sneha
16 July 2009 at 11:13
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??
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
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types of work with one company
can any one tell me that how many different types of work can we do from one company.I want to do computer software and civil construction work with my one company is it possible then how and also help me for MOA and AOA of the company.what will be the main object to fill form 1A..