Translate
Saturday, September 19, 2015
INCOME COMPUTATION & DISCLOSURES STANDARDS (ICDS)
Tuesday, September 15, 2015
Statutory Registers to be maintained under Companies Act, 2013
The Companies Act, 2013(the Act) and the rules made there under (‘’the rules’’) lays down that every company incorporated under the act has to maintain Statutory Registers (“the Registers”).
The Registers need to maintained and updated eventually and should be kept at the Registered Office of the Company. Some of the registers are required to be kept open for inspection by Directors, Members, Creditors and by other persons. A company is required to provide the extracts from the registers, if demanded by the Directors, Members, Creditors and by other persons on payment of specified fees.
List of Registers to be maintained by the Company:-
1. Section 88(1) and Rule3(1) of Companies (Management and Administration) Rules , 2014 MGT -1:
Registers of Members
2. Section 88(1) and Rule 4 of Companies (Management and Administration) Rules , 2014 MGT -2:
Registers of Debenture Holders
3. Section 88(2) and Rule 6 of Companies (Management and Administration) Rules , 2014
Index of Members
4. Section 88(2)
Index of debenture holders
5. Section 88(3)
Registers and Index of Beneficial Owner
6. Section 88(4) and Rule 7 of the Companies (Management and Administration) Rules, 2014 MGT -3:
Foreign Register of Members, Debenture holders, other security holders or beneficial owners residing outside the India
7. Rule 6 of the Companies (Share Capital & Debentures) Rules, 2014 Form SH-2 :
Register of Renewed and Duplicate Share Certificate
8. Section 54 and Rule 8(14) of the Companies(Share Capital & Debentures) Rules, 2014 Form SH-3:
Register of Sweat Equity Shares
9. Section 62 and Rule 12(10) Form SH-6:
Register of Employee Stock Options
10. Section 68 and Rule 17 (12) of the Companies(Share Capital & Debentures) Rules, 2014 Form SH-10:
Register of Shares or Securities Bought Back
11. Section 170(1) and Rule 17 of the Companies(Appointment and Qualification of Directors)Rules, 2014
Registers of Directors and KMPs
12. Section 73 and Rule 14 of the Companies(Acceptance of Deposits) Rules,2014
Register of Deposits
13. Section 85 and Rule 7 of the Companies(Registration of Charges) Rules, 2014 Form CH-7:
Register of Charges
14. Section 186 and Rule 12 of the Companies(Meeting of Board and its Powers) Rules, 2014 Form MBP -2:
Register of Loans/Guarantee/Security and Acquisition by Company
15. Section 187 and Rule 14 of the Companies (Meeting of Board and its Powers) Rules , 2014 Form MBP-3 :
Register of Investments not held in its own name
16. Section 189 and Rule 16 of the Companies (Meeting of Board & its Powers) Rules, 2014 Form MBP -4 :
Register of Contracts or Arrangements in which Directors are interested.
Wednesday, September 9, 2015
These 10 nations are all rich but hold massive debt as a percentage of their GDP
Thursday, September 3, 2015
Companies(Amendment) Act,2015
Several major changes have been brought to the Companies Act, 2013 by the COAMPANIES (AMENDMENT) ACT, 2015. Two of the major changes impacting the holding & subsidiary transactions are as follow:
Section 185 has been amended to exempt loans given by holding companies to its wholly-owned subsidiary companies and also to security or guarantees given by holding companies to their subsidiary companies with respect to loans advanced by bank or financial Institutions provided they are used for the principle business activity of the subsidiary company.
Section 188 deals with the related party transactions has been relaxed by amending it and by removing the need for passing a special resolution. Further, need for passing any resolution has been done away with when it comes to a wholly owned-subsidiary.
These steps will indeed increase ease of doing business in India. But several section of the society are arguing that some of these measures will be against the spirit of Corporate Governance. Shareholders powers will significantly decrease and investors will have little power to control related party transactions and other holding-subsidiary transactions due to these changes. This may lead to grievances even from minority shareholders, institutional investors and other sections that might find such related party transactions opaque and might not have much power to exercise.
