Daily Archives: May 9, 2016

Duty Drawback Scheme: Re-export under sec 74 of Customs Act 1962

By | May 9, 2016

Circular No. 16/2016-Customs F.No. 603/01/2016-DBK Government of India Ministry of Finance, Department of Revenue Central Board of Excise & Customs New Delhi, dated 9 th May, 2016 To Principal Chief Commissioners / Chief Commissioners Principal Directors General / Directors General Principal Commissioners/Commissioners, all under CBEC Subject: Audit Report No.15/2011-2012, Section 2 – Duty Drawback Scheme:… Read More »

Managerial remuneration : section 197 of Companies act 2013

By | May 9, 2016

Section – 197 Companies Act, 2013 (Enforced with effect from 1-4-2014.) Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits. 197. 1(1) The total managerial remuneration payable by a public company, to its directors, including managing director and whole-time director, and its manager in respect of any financial year shall… Read More »

Independent directors under Companies Act 2013

By | May 9, 2016

RULES FRAMED UNDER COMPANIES ACT, 2013 Companies (Appointment and Qualification of Directors) Rules, 2014 Number of independent directors (rule 4) 4. The following class or classes of companies shall have at least two directors as independent directors (i) the Public Companies having paid up share capital of ten crore rupees or more; or (ii) the… Read More »

Woman director on the Board under Companies Act 2013

By | May 9, 2016

RULES FRAMED UNDER COMPANIES ACT, 2013 Companies (Appointment and Qualification of Directors) Rules, 2014 Woman director on the Board 3. The following class of companies shall appoint at least one woman director— (i) every listed company; (ii) every other public company having— (a) paid-up share capital of one hundred crore rupees or more; or (b)… Read More »

Anti-competitive agreements as per Competition act 2002

By | May 9, 2016

Section – 3, COMPETITION ACT 2002 (Enforced with effect from 20-5-2009) CHAPTER II PROHIBITION OF CERTAIN AGREEMENTS, ABUSE OF DOMINANT POSITION AND REGULATION OF COMBINATIONS Prohibition of agreements  Anti-competitive agreements. 3. (1) No enterprise or association of enterprises or person or association of persons shall enter into any agreement in respect of production, supply, distribution,… Read More »

Audit Committee as per Section 177 Companies Act 2013

By | May 9, 2016

Section – 177 Companies Act, 2013 (Enforced with effect from 1-4-2014.) Audit Committee 177. (1) The Board of Directors of every listed company and such other class or classes of companies, as may be prescribed1, shall constitute an Audit Committee. 2(2) The Audit Committee shall consist of a minimum of three directors with independent directors… Read More »

Schedule I Companies Act 2013

By | May 9, 2016

Schedule I Companies Act, 2013 (Enforced with effect from 1-4-2014.) SCHEDULE I (See sections 4 and 5 ) TABLE A MEMORANDUM OF ASSOCIATION OF A COMPANY LIMITED BY SHARES 1st The name of the company is “…………………………Limited/Private Limited”. 2nd The registered office of the company will be situated in the State of ………………………………….. 3rd (a)… Read More »

APPOINTMENT AND QUALIFICATIONS OF DIRECTORS

By | May 9, 2016

Section – 149, Companies Act, 2013 (Enforced with effect from 1-4-2014) CHAPTER XI APPOINTMENT AND QUALIFICATIONS OF DIRECTORS Company to have Board of Directors . 149.1(1) Every company shall have a Board of Directors consisting of individuals as directors and shall have— (a) a minimum number of three directors in the case of a public company,… Read More »

Additional director, alternate director & nominee director

By | May 9, 2016

Section – 161, Companies Act, 2013 (Except sub-section (2), section 161 enforced with effect from 12-9-2013. Sub-section (2) of section 161 enforced with effect from 1-4-2014.) Appointment of additional director, alternate director and nominee director  161. (1) The articles of a company may confer on its Board of Directors the power to appoint any person,… Read More »

nomenclature of forms prescribed under Companies Act 2013

By | May 9, 2016

Nomenclature of various forms prescribed under the provisions of Companies Act, 2013 being notified In order to facilitate easy understanding of the e-forms being rolled out under the provisions of Companies Act, 2013 and Rules made thereunder, the stakeholders are hereby informed that unlike numbering of various forms under the Companies Act, 1956, forms under… Read More »

