annual-compliance

What is Annual General Meeting? An Annual General Meeting (AGM) is a meeting held by a company or organization at least once a year, in which members of the organization gather to discuss and vote on important issues related to the company’s operations and management. The AGM is usually attended by shareholders, board members, and other interested parties. At AGM, the company’s management presents financial reports, updates shareholders on the company’s performance, and answers questions from shareholders....

Annual General Meeting is a very important event for every company wherein Directors present company’s financial results of the past year, the performance of the company, company’s future prospects and business plan to the members of the company. The Board of Directors of the company act as an agent of the company and members being owners of the company, Board is answerable to them. Therefore Annual General Meeting is a very big event for every company....

Unlike share capital, a Loan is also one of the important sources of financing for a company. The term “loan” is not defined under the Companies Act, 2013. In general parlance, a loan means any transaction wherein money is given to returning with or without interest. To meet larger or small financial requirements, companies do approach financial initiations or banks. But what if there is an urgent requirement of funds, can a company approach its Directors or shareholders for meeting such requirements?...

Who is the Cost Accountant? Cost accountant means a cost accountant as defined in clause (b) of the sub-section (1) of Section 2 of the Cost and Works Accountants Act, 1959 and who holds a valid certificate of practice under sub-Section (1) of Section 6 of the Act. To conduct the cost audit, the person should be a member of the Institute of Cost Accountants of India, constituted under the Cost and Works Accountants Act, 1959 and shall hold a valid membership and certificate of practice....

Background Section 12A of the Companies Act, 2013 requires every individual who holds a Director Identification Number (DIN) as on 31st March of a financial year is required to submit e-form DIR-3 KYC for that financial year to the Central Government on or before 30th September of the immediate financial year. In our previous article, we understood the provisions related to Form DIR-3 KYC and DIR-3 KYC-WEB. Here we will understand how to file eForm DIR-3 KYC and verification through DIR-3 KYC-WEB....

Introduction Companies (Appointment and Qualification of Directors) fourth Amendment Rules, 2018 Dated 05.07.2018 inserted a new rule to Companies (Appointment and Qualification of Directors) Rules, 2014, Rule 12A - Directors KYC. The main purpose of having DIR-3 KYC provision is to ensure the data related to Directors available with the Government is up to date. There were many instances where the Government found that either the details furnished at the time of applying DIN were not true or the updated particulars of an individual acting as a Director is not available and hence it becomes difficult to the Government to enforce regulatory actions such persons in case of non-compliance or fraud....

Introduction The recent amendment to Section 204 read with Rule 9 of Companies (Appointment and Remunerations) Rules, 2014 has turned the focus of all private limited companies on the applicability of Secretarial Audit. The MCA vide Notification G.S.R. 13(E) dated 3rd January 2020 provided an amendment to the applicability rules of Secretarial Audit. The said amendment provided that “every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more on the last date of the latest audited financial statement are required to comply with Secretarial Audit requirements”....