Issuing licenses to an applicant bank is at the discretion of RBI. Before a license is issued RBI satisfies itself regarding the “Tests of entry” namely: Information about background, credentials of promoters Funding aspects of capital Sources of such funds Background of key supporting professionals Geographical coverage of the proposed bank Business and e......

DEFINITION OF AUTHORISED CAPITAL:- Under Section 2(8) of the Companies Act, 2013, Authorised capital’ or ‘nominal capital’ means such capital which is authorised by the memorandum of a company to be the maximum amount of share capital of the company. PROCEDURE OF INCREASE IN THE AUTHORISED CAPITAL OF A COMPANY:- 1. Authorisation must in the Consonance under Article of Associati......

GEORGE VINCI THOMAS (APPELLANT) vs. CAPEDGE CONSULTING PVT. LTD. & ORS (Res) NCLAT COMPANY APPEAL (AT) (INSOLVENCY) No. 1395 of 2019 DATED: 16/03/2020   APPLICABLE PROVISIONS:  BRIEF FACTS: The Operational Creditor (Respondent No.1 herein) was engaged the Corporate Debtor (Respondent No.2 herein) in November, 2015 to render assistance in resolving issues related ......

Bond is fixed income security created to raise fund. Bonds can be raised through Public Issue and through Private Placement. Types of Bonds Based on call, Bond can be categorized as: (i) Callable Bonds: A callable bond has a call option which gives the issuer the right to redeem the bond before maturity at a predetermined price known as the call price (Generally at a premium). (ii) Puttable Bo......

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.                                     &......

1. It deals with the auditor responsibility to apply the concept of materiality in planning and performing an audit of the financial statements. Materiality in context of Audit:- Financial Reporting Framework (Mis-statements/ Omission) economic decisions of users taken on the basis of Financial Statements (FS). Judgements about materiality on FS Considerations Size and nature of FS (mis......

Definitions as per Accounting Standard (AS) 21 Control: (a) the ownership, directly or indirectly through subsidiary (ies), of more than one-half of the voting power of an enterprise; or (b) control of the composition of the board of directors in the case of a company or of the composition of the corresponding governing body in case of any other enterprise so as to obtain economic benefits from......

Advances generally constitute a major part of the assets of the bank. There are large number of borrowers to whom variety of advances are granted. The audit of advances requires the major attention from the auditors. In carrying out audit of advances, the auditor is primarily concerned with obtaining evidence about the following: Amounts included in balance sheet in respect of advances which......

The New Companies Act, 2013 has laid down provisions for issue of Global Depository Receipts under Section 41 and Companies (Issue of Global Depository Receipts) Rules, 2014. According to Section 2(44) of Companies Act, 2013, “Global Depository Receipt” means any instrument in the form of a depository receipt, by whatever name called, created by a foreign depository outside India and ......

This standard prescribes the accounting treatment of taxes on income and follows the concept of matching expenses against revenue for the period. Matching of such taxes against revenue for a period poses special problems arising from the fact that in a number of cases, taxable income may be significantly different from the accounting income arises due to two main reasons. Firstly, there are diff......

One of the key principles of the accrual basis of accounting requires that an asset’s cost is proportionally expensed based on the period over which the asset is expected to be used. Both depreciation and amortization are methods that are used to prorate the cost of a specific type of asset over its useful life.Depreciation represents the systematic allocation of the depreciable value of an ......

• Exchange rate is the rate at which the currency of one country exchanges for the currency of another country. • A direct quote (European Currency Quotation) is the number of units of a local currency exchangeable for one unit of a foreign currency. For example, Rs. 65/US$. • An indirect quote (American Currency Quotation) is the number of units of a foreign currency exchangeable......

Introduction 1.This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements. 2. This Standard does not deal with: i) The base for recognition of interest, dividends, and rentals earned on investments which are covered by Accounting Standard 9 on Revenue Recognition; ii) Operating or finance leases; iii) Investments in retir......

Date Act Particulars Period Description 07-01-23 Income Tax TDS/TCS Payment for December, 2022 Dec, 22 Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan......

Transfer pricing (TP) provisions were earlier restricted to International transactions only. However, with effect from 1st April 2013 the transfer pricing scope has been extended to specific domestic transactions and is accordingly effective from Assessment Year (A.Y) 2013-14. Legal Definition of Domestic Transfer Pricing? Section 92BA defines specified domestic transactions which are governed b......

The number of Cinema halls in shopping malls as well as Single Screen Theatres has increased in our country in recent years. The primary aim of a cinema hall is to provide entertainment to the public. The cinema halls in the current time are now not only providing the opportunity of watching movies but in some metropolitan cities, they also offer restaurant and bar facilities. Hence, it has become......

NBFC Due Diligence is the exercise of Checking and Computing the commercial value of an NBFC by examining/Auditing its assets and liabilities. This exercise is undertaken usually by and for the investors to find out the Current position/feasibility of making investment and also to ensure that the investments made in the NBFC will be safe and sound. This exercise is also a reflection of the due car......

Merger and Amalgamations/Acquisitions is a Robust and vital process but complicated one also. After the order of the tribunal is passed under Section 230-232 of the Companies Act 2013, certain steps should be taken by the transferor or transferee Company or both. In this article, we have discussed the major post-merger compliances.  What is Merger? Merger is a corporate strategy to combine ......

A company can give loans and guarantees, acquire securities or make investments in another company or body corporate with the consent of the board or shareholders. Such loans given by a company to other companies or body corporates are known as inter-corporate loans. When a company invests in another company, it is known as inter-corporate investment.   Section 186 of the Companies Act,......

Under the Section 123(3) of Companies Act, 2013 and relevant rules made thereunder, a dividend is said to be an Interim dividend, if it is declared by the board of directors during any financial year or at any time during the period from the closure of financial year till holding of the annual general meeting. The interim dividend is to be paid out of any one of the following: i) out of surplus ......