tag:blogger.com,1999:blog-16064747668016484282024-03-14T03:02:27.593+05:30LegaLearningIts all about LAW...Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.comBlogger87125tag:blogger.com,1999:blog-1606474766801648428.post-30577460811872336292018-12-23T01:32:00.000+05:302018-12-23T01:32:37.835+05:30Parole - Legal Term Meaning<div dir="ltr" style="text-align: left;" trbidi="on">
Parole -<br />
<br />
A release of a prisoner under supervision from the imprisonment. It is based on certain conditions which entitles the prisoner to terminate his sentence for living in the prison.<br />
<br /></div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-40564074826947513382018-12-23T01:24:00.000+05:302018-12-23T01:24:10.229+05:30En Banc - Legal Term Meanings<div dir="ltr" style="text-align: left;" trbidi="on">
En Banc -<br />
<br />
When all the judges of a court sit together.<br />
Usually a case is heard by panel of 3 or more judges but when the case is heard or re-heard by the full court, it is said to be heard as En Banc.</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-21018636441987399952018-12-22T22:51:00.000+05:302018-12-22T22:51:10.701+05:30Annual General Meetings (AGM) of a Company<div dir="ltr" style="text-align: left;" trbidi="on">
As explained by its name, AGM is an Annual meeting which is held by the board of directors. It is necessary for every company to hold his meeting, whether public or private, limited or unlimited or has a share capital or not.<br />
<br />
How much is the GAP between two AGMs?<br />
<br />
The FIRST AGM of the company must be held within 9 months from the closing date of the financial year. For example: the financial year ends in March 2018 so if it is the first AGM, it must held by December 2018. (NOTE: No time extension is allowed for first AGM)<br />
<br />
The subsequent AGMs: There must be one meeting in each calendar year. If the meeting is adjourned due to some reason and is shifted to next calendar year by any reason, it will not be considered as meeting of that year. For Example: if the meeting is scheduled for 30 December, 2018 and by any reason for adjournment, gets shifted to 3 January, 2019, It will not be considered as a meeting for 2019 calendar year.<br />
<br />
The gap between two AGMs must not be more than 15 months. An extension to the same can be for a maximum period of 3 months.<br />
<br />
<br /></div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-79794588868502545782018-12-20T16:45:00.000+05:302018-12-20T16:45:13.626+05:30India - Mozambique Signed Memorandum of Understanding for Archival Cooperation<div dir="ltr" style="text-align: left;" trbidi="on">
The National Archives of India and the National Documentation and Information Centre of Mozambique agreed to promote friendly cooperation and professional exchanges of archives management.<br />
It includes exchanging copies of materials or publications related to mutual interest of the countries, Mutual publication of open sources related to historical relations between both the countries.<br />
<br />
This Bilateral Treaty was signed on November 29, 2018.<br />
<br />
Check the Bilateral Treaty text here: https://www.mea.gov.in/Portal/LegalTreatiesDoc/MO18B3467.pdf</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-39099063862810551382018-12-20T14:50:00.001+05:302018-12-20T16:45:44.314+05:30India and China Signs Protocol to 1995 DTAA on November 26, 2018<div dir="ltr" style="text-align: left;" trbidi="on">
Republic of India and People's Republic of China signed a protocol amending the 1995 Double taxation agreement to avoid double taxation and fiscal evasion on November 26, 2018. The protocol includes amendments as per BEPS (Base Erosion and Profit Shifting) rules and the share related transaction information.<br />
<br />
Read the Announcement here: https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/738/Press-Release-Protocol-amending-India-China-DTAA-26-11-2018.pdf</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-68726755888113717092018-04-12T22:49:00.000+05:302018-04-12T22:49:05.074+05:30India - HongKong Signs Double Taxation Avoidance Agreement (DTAA)<div dir="ltr" style="text-align: left;" trbidi="on">
March 20, 2018, India and HongKong signs DTA to prevent fiscal evasion of taxes.<br />
It will also provide an added advantage of <br />
<a name='more'></a>reduction of 10 percent of withholding tax on interest and royalties.<br />
<br />
#Treaties<br />
