OVERVIEW ON RULES AND FORMS UNDER THE COMPANIES ACT, 2013 - - PowerPoint PPT Presentation

“OVERVIEW ON RULES AND FORMS” UNDER THE COMPANIES ACT, 2013

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INDEX

CHAPTER TOPICS

CHAPTER I PRELIMINARY CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO CHAPTER VI REGISTRATION OF CHARGES CHAPTER VIII DECLARATION AND PAYMENT OF DIVIDEND CHAPTER IX CSR RULES SECTION 135 CHAPTER-XI APPOINTMENT AND QUALIFICATIONS OF DIRECTORS CHAPTER XII MEETINGS OF BOARD AND ITS POWERS CHAPTER-XVI PREVENTION OF OPPRESSION AND MISMANAGEMENT

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CHAPTER TOPICS CHAPTER-XVIII REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES CHAPTER XIX REVIVAL AND REHABILITATION OF SICK COMPANIES Chapter- XXII COMPANIES INCORPORATED OUTSIDE INDIA CHAPTER XXIV REGISTRATION OFFICES AND FEES

CHAPTER –XXIX MISCELLANEOUS

INDEX

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CHAPTER 1 - PRELIMINARY

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For the purposes of clause (42) of section 2 of the Act, the phrase ‘electronic mode’ means carrying out, business electronically including, but not limited to:-

(i) business to business and business to consumer transactions, data interchange and other digital supply transactions; (ii) offering to accept deposits or subscriptions in India or from citizens of India; (iii) financial settlements, web based marketing, advisory and transactional services database services and products, supply chain management; (iv) online services such as telemarketing, telecommuting, telemedicine, education and information research; and (v) all related data communication services, whether conducted by e-mail, mobile devices, social media, cloud computing, document management, voice or data transmission or otherwise.

IMPORTANT DEFINITIONS INSERTED IN THE DRAFT RULES RELATES TO

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“Total Share Capital”, for the purposes of sub- sections (6) and (87) of section 2, means aggregate of the

• (a) paid-up equity share capital- and
• (b) paid - up preference share capital;

IMPORTANT DEFINITIONS INSERTED IN THE DRAFT RULES RELATES TO

Related party 1.3. For the purposes of clause (ix) of sub-section (76) of section 2, the following persons, with reference to a company, shall be deemed to be a related party-

• (1) a director or key managerial personnel of the holding, subsidiary or

associate company of such company or his relative;

• (2) any person appointed in senior management in the company or its holding,

subsidiary or associate company i.e. personnel of the company or its holding, subsidiary or associate company who are members of core management team excluding Board of directors comprising all members of management one level below the executive directors, including the functional heads.

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Notwithstanding amendment of these rules from time to time, these rules shall be reviewed once in three years. In order to grant flexibility in management and operations of the Corporates, a very important provision has been added in the Rules which says;

IMPORTANT DEFINITIONS INSERTED IN THE DRAFT RULES RELATES TO

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CHAPTER II – INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO

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Eligibility criteria:

• Natural person,
• Indian citizen and
• Resident in India (means who has stayed in India for

182 or more days during the last financial year)

ONE PERSON COMPANY

One person can open only 5 OPC, While incorporation of OPC, person shall be only member and he has to appoint one nominee who will become the member of OPC in the event of first person’s death or his incapacity to work, Such nominee shall give his written consent and nominee can be changes or nominee can himself withdraw his consent to act as such, OPC shall act as Private Limited Company subject to some privileges and exemptions.

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Compulsory conversion of OPC into a Public & Private Company

• Paid up share capital of Rs 50 Lacs or
• Last three years average annual turnover of
• Rs. 2 crore or.

OPC shall be ceased to be entitled as such if it exceeds: Voluntary conversion of OPC into Private or Public Company is also permitted

CONVERSION - OPC

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Abbreviations are not allowed, In case, any company changes its business activity and the present name is not in line with the new activity then such company shall, within six months from the date of change of activity, change its name. At time of applying the name, the applicant shall declare whether the name applied are being used or have been using for last five years or not, in any form of business constitution like LLP, Firm, etc. in case of yes, then NOC from its partners, associates for using the name. For incorporation of Section 8 Company (Non Profit Organisation), the name shall include the words like foundation, association, council, forum, etc. Upon change of name of the Company, the old name gets freed but such name shall not allowed to be taken by any other Company for three years from date of change of name,

NAME GUIDELINES:-

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Affidavit from the subscriber that he/ she has not been convicted of any offence under any Companies Act during the last 5 years and all the documents/ information are true. In addition to personal details subscriber shall also give PAN and one address proof and in case of foreign national, Passport is compulsory as ID proof. Every subscriber and First Directors, shall furnish specimen signature duly verified by their respective Bankers. First director shall give the particulars of his interest in other body corporate or other firms.

