Dr.Gaurang N. Gandhi
23 November 2008 at 14:38
Provisions of FEMA to control Export and Import
Guest
22 November 2008 at 12:15
If an Indian entity transfers shares to Foreign Company, is it mandatory for the company to ensure that FC-TRS is filed b4 approving the Transfer at Board Meeting or the Company is not concerned with that? Tz in Adv.
NITIN PRMAOD JAIN
19 November 2008 at 15:41
What is the difference between Amalgamation and Merger and send me it total process ?
Guest
19 November 2008 at 13:18
Is there any form to b filed in case of a shorter notice for EGM in Pvt Ltd Company? Notice dispatched on 19th Nov for EGM held on the same day
Guest
19 November 2008 at 13:11
I want to hold EGM at 2 pm today. Can anyone provide me a copy of Notice for the same (considering the fact that that would b a shorter notice; however 100% Shareholders will approve it). Also provide if anything to b mentioned in Minutes of the same. D same b treated as urgent. Tq.
Mukesh
19 November 2008 at 12:45
Hello,
I am Mukesh.
I want to register a "Freelance Group", which will take the work assignments from the market and provide the solution to the customer. The work will include Translation of documents (foreign language to English or vice versa), Interpretation, Outsourcing, Tour Escorting, Teaching foreign languages etc.)
Actually, I dont know much about the registration process. I want to register the Group in the name of my Brother. He will be the Owner of the Group and We (experts) will work under this. Would really appreciate if anybody guide me the process of registration and the cost.
Thanks & Regards,
Mukesh Gupta
Pritam Sharma
14 November 2008 at 15:20
As I understand this a criminal complaint.So the attorney should not be allowed the proceed the case.
praveen
12 November 2008 at 21:09
I have deposited Rs20000/- on 10/01/1994 for priority registration of a car with the manufacturing company's authorized dealer. The company claims to have send me a RECEIPT-CUM PRIORITY CARD(RCPM) but the same i have not received or i have misplaced no idea. This month i have sent an email to the company to give back my advance with reasonable interest, it had replied "As of today, as per our records, the booking remains unclaimed and treated it as lapsed claim.Now the amount claimed is barred by law of limitation and the company is not liable to refund the money."
mintu
10 November 2008 at 16:22
Sir
Kindly asvise me on following facts:
X Co. Ltd. is a public limited company having its object clauses like the following:
Main Object:
a.Manufacturing, branding, selling, etc cigarettes and other tobacco products.
b.Purchasing all materials needed to manufacture, brand, patent of the above products and all assets including plants and machinery needed.
Ancillary Objects:
a.Enter into any contracts, lease agreement, etc for the purpose of the main objects.
b.Manufacture, sale and otherwise disposal of any byproducts.
Other objects:
a.Manufacturing consumable food stuffs and selling the same.
b.Doing any other business that the company deems it profitable and beneficial to the company
Can a company have such a vague object such as "DOING ANY OTHER BUSINESS THAT THE COMPANY DEEMS IT PROFITABLE AND BENEFICIAL TO THE COMPANY" ?Please tell provision or caselaw if any.
Directors of the Board of the said company ask for your advice on the proposal of starting a Hotel business in Bangalore. Give a detailed advice to the company.
Thanking you
mintu kumar
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JPC Updates 24-11-08
Expectations from the auditor and the Companies Bill 2008
The Companies Bill 2008, now pending with Parliament has initiated certain significant steps towards accountability, transparency and rationalisation of measures relating to audit and accounts. Some significant measures have been addressed by the Companies Bill 2008. It’s heartening to see that some of these are broadly in line with similar international requirements.The Bill has notified a list of services as prohibited services that an auditor of a company can never provide. Further, the provision of prohibited services or deficiency in conducting the audit would expose an auditor to a hefty penalty and knowing or wilful contravention can additionally attract imprisonment for one year. Such a conviction would additionally require the auditor to refund all remuneration received by him to the company and become liable to make good the loss arising out of his incorrect / misleading report to any other affected person.I believe this clause itself in the near future would perhaps lead to a great shake up within the profession. In addition, for listed companies, a framework for internal control is required to be mandated by the board and an audit certification of such internal control is separately required. By definition, every annual financial statement must be accompanied by a report of the Committee on Directors’ Remuneration. Thus, payment to directors would come under focus.The Bill envisages that a Chartered Accountant (CA) audit firm may also have partners, who will not themselves be CAs. This seems in line with the ICAI movement towards enabling multi-disciplinary partnerships. In a very welcome move, the government has dropped Schedule VI from the Bill and consolidation of accounts has been mandated.These have been long awaited reform. Family-owned / closely-held businesses with complicated structuring, may find living in a regime of mandatory consolidation quite challenging. While this has been a significant initiative by the Ministry of Company Affairs, there are certain matters of detail and certain prima facie lapses in drafting of the Bill. To cite an example, contrary to international norms and existing Indian law, an auditor can now hold securities, up to prescribed levels, in the company he would audit. This appears to be a step backwards. There was a lot of disquiet on the existing law prohibiting the auditors’ indebtedness in excess of Rs 1000. Inexplicably, instead of relaxing this guideline, the threshold has been removed and any indebtedness at all has been prohibited. This would make it practically very difficult for firms to be appointed auditors of telecom, electricity and other utility companies, since normal monthly consumer bills would render an auditor ineligible. However, on a contrary note, the Bill states that an auditor can provide a guarantee or security for indebtedness of a third party and even have a business relationship with his audit clients up to prescribed limits.The Bill requires the auditor to report whether financial statements comply with ‘auditing standards’. This is a clear error since financial statements are drawn up as per ‘accounting standards’ and have nothing to do with auditing standards. There is a responsibility cast by the Bill on the auditor to provide in his report, “any qualification or adverse remark relating to the maintenance of accounts and any other matters connected therewith”.Now, the last bit of this clause is too openly worded specially for a situation where a wrong auditors’ report would lead to severe penal consequences. Continuing a previous drafting error, the Bill requires the auditors to report “the observations or comments of the Auditors, which have any adverse effect on the functioning of the Company”. It is extremely unlikely that observations of Auditors will have an adverse effect on the functioning of the Company! Per