CS Sweety Aggarwal

SECRETARIAL AUDIT is a process to check compliance with the provisions of various laws and rules/ regulations/procedures, maintenance of books, records etc., by an independent professional to make sure that the legal and procedural requirements are complied with & also followed the due process. It is essentially a mechanism to monitor compliance with the requirements […]

The applicability of the audit committee is governed by Section 177 of the Companies Act, 2013. According to Section 177, the following companies are required to constitute an audit committee: All listed companies. Public companies with a paid-up share capital of 10 crore rupees or more. Public companies with a turnover of 100 crore rupees or more. all public companies, having […]

Minutes should be maintained in such manner and format as prescribed under Section 118 of the Companies Act, 2013. The minutes serve as a record of the proceedings of the meetings and provide transparency in the decision-making process. Minutes should be printed on prescribed minutes book papers, should be consecutively numbered and should be properly […]

Internal Audit Applicability – Who should appoint an Internal Auditor? As per the provisions of Section 138 of the Companies Act, 2013, with rule 13 of the Companies (Accounts) Rules, 2014, specific organizations or companies have an internal audit applicability under the Companies Act 2013. Below, we have given those companies that must appoint an internal auditor- All Listed Companies: Every company listed […]

Appointment of Company Auditor The appointment of company auditor is mandated under Section 139 of the Companies Act, 2013. According to this section: Every company must appoint an individual or a firm as an auditor at its first Annual General Meeting (AGM). The appointed auditor will hold office from the conclusion of that meeting until […]

STEPS INVOLVED FOR PRIVATE COMPANY FOR PUBLIC COMPANY Step  1 Issue the notice of Board Meeting At least 7 days before the meeting as per section 179-(3) Issue the notice of Board Meeting At least 7 days before the meeting as per  section 179-(3) Step  2 Hold the Board meeting as Per SS 1 pass […]

Section 55 of the Companies Act, 2013 (‘Act’) read with Rule 9 of the Companies (Share Capital and Debentures) Rules, 2014 allows a Company to issue redeemable preference shares. Section 55(1) puts ban on issuance of irredeemable preference shares. Term of Redeemable Preference Shares According to Section 55(2) of the Act, a Company limited by […]

Meaning of DIN or DPIN DIN: Director Identification Number (DIN) is a unique Identification Number allotted to an individual who is appointed as a director of a company, upon making an application in form DIR-3 pursuant to sections 153 & 154 of the Companies Act, 2013. DPIN: Designated Partner Identification Number (DPIN) is a registration […]

Procedure for issuance of Compulsory Convertible Debentures: Step Particulars What needs to be done (indicative) 1 Notice for board meeting Issue notice to convene meeting of board of directors of Company as per prescribed secretarial standard 1. Assuming, there is no restriction in the AOA of Company to hold meeting, such meeting can be convened […]

XBRL and its Applicability under Companies Act, 2013 XBRL is a language for the communication of financial and business data electronically used for business reporting around the world. XBRL means extensible Business Reporting Language. The XBRL filing provides benefits in analysing, preparing, and communicating business information. The Ministry of Corporate Affairs (MCA) introduced XBRL filing […]