business registration in Bangalore

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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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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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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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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Sweat Equity Shares – Company Registration in Bangalore

Sweat Equity Shares Under section 79 A of the 1956 Act equity shares can be issued to employees or directors of a company at a discount or for consideration other than cash, in recognition of their contribution for providing know-how or making available intellectual property rights or value additions to the benefit of the company. The contribution made by the employees/directors generate increased profits to the company for a number of years and sweat equity provides a new form of…

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Alteration of Objects – Company Registration in Bangalore

Alteration of Objects Section 17(1) of the 1956 Act contained clauses (a) to (g) specifying purposes for which the object clause in the memorandum could be altered. The 2013 Act has not specified any purpose for which the object clause or any other clause of the memorandum could be altered, thus leaving the same to the wisdom of the shareholders. The only restriction or additional conditions to comply with or specified in the case of the company wishing to alter…

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Retiring Directors – Company Registration in Bangalore

Meaning of Retiring Directors Expressions “retiring directors”, “rotational directors” and “rotating directors” are frequently used synchronously to convey the same meaning. In Section 256 and section 257 “retiring director” means a director retiring by rotation. This refers to a director appointed by the company in general meeting and retiring by rotation at such meeting provided by section 256. Persons appointed as additional directors under section 260, persons appointed to fill casual vacancies under section 262, persons appointed as alternate directors…

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Do you wish to commence a new business – Company Registration in Bangalore

Do you wish to commence a new business? The memorandum of every new company shall state the objects for which the company is proposed to be incorporated and any matter considered necessary in furtherance thereof; In case of companies in existence immediately before the commencement of the 2013 Act, its objects clause may continue to state the objects in three categories viz., a) the main objects of the company which the company will pursue on its incorporation; b) the objects…

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Powers and Duties of Company Secretary – Company Registration in Bangalore

Functions of Company Secretary under the Companies Act Apart from the statutory duties enumerated above, the secretary is required to send notices of the meetings of the Board of Directors and the general meetings. The company secretary is also required to maintain minutes of the meetings and several registers as also file various returns prescribed under the Act with the Registrar and is also responsible for ensuring compliance of the various provisions of the Act including to seek approval of…

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