Saturday, May 21

Academia

Educational Content Related to Indian Corporates, Directors, Regulators, and Financial Data Science

New Struck-Off Company Disclosure Requirement in Financial Statements of FY21-22
Academia, MCA, Regulatory

New Struck-Off Company Disclosure Requirement in Financial Statements of FY21-22

All Companies are expected to prepare & submit the financial statements in accordance with Schedule III (‘Schedule’) to the Companies Act, 2013 (‘Act’). On March 24, 2021, The Ministry of Corporate Affairs (MCA) has introduced more elaborative disclosure requirements regarding financial statements of companies for financial statements prepared for FY 2021-22. One such requirement is disclosure of transactions with companies struck off by Registrar of Companies (‘RoC’) under section 248 of the Act, or under section 560 of the Companies Act, 1956. The following particulars are to be disclosed in such case: Name of the struck off company: the company shall disclose the name of the company which has been struck off by the respective Registrar of Companies and such information is a...
Difference Between Authorised Capital and Paid-up Capital
Academia

Difference Between Authorised Capital and Paid-up Capital

Every company needs capital to start its business and the capital is raised by issuing shares. A person or entity that subscribes to the shares of the company and pays the respective amount against the shares allotted to them is called the shareholder.  The cumulative amount of money that is raised by a company from its shareholders by way of issuing shares is called Share Capital. A company needs to mention the maximum amount of share capital known as Authorised Capital that it wishes to raise in their MoA (Memorandum of Association) at the time of incorporation of the company. The company should report changes to Authorised Capital & Paid-up Capital to MCA from time to time. Any user can view the Authorised Capital & Paid-up Capital details of any Indian company for f...
Companies (Incorporation) Fifth Amendment Rule, 2019
Academia, Acts, MCA

Companies (Incorporation) Fifth Amendment Rule, 2019

Published on the 10th May, 2019 Companies (Incorporation) Fifth Amendment Rule, 2019 G.S.R.......(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 (Incorporation) Rules, 2014, namely:- Short title and Commencement:- (1) These rules may be called the Companies (Incorporation) Fifth Amendment Rule, 2019. (2) They shall come into force on the date of their publication in the Official GazetteIn the Companies (Incorporation) Rules, 2014, for rule 8, the following rules shall be substituted namely:- 8 Names which resemble too nearly with name of existing company.-(1) A name applied for shall be deemed to resemble to...
Guidelines for Company Name
Academia, MCA

Guidelines for Company Name

Guidelines for Company Name During the process of naming your company, the first and critical step is to choose a name that is special to you and is relevant to the offerings of your company. It is important to keep the statutory requirements in mind while choosing a Company Name. The company Name endorsement and approval process in India is regulated by the Ministry of Corporate Affairs (MCA) according to the Company Name Availability Guidelines given under the Companies Act 2013. Rule 8 of Companies Incorporation Rules 2014 gives name endorsement/ accessibility rules according to Companies Act 2013 while choosing the names for organizations. What Types of Company Names are Accepted? An acceptable name for an OPC (One Person Company), LLP (Limited Liability Partnership), Priv...
Academia, InstaAcademy, MCA

MCA Companies Act – Glossary

Company Means a company incorporated under the latest companies Act or under any previous company law E.g. CBL Data Science Private Limited is a company incorporated under Companies Act, 2013 Associate Company A company that is in relation to another company.This means a company in which that other company has a significant influenceIs not a subsidiary company of the company having such influence andIncludes a joint venture company E.g. If Company A is having a significant influence on Company B, then Company B is an associate company of Company A Joint Venture (JV) Means a joint company where 2 or more companies or entities have joint control of the joint company, have rights to the net assets of the Company E.g. HDFC ERGO GENERAL INSURANCE COMPANY LIMITED...
Hisab Ki Kitaab 6 Short Films by CSC eGov
Academia

Hisab Ki Kitaab 6 Short Films by CSC eGov

Union Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launches IEPFA’s 6 modules of short films titled “Hisab Ki Kitaab” “Hisaab ki kitab” is a series of 6 short films, developed by CSC eGov as a part of their training tool. There are 6 short films/ modules of 5 minutes duration each. The various modules highlights the importance of budget, saving, importance of Insurance schemes, various social security schemes of the government etc. The modules also interestingly portray the consequences of a common man falling prey to the schemes and how they should protect themselves from Ponzi schemes. These short films will be used by IEPFA and its partnering organisation for Investor Awareness Programs across the country. During the launch a trivia of all the 6 ...
Academia

How to check the social proof of your employers?

Social proof is based on the idea of normative social influence, which states that people will conform in order to be liked by, similar to, or accepted by the influencer (or society). It is a psychological phenomenon where we are influenced by and conform to the actions of others. Social proof in talent outreach takes the form of employee confirmation that the company culture is as dynamic and supportive as the recruiter says it is. Here are some of the ways to check the social proof of your employers:- 1) Glassdoor Using Glassdoor to read up on a company before accepting an offer of employment, or even before applying, has become commonplace for job seekers. The same research from Small Business Trends also found that 54% of people now say that they read company reviews online, ...
Academia

How to use the MCA website to verify your employer?

MCA regulates corporate affairs in India through the Companies Act, 1956, 2013 and other allied Acts, Bills and Rules. MCA also protects investors and offers many important services to stakeholders. This site is your gateway to all services, guidance, and other corporate affairs related information. MCA is a government portal containing details of all the companies incorporated in India. It has details of all the types of companies and Limited Liability Partnership (LLP).  One can check the Company registration number, type of company, date of incorporation, charges of a company, directors of the company, etc. from the site. Here is a process to verify legal registration status of any Indian Company from the most authentic Ministry of Corporate Affairs website for FREE. Go t...
Academia

How to check the EPF filing compliance status of your employer?

EPFO is one of the world’s largest social security organizations in terms of the volume of financial transactions undertaken and clientele. According to the Annual Report 2015-16, EPFO currently maintains 17.14 crore accounts pertaining to its members. It provides Universal Social Security Coverage on a mandatory basis by way of Provident Fund, Pension and Life Insurance for all workers of the country. The Board is assisted by the Employees’ PF Organization consisting of offices at 122 locations across the country. The EPFO is under the administrative control of the Ministry of Labour & Employment, Government of India. The Organization also has a well-equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees ...
5 Smart Ways to Use the Small Business Loan
Academia

5 Smart Ways to Use the Small Business Loan

You finally secured a small business loan - after months of preparation, formalities and waiting. This boost of cash can help your business in a number of ways. But you need to be smart about how you invest the money. 5 Smart Ways to Use the Small Business Loan Hire New Staff or Training Equipment If you are looking to expand your team, using the small business loan for hiring would be a good idea. If hiring a full-time team still proves to be expensive, consider outsourcing. Hiring remote workers or part-time staff can help you create a better workforce. If you are happy with the current staff, invest in creating better training programs. Purchase, Lease, or Repair Equipment Every business needs equipment – be it computers, construction equipment or even cooking equ...