FAQs ON XBRL 1. What is XBRL? XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those… Read More »
COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standards (Ind AS) Presentation of Financial Statements (Ind AS 1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type… Read More »
Question : Whether winding up petition against the company can admitted in case company fails to pay outstanding dues ? Whether since in e-mails respondent-company had acknowledged to pay outstanding dues to petitioner-company but had failed to pay same, respondent was unable to discharge admitted liability and, thus, winding up petition against it was to be… Read More »
Govt. establishes Serious Fraud Investigation Office under Companies Act, 2013 SECTION 211 OF THE COMPANIES ACT, 2013 – SERIOUS FRAUD INVESTIGATION OFFICE – ESTABLISHMENT OF – NOTIFIED SERIOUS FRAUD INVESTIGATION OFFICE NOTIFICATION NO. SO 2005(E) [F.NO.A-35011/09/2011-ADMN.III], DATED 21-7-2015 In exercise of the powers conferred by sub-section (1) of section 211 of the Companies Act, 2013… Read More »
List of Resolutions for which Form MGT 14 is required to be filed with ROC The list is categorized in 3 Categories: 1. List-A: Board Resolutions 2. List-B: Special Resolutions 3. List-C: Ordinary Resolutions LIST-A: BOARD RESOLUTION REQUIRED TO BE FILE WITH ROC IN FORM MGT 14 1. To issue securities, including debentures, whether in… Read More »
Fast Track Exit Scheme Guidelines for defunct companies under section 560 of the Companies Act, 1956 GENERAL CIRCULAR NO. 36/2011, DATED 7-6-2011 There are a number of companies, which are registered under the Companies Act, 1956, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later… Read More »
1. What is Fast Track Exit Scheme (FTE) Mode? Ministry has issued Guidelines for “Fast Track Exit (FTE) Mode” to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956 in time bound manner. 2. What is the date of implementation of… Read More »
Reporting Under CARO, 2015 The Ministry of Corporate Affairs, on 10th April, 2015, notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015). (click to View the Notification ) APPLICABILITY:- It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013)… Read More »
Query: We have a query regarding the amount of stamp duty on LLP Agreements as on what basis stamp duty is paid? Answer: Since Stamp Duty is the subject reserved for the States, the LLP Act does not contain any provision for treatment of stamp duty issues. The stamp duty payable will depend upon the relevant Stamp… Read More »
QUESTION: In case of a Board Meeting convened at a shorter Notice, what would be the effect if the company has an Independent Director but he was not present at the Meeting and when the Minutes were sent for his ratification: (a) he disapproves the decision taken at the meeting passed by majority of Directors?… Read More »