# DTA<br />#Reduction<br />
#Withholding Tax</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-9372906679527475662018-04-12T22:44:00.000+05:302018-04-12T22:44:00.678+05:30India - Qatar - Double Taxation Agreement (DTA)<div dir="ltr" style="text-align: left;" trbidi="on">
March 22, 2018 The Indian Cabinet approves revision to DTAA which was signed with Qatar.<br />
<br />
The main contribution is to<br />
<a name='more'></a>encourage Foreign Direct Investment (FDI) in India. It is applicable to residents of both the countries.<br />
<br />
<br />
Link to comprehensive DTA, which was came into force on January 15, 2000:<br />
https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=https://www.incometaxindia.gov.in/dtaa/comprehensive%20agreements/108690000000000072.htm&grp=DTAA&searchFilter=[{%22CrawledPropertyKey%22:1,%22Value%22:%22DTAA%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:12,%22Value%22:%22true%22,%22SearchOperand%22:2}]&k=qatar&IsDlg=0</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-68765922852794221592018-04-12T22:27:00.000+05:302018-04-12T22:34:04.261+05:30India - Ireland - Double Taxation Agreement(DTA)<div dir="ltr" style="text-align: left;" trbidi="on">
On 20 February, 2002, India signed the convention for Double Taxation with Ireland.<br />
<br />
The convention applies to residents of both the countries.<br />
<br />
It applies in the areas of:<br />
<a name='more'></a><br />
<br />
1) Corporate taxes<br />
2) Income taxes<br />
3) Capital Gains.<br />
<br />
For the comprehensive DTA published by India visit -<br />
<br />
https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?path=https://www.incometaxindia.gov.in/dtaa/comprehensive%20agreements/108690000000000035.htm&grp=DTAA&searchFilter=[{%22CrawledPropertyKey%22:1,%22Value%22:%22DTAA%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:12,%22Value%22:%22true%22,%22SearchOperand%22:2}]&k=&IsDlg=0</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-85736908256918530402018-04-12T22:09:00.003+05:302018-04-12T22:28:30.994+05:30FRINGE BENEFITS TAX in AUSTRALIA<div dir="ltr" style="text-align: left;" trbidi="on">
All your doubts related to fringe benefits taxes in Australia are available on the Australian Taxation Office Website-<br />
<a name='more'></a><br />
https://www.ato.gov.au/general/fringe-benefits-tax-(fbt)/<br />
<br />
Here you can understand-<br />
1) Types of Fringe Benefits<br />
2) Why do one need to pay this tax?<br />
3) Procedure for calculation and registration.<br />
<br />
<br /></div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-41837027214523822912018-04-12T22:01:00.001+05:302018-04-12T22:01:40.257+05:30Austria - Japan - Ratify DTA and Protocol<div dir="ltr" style="text-align: left;" trbidi="on">
April 5, 2018, The Austrian Parliament passed a bill ratifying a Double Taxation Agreement (DTA) and its Protocol with Japan. It was signed on January 30, 2017. The new DTA will replace 1961 DTA between the two countries.<br />
<br />
#Double Taxation Agreement<br />
#Tax<br />
#Evasion</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-27796733438579126342018-04-12T21:56:00.003+05:302018-04-12T21:56:59.333+05:30Belgium - Senegal - Ratify Air Transport Agreement<div dir="ltr" style="text-align: left;" trbidi="on">
On March 27, 2018, The Belgian Parliament accepted and considered a bill to ratify the Air Transport Agreement with Senegal. The same was signed earlier on January 18, 2013.<br />
<br />
#Treaties<br />
#Corporate Taxes</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-55089634153026598872016-03-17T15:54:00.001+05:302016-03-17T15:55:54.103+05:30CONTRACT { Meaning & Elements}<div dir="ltr" style="text-align: left;" trbidi="on">
<u>MEANING:</u><br />
<br />
Contract is an agreement by which two parties come in contact, where one party <b>offers</b> and the other <b>accepts.</b><br />
This offer and acceptance by the parties must be according to the law and through legal documentation.<br />
<br />
Hence,<br />
<br />
<b>CONTRACT= AGREEMENT(offer and acceptance) + enforcement by LAW</b><br />
<br />
<u>ELEMENTS:</u><br />
<u><br /></u>
1. There must be two or more parties involved.<br />
<br />
2. There must be an offer and be an acceptance.<br />
<br />
3.There must be an <b>intention</b> to create a legal relationship. It must be free from fraudulent acts.<br />
<br />
4. there must be an<b> OBJECT</b> and a consideration(monetary/non monetary).<br />
<br />