MISCELLENEOUS PROVISIONS

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ALTERATION OF MEMORANDUM OF ASSOCIATION :

Shifting of registered office shall not be allowed if any inquiry, inspection or investigation has been initiated or any prosecution is pending against the Company, Name change shall not allowed if the company has defaulted in filing annual accounts

• r annual return or any other document due for filing or has defaulted in payment of

matured deposits or debentures or any interest thereon.

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CHAPTER VI- REGISTRATION OF CHARGES

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The charges requiring registration are now specified in the rules. Registration of the charge with particulars of charge and instrument evidencing charge required to be filed with Registrar within the period of thirty days of its creation. Charge created by way of hypothecation of a motor vehicle shall not require registration unless the financier ,so requires. Requisite disclosure required to be made in the Balance Sheet. Verification process of Instrument evidencing charge specifically provided for, for e.g. different process defined for property situated in India or outside India.

REGISTRATION OF CHARGES

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REGISTRATION OF CHARGES

The application for condonation can be submitted to registrar within three hundred days

• f creation of charges. A declaration from the company by its secretary or director that

such belated delay shall not adversely affect rights of any other creditors of the company to be provided for. Intimation regarding satisfaction of charge also to be given within 30 days of

• satisfaction. The application for condonation of delay can also be submitted to

registrar within three hundred days of satisfaction of charges. Any delay beyond 300 days in creation, modification and satisfaction of charge to be condoned by Central Government.

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REGISTER OF CHARGES - The particulars of charges maintained on the MCA portal shall be deemed to be the register of charges. The register shall be open to inspection by any person on payment of fee . Company is also required to maintain Register of Charges with prescribed particulars therein; to be authenticated by secretary or other officer authorized by the Board.

REGISTER OF CHARGES

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CHAPTER VIII: DECLARATION AND PAYMENT OF DIVIDEND

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Within 90 days of transferring any amount to unpaid dividend account, the company is required to prepare a statement in Form No. 8.1 The statement is required to be place on the company’s website and on any other website approved by the Central Government in .pdf format. The rules prescribed the manner in which the statement is to be placed on the website.

STATEMENT OF PERSONS WHOSE DIVIDEND IS UNPAID AND UNCLAIMED

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Any money transferred to the Unpaid Dividend Account by a company which remains unpaid or unclaimed for a period of seven years shall be transferred to the Investor Education and Protection Fund. A copy of duly stamped Challan evidencing deposit of the amount into the Fund shall be filed by the company. The rules prescribed the manner in which the unpaid amount is to be transferred to the fund. The company shall keep a record consisting of details of the persons in respect of whom unpaid or unclaimed amount has remained unpaid

• r unclaimed for a period of seven years.

TRANSFERRED TO THE INVESTOR EDUCATION AND PROTECTION FUND

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For a period of eight years from the date of such transfer to the said Fund and the Authority shall have the powers to inspect such records. All shares in respect of which dividend is unpaid or unclaimed shall be transferred in the name of the Fund; voting rights thereon to remain frozen and benefits credited to IEPF suspense account. The rule prescribes the manner of transfer of shares. The authority may suo motu call upon any company to pay the amount due to the fund.

TRANSFERRED TO THE INVESTOR EDUCATION AND PROTECTION FUND

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Specific provision of claiming refund by any person, whose unclaimed dividend, matured deposits, proceeds of matured debentures, application money due for refund, or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares, etc. has been transferred to the Fund, is provided for. Such application to be disposed of by the authority within thirty days from the date of receipt of the application of refund and any delay beyond 30 days is required to be justified.

REFUNDS TO CLAIMANTS FROM FUND

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CSR RULES CHAPTER- IX

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CORPORATE SOCIAL RESPONSIBILITY

• Net Profit: defined as net profit before tax as per books of accounts and does not include

profits from branches outside India

• CSR Policy of the company to include:
• Specify the projects and programmes that are to be undertaken.
• Prepare a list of CSR projects/programmes which a company plans to undertake during

the implementation year , specifying modalities of execution in the areas/sectors chosen and implementation schedules for the same.

