Statutory Registers of Members under Companies Act, 2013

Registers of Members under Companies Act, 2013 Introduction Section 88 read with rule numbers 3 to 8 of the Companies (Management and Administrative) Rules, 2014. Requirement Every company limited by shares has to keep and maintain a register of members in one or more books in Form No. MGT.1. (Section 88 read with Rule no 3(1)). In case of company without share capital following particulars in respect of each member namely: Name of the member; address (registered office address in…

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Retirement of Registered Company’s Director by Rotation

Retirement of Company’s Director by rotation This following article will provide you a clear summary of appointment of first directors, Retirement of Directors by rotation and filing of consent and requirement of Director Identification Number with respect to sections 254, 255, 256 and 264 of the Companies Act, 1956. The first directors of the company are generally named in the Articles of the company. Section 254 of Companies Act, 1956 Section 254 of the 1956 Act provided that if there…

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Appointment of Whole-time Director of the company

Appointment of Whole-time Director of the company Clarification issued under Companies Act, 1956 : It must be noted that the clarification below issued under the 1956 Act is relevant under the 2013 Act. Explanation to section 188(1) of the 2013 Act states that a director shall be held to be holding an office or place of profit where the appointment of director receives from the company anything by way of remuneration over and the above the remuneration to which he is…

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All you need to know about Subsidiary Companies

All you need to know about Subsidiary Companies Section 212 of Companies Act, 1956 – Scope of Section The section is applicable to all holding companies, having a subsidiary or subsidiaries. It casts an obligation on the holding companies to attach to their balance-sheets certain documents as specified in sub-section (1). A subsidiary company is an entity distinct from the holding company and does not owe any obligation to the shareholders of the holding company regarding disclosure of its financial position.…

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Removal of Auditor by the Company

Removal of Auditor by the company – Companies Act, 2013: Section 140 Overview : Section 140 was notified on 26 March 2014. This section is effective from 1 April 2014 except the second provision to sub-section (4) and sub-section (5). This section corresponds to section 225 of the 1956 Act and provides for provisions for removal of an auditor by the company, before the expiry of his term and is similar to the requirements of the Companies Act, 1956 except for the…

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