5. Parties must have the <b>capacity</b> to get into a contract. Age must be more than 18 years (having a natural guardian) and 21years (having no natural guardian).the person must not be a lunatic.<br />
<br />
6. Consent of all the parties involved.<br />
<br />
7. no VOID/VOIDABLE agreement.<br />
<br />
8. Contract must be in writing and attested by witnesses.<br />
<br />
9. Enforcement by law is mandatory.</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-60336881217856466542015-12-11T21:41:00.001+05:302015-12-11T21:41:26.767+05:30The Bhopal Gas Leak Disaster<div dir="ltr" style="text-align: left;" trbidi="on">
It was the night of December 2/3, 1984, when a mass disaster which was held as the worst in these recent years was caused when the leakage of a poisonous gas - METHYL ISOCYANATE (mic) along with other toxic gases used to manufacture pesticides happened in BHOPAL( The capital of Madhya Pradesh- India) .<br />
The plant from where these gases were leaking was of<span style="color: red;"> UNION CARBIDE INDIA LTD. which was a subsidiary company of UNION CARBIDE CORPORATION- a multinational company registered in U.S.A. which is now a wholly owned subsidiary of THE DOW CHEMICAL COMPANY.</span><br />
<span style="color: red;"><br /></span>
The disaster resulted in deaths of over 5000 people and there were serious injuries to thousands of people in bhopal. In just few hours of the leak, the streets were filled with dead bodies of humans and animals. people suffered through permanent blindness, problems in respiration system, and damage to foetus of many pregnant women.<br />
<br />
The main problem which took place after this was of the claims which were filed by the victims and their families. the cases were filed against the company in india, company in U.S.A , and also against the government. An ordinance by central government was passed after this to settle all the claims - <span style="color: #38761d;">THE BHOPAL GAS LEAK DISASTER( PROCESSING OF CLAIMS) ACT, 1985. </span>which was passed on 29th march 1985. it had 12 sections , which had all the details about the claims for the disaster.<br />
<br />
There was also an order by District and Sessions Judge to UCC( union carbide company) to pay an interim relief of Rs. 350 CRORES to the Gas victims, which was further reduced to Rs. 250 crores by madhya pradesh High Court.<br />
<br />
In this case the rule of ABSOLUTE LIABILITY appilies, hence there was no escape for the company on the grounds of SABOTAGE(destroy).<br />
<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRy7V9hRBqPqeZzWuift6Z4szcMLD1FPD6izenNbeeu7_R5Vz27WjHki3MD6w09qEzcklhZnEBH0jdqtvVvfwegopEBvIqcfN62pbBz969M7dkwJlp195U5XB-g_QVexHfJ8SfazjYfNBf/s1600/picture25-2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRy7V9hRBqPqeZzWuift6Z4szcMLD1FPD6izenNbeeu7_R5Vz27WjHki3MD6w09qEzcklhZnEBH0jdqtvVvfwegopEBvIqcfN62pbBz969M7dkwJlp195U5XB-g_QVexHfJ8SfazjYfNBf/s1600/picture25-2.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Bhopalpost.com</td></tr>
</tbody></table>
<br />
<br />
<br />
<br />
<br />
<span style="color: #38761d;"><br /></span>
<br />
<br />
Cases to be followed:<br />
1. UNION CARBIDE CORPORATION v. UNION OF INDIA and Others (1989)1 SCC 674.<br />
<br />
ARTICLE 137 of the indian constitution was applied to the case.<br />
<br /></div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-86912610227475603292015-07-28T18:53:00.000+05:302015-07-28T18:53:04.449+05:30Ordinary, Special, Board and Unanimous Resolution<div dir="ltr" style="text-align: left;" trbidi="on">
Resolution is passed by the members of the company i.e. the individuals who have their names on the register of Members of the company.<br />
<br />
What is a resolution?<br />
It is usually like a poll which is held by a company in its annual general meeting for passing orders.<br />
The members of the company may cast their votes in a yes or no.<br />
In a medium sized company it usually happens by show of hands for Yes and No in a decision to be taken by the company.<br />
<br />
<br />
<b><u>ORDINARY RESOLUTION:</u></b><br />
<br />
In a simple language, an ordinary resolution can be said to be PASSED if there is a 51% YES for a decision and rest are in a NO.<br />
<br />
Some matters in which Ordinary resolution can be passed:<br />
1. Alteration in authorized capital<br />
2. declaration of dividend<br />
3. appointment of auditors<br />
4. fixation of remuneration<br />