• CSR projects/programmes of a company may also focus on integrating business models

with social and environmental priorities and processes in order to create shared value.

• CSR Policy of the company should provide that surplus arising out of the CSR activity will

not be part of business profits of a company

• CSR Policy would specify that the corpus would include the following: a. 2% of the

average net profits, b. any income arising therefrom c. surplus arising out of CSR activities

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CORPORATE SOCIAL RESPONSIBILITY

• 2% CSR to be computed as 2% of average net profits made by company during every block
• f 3 years
• Format prescribed for Annual Report in CSR Initiatives to be included in the Board report
• CSR activities to be conducted as projects or programmes excluding activities undertaken in

normal course of business

• CSR Committee to prepare transparent monitoring mechanism for implementation
• Company may conduct CSR activities through trusts, societies, or non profit companies
• perating in India, not set up by company itself
• CSR activities to be within India only
• Companies may collaborate resources with other companies to undertake CSR
• CSR activities not to benefit only the employees of the company

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APPOINTMENT AND QUALIFICATIONS OF DIRECTORS – CHAPTER XI

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Woman director to be appointed by :

• Every listed company (Within one years from the commencement)
• Every other public company having -
• (a) paid–up share capital of one hundred crore rupees or more; or
• (b) turnover of three hundred crore rupees or more
• Within three years from the commencement

WOMAN DIRECTOR ON THE BOARD.

Every listed public Company to have at least one-third of the total number of directors as Independent Directors (ID) Central Government to prescribe the minimum number of Independent Directors in case of any class or classes of public Companies. Public Companies having paid up share capital of Rs. 100 cr or more, Public Companies having turnover of Rs. 300 cr or more, Public Companies which have, in aggregate, outstanding loans or borrowings or debentures or deposits, exceeding Rs. 200 cr) Every existing company to have IDs within one year from commencement of the Act or from the date of notification of the Rules

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INDEPENDENT DIRECTORS REQUIREMENT

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INDEPENDENT DIRECTORS

BOARD TO ENSURE - Appropriate balance of skills, experience and knowledge in

• ne or more fields of finance, law, management, sales, marketing, administration,

research, corporate governance, technical operations other disciplines related to the company’s business AND DISCLOSE IN BOARD REPORT DATA BANK with details of the person eligible and willing to be appointed as independent director to be prepared by any body, institutions as authorized by CG (as may be notified by CG). Responsibility of due diligence for appointment of independent directors to be

• n company.

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A listed company may suo moto or upon the notice of not less than five hundred or one-tenth of the total number of small shareholders, whichever is lower, elect a small shareholders’ director from amongst the small shareholders) The director shall be considered as independent upon submission of such declaration and shall not be liable to rotate by rotation. Term of director shall not exceed a period of three consecutive years After the expiry of the term, director shall not be eligible for re-appointment No person to hold such directorship in more than two companies.

SMALL SHAREHOLDER’S DIRECTOR

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REGISTER OF DIRECTORS AND KEY MANAGERIAL PERSON

Information requirement to be given in such register substantially enhanced with details of securities held in the company, its holding company, subsidiaries, subsidiaries of the company's holding company and associate company also required to be disclosed

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MEETING OF THE BOARD AND ITS POWERS – CHAPTER XII

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The procedure of conduction of Board Meetings through Video Conferencing is specifically provided for, with major responsibilities casted upon the Chairman of the Company and Company Secretary.

BOARD MEETINGS: VIDEO CONFERENCING

An important provision provides that every director who attended the meeting, whether personally or through video conferencing or other audio visual means, shall confirm or give his comments, about the accuracy of recording of the proceedings of that particular meeting in the draft minutes, within seven days after receipt of the draft minutes failing which his approval shall be presumed. This provision is very important as far as the liability of Directors is concerned. MATTERS NOT TO BE DEALT IN MEETING THROUGH VIDEO CONFERENCING

• To approve the annual financial statements; and
• To approve the board’s report.

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To approve the annual financial statements; and To approve the board’s report.

