help for 1st director

sir,
a pvt ltd company was formed in 2002.

a factory was bought in navi mumbai under this company. then above said company is also SSI register & stamp duty also paid.

but now 2nd director is running the show alone under his own proprietary firm & denying the right of 1st director also.

as 1st director is suffuring for sever joint pains & having money problem too.

company is only formed for name directors are not having there own pan/din or any other documents on there indivisual name only formation is there.

2nd director is having lots of credit cards loans going on this add.

in this matter how can you help us ? which will be easy & cheap way to remove the 2nd director
thanks
kaustubh

138 N I Act.

hello,

I have presented a complaint u/s 138 N I Act. from Bank of india. after some time bank manager transffered... is new manager is competant to appear before the court in such case???

COMPLAINT IN CLB

DEAR SIR,

I HAVE AROUND 8% OF THE TOTAL EQUITY IN A PUBLIC LIMITED COMPANY. I AM NOT BEING ALLOWED TO ENTER THE PREMISES OF THE FACTORY AND ALSO I HAVE GIVEN A LOAN OF RS 10 LACS TO THE COMPANY.

PLAESE GUIDE ME WHETHER I CAN APPROACH THE COMPANY LAW BOARD OR HOW CAN I GET MY MONEY INVESTED IN SHARES AND LOAN GIVEN BACK

VIKAS

fixed deposit...

how to vacate the office of director

Dear Sir/Madam,
Kindly let me know what is the procedure for vacating the office of director of a private limited company in india.
Any information on this subject will be highly appreciated.
Regards,
Ashwani

Opening of Branch

Plz. tell me that after taking a registration under Haryana Vat(sales Tax)on the Name and address of Head Office, Can a Person Open an other Branch on an other place on the Basis of Head office Registartion.

And He also want to issue the all Bills of Head off. and of Branch off. by mention(Print) address of both offices and only one TIN no.(of head office, becau. he will not take other Registr. for Branch).

...........URGENT..............

Starting New Business

Plz. Guide me in points that what are the legal liabilities to start a Mobile Selling Shop in Faridabad ( haryana)?

Like 1. Registration under Shop Act
2. Registration under Sales Tax Act
3. Registration under SSI
4. Any other Registration under any other authority.


Plz. tell me in brief that when each Registration will be applicable and where it will be and what Documents will be Required. And how will be each ?

Starting New Busi.

Hello ! all Seniors,
would U Plz. tell me that One Person who want to start a new shop for selling Mobiles and Other related things, then where he will have to take Registration under Shop Act or any other type Regist. which will be Requir.

also tell me that where and How he can take such said Regist. and what will be the Benefit of that Registr. and will this Regist. be Compulsory for him.

can this Registr. be present against any authority at the time of any Dispute with any person or any other authority

Role of Surveyors in General Insurance

Please give the case laws on the importance of Surveyors in General Insurance Industry.

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