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Query Posted : 675
Query Replied : 675
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  • Rotation of Auditors
    by SUDHAKAR KASU on Monday, February 27, 2017  at 05:06 PM

    whether Rotation applies if Holding company does not comes under Rotation,Subsidiary company comes under Rotation and I am the Auditor of the Holding Company? Can i continue as an Auditor of Holding Company and can i sign Consolidated balance sheet.

  • Company Law committee highlighting on existing provision only
    by Srinivasan Raman on Monday, February 20, 2017  at 08:50 AM

    The recommendatory Report of Company Law committee (February 2016), comments ON EXISTING POSITION OF LAW on audit rotation in Para 10.6, the Committee noted that only large private companies with a paid up capital of Rupees Twenty Crore or more were required to follow this provision. They are not recommending and only explaining existing provisions. FYI. Thanks.

  • Audit rotation query casually replied
    by Srinivasan Raman on Saturday, February 18, 2017  at 10:06 PM

    Plain reading of rule 5 does not require guidance. For Audit rotation u/s 139(2), it refers as "public borrowings from financial institui....or public deposits. Short-term WCP borrowings repayable on demand is public borrowing? "Moreover, the recommendatory Report of Company Law committee (February 2016), comments on audit rotation in Para 10.6, the Committee noted that only large private companies with a paid up capital of Rupees Twenty Crore or more were required to follow this provision.

  • Audit Rotation
    by Srinivasan Raman on Friday, February 17, 2017  at 08:42 PM

    Kindly clarify whether audit rotation is applicable for a Private Limited Company which is having a Working capital limit of Rs.60 Crores from Bank, with the paid up capital is only Rs.4.00 Crores. It is a standalone company with no holding or subsidiary company affiliations. R. Srinivasan

  • Lease of Investment Property
    by Kamal Garg on Friday, February 17, 2017  at 12:09 PM

    Dear Sir ABC Limited has invested in some buildings with the objective of earning rentals by providing such buildings on lease. Whether its a contravention of section 187 if its being given in the nature of finance lease

  • Sale of immovable property by Private Limited Company
    by Rohit on Thursday, February 16, 2017  at 03:38 PM

    Dear Sir, My query is, "Shall passing of Ordinary Resolution is sufficient in case of selling of immovable property by Private Limited Company or Special Resolution shall be required for the same under the Companies Act, 2013." "Also what are the other governing provisions for sale of immovable property by Private Limited Company under the Companies Act, 2013."

  • Special Proviso in Articles
    by Chinnappa Gounder Thirumurthy on Wednesday, February 15, 2017  at 03:50 PM

    The Co is licensed under Sec 25 & at that time the AOA as approved by RD read as under: "Quorum shall be half of the total strength or five whichever is higher provided atleast half of those present are also members of the Company." The Co has not yet opted for approval for adoption of new set of AOA under CA 2013. As per Notification 5.6.2015 Sec 174(1)(a) read as under: 8 Members or 25% of its total strength whichever is less provided the quorum shall not be < 2 members. CA 2013 prevail?

  • Allotment of Shares
    by Kaushik on Thursday, February 09, 2017  at 01:38 PM

    ABC Pvt Ltd is start up. investment banker (IB) will arrange investors for company. Investor will pay 1 % commission to IB. Company will not pay commission. Investor will pay Rs. 50 lac to co. Commission due to IB frm investor is Rs. 50,000. 1) Can co. allot shares of 49.50 lac to investor & Rs 50,000 to IB, as commission on behalf of investor. 2) If yes what is relevant section. 3) what is the procedure 4) If not section prohibiting.

  • Voluntary Windingup
    by Rama Chandra on Wednesday, February 08, 2017  at 01:39 PM

    Dear Sir, As you are aware the provisions of Voluntary Winding Up under the Companies Act, 2013 have been deleted by the Insolvency and Bankruptcy Code, 2016. However Section 59 of the Code has not yet been notified. My query in this background is as follows: (1) Should the procedure under the Companies Act, 1956 be followed.

  • MOA Alteration
    by GIRIDHARAN R on Thursday, February 02, 2017  at 07:13 PM

    Whether MOA need to be altered separately as per the provisions of this Act following section 61 or the Scheme of Reduction of Capital itself is single window for alteration of MOA. Pls give case law, if any

  • Vacation of office of director
    by Kalpesh on Tuesday, January 24, 2017  at 03:47 PM

    Sir, Mr. Ram is a director of ABC Ltd. Mr. Ram attended 71st board meeting of ABC Ltd. held on 5th December, 2015, but since then Mr. Ram has not attended any board meeting of ABC Ltd till today. 72nd board meeting of ABC Ltd. was held on 23rd March, 2016. Whether one year period for vacation of office of Mr. Ram, as mentioned in section 167(1)(a), should be counted from 71st board meeting or 72nd board meeting?

  • Appointment and Removal of auditor
    by Karan on Wednesday, January 18, 2017  at 11:00 AM

    Sir, ex-auditor has duly signed his resignation letter and his resignation has been recorded in minute and new auditor has been appointed in his place. But ex auditor is not ready to file his ADT-3 to MCA for his resignation. Now New auditor will not able to file his appointment i.e. ADT-1 to MCA. In that case, what should be do?

  • Getting appointed as Managing Director
    by Kaushik on Monday, January 16, 2017  at 12:14 PM

    I am a Doctor and having full time practice at my hospital. I want to get appointed as Managing Director of private limited company engaged in medical and hospital business. Whether i am allowed to simultaneously run my practice as doctor and get appointed as managing director.

  • Meaning of Notice of Admission
    by Kamal Garg on Tuesday, January 10, 2017  at 11:32 AM

    Dear Sir What is the meaning of Notice of Admission used in Rule 34 of NCLT Rules (Form NCLT 2) and Creditors Responsibility Statement used in Section 230(2)

  • Form STK 2
    by Kamal Garg on Sunday, January 08, 2017  at 07:29 PM

    Dear Sir What is difference between special resolution and 75% consent mentioned in this statement in Form STK 2 Form STK 2 shall be accompaied by a copy of the special resolution duly certified by each of the directors of the company or consent of seventy five per cent of the members of the company in terms of paid up share capital as on the date of application

  • Issue of shares by public company to 500 shareholders
    by Abhay Chhajed on Sunday, January 08, 2017  at 09:07 AM

    we are planning to Incorporate public limited company with 10 shareholders. we than plan to increase the shareholders to 500 by issue of new shares. co will be unlisted. 1. whether we can allot new shares to 500 members. 2. what is the procedure 3. what are sebi restrictions

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