Sunday, July 26, 2015
Woman In Kanpur Woke Up To A Shocking Rs 95,000 Crore In Her Account
State Bank Of India (SBI) might
be reputed and all but they still
ended up making one of the
most epic blunders till date.
In a shocking incident, a
woman, Urmila Yadav’s bank
account was credited
with Rs 95,000 crores in
Kanpur. Rs. 95,000
CRORES!!!
This naturally got Urmila Yadav
panic stricken. She had
deposited Rs. 2000/- to open an
SBI bank account.
The amount credited was
roughly 95,711,69,86,47,130.14
rupees .
In a state of utter disbelief, she
immediately went to her
guarantor Lalta Prasad Tiwari,
who in turn approached the
bank. The bank had a very
surprising response to the whole
incident.
According to them, since the
woman’s account did not have
sufficient balance, the bank
decided to transfer a ‘fictitious’
amount into her account.
The honest woman did not want
any kind of controversy and
just wants her amount to be
returned.
Thursday, July 23, 2015
Some facts about Richard Branson Everyone should know.
His Mother Knew He Would Be
Successfull In his life: ‘He’ll Become
The Prime Minister Of England’
Born on July 18, 1950, in the
small British town of Surrey,
Branson’s mother always had
really high hopes for her son,
often telling people he would
become the prime minister of
England. Well, to Mrs. Branson’s
delight, her son achieved what
others could only wish for.
His first Business Venture?
The Magazine ‘Student’
Branson dropped out of school
at the age of 15 and started a
magazine by the name Student.
This magazine was his first ever
business venture (1968). Who
knew things would soar for this
young lad so much that he would
become one of the most sought
after personalities of the world.
The Hot Air Balloon
Adventurer, Breaking World
Records
Known for his adventurous
streak, in 1987 Branson broke
the world record for being the
first and only person to cross
the Atlantic in the largest hot
air balloon! Following this, in
1991 he again broke his own
record by crossing 6700 miles of
the Pacific in a Virgin hot air
balloon of 2600,000 cubic feet
at a speed of 245 miles per hour.
All Virgin Business Ventures
Are Very Close To His Heart
Being a self-made man, Richard
Branson is known to be very
touchy about the welfare of his
companies. In June 1992, when
he sold Virgin Records to Thorn
EMI for a reported $1 billion, he
cried the entire time the deal
was being carried out.
Virgin Records, Richard
Branson’s ‘first time’
The name Virgin isn’t just a
coincidence. According to Richard
Branson, when he first started
his record company in 1969, he
had no experience in handling a
business on his own. Therefore,
he called his record label, Virgin
Records , standing for ‘first
timer’. The name spread like
wildfire and soon every business
venture he started had ‘Virgin’
along with it as a trademark of
being Branson’s business
venture.
Family Comes First For
Richard Branson
A man of his words, Branson is a
devotee when it comes to his
family and beliefs. According to
a British poll, he is one of those
few men, after Mother Teresa,
who could be eligible to write the
Ten Commandments.
Five lessons we learned about India from Shashi Tharoor's Oxford speech
Not only do India and the British
have a past, they have a very
gory past as Shashi Tharoor
reminded us with his speech at
the Oxford Union. We share with
Britain a history of being oppressed for centuries, of
bloody massacres, mass arrests,
the suppression of democratic
rights and the supplanting of our
own culture to serve the British
interests. Remember Jallianwala
Bagh and the Bengal famine?
Here are five important
takeaways.
Fact: India was governed for
the benefit of the British.
This as we know it from our
history books is exactly spot on.
Not only was India looted of all
it's precious gems and riches, our
booming industries were
ruthlessly destroyed all for
Britain's own advancement
during Europe's"Industrial
Revolution." For example, our
handloom weavers were out of
jobs once the British decided they
wanted to promote their "finished
products" that were far inferior
to our handloom spun cloth.
