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companies act 2013

Need to revisit the compulsory statutory audit requirement for all companies: NFRA

NFRA has issued Consultation Paper to review the requirement of compulsory statutory audit and compliance with auditing standards for all companies....

Applicability of Internal Audit - Companies Act 2013

Section 138 and Rule 13 of the Companies (Accounts) Rules provides for internal audit in specified companies. Know more about the applicability of internal audit....

348 Nidhi companies fail to comply with declaration criteria - MCA

Stakeholders are advised to verify the antecedents of the company functioning as a Nidhi company and ensure that the company has been declared as a Nidhi Company by the Central Government ...

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by compani...

Issue of Sweat Equity Shares as per Companies Act, 2013

Companies issuing sweat equity shares need to comply with provisions of section 54 of the Companies Act 2013 and rules made thereunder...

Ordinary Resolution

As per section 114(1) of Companies Act 2013, A resolution shall be an ordinary resolution if the votes cast in favour of the resolution exceed the votes cast against it...

Board resolution for opening bank account

RBI KYC norms provide a list of documents mandatory to open a bank account in India. Draft of Board resolution for opening a current bank account...

Buyback of shares under Companies Act 2013

Section 68 of Companies Act, 2013 governs the provisions of buyback of shares in India. Buyback can be made out of free reserves.....

Issue of Bonus Shares under Companies Act 2013

Bonus issue means an issue of additional shares at no cost to current shareholders. Issue of bonus shares is governed by section 63 of the companies act 2013....

DIN Identification Number

DIN is an 8-digit unique identification number allotted to an individual who is appointed as a director of a company. Steps to apply Director Identification Number...

Bonus issue journal entry

Journal entries for the issue of fully paid-up bonus shares. Accounting treatment of bonus issue by converting partly paid shares into fully paid share.....

Board Resolution for closure of bank account

Where Company's management thinks it is necessary to close the current bank account of a company then a resolution would be passed in the Board meeting...

Board Resolution for Appointment of Additional Director

Section 161 prescribes the provisions of appointment of Additional Director. Additional Director can be appointed by passing a resolution in the Board meeting or by Circulation...

Draft of Board Resolution for recommending Bonus Issue

Issue of bonus shares must be recommended by Board in meeting. Here is a format of Board resolution for bonus issue....

Draft of resolution for appointment of internal auditor

Board resolution for appointment of internal auditor in a company should be filed Form MGT-14 with the concerned Registrar of Companies within 30 days...

Certain company law forms can be filled till 31.08.2021 without additional fees

General Circular No. 11/2021 dated 30.06.2021 granted additional time up to 31st August 2021 to companies/ LLPs to file certain forms under Companies Act 2013...

FAQs on SPICe+ forms

While SPICe is an eform, SPICe+ is an integrated Web form offering 10 services by three Central Govt Ministries & Departments and one State Government....

Applicability of Internal Financial Controls (IFC)

Ministry of Corporate Affairs (MCA) vide notification has exempt specified private limited companies from the applicability of reporting over internal financial controls....

Buyback journal entry

Journal entries for buyback of shares. A company shall create a capital redemption reserve to the extent of the shares bought back....

Capital Redemption Reserve Account

Section 69 of the Companies Act requires a certain amount to be transferred to the capital redemption reserve account if the company buy-back its own shares....

Securities Premium Account

if the share issue price is higher than face value, the excess amount shall be transferred to a securities premium account. Know more about security premium...