Home Highlights January 2018 Year 2018 This

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1. Appointment of Cost Auditor by Companies - Circular

2. Appointment of auditors - requirements of annual ratification by members with respect to appointment of auditors done away with - Section 139(1) of the Companies Act, 2013

3. Authority of statutory auditor to function in the company whose relative or partner is holding any security or interest of the company - The auditor directed to...

4. Company to have Board of Directors - easier requirements with respect to appointment of resident director. It also seeks to specify limits with respect to pecuniary...

5. The penalty with respect to failure to file resignation by auditor reduced to fifty thousand rupees or the remuneration of auditors whichever is less - Section 140(3) of...

6. Powers and duties of auditors and auditing standards - required to report whether the company has adequate internal financial controls with reference to financial...

7. One Person Company - Meaning of the term "resident in India" who is eligible to incorporate one person company amended - Rule 3 of the Companies (Incorporation) Rules, 2014.

8. Seeking cancellation of Name of another Company on the ground that it resembles the name of its company and its business - The Respondent no.3 is willing to cancel and...

9. Powers and duties of auditors and auditing standards - auditors shall have access to accounts and records associate companies along with subsidiary companies - Section...

10. Valuation - Related person - In terms of Sub-Clause (iii) of Section 4(3)(b) a person shall be deemed to be related if amongst them the buyer is a relative and...

11. Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior...

12. Buyback offer made by the company in violation of regulatory provisions - role of the Company Secretary, compliance officer - The crucial point which has been missed by...

13. Appointment to the post of Company Secretary in Respondent company - requirement of requisite five years’ experience for the post of Company Secretary - Her appointment...

14. Oppression and mismanagement - issuance of 30,000 equity shares by private placements - From the facts of this case, it is clear that Respondent nos. 2 and 3 had...

15. Valuation - Related Person - Although a company, Partnership firm, Body Corporate, HUF, trust cannot be a relative of the others, but since the three companies in the...