The government of India has introduced various types of schemes to increase exports made by the country. All import and export-related activities are governed by Foreign Trade Policy which is aimed at increasing the export and use trade expansion as an effective instrument of employment generation and economic growth. At present Foreign Trade Policy...
Continue readingNotice of a Board meeting
The purpose of sending notice of the Board meeting is to inform the directors about the time and date of the meeting. The notice of the meeting need not be in any particular form. An informal notice can be sufficient compliance of law provided it complies with the requirement of the provision of law,...
Continue readingAlternate Director under section 161 of the Companies Act,2013
Introduction Section 161(2) of the Act empowers the Board if so authorized by its articles or by a resolution passed by the company in general meeting, to appoint a director termed as ‘alternate director’ to act in the absence of an original director during his absence for not less than 3 months from India....
Continue readingQuorum for a Board meeting
What is Quorum? When we talk about a meeting of the Board of Directors we heard about a word quorum. It is a very important aspect of conducting a meeting of the Board of Directors. So with respect to Board meetings, Quorum means the minimum number of directors competent to transact and vote on...
Continue readingMeeting of Board of Director
About: Every company has to conduct a meeting on a regular interval of its board of directors to discuss important policies and issues within the organization. In this article, we are going to understand the insights of the procedure and manner of the board meeting. The number of board meetings Every company shall hold...
Continue readingForeign Contribution (Regulation) Act,2010
Introduction The Foreign Contribution (Regulation) Act, 2010 was enacted to regulate the acceptance and utilization of foreign contribution to ensure that the Parliamentary institutions, political associations, academic and other organizations as well as individuals working in important areas. The Foreign Contribution (Regulation) Act, 2010 has come into effect from May 1, 2011. Prohibition to...
Continue readingAppointment of director elected by small shareholders
Small Shareholders: A shareholder who is holding shares of nominal value not more than Rs.20,000 in a public company. The small shareholders are entitled to elect a director in a listed company and the director elected by such shareholders will be known as small shareholders director. Let’s see the rules regarding small shareholders director...
Continue readingFRAUD REPORTING
Term ‘fraud’ as Fraud’ deals with intentional misrepresentation by one or more individuals among management, TCWG (those charged with governance) o, third parties or employees, involving the use of deception to obtain an illegal advantage”. CHARACTERISTICS OF FRAUD Fraud is Intentional Misstatements in the financial statements can arise from either fraud or error. The...
Continue readingBranch Audit
Branch: Branch office, in relation to a company, means any office described as a branch by the company. In short, it is on the company to describe an establishment as their branch office. There is no such hard and fast condition; it’s a company’s discretion. Eligibility to be appointed as an Auditor? When a...
Continue readingHouse Property
Section 22 of the house property The concept of Annual value and the method of determination is laid down. The annual value of property comprising building and land appurtenant thereto, of which the assessee is the owner, is chargeable to tax under the head house property after deductions. The following properties are chargeable under...
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