The Companies Act has prescribed a detailed procedure of closure of a company and if the company is not closed in the same manner and the company is left without any filings and audits then directors may attract disqualification and the company and directors shall be liable to fine.
In this article, we have analyzed the provisions related to disqualification like conditions of disqualification, consequences, how to restore the same etc. So, if you are also a director of any company, then this piece of write-up will help you know what disqualifications can restrict you to remain on board for another term or if you are a disqualified director, how you can revive your directorship.
Legal Entity Identifier (“LEI”) is a concept that has been implemented at the global level. The concept of the Global Legal Entity Identifier System (“GLEIS”) has been set up by Global regulatory authorities to address the global financial crises.
The audit trail is indeed a commendable step taken by the government to improvise transparency in accounting transactions. However, such an amendment has been implemented with the least clarification. Considering the impact, MCA is required to address various issues such as the definition of Audit Trail, Edit Logs, Class of companies on which such amendment is applicable, how to deal with data of earlier Financial years to be finalized after 01.04.2023, etc.
Employee stock option plan (ESOPs) is an old method of rewarding hardworking employees of the company by giving them shareholding in the company at a nominal rate. ESOP strives for employees to work hard for the enhancement of the value of the company so that the value of their own investment can enhance.
Registration under the start-up India scheme is a very common point of discussion and every newly incorporated company or entity always have multiple questions related to the startup India scheme such as who is eligible to recognize under the Startup India Scheme, what tax benefits are available, whether government provides any grant or subsidy or funding to such entities, whether any loans are provided at a discounted rate to such entities etc.
Employee Stock Option Plan (ESOP) is one of the old methods of acknowledging the contributions of employees in the company by giving them certain ownership in the company. Traditionally, ESOPs were issued to the senior employees of the companies to acknowledge their contribution in building companies.
CSR brings positive change to society and also builds customers’ trust as consumers feel that they are using the product or service of a socially responsible company and they feel attached and become supportive. In India, CSR spending constitutes up to 28% of philanthropic giving which is invested in education, livelihoods support, health sectors, etc.
Limited Liability Partnership is a new concept as compared to Companies and still it is one of the most used forms of business. With emerging use of Limited Liability Partnership (LLP), government is amending provisions of Limited Liability Partnership Act to bring the same in sync with business requirement. Government is also aligning provisions of the LLP Act with Companies Act as limited liability is a common feature in both forms of business.
Guidelines of professional conduct: Independent directors are part of the board itself and various committees like audit committee, risk management committee, etc, and hence, a participators in major working and decisions of a company relating to financial statements or financial transactions or legal and regulatory compliances, etc.
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