WHAT DO YOU UNDERSTAND BY A DORMANT COMPANY? In Lay-Man’s Language, it means to put a company into a Deep Sleep. Which also means that, after obtaining the status of Dormant or Inactive Company, the company is not required to comply with that heavy burden of compliances and it will reduce to the minimum. Along with it, post obtaining “Inactive Status”, the company will still be......

WHAT DO YOU UNDERSTAND FROM TERM “LEGAL METROLOGY”? Legal Metrology is the application of legal requirements to measurements and measuring instruments. The objective of Legal Metrology is to ensure public guarantee from the point of view of security and accuracy of the weighments and measurements. Constitutional provisions related with Weights and Measures are: * Establishment ......

WHAT IS NFRA? The National Financial Reporting Authority (NFRA) is a body constituted under the provisions of Section 132 of the Companies Act, 2013. The constitution of this authority is effective from 1st October 2018. NFRA is a body proposed for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors. ENTITIES TO BE GOVERNED BY T......

GeM(GOVERNMENT E-MARKETPLACE) The Government e Marketplace (GeM) platform was launched on 9th August, 2016 as an online, end to end solution for procurement of commonly used goods and services for all Central Government and State Government Ministries, Departments, Public Sector Units (PSUs) and affiliated bodies. It aims to enhance transparency, efficiency and speed in public procurement of goo......

DECLARATION IN RESPECT OF BENEFICIAL INTEREST IN ANY SHARE The Ministry of Corporate Affairs vide its notification dated June 13, 2018 introduced the Companies (Significant Beneficial Owners) Rules, 2018 with the intention of identification of Significant Beneficial Owners or the ultimate beneficial owner who is exercising any indirect right or holding any indirect shareholding in the reporting c......

“BEHIND THE CORPORATE VEIL IS A BITTER TRUTH”   Ministry of Corporate Affairs “MCA”, yet again came with the latest amendment, by amending the Companies (Incorporation) Rules, 2014, on December 21, 2019, to curb on the proliferation of shell companies in the nation. Earlier, in mid 2018, MCA came out with the concept of Director’s KYC wherein all the Directors......