5. election of directors.<br />
<div>
<br /></div>
<br />
<b><u>SPECIAL RESOLUTION:</u></b><br />
<br />
Why a special resolution? .<br />
Answer to this question is that the LEGISLATURE of the country has made such rules in the COMPANIES ACT 2013, in which the company in passing certain decisions which may affect public at large must obtain a consent for that decision from its members.<br />
<br />
Hence, in a special resolution that percentage has been exceed to 75% instead of 51%.<br />
<br />
Matters in which special resolution will be passed:<br />
1. reduction of share capital.<br />
2. change in the registered office of the company from one state to another.<br />
<br />
<b><u>UNANIMOUS RESOLUTION:</u></b><br />
<br />
It is also known as a Unanimous consent which means 100% consent of all the members present for the Annual general meeting have a positive consent for a decision to be passed by the company.<br />
<br />
<b><u>BOARD RESOLUTION</u></b><br />
<br />
This resolution takes place between the Board of directors of the company. The members of the company play no role in this resolution.<br />
<br />
<br />
<u> </u><br />
<u><br /></u>
Explanation for ADVOCATES and Law Students:<br />
<br />
Resolutions have been explained under Section 114 of The Companies Act 2013.<br />
<br />
<b><u>ORDINARY RESOLUTION:</u></b> (explained under Section 114 (1) )<br />
<br />
When a motion is passed by a simple majority of the members of the company who are voting at the General meeting, it is said to have been passed by an Ordinary resolution.<br />
The votes cast in favor (including CHAIRMAN -if any) are more than the votes cast against the resolution.<br />
<br />
Some matters in which Ordinary resolution can be passed:<br />
1. Alteration in authorized capital<br />
2. declaration of dividend<br />
3. appointment of auditors<br />
4. fixation of remuneration<br />
5. election of directors.<br />
<br />
<br />
<b><u>SPECIAL RESOLUTION:</u></b><br />
According to Section 114 (2) , a special resolution is held:<br />
1. The intention of the proposal must be notified to the members of the company by the way of Notice.<br />
2. Notice must comply with the requirement of 21 clear days before the annual general meeting.<br />
3. Votes cast in favor ( by poll or show of hands ) must be THREE TIMES the votes cast against the resolution.<br />
<br />
ABSTENTIONS (if any) not to be taken into account.<br />
<br />
Matters in which Special Resolution can be passed:<br />
1. alter object clause of memorandum.<br />
2. change in registered office of company from one state to another.<br />
3.reduce share capital of the company.<br />
4.alteration of Articles of association.<br />
<br />
<br />
CASE REFERENCE:<br />
1. KIRLOSKAR ELECTRIC CO. LTD , In re[2003] 43 SCL 186 (Kar.)<br />
<br />
<b><u>UNANIMOUS RESOLUTION:</u></b><br />
<br />
There is no particular definition in the COMPANIES ACT 2013 relating to The Unanimous Consent but SECTION 162(1) which says that- At a general meeting of a company, the motion for the appointment of two or more persons as directors of the company by a single resolution shall not be moved unless a proposal to move such a motion has first been agreed to at the general meeting without any vote being cast AGAINST it.<br />
<br />
<br />
<b><u>BOARD RESOLUTION:</u></b><br />
<br />
Under Section 173 of the Companies Act 2013,<br />
1. every company shall hold its first board meeting within 30 days from its date of incorporation and thereafter 4 board meetings of its board of directors every year in such a manner that not more than 120 days shall intervene between two consecutive meetings of the board.<br />
<br />
2.participation of directors can be In-person, by video conferencing or any other audio visual means which are capable of recording and recognizing the participation of the directors.<br />
<br />
3. Notice for the meeting must be served in not less than 7 days . The notice must be in writing to every director at his address registered with the company and can be sent by hand delivery or post or by any electronic means.<br />
<br />
<br /></div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-85792855046283112442015-07-25T15:44:00.000+05:302015-07-25T15:44:06.022+05:30Determining the jurisdiction of CIVIL COURTS<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
Based on roman and Latin laws, the jurisdiction of civil courts is defined under The CIVIL PROCEDURE CODE as:<br />
