Thursday, 10 April 2014

Immediate Compliance for Companies as Per Companies Act, 2013

These are the major immediate compliance which are to be done urgently. We are doing our study in the matter and would comeback soon for more clarifications.




PROVISION RELATED TO COMPANY’S STATIONERY INCLUDING LETTER HEAD
As per companies Act 2013, companies are required to get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications from 01/04/2014.
PROVISION RELATED TO DIRECTOR’S
As per companies Act, 2013 a person is allowed to hold directorship in 20 companies only, out of which not more than 10 could be public companies including private ltd companies. if the person is the director in more than the above mentioned limit then he has to resign from the other companies in the excess of above limit within one year from the commencement of the act.
Further director’s of the company has to mention their name & DIN (Director Identification Number) with their signature i.e. all the documents containing the signature of director, director’s name & DIN shall also be mentioned along with their Signature.
PROVISIONS RELATED TO ALLOTMENT OF SHARES
Companies are time bound to allot the shares within a period of sixty (60) days from the date of receiving application. If they fail to allot the shares within prescribed duration then the entire amount should be repaid by companies within 15 days to the respective applicants.
Non repayment within prescribed duration would be considered as default & from the 76th day, the whole application money held by company will be treated as deposit.
Further, application money received by the company for allotment of shares cannot be utilized for any other purpose & a separate bank account shall be maintained for receiving the application money from the applicant & all the transaction related to allotment shall be done through that account only.
In the light of above mentioned provisions, our views are that all the companies shall repay the application money held as on 31/03/2014 before 30th May 2014.
PROVISIONS RELATED TO LOAN FROM SHAREHOLDERS
All the companies who had taken Deposit shall file the return to ROC with 3 months from the commencement of this Act & repay the loan to its shareholders within one year from the date of commencement of this act.
In respect to the above provision amount taken by the company from its shareholder will also cover in the definition of deposit
PROVISION RELATED TO DIRECTORSHIP OF THE COMPANY
From the date of commencement of this Act, Every Company is required to have minimum one resident director. Here resident means “director who stayed in India for 182 days or more in previous calendar year”
For existing companies, company should fulfill the requirement of the resident director within one year from the date of notification

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