MATTERS NOT TO BE DEALT IN MEETING THROUGH VIDEO CONFERENCING

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Every listed company

• Having paid up capital of one hundred

crore rupees or more; or

• Which have, in aggregate, outstanding

loans or borrowings or debentures or deposits exceeding two hundred crore rupees.

Every other public company

AUDIT COMMITTEE AND A NOMINATION AND REMUNERATION COMMITTEE

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• 1. Every listed company
• 2. Companies which accept deposits from the public
• 3. Companies which have borrowed money from banks and public financial

institutions in excess of fifty crore rupees;

• a. Companies which are required to constitute an audit committee shall
• perate the vigil mechanism through the audit committee.
• b. Mechanism provides for adequate safeguards against victimization of

employees and directors who avail of the mechanism Audit committee to play crucial role in establishment of Vigil Mechanism.

ESTABLISHMENT OF VIGIL MECHANISM

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• To enter into Joint Venture, technical or any financial collaboration;
• To commence a new business;
• To shift the location of a plant or factory or the registered office;
• To appoint or remove key managerial personnel (KMP) and senior management

personnel one level below the KMP;

• To appoint internal auditors;
• To sell investments held by the company( other than trade investments),

constituting five percent or more of the paid- up share capital and free reserves of the investee company.

• To accept public deposits and related matters and
• To approve quarterly, half yearly and annual financial statements.

POWERS OF THE BOARD TO BE EXERCISED IN THE BOARD MEETINGS ONLY

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1.Duty of directors to to disclose their interest at the meeting held immediately after the date of notice 2.All the notices to be kept at registered office and shall be preserved for eight years from the end of financial year to which it relates

DISCLOSURES BY A DIRECTOR OF HIS INTEREST BY GIVING NOTICE IN WRITING

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LOAN AND INVESTMENT BY A COMPANY

No company registered under Section 12 of SEBI Act, 1992 shall take any inter- corporate loan or deposits in excess of limits mentioned in the applicable regulations. (Applicable to stock-broker, sub- broker, share transfer agent, banker to an issue, trustee of trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediary) Company to maintain register to include specified detail which shall be authenticated by Company Secretary of the Company or any other person authorized by the Board. Special resolution required to be passed in certain cases

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CHAPTER XVI: PREVENTION OF OPPRESSION AND MISMANAGEMENT

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In case of application for Oppression: Copy of application to be served on concerned Company and such

• ther person as NCLT directs

Copy of application made to be served on the RD and ROC Application cannot be withdrawn without the leave of the NCLT

PREVENTION OF OPPRESSION AND MISMANAGEMENT

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 NUMBER OF MEMBERS for filing application;

• In case of company having share capital: minimum 100 members or minimum

10% of total number of members, whichever is less Or

• Members singly or jointly holding minimum of 10% issued share capital of the

company Subject to the members having paid all calls or other sums due  NUMBER OF DEPOSITORS for filing application:

• Minimum 100 depositors or minimum 10% of total number of depositors,

whichever is lesser Or

• Depositors singly or jointly holding minimum 10% of total value of outstanding

deposits of company

CLASS ACTION SUITS

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PUBLICATION OF NOTICE

• Public notice to be issued by NCLT, to all the members of the class on admission of

the application for class action:

• To be published within 7 days in at least 1 vernacular newspaper of the state in which

registered office of the company is situated and atleast 1 English newspaper of that state;

• Publication also to appear on the website of company
• Publication to be placed on :
• Website of NCLT,
• Website of Ministry of Corporate Affairs; and
• Website of Registrar of Companies.
• For listed companies: on website of concerned stock exchange(s) where

securities are listed.

CLASS ACTION SUITS

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• Contents of public notice:
• Name of lead applicant
• Brief particulars of grounds of application
• Relief sought
• Statement to the effect that application has been made by the requisite number of

members/depositors;

• Statement to the effect NCLT admitted application considering matters in S. 245 (4)
• Informing other members or depositors that if they wish they can join applicant;
• Date and time of hearing of application
• Time within which any representation with NCLT may be filed
• Other particulars the Tribunal thinks fit
• Copy of application to be served to RD and ROC
• Notice of application also to be given to the Central Government

CLASS ACTION SUITS

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CHAPTER XVIII: REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES

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• Notice by ROC for removal: ROC to send notice in Form No. 18.1 to the company and all

directors of intention to remove name of company

• Companies Not allowed: Companies not eligible under this Chapter:
• Listed companies
• Delisted Co. due to non-compliance of listing agreement
• Vanishing companies
• Companies where inspection or investigation ordered and being carried out or yet to be

taken up or where completed prosecutions arising out of such inspection or investigation