<br />
1. Where the property is situated ( LEX SITUS)<br />
<br />
2. where the act is committed ( LEX ACTUS)<br />
<br />
3. where the wrong has been committed ( LEX DELICTI)<br />
<br />
4. Where the function or ceremony was held ( LEX CELEBRATIONIS)<br />
<br />
5. The place of Domicile ( LEX DOMICILI)<br />
<br />
6. The place of solving the dispute ( LEX SOLUTIONIS)<br />
<br />
The code of civil procedure also provides that Every suit shall be instituted in the Court of the LOWEST GRADE competent to try it.<br />
<br />
Pecuniary Jurisdiction plays an important role in this determination of jurisdiction.</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-23780712861949696732015-07-25T15:24:00.000+05:302015-07-28T17:03:33.006+05:30BAIL and BAIL in bailable offences<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<br /></div>
<div>
<b>Meaning:</b></div>
<div>
<br /></div>
<div>
Bail means to release a person from:</div>
<div>
<br /></div>
<div>
- custody or,</div>
<div>
-prison or,</div>
<div>
-detention or,</div>
<div>
- some kind of restraint </div>
<div>
<br /></div>
<div>
and deliver the person in the hands of sureties( who binds himself) for the duty to to appear whenever asked or required by the court or police or judicial matter.</div>
<div>
<br /></div>
<div>
<br /></div>
<div>
In simple words, it is actually a release from police custody or prison or any other judicial custody.<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQN4VaY_ykKbD_huOslJLCidzMdXtKKdmmVOh15g8x12gRTavtXZyBMmukJopcA0SmQRdQielahcmZdwuy2uSsC2WgFrYH-g_m3AZ5IvXh1ixl1NU9uYm4bjQG7mb_JWYOvJSMYe9TTOM_/s1600/Bail-Rubber-Stamp-740.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQN4VaY_ykKbD_huOslJLCidzMdXtKKdmmVOh15g8x12gRTavtXZyBMmukJopcA0SmQRdQielahcmZdwuy2uSsC2WgFrYH-g_m3AZ5IvXh1ixl1NU9uYm4bjQG7mb_JWYOvJSMYe9TTOM_/s200/Bail-Rubber-Stamp-740.jpg" width="200" /></a></div>
<br /></div>
<div>
<br /></div>
<div>
<b>Kinds of offences:</b></div>
<div>
<b><br /></b></div>
<div>
Offences are majorly classified into :</div>
<div>
<br /></div>
<div>
1. Bailable offences</div>
<div>
2. Non-Bailable offences.</div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<b>BAIL in the case of BAILABLE OFFENCES</b></div>
<div>
<br /></div>
<div>
Person held as accused is allowed to be bailed when he or anybody on his part furnishes satisfactory sureties ( monetary or <span style="color: blue;">personal bond</span>) for his appearance in the court whenever required.</div>
<div>
<br /></div>
<div>
<b>BAIL is granted as a matter of right( not to be dinied on the ground of nationality)</b>, either by the police officer in charge of the police station or the court.</div>
<div>
BAIL IS SAID TO BE A CONSTITUTIONAL RIGHT.</div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<b>In what cases bail is not granted:</b></div>
<div>
<br /></div>
<div>
The following are the major reasons on which the court may have a discretion of not granting the bail:</div>
<div>
1. Absconding ( escape to avoid arrest)</div>
<div>
2. Non cooperation with police during investigation</div>
<div>
3. intimidating witness (frightening or terrorize ) </div>
<div>
4. tampering with the evidence.</div>
<div>
<br /></div>
<div>
<u>Meaning of </u><span style="color: blue;"><u>PERSONAL BOND</u> : </span>it is a written promise signed that the accused will appear before court on the scheduled time and date as ordered by the Court of Law.</div>
<div>
<br /></div>
<div>
<br /></div>
<div>
</div>
<div>
<b><br /></b></div>
</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-81850703184007239312015-07-24T18:57:00.004+05:302015-07-24T18:57:59.584+05:30THE ' KEY MANAGERIAL PERSONNEL' in a Company<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
SECTION 2(51) of the Companies Act 2013 :<br />
<br />
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A<b> key managerial personnel</b> is a person in relation to the company who is:<br />
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1. A whole time director;<br />
2. The chief executive officer or the managing director or the manager;<br />
3. The company secretary;<br />
4. The chief financial officer;<br />
5. any such officer as may be prescribed by the company.<br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-71357266945470787682015-07-24T01:01:00.000+05:302015-07-28T18:55:07.286+05:30Appointment of a Women Director on the Board of a Company<div dir="ltr" style="text-align: left;" trbidi="on">
