A Director shall not be reckoned for Quorum in respect of an item in which he is interested and he shall not be present, whether physically or through Electronic Mode, during discussions on such item. For this purpose, a Director shall be interested in a contract or arrangement entered into or propoRead more
A Director shall not be reckoned for Quorum in respect of an item in which he is interested and he shall not be present, whether physically or through Electronic Mode, during discussions on such item.
For this purpose, a Director shall be interested in a contract or arrangement entered into or proposed to be entered into by the company:
(a) with the Director himself or his relative; or 42 FAQ’s on the Companies Act, 2013
(b) with any body corporate, if such Director, or such Director along with other Directors holds more than two percent of the paid-up share capital of that body corporate, or he is a promoter, or manager or chief executive officer of that body
corporate; or
(c) with a firm or other entity, if such director or his relative is a partner, owner or member, as the case may be, of that firm or other entity.
It is the duty of the Company Secretary to attend all Board, Committee and General Meetings as mentioned in section 205 of the Companies Act, 2013 read with Rule 10 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Accordingly, Yes, it is mandatory for CS to attendRead more
It is the duty of the Company Secretary to attend all Board, Committee and General Meetings as mentioned in section 205 of the Companies Act, 2013 read with Rule 10 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
Accordingly, Yes, it is mandatory for CS to attend all the board meetings.
KMPS means a managing director, a whole time director or manager, a chief executive officer, a company secretary, and a Chief Financial officer. It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secrRead more
KMPS means a managing director, a whole time director or manager, a chief executive officer, a company secretary, and a Chief Financial officer.
It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secretary and Chief Financial officer in Form no. MR.1 as prescribed in Rule 3 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Further, particulars of appointment of KMP and any change among them are also required to be filed in Form DIR-12.
In my view, he can be appointed only in one subsidiary company although It's not clear anywhere in the act, but if we see the provision of section 203 (3) of the Companies Act, 2013, which says that a Wholetime KMP of a company shall not hold office in more than one company except in its subsidiaryRead more
In my view, he can be appointed only in one subsidiary company although It’s not clear anywhere in the act, but if we see the provision of section 203 (3) of the Companies Act, 2013, which says that a Wholetime KMP of a company shall not hold office in more than one company except in its subsidiary company.
This section strictly restricts a person from holding office in more than one company, while at the same time enables a person to hold office in its subsidiary company, and ideally, he may be appointed in only one subsidiary.
Yes, a person can be a Managing Director in two companies. As per the third proviso to section 203(3) of the Companies Act, 2013, a company may appoint or employ a person as its MD, if he is the MD or Manager of one and not more than one other company with the consent of all directors present at theRead more
Yes, a person can be a Managing Director in two companies.
As per the third proviso to section 203(3) of the Companies Act, 2013, a company may appoint or employ a person as its MD, if he is the MD or Manager of one and not more than one other company with the consent of all directors present at the meeting.
Section 197 of the companies Act prescribes certain limits and compliance on the remunerations of directors, including the Managing Director, Whole Time Director, and manager. Schedule V provides conditions with regard to appointment and remuneration of Managing director, whole-time Director and manRead more
Section 197 of the companies Act prescribes certain limits and compliance on the remunerations of directors, including the Managing Director, Whole Time Director, and manager. Schedule V provides conditions with regard to
appointment and remuneration of Managing director, whole-time
Director and manager.
In view of the above, the provisions related to the managerial remuneration are not applicable to all KMPs but they are applicable only to such managerial personnel as mentioned in Section 197 and Schedule V to the Companies Act, 2013. Therefore, CS and CFO not being managerial personnel as mentioned in Section
197, hence, the provisions of Section 197 will not apply on them.
Hi The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. It was brought into effect from 1st January 2021 for tRead more
Hi
The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.
It was brought into effect from 1st January 2021 for the users having aggregate turnover of up to INR 5 crores in the previous financial year.
Previously, taxpayers were required to file GSTR-1 and GSTR-3B monthly, but with the QRMP scheme, they can file returns once a quarter.
Once the user opts for this scheme, He will continue to be in this scheme unless he crosses the turnover threshold or opt-out of it.
Use can opt-in/out of the QRMP scheme by visiting the GST portal by clicking Login > Services > Returns. Then, click the Opt-in for quarterly return option.
