business registration in Bangalore

Powers of Registrar to call for information – Company Registration in Bangalore

Powers of Registrar to call for information Register a company is important thing while you are doing business. Here we are going to discuss the powers of Registrar of the company registration process. As per Section 234 of the 1956 Act, the Registrar had powers to call for information only in respect of documents which a company was required to submit to him and not in respect to any other documents or matter, though it was likely that every matter…

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Position of Private Companies – Company Registration in Bangalore

Position of private companies In the case of a private company which is not a subsidiary of a public company, the articles may provide for the appointment of all or any of its directors in such manner as may be provided therein. It is not necessary that any of them should be appointed by the company in general meeting. But where the articles do not provide otherwise, the directors are to be appointed in general meeting. In view of section…

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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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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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Corporate Debt Restructuring(CDR) Mechanism – Company Registration in Bangalore

Background of Corporate Debt Restructuring (CDR) Mechanism The Reserve Bank of India had undertaken a review of the working of the Corporate Debt Restructuring (CDR) Mechanism in the month of August, 2004 and a special group was constituted in September, 2004 by the Deputy Governor, RBI as chairperson to review and suggest changes or improvements, if any, in the CDR mechanism. Based on the recommendations of special groups, Corporate Debt Restructuring (CDR) guidelines have been further revised. The changes to…

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