Accordingly, a holding company is allowed to have only up to two layers of subsidiaries excluding one layer of wholly-owned subsidiaries. Parallelly, the restriction on investment through not more than two layers of investment companies also applies.
Corporates are using the technology of video conferencing for conducting its board meetings and coming out with more collective and objective decision-making with wider participation of directors. The benefits of participation by video-conferencing are cost savings, more productivity, time-saving in terms of reaching the venue of meeting, particularly when the concerned director(s) is/are located in another city or even another country, etc.
A change in the name of a company leads to a change in the name clause in MOA. Therefore, the procedure for alteration of MOA given in section 13 of the Companies Act, 2013 has to be followed by the company.
The power conferred under Rule 86A is very drastic. Power under Rule 86A should be invoked only if fraudulent ITC or ineligible ITC has been claimed by the assessee and the authority has recorded the reasons for the same in writing.
The authority is bound to record the reasons of invoking Rule 86A in writing and communicate such reasons to the assessee. On receipt of such reasons, the assessee is entitled to make his submission/objection requesting for lifting.
The Government of India has graciously decided to ease the compliance obligations of the Companies under the Companies Act, 2013 and expended the times lines till 31st August 2021 for various forms to be submitted without additional late filing fees.
Doing business outside of India and growing business internationally is an essential part of a company's business expansion policy. If you as a business enterprise are looking for a way to set up a business outside of India, along with the legal requirements of that country a few of the Indian legislation and statutory requirements have to be kept in mind as well.
By CA. Kapil Mittal
Last update on July 3,2021
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