• r pending in Court
• Companies where notice under section 206 has been issued by ROC and reply is

pending or where prosecution if any, is pending with court

• Companies against which prosecution for non-compoundable offence pending in Court
• Companies accepted Public Deposits which are either outstanding or the company is in

default in repayment of them

• Company having secured loan

REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES

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Suo Moto application by Company: In Form 18.2 stating all grounds accompanied with documents mentioned in the Rules Public Notice: ROC to cause a Public Notice to be published in Form No. 18.4 Manner of Publication: Also provided in Rules ROC to put names of companies to whom notice has been issued on the Ministry’s website

REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES

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CHAPTER XIX : REVIVAL AND REHABILITATION OF SICK COMPANIES

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• All Companies now covered under the Act. But provisions of Companies Act, 1956 and

SICA were applicable to INDUSTRIAL COMPANIES only

• The criteria for Net Worth erosion has been knocked off and the power has been

entrusted with the Secured Creditors, representing 50% or more of the outstanding debt of the Company.

• If the debtor company fails to repay to Secured Creditors representing 50% or more of
• utstanding debts, may itself, apply to the tribunal for declaring itself as Sick Company
• Interim Administrator to be appointed upon determination as sick company for

convening the meeting of Secured Creditors to ascertain whether the revival of the Company can be done based on the submissions

• Tribunal to appoint Company Administrator, to take over the assets or the

management of the Company

REVIVAL AND REHABILITATION OF SICK COMPANIES

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• Incase it is difficult to implement the scheme for any reason, Tribunal may order winding

up subject to consent of secured creditors having 75% in value

• If in the course of scrutiny, it appears to Tribunal that any person who has taken part in

the promotion, formation or management of the sick company has misapplied or retained any money or property of the sick company or has been guilty of any misfeasance or breach of trust, it may order to repay the money or property with or without interest as it thinks just and proper.

• Central Government managed fund - Rehabilitation and Insolvency Fund (RIF)- to be

established for rehabilitation, revival and liquidation of sick companies.

• No appeal in any court or other authority and no civil court to have jurisdiction in respect
• f any matter in respect of which NCLT or NCLAT is empowered

REVIVAL AND REHABILITATION OF SICK COMPANIES

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• Procedure to be followed and forms for filings with the tribunal by either the Secured

Creditors and the Company itself and vice versa provided for

• Timing to be followed by either of the Creditor or Company or Interim/Company

Administrator or Tribunal prescribed

• Quorum for the Meeting of Secured Creditors and Unsecured Creditors required to be

convened: provided

• Forms prescribed for Newspaper Publication to be done at several times during the entire

process

• Publication to be done in one vernacular newspaper in the principal Vernacular Language of

the district and one in English newspaper circulating in that district

• Entire process of revival of Sick Companies to be completed within 7-8 months (In case the

winding up order is not passed)

REVIVAL AND REHABILITATION OF SICK COMPANIES

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IMPORTANT FORMS

• Application to the Tribunal is to be made by the Creditor or the Company for determination
• f Sickness of Company in Form A.
• The order of Tribunal declaring the Company as Sick shall be in Form D.
• A draft Scheme of revival and rehabilitation is to be made in Form G.
• Appointment of Interim administrator by the tribunal in Form H;
• The notice of Meeting of Creditor shall be issued in Form K.

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COMPANIES INCORPORATED OUTSIDE INDIA - CHAPTER XXII

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Documents to be delivered by Foreign Company

• Foreign Company having a place of business in India through any mode whether

electronic or otherwise, shall within thirty days of establishment file with the registrar application for registration of Foreign Company,

• Along with the application, approval letter from Reserve Bank of India is also required to be

attached,

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• Accounts of the Foreign Company (Indian operations) shall be audited by Chartered

Accountant in India,

• Every foreign Company shall file prepare and file its financial statements within six

months of closure of financial year and Registrar may extend the period not exceeding three months,

• Every foreign company shall file financial statements to the Registrar every calendar year

and there shall be annexed or attached thereto the following statements:

• 1. Statement of related party transactions,
• 2. Statement of repatriation of profit,
• 3. Statement of transfer of funds from place of business in India to related

party of the Foreign Company.

