Atul
15 July 2009 at 18:43
can a company become partner in a firm?
what are the pros & cons of this?
Prashant
14 July 2009 at 19:56
1.Two public ltd companies were formed. 2.The date of certificate of incorporation are 24-01-2008 & 08-05-2008 respectively.
3.The certificate of commencement of business has not been taken till today.
4.Subscribers to MOA & AOA are 6 individuals and 1 is listed public ltd company (say A Ltd). A Ltd subscribed for 49,994 shares out of 50,000 shares and rest of the individuals subscribed for 1 share each.
5.Till today neither from A Ltd nor from 6 individuals, money on account of share capital is received by these companies.
6.Further, while finalizing the annual accounts of A ltd, the above companies were not shown/disclosed as subsidiaries and there accounts were also not incorporated in the annual report eventhough there were no transactions/activites done since commencement certificate is not obtained.
So following queries are raised-
1.Does A Ltd really becomes the holding company eventhough it has not purchased share capital of these companies.
2.Now A Ltd does not want to be the subscribers to MOA & AOA simply because they do not want these companies to be its subsidiaries. So now what is the remedy?
3.Although share capital is not received, can A Ltd transfer the shares in others name & get rid of the status of holding company (if at all it becomes holding company)
4.What is the consequences, for not showing these two companies as subsidiaries in the annual report of A Ltd as on 31-03-09.
5.What are the compliances to be made for these two companies from the date of incorporation with respect to accounts, audit, AGM, board meeting etc.
6.Today also, they have not received share capital so then what accounts to be finalized and how to take AGM and what needs to be put up in AGM.
7.Further no commencement certificate is obtained. Can it receive share capital now.
Thanks in advance
Tipsy
14 July 2009 at 17:55
The Income Tax Registered and Income Tax Payer Partnership Firm M/s. Inox Services has Three Partnes viz. (1) Late Shri. Jashwant V. Parekh (2) Smt. Surekha.J. Parekh and (3) J..M.Parekh ( H.U.F ). Neither any Sons Nor any Daughter were partner in the same firm. The Managing Partner of the Firm was Late Shri. Jashwant V. Parekh
After his death, The Company viz. M/s. Inox Services is in DORMANT condition i.e. The Company has NO INCOME, but there are expenses of Accountant for Finalising of the Accounts ( whatsoever ) and filing of the Income Tax Return on year to year basis.
As I am not agreeing to that expenses DUE TO NO INCOME, therefore, I would like to close the Firm by dissolving the same and surrender the PAN Card issued to the firm.
My Accountant Mr. Sagar after finalizing the Balance Sheet for the F.Y. 2008-2009,
If you have any suggestions , Please guide
A V Vishal
14 July 2009 at 09:24
Dear experts,
In a judgement, the court had held that the father cannot be joined as a party to a suit u/s. 138 in which he had issued a cheque on behalf of his son for the son's debt. I am unable to recollect the Judgement name and the court which had passed it. If any one has knowledge of the said judgement kindly post it here.
i.vasudevan
12 July 2009 at 00:50
thank you vishal sir..
my friend ask me that question ... its for joining members and lending many to there there members and getting deposits...
how could we get the permission from RBI?
whats the procedure to get the permission
?
i.vasudevan
11 July 2009 at 23:44
i have one doubt,,, how the beneficial society running? what is the procedure to start beneficial society... under which Act it could be register?
Example:
like kilpauk beneficial sociaty ,, purasaivakkam benificial sociaty,,
Swami Sadashiva Brahmendra Sar
11 July 2009 at 18:30
whether the Arbitrator can award interest for pre-reference period and pendente lite, when the contract prohibits the employer from entertaining any claim for interest? would any friend kindly sum up the ratio of m/s sayeed ahmad v. state of UP decided by the supreme court on 09.07/2009?
Heaven 2011
10 July 2009 at 16:04
Dear Sir,
Kindly inform me if the Lessor gives 999 years lease to the lessee can the lessor provide unencombered right over the property to the lessee? If yes or no, why?
So far i can recall there is no such provision in this regard in the Transfer of Properties Act, 1882. Kindly guide.
With best regards,
Asish
Guest
10 July 2009 at 15:47
LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India, this need has long been recognised for businesses which may require a framework that provides flexibility suited to requirements of service, knowledge and technology based enterprises. Services sector is playing a major role in the national economy and there is a growing diversity in the range of services being offered. The services sector also finds this form very useful.
2. Government had introduced the Limited Liability Partnership Bill, 2006 in the Rajya Sabha on 15th December, 2006. It was later referred to the Department Related Parliamentary Standing Committee on Finance for examination and report. The Committee submitted its recommendations in its report to both Houses of Parliament on 27th November, 2007. Keeping in view the recommendations made by the Standing Committee and other relevant inputs, the Government had finalized the LLP Bill, 2008. Based on such report the Ministry of Corporate Affairs revised the LLP Bill and the revised LLP Bill, 2008 was introduced in the Rajya Sabha on 21st October, 2008. This was passed by the Rajya Sabha on 24th October, 2008. The Bill was passed by Lok Sabha on 12th December, 2008. The President gave assent to this Bill on 7th January, 2009.
3. The rules in respect of registration and operational aspects under the LLP Act, 2008 viz. LLP Rules, 2009, were issued on 1st April, 2009. The rules in respect of conversion of a partnership firm, a private company and an unlisted public company into LLPs were made effective w.e.f. 31st May, 2009. The Government has also launched a website namely, www.llp.gov.in on 1st April, 2009 for operationalization of various processes provided under the LLP Rules, 2009. The rules under LLP Act, 2008 in respect of winding up and dissolution of LLPs are also under preparation and would be prescribed shortly.
Taxation of LLPs
4. Since the taxation related matters in India are provided under Tax Laws, the taxation of LLPs was not provided in the LLP Act. The Finance Bill, 2009 has made provisions in this regard, pursuant to which the taxation scheme of LLPs has been proposed to be introduced in the Income Tax Act. It has been proposed to tax LLPs on the lines similar to general partnerships under Indian Partnership Act, 1932, i.e. taxation in the hands of the entity and exemption from tax in the hands of its partners.
The Finance Bill, 2009 has accorded a “limited liability partnership” and a general partnership the same tax treatment. Consequent changes in the Income-tax Act, 1961 like (i) the word ‘partner’ to include within its meaning a partner of a limited liability partnership, (ii) the word ‘firm’ to include within its meaning a limited liability partnership and (iii) the word ‘partnership’ to include within its meaning a limited liability partnership as these terms have been defined in the Limited Liability Partnership Act, 2008 have also been proposed in the Finance Bill, 2009.
5. It has also been proposed in the Finance Bill, 2009 that the designated partner shall sign the income tax return of an LLP, or, where, for any unavoidable reason such designated partner is not able to sign the return or where there is no designated partner as such, any partner shall sign the return. The Finance Bill has also proposed that in case of liquidation of an LLP, every partner will be jointly and severally liable for payment of tax unless he proves that non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part.
6. The Bill further provides that as an LLP and a general partnership is being treated as equivalent (except for recovery purposes) in the Income-tax Act, the conversion from a general partnership firm to an LLP will have no tax implications if the rights and obligations of the partners remain the same after conve
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Section 594 and penalty
a foreign company has been contravening Section 394 for the past 4 years due to ignorance of the law. Penalty under Section 598 states a maximum of Rs.10,000 and for continuing default Rs. 1000 per day. What is the maximum limit for this continuing default? or can the penalty go upto any amount??