Under the COMPANIES ACT, 2013 :<br />
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Section 149(1) second proviso along with RULE 3 of the Companies( appointment and qualification of directors ) rules 2014, require to appointment of at least one woman director on the board of the following class of the companies:<br />
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1. every listed company,<br />
2. every other public company having (a) paid up share capital of one hundred crore rupees or more or (b) turnover of three hundred crore rupees or more.<br />
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The appointment must be made within SIX months of the Incorporation ( if after the commencement of the Act)<br />
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In case of Casual vacancy:<br />
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an immediate appointment must be made and the place must be filled up by the board at its earliest but not later than the immediate next board meeting or THREE MONTHS from the date of such vacancy whichever is LATER.<br />
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According to The companies Act 2013, every company must appoint at least 1 woman director of its list of board of directors.<br />
As we know that every company must have a minimum number of directors on board i.e. THREE directors for a public company, TWO directors in case of a private company and ONE director in case of a One person company and also must have a MAXIMUM of 15 directors (or more than 15 directors on passing a <a href="http://learningoflaw.blogspot.in/2015/07/ordinary-special-board-and-unanimous.html" target="_blank">SPECIAL RESOLUTION</a>).<br />
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So, the above classes of companies must have 1 woman director on its board.<br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com2tag:blogger.com,1999:blog-1606474766801648428.post-1609599502968122972015-07-24T00:34:00.000+05:302015-07-24T00:49:49.889+05:30Global Depository Reciepts- overview<div dir="ltr" style="text-align: left;" trbidi="on">
GDR- Section 41 of the Indian Companies Act 2013<br />
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This Section must be read along with the following rules:<br />
1. Companies ( issue of global depository receipts) rules 2014<br />
2. Foreign Exchange management rules and regulations<br />
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This Section allows a company (which is eligible) to issue GDR's in any foreign country.<br />
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The first thing which a company must remember is the eligibility according to the above stated rules is necessary. the company must comply with the the FEMA rules for issuing Global Depository receipts.<br />
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ISSUING METHODS:<br />
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The Depository receipts can be issued by the company in either of the following manner:<br />
1. public offering : invitation to public to opt. for GDR's.<br />
2. Private placement: placement on its own wish either to another company or an individual.<br />
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CONDITIONS NECESSARY:<br />
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1. company must pass a special resolution ( votes cast in favor must not be less than 3 times of the votes cast against) at its general meeting.<br />
2. GDR's shall be issued by an overseas bank which is appointed by the company.<br />
3. The underlying shares( if any) shall be kept in the custody of a domestic custodian bank.<br />
4. The company shall appoint a merchant banker or a practising chartered accountant/ practising cost accountant/ practising companies secretary to oversee all the compliance relating to issue of GDR's.<br />
5. To make a compliance report.<br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-35383190547705733392015-05-03T22:30:00.001+05:302015-05-03T22:30:11.222+05:30EFFECTS OF ULTRA VIRES<div dir="ltr" style="text-align: left;" trbidi="on">
The following are the effects of an act which is ULTRA VIRES:<br />
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1. VOID AB INITIO: The acts are null and void ab initio. The company is not bound by these acts, even the company cannot sue or sued upon the same.<br />
