Immediate Changes in letterhead, bills or
other official communications, as if full name, address of its
registered office, Corporate Identity Number (21 digit number
allotted by Government), Telephone number, fax number, Email id,
website address if any.
One Person Company (OPC): It's a
Private Company having only one Member and at least One Director.
No compulsion to hold AGM. Conversion of existing private Companies
with paid-up capital up to Rs 50 Lacs and turnover up to Rs 2
Crores into OPC is permitted.
Woman Director: Every Listed Company /Public
Company with paid up capital of Rs 100 Crores or more / Public
Company with turnover of Rs 300 Crores or more shall have at least
one Woman Director.
Resident Director: Every Company must have a director who
stayed in India for a total
period of 182 days or more in previous calendar year.
Every company shall follow uniform accounting year i.e. 1
st April -31st March.
Loans to director – The Company
CANNOT advance any kind of loan / guarantee / security to any
director, Director of holding company, his partner, his relative,
Firm in which he or his relative is partner, private limited in
which he is director or member or any bodies corporate whose 25% or
more of total voting power or board of Directors is controlled by
Articles of Association- In the next
General Meeting, it is desirable to adopt Table F as standard set
of Articles of Association of the Company with relevant changes to
suite the requirements of the company. Further, every copy of
Memorandum and Articles issued to members should contain a copy of
all resolutions / agreements that are required to be filed with the
Disqualification of director- All
existing directors must have Directors Identification Number (DIN)
allotted by central government. Directors who already have DIN need
not take any action. Directors not having DIN should initiate the
process of getting DIN allotted to him and inform companies. The
Company, in turn, has to inform registrar.
Financial year- Under the new Act, all
companies have to follow a uniform Financial Year i.e. from 1st
April to 31st March. Those companies which follow a different
financial year have to align their accounting year to 1st April to
31st March within 2 years. It is desirable to do the same as early
as possible since most the compliances are on financial year basis
under the new Companies Act.
Appointment of Statutory Auditors- Every
Listed company can appoint an individual auditor for 5 years and a
firm of auditors for 10 years. This period of 5 / 10 years
commences from the date of their appointment. Therefore, those
companies have reappointed their statutory auditors for more than 5
/ 10 years, have to appoint another auditor in Annual General
Meeting for year 2014.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Ministry of Corporate Affairs notified on June 5, 2015 that certain provisions of the Companies Act, 2013 shall not apply to private limited companies or shall apply with such exceptions or modifications as directed in the notification.
Whilst trade and barter have existed since early times, the modern practice of forming business relationships through the means of contract has come into existence only since the industrial revolution in the West.
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