Section 206 Archives - Tax Heal https://www.taxheal.com/tag/section-206 Complete Guide for Income Tax and GST in India Thu, 17 Nov 2016 04:10:46 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Section 206 of Insolvency and Bankruptcy Code 2016 https://www.taxheal.com/section-206-of-insolvency-and-bankruptcy-code-2016.html https://www.taxheal.com/section-206-of-insolvency-and-bankruptcy-code-2016.html#comments Wed, 16 Nov 2016 23:44:50 +0000 http://taxheal.com/?p=17691 Section 206 of Insolvency and Bankruptcy Code 2016 (Notified by S.O. 3453(E) Dated 15.11.2016) CHAPTER IV INSOLVENCY PROFESSIONALS Enrolled and registered persons to act as insolvency professionals. 206. No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board.

]]> Section 206 of Insolvency and Bankruptcy Code 2016

(Notified by S.O. 3453(E) Dated 15.11.2016)

CHAPTER IV

INSOLVENCY PROFESSIONALS

Enrolled and registered persons to act as insolvency professionals.

206. No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board.

]]> https://www.taxheal.com/section-206-of-insolvency-and-bankruptcy-code-2016.html/feed 1 Insolvency & Bankruptcy Code 2016 : Certain Sections notified w.e.f 15.11.2016 https://www.taxheal.com/insolvency-bankruptcy-code-2016-certain-sections-notified-w-e-f-15-11-2016.html https://www.taxheal.com/insolvency-bankruptcy-code-2016-certain-sections-notified-w-e-f-15-11-2016.html#comments Wed, 16 Nov 2016 23:09:38 +0000 http://taxheal.com/?p=17674 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2016 S.O. 3453(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th November, 2016 as the date on which the provisions of the following sections… Read More »

]]> MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 15th November, 2016

S.O. 3453(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 15th November, 2016 as the date on which the provisions of the following sections of the said Code shall come into force:–

(1) section 199 to section 207 [both inclusive];

(2) sub-section (1) of section 208–

(i) clause (c);

(ii) clause (e);

(3) sub-section (2) of section 208;

(4) section 217 to section 220 [both inclusive];

(5) section 251;

(6) section 253;

(7) section 254; and

(8) section 255.

[F. No. 30/7/2016-Insolvency Section]

AMARDEEP SINGH BHATIA, Jt. Secy.

section 199 to section 207 

Section 199 of Insolvency and Bankruptcy Code 2016

Section 200 of Insolvency and Bankruptcy Code 2016

Section 201 of Insolvency and Bankruptcy Code 2016

Section 202 of Insolvency and Bankruptcy Code 2016

Section 203 of Insolvency and Bankruptcy Code 2016

Section 204 of Insolvency and Bankruptcy Code 2016

Section 205 of Insolvency and Bankruptcy Code 2016

Section 206 of Insolvency and Bankruptcy Code 2016

Section 207 of Insolvency and Bankruptcy Code 2016

section 217 to section 220

Section 217 of Insolvency and Bankruptcy Code 2016

Section 218 of Insolvency and Bankruptcy Code 2016

Section 219 of Insolvency and Bankruptcy Code 2016

Section 220 of Insolvency and Bankruptcy Code 2016

]]> https://www.taxheal.com/insolvency-bankruptcy-code-2016-certain-sections-notified-w-e-f-15-11-2016.html/feed 18 Registrar Power to call for information, inspect books and conduct inquiries https://www.taxheal.com/registrar-power-to-call-for-information-inspect-books-and-conduct-inquiries.html https://www.taxheal.com/registrar-power-to-call-for-information-inspect-books-and-conduct-inquiries.html#respond Sun, 08 May 2016 14:16:39 +0000 http://taxheal.com/?p=9610 Companies Act, 2013 CHAPTER XIV INSPECTION, INQUIRY AND INVESTIGATION Power to call for information, inspect books and conduct inquiries ( Section 206:  Enforced with effect from 1-4-2014 ) 206. (1) Where on a scrutiny of any document filed by a company or on any information received by him, the Registrar is of the opinion that… Read More »

]]> Companies Act, 2013

CHAPTER XIV

INSPECTION, INQUIRY AND INVESTIGATION

Power to call for information, inspect books and conduct inquiries

( Section 206:  Enforced with effect from 1-4-2014 )

206. (1) Where on a scrutiny of any document filed by a company or on any information received by him, the Registrar is of the opinion that any further information or explanation or any further documents relating to the company is necessary, he may by a written notice require the company—

(a) to furnish in writing such information or explanation; or
(b) to produce such documents,

within such reasonable time, as may be specified in the notice.

(2) On the receipt of a notice under sub-section (1), it shall be the duty of the company and of its officers concerned to furnish such information or explanation to the best of their knowledge andpower and to produce the documents to the Registrar within the time specified or extended by theRegistrar:

Provided that where such information or explanation relates to any past period, the officers who had been in the employment of the company for such period, if so called upon by the Registrar through a notice served on them in writing, shall also furnish such information or explanation to the best of their knowledge.