RBI issued guidelines for the opening of multiple operating accounts by borrowers, both current accounts, as well as cash credit (CC)/overdraft (OD), accounts to curb diversion of funds and fraud with banks. By these guidelines, banks will be having complete information of the banking exposure of thRead more
RBI issued guidelines for the opening of multiple operating accounts by borrowers, both current accounts, as well as cash credit (CC)/overdraft (OD), accounts to curb diversion of funds and fraud with banks. By these guidelines, banks will be having complete information of the banking exposure of the clients and can easily access their potential and credit limit for further credit. It will not only strengthen their banking system but also will reduce the chances of NPA and bad loans. However, Now banks have to create such infrastructure to implement these guidelines.
These Guidelines are as under:
Borrowers who have availed credit facilities: no bank can open current accounts for customers who have availed of credit facilities from the banking system. All transactions should be routed through the CC/OD account.
Borrowers who have not availed of CC/OD facility from any bank: if a bank has less than 10 % of the borrower’s credit exposure, then debits to the CC/OD account can only be for credit to the CC/OD account with a bank that has 10 % or more of the credit exposure. By this restriction on debits from smaller accounts, the RBI intends to check the diversion of funds and keep the banking activity within the key consortium lenders to the borrowers.
Borrowers who have not availed of CC/OD facility from any bank: For these customers, banks may open current accounts if the banking exposure of this customer is less than Rs 50 crore. Here, current accounts of borrowers can only be opened/maintained by the escrow managing bank.
Mutual rights and duties of partners and mutual rights and duties of LLP and its partners are governed by the LLP Agreement between the partners, or between the LLP and its partners. In case the LLP Agreement is silent on any matter, provisions in the First Schedule to the LLP Act relating to that mRead more
Mutual rights and duties of partners and mutual rights and duties of LLP and its partners are governed by the LLP Agreement between the partners, or between the LLP and its partners. In case the LLP Agreement is silent on any matter, provisions in the First Schedule to the LLP Act relating to that matter will apply.
All the partners of LLP are entitled to share equally in the capital, profits, and losses of the LLP. However, they are free to decide the ratio in which they will share profits. Accordingly, they can decide to share profit but not the losses as per the conditions of agreement.
Yes, An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity. Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securitiesRead more
Yes,
An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity.
Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securities.
What are the matters in respect of which a director shall not be reckoned for quorum?
A Director shall not be reckoned for Quorum in respect of an item in which he is interested and he shall not be present, whether physically or through Electronic Mode, during discussions on such item. For this purpose, a Director shall be interested in a contract or arrangement entered into or propoRead more
A Director shall not be reckoned for Quorum in respect of an item in which he is interested and he shall not be present, whether physically or through Electronic Mode, during discussions on such item.
See lessFor this purpose, a Director shall be interested in a contract or arrangement entered into or proposed to be entered into by the company:
(a) with the Director himself or his relative; or 42 FAQ’s on the Companies Act, 2013
(b) with any body corporate, if such Director, or such Director along with other Directors holds more than two percent of the paid-up share capital of that body corporate, or he is a promoter, or manager or chief executive officer of that body
corporate; or
(c) with a firm or other entity, if such director or his relative is a partner, owner or member, as the case may be, of that firm or other entity.
Is it compulsory for Company Secretary to attend all Board, Committee and General Meetings?
It is the duty of the Company Secretary to attend all Board, Committee and General Meetings as mentioned in section 205 of the Companies Act, 2013 read with Rule 10 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Accordingly, Yes, it is mandatory for CS to attendRead more
It is the duty of the Company Secretary to attend all Board, Committee and General Meetings as mentioned in section 205 of the Companies Act, 2013 read with Rule 10 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
Accordingly, Yes, it is mandatory for CS to attend all the board meetings.
See lessIs it mandatory to file the return of appointment of KMPs appointed in terms of Section 203?
KMPS means a managing director, a whole time director or manager, a chief executive officer, a company secretary, and a Chief Financial officer. It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secrRead more
KMPS means a managing director, a whole time director or manager, a chief executive officer, a company secretary, and a Chief Financial officer.
It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secretary and Chief Financial officer in Form no. MR.1 as prescribed in Rule 3 of the Companies
See less(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Further, particulars of appointment of KMP and any change among them are also required to be filed in Form DIR-12.
Can the KMP of holding company be appointed in only one subsidiary or in all subsidiaries of holding company at the same time?
In my view, he can be appointed only in one subsidiary company although It's not clear anywhere in the act, but if we see the provision of section 203 (3) of the Companies Act, 2013, which says that a Wholetime KMP of a company shall not hold office in more than one company except in its subsidiaryRead more
In my view, he can be appointed only in one subsidiary company although It’s not clear anywhere in the act, but if we see the provision of section 203 (3) of the Companies Act, 2013, which says that a Wholetime KMP of a company shall not hold office in more than one company except in its subsidiary company.
