Company Law

Mandatory RoC Compliance for Private Limited Companies
Blog
CA. Kavit Vijay

Mandatory RoC Compliance for Private Limited Companies

In India, when it comes to startup, most of the business entities opt for Private Limited Company formation. The Ministry of Corporate Affairs (MCA) governs the Private Limited Companies in India as per the Companies Act 2013. As MCA suggests, you need to fulfill certain secretarial compliance or RoC compliances within a specific due date to eschew penalties. Wondering what the ROC compliances you need to go through while forming your startup are? Well, you don’t need to worry anymore! Here we are going to share the following details with you, What does RoC compliance mean? Essential RoC compliance for

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Relief to Business under Corona Stress
Blog
VJM & Associates LLP

COVID 19 Lockdown| Statutory & Regulatory Relief to businesses

Entire world is fighting against epidemic COVID 19 outbreak and Hon’ble Prime Minister of India Sh. Narendra Damodardas Modi has taken much need precautionary step of complete lockdown from midnight 12’o clock of 24th March, 2020 onwards for next 21 days and again extended to 3rd May, 2020 for another 19 days. In between various regular and financial year ended statutory and regulatory compliances are approaching and considering the situation, Hon’ble Finance Minister Smt. Nirmala Sitharaman held a press conference through video conferencing and announced various important reliefs measures taken by Government of India in the area of Income Tax, GST,

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SPICe+ Form
Blog
CA. Kavit Vijay

MCA Spice+ form: Register new company | No need to apply separate application for each registration

The Simplified Proforma for Incorporating Company electronically Plus(SPICe+) is a new online form that the MCA(Ministry of Corporate Affairs) has introduced for the incorporation of companies. The new SPICe+ is available from 15th February, replacing the already existing SPICe form as a part of the Ease of Doing Business (EoDB).  The new form SPICe Plus devotes 10 services via 3 central government departments & ministries (Ministry Of Corporate Affairs, Ministry Of Finance, Ministry Of Labour & Department for revenue) and one state government (Maharashtra).  Now you can apply following registration done with the SPICe+ form, no need to file separate

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LLP Settlement Scheme
Blog
CA. Kavit Vijay

LLP Settlement Scheme, 2020 | Waiver of Additional Fee for defaulting LLPs

Limited Liability Partnerships (“LLP”) has become a preferred choice over a period of time; Due to benefit of limited liability given alongwith flexibility of organising internal structure as a partnership firm based on mutual arrived agreement.  However, alike companies, LLPs are also required by Limited Liability partnership Act, 2008 (“LLP Act”) to file various information and documents with the Registrar of Companies on a timely basis and non-compliance of same may attract heavy penalty and prosecution against defaulting persons. 1. Existing Non-compliances by LLPs Government found large default in compliance by LLPs such as default in filing of: Form-3- Filing

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Books of Accounts
Information
CA. Kapil Mittal

Books of Accounts under different Acts| Company Law| Income Tax Act| GST law

Maintenance of books of accounts in any business is one of the most crucial things as it records each and every transaction of company and reflects financial position of the company such as whether company is making profit or incurring losses, assets held by company, liabilities of the company etc. Therefore, for every statutory compliance purpose such as Companies Act, 2013, Goods & Service Tax Act and Income Tax Act, books of accounts is a pre-requisite. In this article, we will have a look at the requirement of different laws related to the maintenance of books of accounts. 1. Books

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Insolvency and Bankruptcy Code, 2016 is the bankruptcy law
Company Law
CA. 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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Reporting about beneficial interest in shares
Company Law
CA. 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
Company Law
CA. 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
Company Law
CA. 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
CA. 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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