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SECTION 101(1) : NOTICE OF MEETING Notice of meeting shall be served either- ·          Personally ·          Electronic mode ·          Through post at registered address in India and in absence of registered address, at any other address within India. EXCEPTION Where a member wants the notice to be served through  registered post   or  speed post  and willing to deposit the cost of dispatch, notice shall be served accordingly. SOME KEY POINTS ·          Company is not liable to served notice of meeting outside India. ·          Notice shall be served to all members. ·          Where due to any accidental omission, notice of meeting could not be served; it shall not indicate the proceedings of meeting. · ...

Section 2(71): Public Company means a company which—  (a) is not a private company;  (b) has a minimum paid-up share capital 1 *** as may be prescribed. Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles. Advantages of Public limited companies Following are the advantages of forming a public limited company: More capital Shares are offered to the general public at large i.e. anyone can invest in a public limited company. Hence, improves capital of the company. More attention Being listed on a stock market ensures that mutual funds, hedge funds and other traders take note of business of the company. This may result in better business opportunities for the Public Limited Company. Spreading risk Since the shares are sold to the public at large the unsyst...

Increase in Authorized Share Capital (ASC) is governed by the following sections of The Companies Act, 2013:- To increase in ASC, company need to alter its Memorandum of Association(MoA) and Articles of Association(AoA) as the case may be.  Check the AoA of the Company to verify whether necessary authority/powers is there to increase the ASC of the Company. If such authority is not provided for in the AoA, then the provisions in AoA has to be amended to include provisions authorising the company to increase its share capital. Such amendment could be done by passing of Special Resolution. And, if the articles permit and company need to alter the capital clause of MoA. As per section 13 of The Companies Act, 2013, alteration in MoA i.e., alteration in any of its five clauses need to pass the special resolution by the company. But there is one exception, alteration in capital clause of the MoA is as per the section 61 of the law.  In legal langu...

Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing on 12th day of June 2020.  Minister for Finance and Corporate Affairs Nirmala Sitharaman chairing the 40th GST Council meeting via video conferencing in New Delhi on Friday. (UNI) Below are some key highlights of this meeting:- Key Highlights: 1. Reduction in Late Fee for past Returns: Late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced /waived as under: - 'NIL' late fee if there is no tax liability; 'Maximum late fee capped at Rs. 500/- per return if there is any tax liability Kindly note that: The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020 2. Further relief for small taxpayers for late filing of returns for February, March &April 2020 Tax periods: For small taxpayers (aggregate turnover uptoRs. 5 crore...