This section strictly restricts a person from holding office in more than one company, while at the same time enables a person to hold office in its subsidiary company, and ideally, he may be appointed in only one subsidiary.
See lessCan a person be Managing Director in two companies?
Yes, a person can be a Managing Director in two companies. As per the third proviso to section 203(3) of the Companies Act, 2013, a company may appoint or employ a person as its MD, if he is the MD or Manager of one and not more than one other company with the consent of all directors present at theRead more
Yes, a person can be a Managing Director in two companies.
As per the third proviso to section 203(3) of the Companies Act, 2013, a company may appoint or employ a person as its MD, if he is the MD or Manager of one and not more than one other company with the consent of all directors present at the meeting.
See lessWhether provisions related to the Managerial Remuneration are applicable on all KMPs?
Section 197 of the companies Act prescribes certain limits and compliance on the remunerations of directors, including the Managing Director, Whole Time Director, and manager. Schedule V provides conditions with regard to appointment and remuneration of Managing director, whole-time Director and manRead more
Section 197 of the companies Act prescribes certain limits and compliance on the remunerations of directors, including the Managing Director, Whole Time Director, and manager. Schedule V provides conditions with regard to
appointment and remuneration of Managing director, whole-time
Director and manager.
In view of the above, the provisions related to the managerial remuneration are not applicable to all KMPs but they are applicable only to such managerial personnel as mentioned in Section 197 and Schedule V to the Companies Act, 2013. Therefore, CS and CFO not being managerial personnel as mentioned in Section
See less197, hence, the provisions of Section 197 will not apply on them.
What is quarterly return and monthly payment scheme under GST and benefit for assessee?
Hi The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. It was brought into effect from 1st January 2021 for tRead more
Hi
The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.
It was brought into effect from 1st January 2021 for the users having aggregate turnover of up to INR 5 crores in the previous financial year.
Previously, taxpayers were required to file GSTR-1 and GSTR-3B monthly, but with the QRMP scheme, they can file returns once a quarter.
Once the user opts for this scheme, He will continue to be in this scheme unless he crosses the turnover threshold or opt-out of it.
Use can opt-in/out of the QRMP scheme by visiting the GST portal by clicking Login > Services > Returns. Then, click the Opt-in for quarterly return option.
See lessWhat are the implications of RBI guidelines on current account
RBI issued guidelines for the opening of multiple operating accounts by borrowers, both current accounts, as well as cash credit (CC)/overdraft (OD), accounts to curb diversion of funds and fraud with banks. By these guidelines, banks will be having complete information of the banking exposure of thRead more
RBI issued guidelines for the opening of multiple operating accounts by borrowers, both current accounts, as well as cash credit (CC)/overdraft (OD), accounts to curb diversion of funds and fraud with banks. By these guidelines, banks will be having complete information of the banking exposure of the clients and can easily access their potential and credit limit for further credit. It will not only strengthen their banking system but also will reduce the chances of NPA and bad loans. However, Now banks have to create such infrastructure to implement these guidelines.
These Guidelines are as under:
For details guidelines, the following link can be referred to: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12137&Mode=0
See lessClause of LLP Deed for distribution of only profits to sleeping partner
Mutual rights and duties of partners and mutual rights and duties of LLP and its partners are governed by the LLP Agreement between the partners, or between the LLP and its partners. In case the LLP Agreement is silent on any matter, provisions in the First Schedule to the LLP Act relating to that mRead more
Mutual rights and duties of partners and mutual rights and duties of LLP and its partners are governed by the LLP Agreement between the partners, or between the LLP and its partners. In case the LLP Agreement is silent on any matter, provisions in the First Schedule to the LLP Act relating to that matter will apply.
All the partners of LLP are entitled to share equally in the capital, profits, and losses of the LLP. However, they are free to decide the ratio in which they will share profits. Accordingly, they can decide to share profit but not the losses as per the conditions of agreement.
See lessCan a LLP firm trade in share & commodity markets, as it’s activity?
Yes, An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity. Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securitiesRead more
Yes,
An LLP can have an activity of Trade in Stock and Securities. There is no bar in the LLP Act, 2008 for having this activity.
Further, as per section 451(c) of the RBI Act, an LLP is considered a financial institution and allowed to do investment activities by investing in marketable securities.
See less