Date of Enforcement of provisions of Companies Act 2013

By | May 9, 2016

Section 1 of the Companies Act, 2013 – Short title, extent and commencement Enforcement of certain provisions of Companies Act, 2013 Notification No. SO 2754(E), dated 12-9-2013. In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 12th day… Read More »

Notice of meeting by Email or electronic mode

By | May 9, 2016

RULES FRAMED UNDER COMPANIES ACT, 2013 COMPANIES (SPECIFICATION OF DEFINITIONS DETAILS) RULES, 2014 Notice of the meeting (rule 18) 18. (1) A company may give notice through electronic mode. Explanation.—For the purpose of this rule, the expression “electronic mode” shall mean any communication sent by a company through its authorized and secured computer programme which… Read More »

Promoter Contribution Lock in under SEBI (ICDR) Regulations 2009

By | May 9, 2016

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS 2009 CHAPTER III : PART IV PART IV – RESTRICTION ON TRANSFERABILITY (LOCK-IN) OF PROMOTERS’ CONTRIBUTION, ETC. Date of commencement of lock in and inscription of non-transferability. 35. (1) Save as otherwise provided in this Chapter, specified securities held by promoters and persons other than promoters shall… Read More »

Promoter contribution under SEBI (ICDR) Regulations 2009

By | May 9, 2016

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS 2009 CHAPTER III : PART III PROMOTERS’ CONTRIBUTION Minimum promoters’ contribution. 32. (1) The promoters of the issuer shall contribute in the public issue as follows: (a) in case of an initial public offer, not less than twenty per cent. of the post issue capital; (b) in… Read More »

Settlement of proceedings under Securities Contracts Act

By | May 9, 2016

Section – 23JA, Securities Contracts (Regulation) Act, 1956 ( Inserted by the Securities Laws (Amendment) Act, 2014, w.r.e.f. 20-4-2007) 23JA. (1) Notwithstanding anything contained in any other law for the time being in force, any person, against whom any proceedings have been initiated or may be initiated under section 12A or section 23-I, may file… Read More »

Import of Goods and Services : Master Direction

By | May 9, 2016

RBI/FED/2015-16/12 FED Master Direction No. 17/2015-16 January 1, 2016 (Updated as on March 31, 2016) (Updated as on February 4, 2016) To All Authorised Dealer Category – I banks and Authorised Banks Madam / Dear Sir, Master Direction – Import of Goods and Services Import of Goods and Services into India is being allowed in… Read More »

EXPORT OF GOODS & SERVICES REGULATIONS 2015

By | May 9, 2016

FEM (EXPORT OF GOODS & SERVICES) REGULATIONS, 2015 NOTIFICATION [NO.FEMA 23(R)/2015-RB]/GSR 19(E), DATED 12-1-2016 In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of section 7 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of its Notification No.FEMA.23/2000-RB dated May… Read More »

REPORTING UNDER FETERS (Foreign Exchange Transactions Electronic Reporting System)

By | May 9, 2016

COMPILATION OF R-RETURNS  FOR REPORTING UNDER FETERS A.P. (DIR SERIES 2015-16) CIRCULAR NO.50, DATED 11-2-2016 Attention of Authorised Dealer (Category I) banks is invited to A.P.(DIR Series) Circular No.84 dated February 29, 2012 giving guidelines for compilation of R-Returns for reporting under the Foreign Exchange Transactions Electronic Reporting System (FETERS), A.P.(DIR Series) Circular No.101 dated February… Read More »

SOFTWARE EXPORT – FILING OF BULK SOFTEX

By | May 9, 2016

 LIBERALISATION OF SOFTWARE EXPORT – FILING OF BULK SOFTEX A.P. (DIR SERIES 2015-16) CIRCULAR NO.27, DATED 5-11-2015 Attention of Authorised Dealers is invited to A.P. (DIR Series) Circular No. 80 dated February 15, 2012, A.P. (DIR Series) Circular No. 66 dated January 01, 2013 and A.P. (DIR Series) Circular No. 43 dated September 13, 2013,… Read More »