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2. INJUNCTION: in case a company is about to go for an act of ultravires, any member (even 1) can get an order of injunction from the court to restrain the company from doing such act.<br />
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3. PERSONAL LIABILITY: it becomes the personal liability of the directors if there is an ultravires act as it is the duty of the directors to ensure that the capital of the company is used for legitimate businesses only.<br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-72808184264506105002015-05-03T19:23:00.000+05:302015-05-03T19:23:29.591+05:30Stock Appreciation Rights Scheme (SARS) <div dir="ltr" style="text-align: left;" trbidi="on">
Stock Appreciation Rights Scheme is a new scheme permitted by SEBI (securities exchange board of india) under which a company grants SARS to employees.<br />
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It shall contain the details of the manner in which the scheme is to be implemented.<br />
A company shall have freedom to implement cash settled or equity settled SAR scheme.<br />
if there are fractional shares then consideration for fractional shares must be settled in cash.<br />
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BOARD of directors must make necessary disclosures in regard of the same, and must be made by the company to the prospective SAR grantees.<br />
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VESTING PERIOD:<br />
the minimum vesting period will be <b>one year</b> in case of a company issuing a SAR scheme.if the SAR scheme has been granted in lieu of another company or of a company going to be amalgamated and the schemes are need to be adjusted within the minimum vesting period.<br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-52514051281938090462014-12-02T19:07:00.000+05:302014-12-02T19:07:51.151+05:30WRIT OF QUO-WARRANTO<div dir="ltr" style="text-align: left;" trbidi="on">
It is a Latin term which means ' What is your authority or show your authority '. On issue of this WRIT the person concerned is called upon to show the Court that by what authority he holds the office or the authority.<br />
If the holder has has no authority, he will be ousted from the enjoyment or he has to leave the position right away.<br />
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The MAIN OBJECT of the WRIT of Quo-Warranto is to control the executive action in matter of making appointment of public offices against the relevant statutory provision.<br />
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The following conditions must be fulfilled:<br />
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1. Nature of the office must be public: means the office which is in question must be a public office i.e. an office in interest of public.<br />
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2. The office must be of substantive characters: means the office in question must be an independent office with an independent official.<br />
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3. The office must be statutory or constitutional: means the writ must be in respect of the offices of prime minister, advocate general, judge of high court, members of municipal body etc.<br />
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4. The holder must have asserted his claim to the office or to such authority.</div>
Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-33740427896794252462014-11-29T23:45:00.002+05:302014-11-29T23:45:46.823+05:30IMPORTANT CHANGES IN THE COMPANIES ACT 2013- INCORPORATION<div dir="ltr" style="text-align: left;" trbidi="on">
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1. TYPES OF COMPANIES</div>
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a) 1956 (i) Private (ii) Public</div>
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b) 2013 (i) Private (ii) Public (iii) <a href="http://www.learningoflaw.blogspot.in/2014/11/one-person-company-opc.html">One Person Company</a>.</div>
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2. MAXIMUM NUMBER OF MEMBERS IN PRIVATE COMPANY</div>
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a) 1956- Maximum of 50 members</div>
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b) 2013- it can have a maximum of 200 members</div>
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3. Commencement of business Certification</div>
