Kavit Vijay

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Reporting about beneficial interest in shares
Blog
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. Meaning of Beneficial Interest (Section 89(10) of the Act) Section 89(10) of the act defines beneficial interest in a share

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Annual Return of Dormant Company | Form MSC 3
Blog
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. 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 Registrar

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Appointment of Cost Auditor
Blog
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
Blog
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
Blog
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
Blog
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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Director Resignation DIR 11 E form
Company Law
Kavit Vijay

Resignation of Director | DIR-11 | DIR – 12

A Director is part of a collective body of Directors called the Board, responsible for the superintendence, control and direction of the affairs of the Company. Meaning thereby, director is a person who is responsible to carry out operations in the company and perform all other related activities. Every director is allotted with a unique number called as Director’s Identification Number (“DIN”) under Companies Act, 2013 (“The Act”). Registrar of Company (“RoC”) keeps details of all the directors of company including their appointment, change in information related to them and their resignation. Resignation by Director (Section 168 of the Act)

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E-Form PAS-3 | Return of allotment of shares/securities
Company Law
Kavit Vijay

E-Form PAS-3 | Return of allotment of shares/securities

Share capital is that part of share which comes from allotment of shares, i.e., investment made by any person in the company through subscribing shares of such company. Companies Act, 2013 (“The Act”) requires company to inform by filling PAS 2 E Form about allotment of share to the Registrar of Company (“RoC”). Provisions related to allotment of securities to public and private group and provisions of reporting related to allotment of shares is given u/s 39 and 42 of the Act read with Rule 12 and 14 of Companies (Prospectus and Allotment of Securities) Rules, 2014 (“The Rules”). Manner

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Filing of agreement and resolutions with RoC
Company Law
Kavit Vijay

Form MGT-14 E form | Filing of agreement and resolutions with RoC

Registrar of Company (“RoC”) is a body governing companies and is liable to keep all data and information related to the companies. Accordingly, every company is required to inform Registrar of Company (“RoC”) about major actions taken by the company either through passing of any resolutions (at Board meeting or Member’s meeting) or by entering into any agreement. To comply with same, Section 117 of the Companies Act, 2013 (“The Act”) contains provisions which requires companies to file various agreement or resolutions (passed at Board Meeting/Shareholder’s Meeting) with RoC. Filing requirement of Section 117 Section 117(1) of the act states

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