February 12, 2024

POSH Act Compliance Checklist

Compliance checklist has been mandated by the Additional Deputy Commissioner of Gurugram, Haryana, under the POSH Act, which applies to all non-governmental organizations including companies, hospitals, banks, labs and schools, etc w.e.f December 20, 2023.  

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January 17, 2024

Removal of director by shareholder under the companies Act, 2013 (‘the act’)

APPLICABLE PROVISIONS   Section 169 and 115 of the Act   ESTIMATED TIMELINES   30-35 days     TYPE OF MEETINGS   Board meeting and General meeting FORMS TO BE FILED   DIR-12   PENALTY FOR NON-COMPLIANCE Any non-compliance with respect to above provisions shall be punishable with fine...

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January 2, 2024

Procedure for closure of Not for Profit (Section 8) Company

I. Under Companies Act, 2013 Part A: Convert Section 8 Company to Private or Public Company As per the Companies Act, if a Section 8 company intends to cease its operations, it is mandated to undergo a conversion process to a private or public company before initiating the closure....

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December 15, 2023

The Limited Liability Partnership (Third Amendment) Rules, 2023 – Effective from October 27, 2023

MCA has introduced a new mandate for all limited liability partnerships (LLPs) outlined briefly as follow: RULE AMENDMENTS TIMELINE TO COMPLY 22A Register of Partner · In Form 4A, register of Partners need to be maintained by LLP at their registered office.   · It must contain details of...

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November 27, 2023

Significant Amendments Under Companies Act, 2013

Major revamp of Companies Act enhancing accountability of ultimate beneficial interest in shares and significant move towards digitization making the demat of shares mandatory even for private companies.

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October 19, 2023

Maintaining Books of Accounts as per Companies Act 2013

Book of Accounts includes: – all sums of money received and expended by the company and explanation of the said transaction; all sales and purchases of goods and services by the company; the assets and liabilities of the company; the items of cost as may be prescribed under section...

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September 28, 2023

Differential Right Shares Under Companies Act 2013

The share capital of a company shall be of two kinds, namely: — (a) equity share capital— with voting rights; or with differential rights as to dividend, voting or otherwise. (b) preference share capital. While equity shares with voting rights and preference shares are well-known, it’s worth noting that...

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September 2, 2023

Convertible Note (“CN”)-Additional And Flexible Funding Option For Startups

Convertible Note is an instrument evidencing receipt of money initially as a debt, which is- upon occurrence of specified events and as per the other terms and conditions agreed to and indicated in the instrument.   CONDITIONS TO ISSUE CONVERTIBLE NOTE (“CN”): The company that wants to issue CN...

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August 23, 2023

Director’s Report for Private Companies under Companies Act, 2013

The “Directors’ Report” is a report prepared by the directors of a company and presented to the shareholders at the annual general meeting under the Companies Act, 2013. This report gives an overview of the company’s financial position and performance for the year.  

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