XBRL in India - Applicability, Documents, Timeline, Process, Penalty etc.

XBRL in India – Applicability, Documents, Timeline, Process, Penalty etc.

XBRL Conversion & Filing India – Applicability, Documents, Timeline, Process, Penalty etc. XBRL (eXtensible Business Reporting Language) is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only […]

National Industrial Classification Code

National Industrial Classification Code

National Industrial Classification Code is a five digit code and also known as known as NIC Code. The Company uses NIC Code based on the main business activities at the time of incorporation. What is NIC Code? National Industrial Classification Code (NIC) is a statistical standard for developing and maintaining a comparable data base analyzing each business entity data in the asset development of the Government of India (GOI) and for various economic activities. This […]

Corporate Identification Number

What is Corporate Identification Number (CIN)?

CIN stands for Corporate Identification Number. At the time of the incorporation, the Registrar of Companies (ROC) allots unique number to every company, known as Corporate identification number (CIN) of that company. The Power to allot Corporate identification number (CIN) lies with the Registrar of the Companies (ROC) functioning in various states under the Ministry of Corporate Affairs (MCA), Government of India. Corporate identification number (CIN) is unique for all companies irrespective of whether the Company […]

Consolidated Financial Statements

Consolidated Financial Statements

Earlier, the Securities and Exchange Board of India (SEBI) required the listed entities to prepare Consolidated Financial Statements along with the separate financial statements of the Holding Company. Now, also the Companies Act, 2013 mandates the preparation of Consolidated Financial Statements (CFS) by all the Companies, including unlisted companies, having one or more Subsidiaries, associate companies or joint ventures. What is Consolidated Financial Statements (CFS)? Consolidation Financial Statements (CFS) is the combination of the financial […]

Role of Company Secretary

Role of Company Secretary in convening Annual General Meeting

The Role of Company Secretary in administering and managing the business affairs of the Company has been increased over the years. The Company Secretary is responsible for statutory compliance of the company with the regulators. In today’s business climate, the role of Company Secretary (CS) has been intensified with greater responsibilities and duties. In addition to preparing agendas and setting up board meetings, company secretaries are becoming key individuals within their companies. According to the […]

Annual General Meeting

Annual General Meeting requirement in case of Listed entities

Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. Annual General Meeting requirement in case of Listed entities is lengthier than unlisted companies. If the Company is listed, it needs to comply further with the provisions of Securities and Exchange Board of India (SEBI), various other Regulations also […]

Power of Tribunal to call Annual General Meeting (AGM)

Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. Section 97 of the Companies Act, 2013 states the Power of Tribunal to call Annual General Meeting (AGM) in case of default in convening annual general meeting In case the company makes default in holding the Annual General Meeting, any […]

Extension for convening Annual General Meeting

Extension for convening Annual General Meeting (AGM)

The Power to grant extension for convening Annual General Meeting (AGM) lies with the Registrar of Companies (ROC). Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. The First Annual General Meeting shall be held within nine months from the closing of the first financial year. Subsequent, All […]

Annual General Meeting

Annual General Meeting under Companies Act 2013 – PART 2

In Continuation to the previous post on Annual General Meeting (AGM): Content of Annual General Meeting Further, the following documents are also to be sent with the notice calling Annual General Meeting: – Copy of Annual Accounts / Financial statements of the Company; – Directors’ Report and its annexures representing Company’s position for the given financial year; – Auditors’ Report and its annexures and – Any other required documents. Matters to be discussed at the […]

Annual General Meeting

Annual General Meeting under Companies Act 2013 – PART 1

Section 96 of the Act deals with the provisions of the Annual General Meeting (AGM) under Companies Act, 2013. What is Annual General Meeting? Section 96 states that every Company registered in India other One Person Company (OPC) is required to hold a general meeting in addition to any other meeting, in each financial year for its members, called the Annual General Meeting (AGM). Purpose of AGM The purpose of an Annual General Meeting is to […]