Section 8 companies, i.e., Non-profit organisations (NPO) is quite a famous concept. As the name itself depicts, companies incorporated without any profit motive but are formed with the motive of promotion of arts, environment, sports, science etc. are incorporated under Section 8 of Companies Act.
Companies Act does not have any specific provisions related to holding shareholders’ meetings through video conferencing or audio visual mode. During COVID-19, MCA allowed holding of AGM or EGM through video conferencing of other audio visual means through Circular No. 14/2020 dated 8th April, 2020 and Circular No. 20/2020 dated 5th May, 2020.
Government has mandated such provisions of dematerialisation for unlisted public companies as well vide notification dated 10th September, 2018 through insertion of Rule 9A to Companies (Prospectus and Allotment of Securities) Rules, 2014.
Concept of Special Purchase Acquisition Companies (SPACs) is not new. This concept has existed for the last 3 Decades. However, this method of funds raising has gain popularity since the advent of COVID-19 pandemic.
Often, we hear about a new unicorn making a turnover in millions and contributing to the growth of our country. With the help of overseas funding and IPOs, many businesses have started adopting a company structure. A company right from its incorporation till its winding up has to adhere to the provisions of all applicable laws of Country be it Company law or Income Tax laws or Goods and Service Tax law, etc. Therefore, it becomes essential that business operators must know essential formalities which are to be completed by a company.
Filing of Form LLP-II has become completely online and simple with the introduction of Single Master Form (“SMF”). SFM was introduced with an objective to integrate the reporting structure of various types of Foreign Investment in India.
Hearing the term ‘search’ or ‘investigation’ brings people in a terrified state. In India, various laws have different rules and regulations pertaining to search or investigation such as Income tax law, Good and Service Law etc.
If new registered office is situated outside the city, village or town, then as per Section 12(5) of Companies Act, 2013, the company is required to obtain prior approval of shareholder. Accordingly, the company has to make following compliances.
By CA. Kavit Vijay
Last update on June 26,2023
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