Last date for Filing of Returns and Forms under Company Fresh start Scheme 2020 is 30th September, 2020
Company Fresh Start Scheme -2020 is for Waiver for Payment of Additional Fee for Filing of E forms with ROC/MCA and Immunity from launch of prosecution or proceedings for imposing penalty
If a Private Limited company wish to undertake any object (New Business Activity) which is not mentioned in its MOA, and the company wants to start up a new business which is not as per it’s MOA then, it should make a change in its main object by Following the procedure mentioned below
Time Requierd 25 days
The first step for change in object clause of the MOA of the company is to hold Board meeting of the Company, in the board meeting main agenda should be to hold an Extra-Ordinary General Meeting of the Company.
Now hold the extra Ordinary general meeting of the Company, in this regard do necessary legal and procedural requirement at venue of general meeting
Now start the proceedings of general meeting and pass required resolution for change in main object of the company, resolution is required to be passed by requisite approval of shareholders of company
Once all the approval of shareholders are received , any director of company or authorized person will prepare necessary documents , like certified copies of all the documents and resolution , Following documents certified copies is mandatory required to be arranged :
1. Altered MOA of the Company
2. Resolution passed at EGM of the Company
Once the above requirements are complete in all respect, Company is required to file E Form MGT-14 to Registrar of Companies with payment of fee.
Once e Form MGT-14 is filed with ROC , the ROC will check and verify the correctness of the Form and will if deems fit approve or send back the e form
Once the E form MGT-14 is approved by ROC , the Company will receive the email in this regard along with Certificate.
Once all the above is completed, complete all the required certificate and altered MOA in single set as new set of MOA of the Company.
In this article we will discuss about procedure for Change in Name of Private Limited Company , A Private Limited company can change its Name with the Approval of Shareholders via Special Resolution and Central Government , for Change in Name of Company Following procedure is required to be followed :
NOTE: The old name should be written along with the new name in all the documents of the company for two years. ( FORMERLY KNOWN AS ———-)
MCA has extended Last Date for Filing Form CRA-4 (Cost Audit Report ) for FY 2018-19 Extended to 31st December, 2019 due to development of Costing Taxonomy 2019, the companies that are required to file Cost Audit Report in CRA-4 are required to use Latest Taxonomy that is under process of development.
However those companies who have already filed form CRA-4 are not required to file fresh form.
MCA has extended date for Filing Form AOC-4, AOC-4 (CFS), AOC-4(XBRL) and Form MGT-7 Date Extended to 30th November and 31st December, 2019 by Relaxation of additional fees under the Companies Act,2013
Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03’2019 on account of various factors , it has been decided to extend the due date for filing of e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto 31.12.2019, by companies without levy of additional fee
Link of MCA Circular
With the ease in incorporation procedure for Company , MCA has come out with another notification that waives off filing of form INC-12 for Section 8 Companies, form INC -12 was required to be filed to ROC after obtaining name approval of the Company for obtaining Licence for Section 8 Company. Once the Licence for Incorporation of Section 8 company is obtained , the Company Incorporation application in SPICE form can be filed.
Now MCA has substituted the Form INC -12 with SPICE form and SPICE form to be amended accordingly.
Further in case of draft memorandum , the word Memorandum , further this also eases the incorporation process , as draft MOA was required to be filed with INC-12 earlier when applying for section 8 Company licence.
In case of Existing Company Company wants to Apply for conversion into section 8 company , the form INC -12 will be required to file for Application for grant of License to an existing company under Section 8
Items not considered as deposits, in terms of Rule 2(1)(c) of Companies (Acceptance of Deposits) Rules, 2014 read with Section 73 of the Companies Act, 2013.
