Interim Administrator and his functions of the Company

The Tribunal, so as to as certain whether it is possible to revive and rehabilitate of the interim administrator of  the sick company, shall within 7 days from the date of receipt of the application under Section 254 of the 2013 Act- Fix a date of hearing, which shall not be later than 90 days from the date of receipt of the application under section 254 of the 2013 Act. The 2013 Act does not provide for any extension in…

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Enforcement of Security Interest- Company Registration in Bangalore

Company Registration in Bangalore – Enforcement of Security Interest is what we are discussed in this article. Enforcement of Security Interest In exercise of the powers conferred by sub-section (1) and clause (b) of sub-section (2) of section 38 read with sub-sections (4),(10) and (12) of section 13 of the Securitization and reconstruction of Financial asserts and Enforcement of Security Interest (Second) Ordinance, 2002, the central government makes the following Rules. Short title and commencement of security interest These rules may…

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Rectification of Register of Members – Company Registration in Bangalore

When a request for company registration of transfer or transmission of shares or other rectification securities issued by a private company is refused by its Board of Directors. Whether such refusal is in pursuance of any power of the company under its articles or otherwise the private company should within a period of thirty days from the date on which the instrument of transfer, or the intimation of such transmission, as the case may be, was delivered to the company,…

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Rights and Duties of the Auditor of the Registered Company

Introduction Section 143(1) which specifies powers and duties of auditors and auditing standards is applicable to all the companies alike, whether public or private companies. Sub-section (1) of section 128 provides that the books of account should give a true and fair view of the state of affairs of the company or its branch, as the case may be, and explain its transactions. The books should keep on accrual basis and according to double entry system of accounting. Section 128…

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All you need to know about internal Audit of the company

All you need to know about internal Audit of the company The concept of internal audit was not expressly provided in the 1956 Act, and it did not make it compulsory for any company or type of companies to have an internal audit system. However, the importance of internal audit had been well acknowledgement in Companies (Audit Report) order, 2003, by requiring the auditor of certain classes of companies to comment on this area. According to the order, the statutory…

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Winding up of the registered company under the companies Act, 2013

Winding up of the registered company under the companies Act, 2013 The company may, on a petition under section 272, be winding up by the Tribunal,- If the company is unable to pay its debts; If the company has, by special resolution, resolved that the company be wound up by the tribunal; If the company has acted against the interests of the sovereignty and integrity of India, the security of the state, friendly relations with foreign states, public order, decency…

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Amendments to NBFC Regulations – Company Registration in Bangalore

Amendments to NBFC Regulations – Company Registration in Bangalore There have been certain developments in the recent past in the prudential standards for the banking system pertaining to the period for which a non-performing asset remains a sub-standard asset or period after which a sub-standard asset would become a doubtful asset. Reserve Bank of India has also issued guidelines for financing of infrastructure projects by scheduled commercial banks and All-India Financial Institutions. In order to align the prudential norms applicable…

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Policy on Provision of Undertaking Facilities – Company Registration in Bangalore

Company Registration in Bangalore – Policy on provision of undertaking facilities of the company is what we are going to discussed below. General Policy An Originator or a third party service provider may act as an underwriter for the issue of securities by SPV and treat the facility as an underwriting facility for capital adequacy purposes subject to the following conditions. In case any of the conditions is not satisfied, the facility will be considered as a credit enhancement policy…

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Future Approach towards Frauds – Company Registration in Bangalore

As you are aware of the frauds, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications of the company registration. The instructions issued on the captioned subject as updated on June 30, 2014 are reproduced in the Master Circular enclosed. The master circular has also been placed on the RBI website. Introduction Incidence of Frauds in NBFCs is a matter of concern. While the primary responsibility for preventing…

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Acceptance of Public Deposits – Company Registration in Bangalore

Restriction on Acceptance of Deposits No housing finance company shall accept or renew public deposits unless the housing finance company has obtained minimum investment grade rating for its fixed deposits form any one of the approved rating agencies for Company Registration  at least once a year and a copy of the rating is sent to the National housing bank and it is complying with all the prudential norms, provided that: A housing finance company having obtained credit rating for its…

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