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a) 1956- applicable only to public companies</div>
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b) 2013- now applicable to all companies having share capital</div>
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4. Object Clause of MOA</div>
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a) 1956- divided into Main objects, ancillary objects and other objects.</div>
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b) 2013- to contain all objects for which the company is proposed and the matters considered necessary in furtherance thereof.</div>
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-13954615663492005092014-11-29T23:25:00.001+05:302014-11-29T23:25:33.591+05:30ONE PERSON COMPANY (OPC)<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Georgia, Times New Roman, serif;">One Person company means a company which has just one member.</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;">It is defined under Section 2 of The Companies Act 2013.</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;">An OPC is incorporated as a private Limited Company, in which there will be just one member and there is prohibition in regard to invitation to the public for subscription of the securities of the Company.</span><br />
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<span style="font-family: Georgia, Times New Roman, serif;">FEATURES OF OPC:</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;">1. An OPC can be categorised into two sub heads:</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"> a) Company limited by gaurantee</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"> b) Company limited by Shares.</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;">If an OPC is limited by Shares then it must fulfill the following 3 conditions</span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;">a) it shall have a minimum paid up capital of ₹1 lac</span><br />
<span style="font-family: Georgia, Times New Roman, serif;">b) right to transfer its shares is restricted.</span><br />
<span style="font-family: Georgia, Times New Roman, serif;">c) Prohibition on any invitation to public to subscribe for the securities of the Company.</span><br />
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<span style="font-family: Georgia, Times New Roman, serif;">2. An OPC is required to give itself a legal identity by its name and the activities and business it will be working on. </span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;">3. The Words ' ONE PERSON COMPANY' should be mentioned along with the name of the company.</span><br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0tag:blogger.com,1999:blog-1606474766801648428.post-45324680165813502002014-11-18T11:44:00.000+05:302014-11-18T11:45:32.719+05:30AMENDMENTS IN THE INDIAN PENAL CODE<div dir="ltr" style="text-align: left;" trbidi="on">
1. <b>SECTION 326 A: ACID ATTACK</b><br />
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<b>Punishment:</b> Imprisonment not less than TEN YEARS which may be extended to imprisonment for life AND with FINE which shall be just and reasonable to meet the medical expenses which shall be paid to victim.<br />
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2. <b>SECTION 326 B: ATTEMPT TO ACID ATTACK</b><br />
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<b>Punishment:</b> Imprisonment not less than FIVE YEARS but which may extend to SEVEN years AND shall also be liable for FINE.<br />
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3.<b> SECTION 354 A: SEXUAL HARASSMENT</b><br />
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<b>Punishment</b>:<br />
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Rigorous imprisonment up to THREE years, OR with FINE , OR with both in case of offence described in Clause (i) and (ii)<br />
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Imprisonment up to ONE year OR with FINE , or with BOTH in other cases.<br />
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PROVISIONS: It protects <b>only women</b>. (i) Physical contact and advances involving unwelcome and explicit sexual overtures; or<br />
(ii) a demand or request for sexual favors; or<br />
(iii) Making sexually coloured remarks; or<br />
(iv) forcibly showing pornography.<br />
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Arshi Babbarhttp://www.blogger.com/profile/14947481736734236337noreply@blogger.com0