(3) If no information or explanation is furnished to the Registrar within the time specified under sub-section (1) or if the Registrar on an examination of the documents furnished is of the opinion that the information or explanation furnished is inadequate or if the Registrar is satisfied on a scrutiny of the documents furnished that an unsatisfactory state of affairs exists in the company and does not disclose a full and fair statement of the information required, he may, by another written notice, call on the company to produce for his inspection such further books of account, books, papers and explanations as he may require at such place and at such time as he may specify in the notice:

Provided that before any notice is served under this sub-section, the Registrar shall record his reasons in writing for issuing such notice.

(4) If the Registrar is satisfied on the basis of information available with or furnished to him or on a representation made to him by any person that the business of a company is being carried on for a fraudulent or unlawful purpose or not in compliance with the provisions of this Act or if the grievances of investors are not being addressed, the Registrar may, after informing the company of the allegations made against it by a written order, call on the company to furnish in writing any information or explanation on matters specified in the order within such time as he may specify therein and carry out such inquiry as he deems fit after providing the company a reasonable opportunity of being heard:

Provided that the Central Government may, if it is satisfied that the circumstances so warrant, direct the Registrar or an inspector appointed by it for the purpose to carry out the inquiry under this sub-section:

Provided further that where business of a company has been or is being carried on for a fraudulent or unlawful purpose, every officer of the company who is in default shall be punishable for fraud in the manner as provided in section 447.

(5) Without prejudice to the foregoing provisions of this section, the Central Government may, if it is satisfied that the circumstances so warrant, direct inspection of books and papers of a company by an inspector appointed by it for the purpose.

(6) The Central Government may, having regard to the circumstances by general or special order, authorise any statutory authority to carry out the inspection of books of account of a company or class of companies.

(7) If a company fails to furnish any information or explanation or produce any document required under this section, the company and every officer of the company, who is in default shall be punishable with a fine which may extend to one lakh rupees and in the case of a continuing failure, with an additional fine which may extend to five hundred rupees for every day after the first during which the failure continues.

]]> https://www.taxheal.com/registrar-power-to-call-for-information-inspect-books-and-conduct-inquiries.html/feed 0 ROC NOTICES U/S. 206 ASKING INFORMATION OF CSR https://www.taxheal.com/roc-notices-us-206-asking-information-of-csr.html https://www.taxheal.com/roc-notices-us-206-asking-information-of-csr.html#respond Thu, 14 Apr 2016 15:05:25 +0000 http://taxheal.com/?p=8741 NOTICES BY ROC U/S. 206 OF THE COMPANIES ACT, 2013 ASKING INFORMATION OF CSR Ministry of Corporate Affairs seems to be serious about funding of CSR Money. As all the companies are, now a days,  being asked by their concerned Registrar of Companies, by sending notice under section 206, to furnish the information/ documents specifically… Read More »

]]> NOTICES BY ROC U/S. 206 OF THE COMPANIES ACT, 2013 ASKING INFORMATION OF CSR

Ministry of Corporate Affairs seems to be serious about funding of CSR Money. As all the companies are, now a days,  being asked by their concerned Registrar of Companies, by sending notice under section 206, to furnish the information/ documents specifically relating to CSR i.e. spending of CSR Money in various CSR Activities. Companies are being asked to furnish the following information/ documents:

1.Published/  Printed Copies of Annual Report consisting of Notice, Director Report, Auditor Report, Balance Sheet and Profit & Loss Accounts along with Notes to accounts for the last Financial Year 2014-15

  1. Information pertaining to Net Profits, Average Net Profits, of the three immediate proceeding financial years and 2% prescribed budget of average Net Profit under Section 135(5) of the Act including a CALCULATION Sheet of Net Profits as per Section 198 of the Act for the F.Y. 2011-12, 2012-132 AND 2013-14 DULY CERTIFIED BY THE Auditors of the Company
  2. The complete information of w.r.t. CSR spending during the FY year 2014-15 in the format as provided in the CSR Rules.

Companies are being asked to furnish the information in triplicate along with the data to be put up in floppy or in pen drive.

  1. Section 135 of Companies Act, 2013 mandates all the companies which come under the ambit of CSR Limit as prescribed under specific section read with concerned rules, to spend the 2% of average profit of last 3 Financial Years.
  2. In case the companies fail to spend such money, theY require to specify the reasons in its Board Report for that failure as per Second proviso to Section 135(5).
  3. As no fine/ penalty is being provided under this section on the company which fail to contribute, it has been seen that maximum companies are avoiding spending the money on CSR Activities and giving some reasons in the Board Reports.
  4. To avoid such failures, these notices seems to be an initiative by the Ministry to encourage the companies to spend the money on CSR Activities by creating a fear among the companies that if they do not spend, the companies shall have to specify the reason not only to Members of the company rather to Registrar of Companies thereby along with complete information of their company at any time, it is being asked by the ROCs.

By

CS Mohit Saluja, Company Secretary in Practice, 2nd Floor, Malhotra Complex, Sehdev Market, Jalandhar, Ph. No. 99145-58709, Mail Id:csmohitsaluja@gmail.com

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