Home Highlights January 2018 Year 2018 This

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1. Appointment of Cost Auditor by Companies - Circular

2. Appointment of auditors - requirements of annual ratification by members with respect to appointment of auditors done away with - Section 139(1) of the Companies Act, 2013

3. Authority of statutory auditor to function in the company whose relative or partner is holding any security or interest of the company - The auditor directed to...

4. The penalty with respect to failure to file resignation by auditor reduced to fifty thousand rupees or the remuneration of auditors whichever is less - Section 140(3) of...

5. Company to have Board of Directors - easier requirements with respect to appointment of resident director. It also seeks to specify limits with respect to pecuniary...

6. Powers and duties of auditors and auditing standards - required to report whether the company has adequate internal financial controls with reference to financial...

7. Statutory provisions regarding restoration of a company's name on the Register of Companies maintained by the Registrar of Companies (ROC) u/s 252(1) and 252(3) of the...

8. One Person Company - Meaning of the term "resident in India" who is eligible to incorporate one person company amended - Rule 3 of the Companies (Incorporation) Rules, 2014.

9. Seeking cancellation of Name of another Company on the ground that it resembles the name of its company and its business - The Respondent no.3 is willing to cancel and...

10. Powers and duties of auditors and auditing standards - auditors shall have access to accounts and records associate companies along with subsidiary companies - Section...

11. Valuation - Related person - In terms of Sub-Clause (iii) of Section 4(3)(b) a person shall be deemed to be related if amongst them the buyer is a relative and...

12. Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior...

13. Buyback offer made by the company in violation of regulatory provisions - role of the Company Secretary, compliance officer - The crucial point which has been missed by...

14. Appointment to the post of Company Secretary in Respondent company - requirement of requisite five years’ experience for the post of Company Secretary - Her appointment...

15. Oppression and mismanagement - issuance of 30,000 equity shares by private placements - From the facts of this case, it is clear that Respondent nos. 2 and 3 had...