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Key managerial personnel (KMP) or key management personnel cites to the company’s employees who are vested with the most essential parts and functionalities. They are the initial point of contact between the company and its stakeholders and are responsible for formulating strategies and their implementation. Key managerial personnel can directly and indirectly plan and control
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Establishment limited by guarantee is also called a Guarantee Company. It is a company without any shareholders in a simpler term, but it is owned by members called guarantors. The members agree to pay a minimal amount when a company is about to wound up; any establishment limited by guarantee has a separate legal identity
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The concept of LLP was established in India vide the Limited Liability Partnership Act, 2008. This Act was introduced to recognize the flexibility of partnership and benefits of corporate bodies like company to bring together under one formation of an organization. LLP is also a form of partnership, where the liability of partners is limited
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The Ministry of corporate affairs has revised various forms due for filing during 01/04/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 can be filed by 31st July, 2021 without payment of additional fees. The list of forms where additional fees has been waived off is tabulated below: Revised list of forms providing waiver
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The AGILE form, also referred to as e-Form INC-35, is a mandatory form to be filed along with the application (SPICe+) to incorporate a company. To simplify the process for registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration plus Employees Provident Fund Organization (EPFO) registration) and opening
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CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 includes additional reporting requirements after consultations with the National Financial Reporting Authority (NFRA). NFRA is an independent regulatory body to regulate the audit and accounting profession in India. The main motive
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Since, every single enterprise is mandatory as per section 96 of companies act to hold its Annual General Meeting within 6 months of ending of its accounts except in case of freshly formed companies. Further companies act required a notice under Section 101 is to be sent to all the members of the company. Length
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It is very often found that the involvement of the public issue of equity and preference shares in the stock exchange is very popular. Issuing shares is the most common method of raising long-term capital because there are numerous investors who are ready to invest in the capital market. Therefore, shares are used to finance
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Managing director is a director who, by virtue of the articles of a company or an agreement with the Company or a resolution passed in its general meeting, or by its BOD, is entrusted with substantial powers of management of the affairs of the corporate and includes a director occupying the position of Managing Director
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As per ordinance passed by the President of India, there were some amendments made to the Companies Act 2013. This ordinance was a result of the recommendations that were proposed by Ministry of Corporate Affairs. We have mentioned some important Amendments made in Companies Act 2013 as specified below: Insertion of provision under Section-10A As per
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