Ministry Archives - Cogent Prof

Category: Ministry

Ministry of Corporate Affairs Notification Dated 18th August 2022

Ministry of Corporate Affairs Notification Dated 18th August, 2022

In exercise of the powers conferred under various Section of the Companies Act, 2013 the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely:-

Ministry of Corporate Affairs vide Notification no. GSR 643(E) dated 18thAugust 2022 had inserted a Rule 25B in the Companies (Incorporation) Rules, 2014.

Rule 25B specifies the procedure to be adopted by the officer during physical verification and the documents to be collected by the officer at the time of physical verification. Such verification might be conducted before the grant of incorporation or for existing companies.

Rule 25B : Physical verification of the Registered Office of the company.-

(1) The Registrar, based upon the information or documents made available on MCA 21, shall visit at the address of the registered office of the company and may cause the physical verification of the said registered office for the purposes of sub-section (9) of section 12, in presence of two independent witness of the locality in which the said registered office is situated and may also seek assistance of the local Police for such verification, if required.

(2) The Registrar shall carry the documents as filed on MCA 21 in support of the address of the registered office of the company for the purposes of physical verification and to check the authenticity of the same by cross verification with the copies of supporting documents of such address collected during the said physical verification.

(3) The Registrar shall take a photograph of the registered office of the company while causing physical verification of the same.

(4) The report of the physical verification shall be prepared in the following format namely:- Report on Physical Verification of the Registered Office of the Company:

Report on Physical Verification of the Registered Office of the Company:

Details of the Company

Name and CIN of the company:-

Latest address of the registered office of the company as per MCA 21 record:-

Location details along with Landmark

Details of officer conducting physical verification

Date of authorisation letter issued by the Registrar of the Companies

Name of the Registrar of Companies:-

Date and Time of visit for physical verification of the registered office:-

Details of the person available at the time of visit

Name:-

Father’s Name:-

Residential address:-

Relationship with the company, if applicable:-

Documents attached:-

Copy of the agreement/ownership/rent agreement/No Objection Certificate of the registered office of the company from owner/tenant/lessor:-

Photograph of the registered office:-

Self-Attested ID-Card of the person available, if any:-

Any other document(s):-

(5) Where the registered office of the company is found to be not capable of receiving and acknowledging all communications and notices, the Registrar shall send a notice to the company and all the directors of the company, of his intention to remove the name of the company from the register of companies and requesting them to send their representations along with copies of relevant documents, if any, within a period of thirty days from the date of the notice before taking further actions in accordance with the provisions of section 248 of the Act.”.

Ministry of Corporate Affairs Notification Dated 24th August, 2022

Notification 655(E)

The Central Government hereby makes the following rules to amend the Companies (Removal of Names of Companies from Register of Companies) Rule, 2016

Notification 655(E)

The Central Government hereby makes the following rules to amend the Companies (Removal of Names of Companies from Register of Companies) Rule, 2016

Registrar of Companies can issue notice to companies for Strike off the Companies if they found on physical verification carried out under section 12 of Companies Act, 2013 that Companies are not carrying any business or operations

Asper Section 94 of Companies Act, 2013: Place of keeping and inspection of registers, returns, etc.—

(1) The registers required be keeping and maintaining by a company under section 88 and copies of the annual return filed under section 92 shall be kept at the registered office of the company.

Asper Section 94 of Companies Act, 2013: Place of keeping and inspection of registers, returns, etc.—

As required under various Act and Good Corporate Governances

Every company shall Paint or Affix its Name Board of the Company showing

Name, Corporate Identification Number (CIN), GSTIN, Complete address, E-Mail id, Telephone, and website details, if any.

– Need to be displayed in Local Language of the City and in English.

Have its name engraved in legible characters on its seal, if any

Register and Documents to be maintained at Registered Office:

Other Documents

Notice and Minutes of Board meeting, Extra Ordinary General Meeting and Annual General Meeting and Minutes of Committee if any.
Declaration from Directors and Key Managerial personnel.
Books of account and other relevant books and papers and financial statement, Annual Return for every financial year.

Book and paper: include books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form.

Books of accounts: includes records maintained in respect of—

(i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place;

(ii) all sales and purchases of goods and services by the company;

(iii) the assets and liabilities of the company; and
(iv) the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section;

05 AugAllMinistryUncategorized

Ministry of Corporate Affairs Notification dated 15th September, 2022

Notification no: G.S.R. 700(E) In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Specification of Definition Details) Rules, 2014, namely:-

New Definition of a Small Company [Section 2(85)] of Companies Act 2013

The limit of paid up capital and turnover for the small company has been increased to Rs. Four Crore (Previous Limit Rs.2 Crore) and Rs. Forty Crore (Previous Limit Rs.20 Crore) respectively.

New Small Company Threshold Limit:

Paid up capital-Rs. 4 Crores
Turnover-Rs. 40 Crores

But following companies do not falls under the category of small company even though they comply above 2 conditions

A holding or a subsidiary company.
A company registered under section 8.
A body corporate or company governed by any special act.

Advantages of Small Companies:

The Companies Act, 2013 provides advantages in the form of relaxation in compliance, thus new threshold limits reduces the burden on these companies. The benefits to small companies under the Act are as follows:

Board Meetings: –small companies may hold only 2 board meetings in a calendar year, i.e. one Board Meeting in each half of the calendar year with a minimum gap of ninety days between the two meetings.

Rotation of company auditors: –It is not necessary for small companies to follow the condition laid in Section 139(2) of the Company Act 2013, which mandates the rotation of auditors every 5 years (individual auditors) and every 10 years (firm of auditors).

Exemptions for Board’s Report: – Matters to be included in Board’s Report mention in Rule -8 of companies (Accounts) Rules, 2014 not apply for small company.

Annual Return: – Annual Return of a Small Company can be signed by the company secretary alone, or where there is no company secretary, by a single director of the company.

Remuneration details in Annual Return: – As per section 92 of companies Act, 2013 private companies are require to give a details of remuneration of directors and key managerial personnel , but in small companies only “aggregate amount of remuneration drawn by directors” is required in annual return.

Cash Flow Statement: – A small company needs not to include Cash Flow Statement as part of its financial statement.

Exemptions for Audit Report: – small companies are not required to give report on internal financial controls with reference to financial statements and the operating effectiveness of such controls in audit report.

Fees and Charges:

In the case of a Small Company, the Act prescribes lesser penalties compared to other private or public companies. It also provides less fees for filing forms with the ROC compared to the fees of other companies.