February, 2025 - MMJC - Page 2

Introduction. The Ministry of Corporate Affairs (‘MCA’) has been relentlessly striving to make the life of corporates easier by reducing the complexity of legal compliances. One such effort taken by MCA is, shifting of important e-forms to MCA V3 portal. Under this ongoing process of shifting the e-forms to new portal, MCA has shifted three

Introduction As per the provisions of the Companies Act 2013 (the Act), the shareholders have authority to appoint a statutory auditor to verify the correctness of the financial statements prepared and presented by the company. This auditor is required to review the financial statements and present to the shareholders, a report thereon. Normally, the auditor

introduction. With a view to enhance the cashflow management and financial growth of Micro, Small and Medium enterprises (MSMEs), section 15 of Micro Small and Medium Enterprises Development Act 2006 (MSMED Act 2006) mandates all the businesses who buy goods and services from MSMEs to make payment to such MSMEs within 45 days from date

Background Section 134(3) of Companies Act, 2013 (‘the Act’) states that a report by board of directors shall be attached to statements laid before the company in the general meeting. Section 134(3) read with rule 8 of Companies (Accounts), rules 2014 also provides an inclusive list of items required to be disclosed in board’s report

Introduction. If a company is an artificial person, then the board of directors can be called the brain of such person, as they are the natural persons through whom the company functions. For the convenience of better functioning of companies, the Companies Act 2013 allows for appointment of various types of directors[1]. The explanation to

Introduction: Demat was made mandatory for all private companies, barring some exceptions, in October 2023 by insertion of Rule 9B in the Companies (Prospectus and Allotment of Securities) Rules 2014 which are coming from Chapter III of Companies Act, 2013 (hereinafter referred to as ‘Chapter III Rules’). Before this, demat was mandatory only for public

Introduction. Section 2 clause 60 of Companies Act, 2013 [‘the Act’] defines the term ‘Officer in Default [‘OID’]’[1]. Certain sections of the Act hold an OID responsible for non-compliances viz. sub-section (7) of section 135 of the Act[2], sub-section (11) of section 90[3] of the Act etc., Recently it is seen that adjudicating authorities have

Introduction. Since the inception of the Companies Act 2013 (the Act), the obligations of statutory auditor have increased. The Act provides for appointment, re-appointment, filing up of casual vacancy and removal of statutory auditor of the company. Suppose a company has also appointed a branch auditor to do branch audit of its various branches then

Introduction. The constitutional validity of Electoral Bond scheme and the amendments made by Finance Act, 2017 to relevant laws were challenged before the Hon’able Supreme Court of India. After hearing all the concerned parties including the Government of India and the State Bank of India who was authorized to issue electoral bonds, the Hon’able Supreme

Introduction Companies Act, 2013, [‘the Act’] provides for convening of Annual General Meeting (AGM) of companies. The Act provides for compliances and timelines for activities to be undertaken before AGM, during, AGM and after the AGM. One key aspect of pre-AGM compliance is issuing the notice of AGM. The Act provides that AGM shall be