Their exploitation of our
handloom industry was so famed
that even Marx wrote about it
in 1853 titling his paper 'The
British intruder who broke up
the Indian handloom' . A much
lesser known fact- the master
weavers were tortured and
their thumbs were cut off , so
that British-made cotton cloth
from their mills in England would
find a good market in India.
India's contribution in World
Wars
India contributed more soldiers
to the wars than Australia,
Canada, New Zealand and South
Africa put together. It has been
reported that one sixth of the
soldiers fighting for the British
Empire was from the Indian
subcontinent. Putting things in
perspective: almost 800,000
soldiers took part in the war,
around 53,000 Indian soldiers
lost their lives, 64,000 were
wounded and nearly 4000 went
missing or were imprisoned. And
this is just World War 2.
Not only that but troops from
India fought in all the major
centres of the war, from the
Western Front in Europe to
Africa and China. In 1945 India's
war contribution amounted to
about 8 billion pounds in 2015
money, 1.25 billion pounds was
owed to India and was never
actually paid.
Indian industries suffered the
most
The economic situation of the
colonies was worsened because
the British rule in India holds
true. India's share of the world
economy was 23% when the
British arrived, less than four
percent when they left. Not only
that, but India's share of world
trade went down from 27 percent
to less than two percent.
Acknowledging a debt is more
important than putting a
number to it
Though Tharoor in his speech
says, "I, for one, would be happy
to accept a symbolic pound a
year for the next two hundred
years, as a token of apology"
their debt is more than just a
number. All these years after the
British rule has ended, it's safe to
say it's impossible to put an exact
number to the 150 years of
exploitation. What would be
better however is them accepting
that yes, Britain f*****d up. We
shouldn't have invaded you
(India), nor should we have
oppressed your people, or killed
your industries, or starved your
citizens but hey, the British built
your railways and roads so
maybe it was for the best. Umm,
no. Many countries have built
railways and roads without any
overlord issuing the order like
Britain and USA. Despite
everything, currently, British
aide to India is only about 0.4
percent of the Indian economy.
Churchill and Bengal famine
Between 15 to 29 million Indians
died in British-induced famines
during their rule. The worst
however was the Bengal famine
of 1943. Then PM Churchill, as
part of his Western war effort,
ordered the diversion of food
from starving Indians to already
well-supplied British soldiers and
stockpiles in Britain and
elsewhere in Europe, including
Greece and Yugoslavia. According
to Madhusree Mukerjee's
book, Churchill's Secret War,
when asked about the famine he
wrote asking why Gandhi hadn't
died yet.
"Winston may be right in saying
that the starvation of anyhow
under-fed Bengalis is less serious
than sturdy Greeks, but he makes
no sufficient allowance for the
sense of Empire responsibility in
this country," wrote Sir Wavell
in his account of the meetings
between him and the PM.
Friday, May 1, 2015
Narendra Modi government Eases incorporation of buisness, process to take just 1 form starting today 1st May 2015
Entrepreneurs keen on
setting up new enterprises will be able to incorporate one by filing Just one form starting Friday against eight separate forms earlier, as part of the government's drive to make it easier to do business in the country. The corporate affairs ministry will From May 1 have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates. "Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form," said a senior ministry official who sought anonymity. The new form, called INC-29, will be available on the MCA website. This is part of the government's drive to improve India's ranking on the globally tracked parameter of ease of doing business. This is a priority area for PM Narendra Modi, who has made it a personal mission to improve India's scores on this parameter. The government wants to reduce the time taken to register a company in India to one day.
Currently, businessmen seeking to
register a new company are required to fill eight forms to complete the incorporation, a process which, besides being cumbersome, also takes a lot of time. Even if it's a single-person company, the range of forms required to be billed included separate applications for obtaining DIN, obtaining a DSC (digital signature certificate) ,form INC-1 for approves of the name of the company, form INC-7 for registration of the company along with memorandum of association and articles of association, form INC-22 for intimation of registered office and form DIR12 for each director. |