|a.||Amount received from –|
|(i) the Central Government; or|
|(ii) a State Government; or amount received from any other source whose repayment is guaranteed by the Central Government or State Government; or|
|(iii) amount received from a local authority; or|
|(iv) amount received from statutory authority constituted under an Act of Parliament or a State Legislature.|
|b.||Amount received from –|
|(i) Foreign Governments; or|
|(ii) Foreign or international banks;|
|(iii) Multilateral financial institutions;|
|(iv) Foreign Governments owned development financial institutions;|
|(v) Foreign export credit agencies;|
|(vi) Foreign collaborators;|
|(vii) Foreign body corporates;|
|(viii) Foreign citizens;|
|(ix) Foreign authorities or;|
|(x) Persons residents outside India subject to the provisions of Foreign Exchange Management Act, 1999 (42 of 1999).|
|c.||Amount received as –|
|i) A loan or facility from any banking company; or|
|(ii) From the state Bank of India or any of its subsidiary banks; or|
|(iii) From a banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949); or|
|(iv) A corresponding new bank as defined in clause(d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or|
|(v) From a cooperative bank as defined in clause (b-ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).|
|d.||Amount received as loan or financial assistance from –|
|(i) Public Financial Institutions notified by the Central Government; or|
|(ii) Any regional financial institutions; or|
|(iii) Insurance companies; or|
|(iv) Scheduled Banks as defined in the Reserve Bank of India Act,1934 (2 of 1934).|
|e.||Amount received against issue of commercial paper or any other instruments issued in accordance with the guidelines or notification issued by the Reserve Bank of India.|
|f.||Amount received by the company from any other company.|
|g.||Amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of securities applied for.|
|h.||Amount received from a person who, at the time of the receipt of the amount, was a director of the company or the relative of the director of a private company.|
|i.||(A) Amount raised by the issue of bonds or debentures secured by a first charge or a charge ranking paripassu with the first charge on any assets referred to in Schedule III of the Act excluding intangible assets of the company; or|
|(B) bonds or debentures compulsorily convertible into shares of the company within ten years.|
|j.||Amount raised by the issue of non-convertible debentures not constituting a charge on the assets of the company and listed on recognized stock exchange as per applicable regulations made by Securities and Exchange Board of India.|
|k.||Amount received from an employee of the company not exceeding his annual salary under a contract of employment with the company in the nature of non-interest bearing security deposit.|
|l.||Non-interest bearing amount received and held in trust.|
|m.||Amount received in course of , or for the purposes of the business of the company-|
|(i) As an advance for supply of goods or provision of services accounted for in any manner whatsoever provided that such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty five days from the date of acceptance of such advance.|
|(ii) As advance accounted for in any manner whatsoever, received in connection with consideration for immovable property under an agreement or arrangement, provided that such advance is adjusted against such property in accordance with the terms of agreement or arrangement.|
|(iii) As security deposit for performance of the contract of supply of goods or provision of services.|
|(iv) As advance received under long term projects for supply of capital goods except those covered under item (b) of sub- clause (xii) clause (c) of sub- rule (1) of rule (2) of the Companies (Acceptance of Deposits) Rules, 2014.|
|(v) As an advance towards consideration for providing future services in the form of a warranty or maintenance contract as per written agreement, if the period for providing such services does not exceed the period prevalent as per common business practice or five years, from the date of acceptance of such service whichever is less.|
|(vi) As advance received and allowed by any sectoral regulator or in accordance with directions of Central or State Government.|
|(vii) As an advance for subscription towards publication, whether in print or electronic to be adjusted against receipt of such publications.|
|(viii) Amount brought in by promoters of the company by way of unsecured loans in pursuance of the stipulation of any lending financial institution.|
|(ix) Amount received by a Nidhi company in accordance with the rules made under section 406 of the Act.|
|(x) Amount received by way of subscription in respect of chit under the Chit Funds Act, 1982(4 of 1982).|
|(xi) Amount received by company under any collective Investment scheme in compliance with regulations framed by the Securities and Exchange Board of India.|
|(xii) Amount of twenty five lakh rupees or more received by a start up company, by way of convertible note (convertible into equity shares or repayable within a period not exceeding five years from the date of issue) in a single tranche, from a person.|
|(xiii) Amount received by a company from –|
|(A) Alternate Investment Funds;|
|(B) Domestic venture Capital Funds;|
|(C) Infrastructure Investments Trusts;|
|(D) Real Estate Investment Trusts;|
|(E) Mutual Funds registered with the Securities and Exchange Board of India.|
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