Accounts of Foreign Company

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Company incorporated outside India whether having place of business in India or not or will or will not establish place of business can issue IDRs,

• i. Eligibility criteria for such Foreign Company:
• ii. Pre-issue paid-up share capital and reserves, shall be minimum US$ 50 million
• iii. Average market capitalisation in its parent country of minimum US$ 100

million,

• iv. Continuously trading on a stock exchange for at least three immediately

preceding years,

• v. Track record of distributable profit for at least three out of five preceding years

All the above conditions are in addition to the SEBI guidelines. Procedure for issuance of IDRs has been elaborately defined in the Draft Rules.

CONDITIONS TO ISSUE IDRs

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CHAPTER XXIV: REGISTRATION OFFICES & FEES

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• Central Government to establish offices specifying their jurisdiction of exercising powers

for the registration of companies

• Powers and duties of Registrars: ROC to exercise powers and duties as delegated by

Central Government

• In absence of ROC, functions assigned to him to be discharged by the person appointed

by CG

• Seal of ROC: ROC shall have a seal bearing the words “Registrar of Companies,

________ (Place and State)”

• Manner and conditions of filing: Every application, financial statement, prospectus,

return, declaration, memorandum, articles, particulars of charges, or any other particulars

• r document or any notice, or any communication or intimation required to be filed will be

filed in computer readable electronic form, in portable document format others

REGISTRATION OFFICES

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CHAPTER XXIX: MISCELLENEOUS

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Appointment of Officers: Central Government may appoint Adjudicating officers (“AO”) for adjudging penalties under the Act SCN: Before adjudging, AO will issue written notice to company, giving notice period (not less than 14 days) Inquiry: AO may conduct inquiry if he is of the opinion that an inquiry should be held Appearance: Notice will be issued fixing the date of Appearance Order: After hearing AO shall pass an order in writing, dated and signed Copy: Copy of order to be serviced to concerned company and officer in default, and Central Government

ADJUDICATION OF PENALTIES

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• Factors AO shall consider while adjudication:
• Amount of disproportionate gain or unfair advantage, whether quantifiable,

made as result of default

• Amount of loss caused to an investor or group of investors or creditors as a

result of the default

• Repetitive nature of the default
• Penalties shall be credited to the Consolidated Fund of India
• Appeal : Order of AO appealable to RD within 60 days of order (in Form 29.1)

ADJUDICATION OF PENALTIES

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• Application for Dormant status to be made in Form 29.2
• Certificate: Registrar to issue Certificate of Dormant status in Form 29.3
• Register of Dormant Company: MCA to maintain register of Dormant companies
• Minimum Number of Directors: Public Company: 3 directors

Private Company: 2 directors OPC: 1 director (rotation of directors not applicable)

• Return: to be filled within 30days from end of each FY and each further allotment

DORMANT COMPANY

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• Active Status: Active status can be obtained by filing Form 29.5 with return
• Striking off: If Company remains dormant for 5 consecutive years then ROC shall

initiate striking off

• Revocation of Status: ROC may start investigation after giving notice if company

found functioning, and may accordingly remove the name from register as well as take action as per chapter regarding Removing of Names of Companies from Register of Companies

DORMANT COMPANY

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• All monies in the Provident Fund, Superannuation find, welfare fund or other fund

estd by CLB to be transferred to NCLT and NCLAT and shall vest in them respectively for settling of their claims

• These monies to be utilised for settling the claims of officers and employees or their

nominees as per the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952 or the Superannuation fund or the welfare fund or other fund

DISSOLUTION OF CLB

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DRAFT FORMS

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FORMS

Many new forms have been included in the Rules. The Ministry has made efforts to make Indian Inc. self regulatory by introducing new forms for intimation and doing way with many of the approvals that were required earlier. Now the information required in the forms is to be more detailed. It is evident that the new Companies Act seeks that the information to be provided by the companies to the statutory authorities and investors should be as clear and transparent as possible. A note has been inserted at the bottom of the forms for making the officials of the companies aware of the punishment for false statement and certification.

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Cor

• rpo

porate P e Prof

• fessi

ssiona nals s Group

• up

D-28, South Extension –I, New Delhi-110 049 Ph: +91.11.40622200; Fax: +91.11.40622201; E: pkvijay@indiacp.com

PAVAN KUMAR VIJAY

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