruptcy law which contains provisions related to insolvency of companies, partnership firms and individuals. Ministry of Corporate affairs issued a press release dated 17th July, 2019 specifying that Union cabinet approved the proposal to introduce Insolvency and Bankruptcy Code (Amendment) Bill, 2019 (“The Bill”) in parliament on 17th July, 2019 itself. The bill will propose 8 amendments in the code. Major objective of the bill is to fill the critical gaps in the corporate insolvency resolution framework with simultaneously maximizing value from Corporate Insolvency Resolution Process (“CIRP”). CIRP section of the

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UNION BUDGET 2019
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Kavit Vijay

Key highlights on UNION BUDGET 2019

After interim budget in February, 2019, Hon’ble Finance minister Nirmala Sitharaman presented her first union budget, 2019 on 5th July, 2019. While presenting budget, Hon’ble FM focused around promoting investment in infrastructure, higher surcharge for super riches, reduction in corporate tax rate, reduction in taxes of electric vehicles etc. Budget also focused on promotion of digital transactions by way of reduction in charges for digital payments, TDS on cash withdrawal etc. Finance Bill, 2019 proposed various amendments in Income Tax Act, 1961, Central Goods and Service Tax Act, 2017 etc. Gamut of various changes proposed is as follows: 1. Central

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Government of India reduces the social security contribution under ESIC Act from 6.5% to 4%
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Kavit Vijay

Government of India reduces ESIC contribution from 6.5% to 4%

The Government of India has reduced the rate of contribution under the Employees’ State Insurance Act (‘ESI Act’) from 6.5 percent of the total wages to 4% of the total wages. The reduced rates are effective 1 July 2019. The Ministry of Labour and Employment of the Government of India has issued a gazette notification int his regard. The ESI Act is one of the social security laws in India which provides for medical, cash, maternity, disability and dependent benefits to the eligible employees covered under the ESI Act. All employees with a gross pay of less than INR 21,000

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Reporting about beneficial interest in shares
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Kavit Vijay

Reporting about beneficial interest in shares | MGT 6

Shareholders are considered as owner of the company as they invest money into the business and as per Companies Act, 2013 (“The Act”), shareholders are entitled to various rights such as voting right, right to dividend etc. However, in certain cases, person holding shares in his name may not have the beneficial interest in such shares and some other person may have beneficial interest in those shares. Companies Act, 2013 (“The Act”) contains provisions related to reporting about such cases. 1. Meaning of Beneficial Interest (Section 89(10) of the Act) Section 89(10) of the act defines beneficial interest in a

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Annual Return of Dormant Company | Form MSC 3
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Kavit Vijay

Annual Return of Dormant Company | Form MSC 3

We usually came across many such companies which are not having any operations since incorporation or which ceased to have operation from certain period of time. Companies Act, 2013 (“The Act”) provides provision of Dormant company to deal with such kind of companies. Companies Act, 2013 prescribes simplified return format and other simplified compliance for such company subject to certain restrictions. Provisions of Dormant Company are given under section 455 of the act. 1. Meaning of Dormant Company (Section 455(1) of the act) Any of the following company may obtain status of dormant company by making an application to the

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Appointment of Cost Auditor
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Kavit Vijay

Intimation of appointment of cost auditor | CRA-2

Companies Act, 2013 prescribes various types of audit based on nature of activities carried out by the company such as Internal Audit, Audit of Financial statements, Cost Audit, secretarial audit etc.  Audit is carried out to verify that whether the information provided by the company is correct or not or whether the company is complying with the provisions of applicable law or not. Similarly, Section 148 of Companies Act, 2013 (“The Act”) read with Companies (cost records and audit) Rules, 2014 (“The Rules”) provides for cost audit and appointment of cost auditor of specific items to be specified by central

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Change in Share holding to be intimated to ROC
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Kavit Vijay

Companies to Report any change in share holding to ROC with in 30 days in FORM BEN 1 and BEN 2

Shareholders are owners of the company as they invest money into company and are interested in financial position of the company. Companies Act, 2013 specifies multiple decisions which are to be taken by members in Annual General Meeting (“AGM”) or Extra-ordinary general (“EGM”) meeting either through special resolution or ordinary resolution or any other specified manner. If majority of shares are held by any person or particular group of persons then such person or group of persons will become deciding authority by using its majority shareholding. Accordingly, recently Ministry of Corporate affairs has prescribed new reporting requirement for shareholders having

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Registered Office of Company | Form INC-22
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Kavit Vijay

Registered Office of Company | Form INC-22

Registered office of the company is that place which is used by Registrar of Company (“RoC”) or any other person for the purpose of communicating with the company. Accordingly, Section 12(1) of the Companies Act, 2013 (“The Act”) has mandated that every company must have a registered office which is capable of receiving and acknowledging all the communications and notices addressed to it. A company may not have any such place instantly at the time of incorporation, therefore, section 12 permits that a company may have registered office within 30 days of its incorporation and will have it for all

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Resignation of Auditor | Intimation to ROC | ADT-3 E Form
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Kavit Vijay

Resignation of Auditor | Intimation to ROC | ADT-3 E Form

Registrar of Companies (“RoC”) is the public body which maintains all information about the companies. Information about resignation of Auditor is one of the crucial information as Auditor is an independent qualified professional who reports about correctness of financial statements of the company to its stakeholders. Therefore, Companies Act, 2013 (“The Act”) contains various provisions which requires company to file intimation with RoC related to auditor. Following forms are required to be file by company about auditor: ADT-1: Information to the Registrar by Company for appointment of Auditor ADT-2: Application for removal of auditor(s) from his/their office before expiry of

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Appointment of Director | DIR 12 E FORM
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Kavit Vijay

Information about appointment or Removal of Director | DIR 12

Director is a person, appointed by members of the company, for carrying out operations in the company. Directors are those individuals who are held responsible for all the actions taken by company. In case of any non-compliance, Penal provisions of Companies Act, 2013 (“The Act”) now levy penalty on officers in default also alongwith defaulting company. Certain penal provisions even specifies punishment of imprisonment for officers in default alongwith monetary penalty. Therefore, Registrar of Company (“RoC”) maintains updated records of every director of the company, i.e., their appointment, removal, resignation, their personal details (KYC) etc. e-Form DIR-12 is filed with

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