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'We write, what we believe precise'

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Your Instasolv is a informative site 📖.
In this blog, we write articles on the topic which are mostly related to Company Law, Direct & Indirect Income Law, and various other Commercial Laws.
This Blog owned and managed by Pallavi Maheshwari.

Authors/Writers on this Blog:-
1. Pallavi Maheshwari

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Form GNL-1 for extension of AGM

Procedure for extension of AGM Recently on 21st April, 2020 Ministry of Corporate Affairs (MCA) issued the circular for companies under which authority provided the ease of holding AGM (Annual General Meeting) due to the outbreak of COVID-19. (Copy of which is enclosed in the last) As per Section 96(1) of the Companies Act, 2013 , the Registrar of Companies (ROC) may extend the time limit of holding AGM up to maximum period of three months ; however extension doesn’t apply on first AGM. In order to apply for extension, an application needs to be submitted in e-form GNL-1. Steps to fill e-Form GNL-1:- Download the requisite form from “Forms and Download” section on the MCA site. (www.mca.gov.in) 1) Select the Category of applicant from the provided drop down list. 2) Now, you need to fill CIN No of the company and then click on the prefill button after which point 4 (i.e., basic details of the company) will be auto-fill. 3) ...

Purpose of the Insolvency & Bankruptcy Code, 2016

The code gets its consent on- By Lok Sabha- 5th May 2016 By Rajya Sabha- 11th May 2016 By President- 28th May 2016 Thus the code came into force on 28th May 2016 , as notified by the Central Government in the Official Gazette. The code has extended to the whole of India. Four Pillars of the Code The IBC, 2016 is based on a four-pillar institutional framework, comprising- • NCLT and NCLAT, the adjudicating authority, • Insolvency and Bankruptcy Board of India, the regulator of insolvency professionals and insolvency professional agencies, • Insolvency professionals, the class of regulated persons responsible for the efficient execution of the processes specified under IBC, and • Information utilities, the new industry to electronically store facts about lenders and terms of lending. The main purpose of the code is- to reach a level where there would be the time-bound settlement of insolvency. to resolve India's bad debts problem by creating a database of defaulters. to de...

Difference between Loans and Deposits under the Companies Act, 2013

Loans : As per Companies Act, 2013, the following types of money received by a company are termed as loans: 1. Money received from the Central Government or a State Government or Local Authority or Statutory Authority, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government. 2. Money received from foreign Governments, foreign or international banks, multilateral financial institutions (including, but not limited to, International Finance Corporation, Asian Development Bank, Commonwealth Development Corporation and International Bank for Industrial and Financial Reconstruction), foreign Governments owned development financial institutions, foreign export credit agencies, foreign collaborators, foreign bodies corporate and foreign citizens, foreign authorities or persons resident outside India subject to the provisions of Foreign Exchange Management Act, 1999. 3. Money received as a lo...

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