Companies Amendment Bill 2017 -CS Executive Company Law

What is the 2017 Amendment Bill for Companies?

The 2017 Companies (Amendment) Bill, which aims to bring in substantive amendments to the 2013 Companies Act. It aims to enhance the quality of corporate governance, initiates stern action against defaulting companies, and help boost the country's ease of doing business...

Some of the key amendments introduced in Companies Amendment Bill, 2017 are:

Instead of affidavits, a declaration would be required for the incorporation of the company.

In the case of a new company, the name reservation is valid for 20 days from the date of approval, instead of 60 days from the date of application.

The Unlisted Company's Annual General Meeting (AGM) can be held anywhere in India.

Each company must have its registered office within 30 days of incorporation, rather than the current requirement to have its registered office within 15 days.

The ROC shall be informed of any improvement in the situation of the registered office within 30 days instead of 15 days, as currently given.

Sweat equity shares can be issued at any time when they can currently be issued after 1 year from the start of business.

In addition to Directors & KMP, business documents may also be authenticated as approved by any employee of the organization.

EGM will now be retained outside India by a wholly owned subsidiary (WOS) of a corporation incorporated outside India.

No Govt Central. The approval required for payment of remuneration above 11% of Net Profit is required.

Govt. key. Any other number may be given to be viewed as DIN-like Aadhar or PAN.

The obligation to file Form DIR 11 (Filing by the Director himself of a copy of a resignation to the ROC) has been made optional.

Eligibility to be calculated on the basis of the preceding "Financial Year" rather than "3 preceding Financial Year" for CSR.

The provision concerning the annual ratification of the members' appointment of an auditor is omitted.

The debit or credit balance of the profit and loss account is included in the estimation of the company's net worth.

Disclosures given in the financial statement are not expected to be replicated again in the report of the Board.

Learn more CS Executive topics here…

Inter-Corporate Loans, Investments, Guarantees, and Security? Section 186

Administrative Law – CS Executive Jurisprudence, Interpretation and General Laws

Now prepare smartly for CS EXECUTIVE with our CS Executive Course Via.. CS Executive online lectures Learn direct from your home/office. We here at Takshila Learning provide you the CS Executive Video Lectures, CS Executive Pen drive Classes along with CS Executive STUDY MATERIAL 2021 and CS Executive New Syllabus Study Material to help you prepare for your CS Executive Exam with the utmost ease.

Visit Takshila Learning for More Information About CS Executive Course

Call at 8800999280 / 8800999283 / 8800999284

Allotment of DIN (Director Identification Number)

Allotment of DIN (Director Identification Number) CS professional course : Section 153 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Qualification of Directors) Rules, 2014 Every individual intending to be appointed as a director as a director of a company shall make an application for allotment of Director Identification Number (DIN) to the Central Government in such form and manner and along with such fees as may be prescribed. Rule 9 of Companies (Appointment and Qualification of Directors) Rules, 2014 (1) Every Individual, who is to be appointed as a director of a company shall make an application electronically in Form DIR 3, to the Central Government for the allotment of a DIN along with such fees as provided in the Companies (Registration Offices and Fees) Rules, 2014. (2) The Central Government shall provide an electronic system to facilitate submission of an application for the allotment of DIN through the portal on the MCA21...

PURCHASED GOODWILL METHOD UNDER IND AS 103

The acquisition of subsidiaries results in Goodwill calculation and also records net assets of the subsidiary at fair value on the date of acquisition. Let’s get answers to all the questions related to Goodwill, valuation of NCI, and impairment relating to them. Q1 – What are the ways in which an entity can make payment for purchase consideration? ANS: – Cash – Share exchange – Deferred payment – Contingent consideration Q2 – How is deferred payment dealt, when it forms part of purchase consideration? ANS: The deferred payment is discounted to present value and included in the cost of consideration. At the end of each year, the liability is increased by unwinding the discount, until the payment is settled. For example, An amount of Rs. 108,000 was deferred to be paid after 2 years. The discount rate applicable is 8%. The net present value today of Rs. 108,000 is equal to (108,000 * 1) / (1.08) ^2)= Rs. 92,593 included in purchase consideration. A liability of Rs. 92,59...

Contract of Guarantee important topic for CS Professionals

Contract of Guarantee important topic for CS Professionals For CS Course , Takshila Learning is offering CS Professional online classes for students in an easy, convenient, and simple way through our portal www.takshilalearning.com . It helps students to grab the conceptual knowledge in a different but simple way. CS online classes for CS preparation are a collection of HD-quality recorded lectures with the detailed explanation of the content by experienced and well-known faculties. An interesting topic from Drafting – ‘ Guarantees ’ is discussed below: Guarantees Contract of Guarantee A “ contract of Guarantee ” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. A Guarantee may be either oral or written. Parties involved in the Contract Surety: The person who gives the guarantee is called the “surety”. Principal debtor: The person in respect of whose default the gua...

Takshila Learning - Online Tutorials

Search This Blog