Author: factumlegal

MICRO SMALL & MEDIUM SCALE ENTERERPISES REGISTRATION & BENEFITS UNDER MSMED ACT The Micro Small & Medium Enterprises Development (MSMED) Act 2006 was become operational from 2nd October 2006.  The Act replaces the concept of “Industry” with “Enterprises”. Consequent to the implementation of this act, SSI Registration process has been dispensed with. The entrepreneur files… Continue reading Untitled

1.      Role and responsibilities of Directors   In view of the fiduciary position held by directors, explicit provisions prescribing directors duties have been added to the new Act. These include keeping away from situations in which they have conflicting interest with that of the company, duty to make good in monetary terms any undue gain/advantage on… Continue reading The Companies Act, 2013 DIRECTORS

The beginning of new era of compliance has been embarked with the enactment of Companies Act, 2013. The Act has introduced several new concepts and has also tried to modernize many of the requirements by introducing new definitions. Introduction of stringent provisions with heavy penalties mandated the System of Compliance management in a company to… Continue reading “Governance, Compliances & Risk Management- Companies Act, 2013”

 External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/ 2000-RB viz. Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, dated May 3, 2000, as amended from time to time.… Continue reading PARKING OF EXTERNAL COMMERCIAL BORROWINGS PROCEEDS IN INDIA

ENHANCED REGULATORY FRAMEWORK FOR NBFC’S IN INDIA With a view to sync regulatory framework with the considerable developed NBFC’s and to mitigate the risk faced by the NBFC’s, RBI has issued a circular on 10thNovember, 2014 to make changes in the regulatory framework of the NBFC’s. The changes contained in the circular are focuses on… Continue reading ENHANCED REGULATORY FRAMEWORK FOR NBFC’S IN INDIA

“Minimum inspection and maximum facilitation” the mantra of the newly enacted Telangana State Industrial Project Approval and Self Certification System (TS-IPASS) Act, 2014. Telangana State Industrial Project Approval and Self Certification System (TS-iPASS) Act, 2014 has repealed the existing Andhra Pradesh State Industrial Single Window Clearance Act of 2002, to facilitate the real time base… Continue reading “A single window without grills in Telengana as quoted by Chief Minister of state” Ease of doing business in India- New Industrial Policy of Telengana State

With two time amendments in clause 49 of listing agreement SEBI tried to align the provisions under clause 49 with Companies Act, 2013 in respect of woman director, independent director, related party transaction etc. The revised Clause 49 updates and brings into line the Listing Agreement with standard on corporate governance enlightened under Companies Act,… Continue reading Ensuring The Transparent Regime For Related Party Transaction with “Revised Clause 49 Of Listing Agreement”

Section 186 provides provisions for Loan and investment by company, which is applicable from 1.4.2014. Transactions entered into up to 31.3.2014 will be covered by erstwhile corresponding Section 372A of Companies. Section 186 covers 3 types of specified transactions entered into by a company directly or indirectly: Loans to any person or other body corporate;… Continue reading A bird’s view on the applicability of section 186 of Companies Act, 2013