company compliance

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Company Compliance

Meaning of compliance:

Compliance means comply with the regulatory compliance as per the governing act and rules regulation made there under types of compliance.

There are two type of compliances:

  1. Annual compliance
  2. Other than annual compliance or event base compliance

Event based compliances are those compliance which are required to comply when event occurred

1.Holding of Board meeting
Board meeting is meeting of director of the company and every company must call and hold board meeting at least one in every quarter of calendar year and at least four board meeting in every year. Board meeting is in addition to Annual General meeting. The gap between two board meeting should not be more than 120 days

2.Appointment of Director
The nature of Directorship can be following type
a. Whole time director
b. Executive director
c. Alternate director
d. Additional director

3.Procedure for appointment of director
The person who is interest to get appointed as director shall must have DIN and he shall not be disqualified for being acting as director. Interest person furnish their consent in DIR-2. The company shall file an E-form Dir-12 with MCA /ROC and as soon as approved by MCA person will get appointed as director

4.Resignation of Director
The director of the company can resign from directorship whenever he wish and in that event resigning director need to give his resignation letter to the company The resigning director shall file DIR-11 with MCA for intimation of resignation and Company shall file DIR-12 for the same

5.Transfer of Share
if there is transfer of share from one shareholder to another shareholder company must update their register of member. The transferor shall give an application to company with the detail of Transferee. The share of the private limited company can be transfer only with the approval of company

6.Increase in authorized capital
Authorized capital means maximum capital through which paid up capital can be increase that’s why Authorized capital will be more than or equal to paid-up capital. Whenever company increase their authorized capital must file the detail of existing capital and increment in capital

7.Increase in Paid-up capital
if there is new allotment of share to existing share holder or to new shareholder company must file the allotment of share with their folio no and number of share allotted.

Maintenance of Statutory register by company

1.Register of Fixed Asset, Member, charge, Loan, Related party Transection
2.Minute of Meeting
3.Register of Investment