company-law

The Ministry of Corporate Affairs on February 25, 2020, introduced a new set of Companies (Auditor’s Report) Order 2020. The CARO 2020, demands more disclosures and information. The said Order is issued in supersession of the Companies (Auditor’s Report) Order 2016 and shall be applicable to the financial years commencing on or after April 01, 2021. Applicability of CARO 2020 It shall apply to every company including a foreign company as defined under Section 2(42) of the Companies Act, 2013, except:...

Section 73 to 76A of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 deal with the provisions applicable in case of deposits. Every company (other than government company and companies identified under Rule 1(3) of Companies (Acceptance of Deposits) Rules, 2014) who have accepted any amount categorised under deposits or exempt category deposits during the year in adherence to the provisions of Section 73 to 76A Companies Act, 2013 and rules made thereunder, and such amounts remaining outstanding as at the end of the financial year, are required to file a return of Deposits in Form DPT-3 on or before 30th June every year with the Registrar of Companies....

What is Form MGT-8 under the Companies Act, 2013? It is a Certificate issued by a practising company secretary in a specified format as prescribed under the Companies Act, 2013. Form MGT-8 can be considered as a mini secretarial audit. Under Which Section Form MGT-8 is issued? It is issued under Section 92 (2) of the Companies Act, 2013 read with Rule 11(2) of the Companies (Management and Administration) Rules, 2014....

Accounting Standard 3 specifies the provisions related to the Cash Flow Statements. It is one of the important principles of Accounting. The information about daily inflow and outflow of cash and historic changes in the same is very important for every business. To take any decisions, cash flow statements help to evaluate the capacity of an enterprise to generate cash and cash equivalents, the timing and their certainty of generating cash inflow....

What is One Person Company? The concept of One Person Company (OPC) is introduced by the Companies Act, 2013. The notion gave boost and flexibility to start a business in a new way while providing protection of limited liability that sole proprietorship or partnership lack. Definition of One Person Company Section 2 (62) of the Companies Act, 2013 defines One Person Company as “ a company that has only one person as to its member....

Introduction During the Pandemic situation, the Ministry of Corporate Affairs has taken many measures to ease the process of conducting compliances and has introduced many reliefs to the entities. In order to support the companies and to enable them to a fresh start, the MCA vide General Circular No. 12/2020 dated March 30, 2020, introduced a scheme i.e. Companies Fresh Start Scheme 2020 (CFSS 2020).  The MCA vide General Circular dated 28....

The MCA issued clarification vide General Circular No. 16/2020 dated April 13, 2020, for filings required under Section 124 and 125 of the Companies Act, 2013. Background: Pursuant to provisions of Section 124 of the Companies Act, 2013 if a company declares adividend but did not pay or remains unclaimed for a period of 30 days, then such unpaid or unclaimed dividend shall be transferred to Unpaid Dividend Account within 7 days from the expiry of 30 days....