ABS Business Advisory LLP

22/09/2014

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27/01/2014

Payment of Stamp Duty on Articles of Association for increase in authorized capital of company having registered office in National Capital Territory of Delhi has become mandatory w.e.f. 01/08/2012 vide notification of The Indian Stamp (Delhi Amendment) Act, 2012 on 31/07/2012.

02/11/2013

HAPPY DIWALI..........

01/11/2013

01/11/2013

RCom to offer Apple iPhone 5S & 5C on 2-year EMI contract basis.

Under the scheme Reliance will offer iPhone 5C for an EMI of Rs 2,499 per month over a 24-month period and iPhone 5S at Rs 2,999 per month over the same period. This payment comes bundled with free unlimited calls and SMSes (local and STD across network), apart from zero cost for 3G data usage. There is also no charge on national roaming.....

28/09/2013

RBI bans zero interest loans on EMI to credit card holders

13/09/2013

98 sections of the Companies Act, 2013 will come into effect from 12th September 2013.

30/08/2013

President assented on the Companies Bill 2013 now it become Companies Act, 2013........congrats........

17/08/2013

Position and scope for Company Secretaries under Companies Bill, 2013(in brief):

1. Company Secretaries as Key Managerial Personnel (KMP)

2. Removal of defence regarding appointment of CS

Under section 383A of the Companies Act, 1956, a defence of “poor economic condition” was available to companies regarding non-appointment of company Secretary.
But, Under the Companies Bill, 2013, the same defence has been removed. Now a company falling in the criteria to appoint Company Secretary cannot run away its liability to appoint a company Secretary just because of poor economic condition. Concurrently, there is a provision of penalty for non-appointment of CS has been added. Earlier, the penalty for non-appointment of company Secretary was Rs. 500 per day.
But considering the importance of appointment of company Secretary, Companies Bill, 2013 proposed the penalty for non-appointment of CS as follows:
a. On company – one lakh rupees which may extend to five lakh rupees.
b. On every director and KMP who is in default – 50,000 rupees and 1,000 rupees per day, if contravention continues.

3. New Signing provisions:

In case of a Listed Company and other prescribed companies, even if the Annual Return is signed by the Company Secretary in employment, it is further required to be certified by the Company Secretary in Whole-time Practice.
All the companies (except one person companies and small companies), whether Private or Public, Listed or Unlisted, the Annual Return has to be signed by either a Company Secretary in Employment or by a Company Secretary in Practice i.e. where no Company Secretary is appointed by the Company, the Annual Return is compulsorily required to be signed by the Company Secretary in Practice.
In case of One Person Company and Small Company, the Annual Return is required to be signed by Company Secretary, or where there is no Company Secretary, by one Director of the Company.

4. Compulsorily application of Secretarial Standards and introduction of secretarial standards.

Final Conclusion:
After going through the entire provisions of Companies Bill, 2013, we can conclude that plenty of good provisions have been proposed. Scope for Companies Secretaries has been enhanced. Now, we anticipate that Company Secretaries fraternity will be all set for the new opportunities and challenges ahead.

Thanks!!
Team ABS

08/08/2013

Finally, Companies Bill, 2012 passed by Rajya Sabha...Congratulations and all the very best to all the Company Secretaries and other professionals for future opportunities and challenges ..Cheers!!!!!

08/08/2013

Discussion in Rajya Sabha on Companies Bill, 2012. Lets hope for the best this time.