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Filing of various E-Forms
Under the Companies Act, 2013 and its Rules, numerous forms have to be filed by the company with the Registrar of Companies. Some of these forms are to be filed annually by the company such as financial statements of the company, Applications for filing KYC of the director, etc.
Some forms are filed at the happening of an event, such as the resignation of an auditor, change in the name or address of the company, etc. If these events do not take place, then there is no requirement for filing these forms. Failure to file these forms attracts heavy penalties. Thus, the forms mentioned in the Companies Act, 2013 and its Rules need to be filed accordingly.
Legal drafting is a method of creating well-structured documents such as petitions, memorandums, contracts, agreements, wills, statutes, etc that are legally binding on the parties to such documents. A legal contract or an agreement is not a mere document for signing between two parties, but it protects a business entity with its rights and remedies. A contract or an agreement also creates responsibilities, conditions, obligations, time limits, monetary issues, safeguards, etc., so that every corner of the agreement is properly sealed failing which it may result in unforeseen loses.
Change in business
In some cases a company that was formed as one entity type (Private Ltd, Public Ltd, LLP, OPC, Partnership Firm, etc) reaches a point where it becomes necessary or preferable to change its type to a different entity type. A company can change its legal structure for various reasons and may reach a point where it becomes necessary or preferable to change its type to a different entity type.
Merger and Acquisition
Mergers and acquisitions (M&A) refer to transactions between two companies combining in some form. Although mergers and acquisitions (M&A) are used interchangeably, they come with different legal meanings. In a merger, two companies of similar size combine to form a new single entity.
On the other hand, an acquisition is when a larger company acquires a smaller company, thereby absorbing the business of the smaller company.
12A and 80G Registration
80G Registration comes under Section 80G of the Income Tax Act and provides benefits to the donor of an NGO, whereas Section 12A Registration will assist an NGO to get an organization income exempted from Tax. Both 80G Registration and 12A Registration applies only to NGO’s and charitable organizations.
12A and 80G Registration procedure typically need to be done by an NGO immediately after its incorporation.
Title Search Report
The search report OR title report traces the history of a company or the assets held by that company – that who is the real owner of the property/assets and how the said property has been mortgaged with other banks over a period of time before reaching the current bank, who seeks the search report. This is a very important part of the loan process by Banks to the persons or Companies and the search report is generally prepared and drafted by Professionals or Advocates, who after visiting the concerned registrar’s office and inspect the documents of property over the period of more than 13 years.
Opinion on various laws
A legal opinion is a tool that allows parties to obtain a qualified third-party opinion on the subject, object, and other issues related to the conclusion of the transaction. The the document is drawn up by a competent lawyer/Company secretary/Chartered accountant on any specific question or problem.
Before entering any commercial transaction, the parties should carefully consider the nature and volume of the transaction, as well as related legal issues. The main purpose of legal opinion is to inform the addressee of the legal effect of a transaction or matter and to identify legal risks that the addressee should consider further and evaluate.
Due Diligence under various laws
Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. It is one of the key exercises in corporate mergers and acquisitions. A due diligence check involves careful investigation of the economic, legal, fiscal, and financial circumstances of a business or individual. This covers aspects such as sales figures, shareholder structure, and possible links with forms of economic crime such as corruption and tax evasion.
Closure of Company
Closing a company under The Companies Act 2013 is a process of liquidation, which is followed when the company has no more assets to pay off its liabilities. Company closure is a procedure in which the company’s directors can appoint a voluntary liquidator to close up the affairs of the company. The appointment of a voluntary liquidator does not necessarily mean that all or any part of the assets of the company will be sold at an ‘auction’. The main purpose of this process is to protect creditors, shareholders, and other stakeholders from any further losses or liabilities. It also allows the members to distribute their assets among themselves in a fair manner without any interference from third parties.
Revival of Company
Revival of a Company is done to make the status of the Company active again as per the process enumerated under the law. For the revival of a Company, an appeal/petition the application can be filed by a person who is affected by such a strike off of the company to the National Company Law Tribunal (NCLT) by the registrar for striking off the name of the Company and the onus lies on the person applying for the said revival upon the satisfaction of NCLT with the justifications given by the concerned person and is of the opinion may order the restoration of the name of the company in the register of companies.
Questions that may arise
Annual compliance refers to the set of rules and regulations that a company must comply with on an annual basis. It includes filing of annual reports, conducting annual meetings, maintaining company records, and complying with tax regulations. Every year companies must file a certain set of forms mandatorily with ROC.
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