Companies Act 2013 CA Bharat Sonkhiya R Sogani amp Associates R Sogani amp Associates By CA BHARAT SONKHIYA 1 Companies Act 2013 CA Bharat Sonkhiya R Sogani amp Associates companies act 1956 ID: 321586
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Important changes
Companies Act 2013
CA Bharat Sonkhiya| R Sogani & Associates
R Sogani & AssociatesBy: CA BHARAT SONKHIYA
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Companies Act, 2013CA Bharat Sonkhiya| R Sogani & Associates
companies act, 1956
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Now it has become a proactive law with inclusion and emphasis on more and more stringent clauses.
CA Bharat Sonkhiya| R Sogani & Associates
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CA Bharat Sonkhiya| R Sogani & Associates
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MAJOR CHANGES
P&L STATEMENT OPEN FOR INSPECTION BY GENERAL PUBLIC
FILING OF SOME MORE BOARD RESOLUTIONS
STIFF PENALTIES
RESTRICTION ON INTER CORPORATE LOAN AND GUARANTEE
CIN ON OFFICIAL DOCUMENTS
RESTRICTIONS ON ACCEPTANCE OF DEPOSITS
E-VOTING AND VIDEO CONFERENCING
CA Bharat Sonkhiya| R Sogani & Associates
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Limit on number of members in private companiesCA Bharat Sonkhiya| R Sogani & Associates
50
200
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CA Bharat Sonkhiya| R Sogani & Associates
TAKING OF LOANS
BY PRIVATE COMPANIES
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taking of loans by private CompanyCA Bharat Sonkhiya| R Sogani & Associates
Loan taken from
Upto
31st March, 2014After 31st March, 2014
Director
Director’s
relatives
Shareholders
(Strict procedure)
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deposits from
members/ Shareholders
CA Bharat
Sonkhiya| R Sogani & Associates
Stringent Provisions
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Loan from directorsCA Bharat Sonkhiya| R Sogani & Associates
Out of Borrowed Funds
Out of
Own FundsNot Allowed
Allowed
Wrong Declaration by Directors- Huge Penalties.
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Section - 74
Repayment of deposits CA Bharat
Sonkhiya| R Sogani & Associates
Filing of documents with ROC
By-
31
st
March, 2015
By :-
30
th
June, 2014
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CA Bharat Sonkhiya| R Sogani & Associates
Loan from Other Companies
ALLOWED
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CA Bharat Sonkhiya| R Sogani & Associates
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CA Bharat Sonkhiya| R Sogani & Associates
If not
alloted
-
Treated as Deposits.
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Any queries …..CA Bharat Sonkhiya| R Sogani & Associates
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Mandatory filing of Board Resolution
CA Bharat Sonkhiya| R Sogani & Associates
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Borrowing needs Shareholder’s ApprovalSection 180(1)(c)
CA Bharat Sonkhiya| R Sogani & Associates
Borrowings > Paid up share capital +
Free Reserves
Special Resolution needs to be passed in the General Meeting
Borrowings does not includes CC Limit.
Now on Private Companies
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Mentioning CIN
and other details!Section 12(3)(c)
CA Bharat
Sonkhiya| R Sogani & AssociatesWhat to mention?NameAddress of its registered office
Corporate Identity Number
(CIN)
Telephone
number
Fax number
E-mail and
Website
addresses
Where to mention?
business
letters
,
billheads,
letter
papers all its notices (including E-Mail) and other official publications** Paint or affix its name, and the address of its registered office outside every office or place of its business.
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Consent to act as director
Consent within 30 days of appointment
Director shall file form DIR-12 with ROC
CA Bharat
Sonkhiya
| R Sogani & Associates
Now on Private Companies
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Appointment of director Rs.1,00,000/- security
Section 160
Requirement of 14 days prior notice and Rs.1,00,000/- as security for appointment of Directors in General Meeting.
CA Bharat
Sonkhiya
| R Sogani & Associates
Now on Private Companies
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RESIGNATION OF DIRECTORS- Section 168
CA Bharat Sonkhiya| R Sogani & Associates
Intimation by Company to Registrar –within 30 days – Form DIR – 12.Intimation by
Director to Registrar –within 30 days – Form DIR – 11.Directors who have resigned shall be liable even after his resignation for the offences occurred during his tenure.Stringent provisions. Detailed reasons required to be given by the Directors
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Appointment of WTD/ MDSection- 196
CA Bharat Sonkhiya| R Sogani & Associates
Now on Private Companies
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Original documents to be kept till dissolutionCA Bharat
Sonkhiya| R Sogani & Associates
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INSPECTION OF STATEMENT OF PROFIT AND LOSS
CA Bharat
Sonkhiya| R Sogani & Associates
Now on Private Companies
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Corporate Social ResponsibilitySection 135
CA Bharat Sonkhiya| R Sogani & Associates
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Registration of Charges CA Bharat Sonkhiya| R Sogani & Associates
All Charges
To be registered with ROC
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CA Bharat Sonkhiya| R Sogani & Associates
CFO & CEO also liable for default.
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STRINGENT AND HEFTY PENALTIES
Under the Companies Act, 2013 strict penalties have been imposed on the
Company
and Officer who is in Default, in case of non-compliance of provisions as mentioned in the Act.
The amounts of penalties have been increased as compared to the previous provisions.
CA Bharat
Sonkhiya
| R Sogani & Associates
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Private company equivalent to public companyCA Bharat Sonkhiya
| R Sogani & AssociatesCompany
L. L. P.
only way forward LLP
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CA Bharat Sonkhiya| R Sogani & Associates
ParticularsPrivate Company
LLP
Structure
Law regulated under
Companies Act, 2013
LLP Act, 2008
Minimum Capital requirement
1
Lakh
No such requirement
Requirement of filing of documents at the time of Incorporation
Need of filing detailed document
No Such Requirements
Number of shareholders / directors / partners
Minimum 2& maximum 200 Shareholders
Minimum 2 Directors
Minimum 2 partners.
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CA Bharat Sonkhiya| R Sogani & AssociatesParticulars
Private Company
LLP
Restrictions
Taking Loans
More stringent provisions
No such restrictions
Advances to others
Related party restrictions
Number of restrictions
No such restrictions
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CA Bharat Sonkhiya| R Sogani & AssociatesParticulars
Private Company
LLP
Additional Cost
Dividend Distribution Tax
(on withdrawal of money)
Tax @ 16.99%
Not applicable
Deemed Dividend
(advance to shareholders)
Taxable in the hands of shareholders
Not applicable
Corporate Social Responsibility
Expenses to be incurred
Not applicable
Form filing fees
Higher filing fees
Lower filing fees
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CA Bharat Sonkhiya| R Sogani & AssociatesParticulars
Private Company
LLP
Compliances
Compliances
Substantial level of Compliance
Lower Level of Compliance
Filing of Resolutions with ROC
Most of business decisions required filing with ROC
No such mandatory requirement.
Meetings to be held
Periodic meetings required
No such requirements
Minutes and statutory records
Detailed records
No such detail records
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CA Bharat Sonkhiya| R Sogani & AssociatesParticulars
Private Company
LLP
Penalties
Penalties
Heavy penalties
Not stiff penalties
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ANY QUESTIONS …..CA Bharat Sonkhiya| R Sogani & Associates
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CA Bharat Sonkhiya| R Sogani & Associates
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