Appointment of auditors- Form ADT-1 to be filed in 15 days

Posted by on 3:17 pm in Publication | Comments Off

Now that 30th September is over most of the companies would have convened the AGM for the FY 2013-14. Appointment of auditors is an ordinary business to be convened at the AGM. As per section 139(1) of the Companies Act ‘2013, the company has to inform the auditor of his appointment within 15 days of the meeting in which he is appointed as an auditor. The Company has to also inform the Registrar of Companies of the appointment within fifteen days of the meeting in which the auditor is appointed. Explanation to Section 139 says that the...

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New Framework issued by RBI for NBFCs in relation to NPA A/c

Posted by on 3:05 pm in Publication | Comments Off

The Reserve Bank of India(RBI) had released a ‘Framework for Revitalising Distressed Assets in the Economy’ effective from 1April 2014,which laid down guidelines for early recognition of financial distress, taking prompt steps for resolution and thereby attempting to ensure fair recovery for Non Banking Financial Institution. Early recognition of Stressed Assets Under the new framework, before a loan account turns into a non performing assets(NPA) NBFC’s would be required to identify incipient stress in the account by creating a sub-asset...

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Maharashtra State Additional Budget 2014-2015

Posted by on 3:04 pm in Publication | Comments Off

Highlights of Tax Proposals The Deputy Chief Minister and Finance Minister of Maharashtra state, Mr.Ajit Pawar has presented additional budget as on 5th June 2014. Following are the highlights of the additional budget on tax front. Highlights on tax proposal MVAT Turnover limit for registration under MVAT is increased to 10 lakh from 5 lakh. The dealers whose turnover is less than 10 lakh in last financial years, can apply for cancellation of registration before 30th September 2014 and their registration will cancelled from 1st October 2014....

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