Background: Section 149 of the Companies Act read with the Appointment and Qualifications of Directors provides that the following companies are required to have at least one woman director on its board: Every listed company; Every other public company having paid up share capital of 100 crore rupees or more; or turnover of three hundred … Continue reading Fine structure for non-compliance with the requirement of Clause 49(II) (A) (1) of Listing Agreement (at least one woman director shall be on Board of every listed company)

The term ‘small company’ is defined under Section 2(85) of the Companies Act, 2013. Under the earlier norms, a company (other than a public company) meeting only one of the following condition would have qualified as a small company: Paid-up capital of which does not exceed fifty lakh rupees; or Turnover not more than rupees … Continue reading New norms are more stringent for businesses to be classified as small companies

BRIEF FACTS: The appellant challenged the penalty of Rs 5000 imposed against him before the CESTAT by preferring an appeal. The said appeal was listed for admission in view of clause (iii) of second proviso to Section 129A of Customs Act, 1962 which provides that if the amount is less than Rs.2 lakhs, the Appellate Tribunal … Continue reading DISCRETIONARY POWER OF TRIBUNAL TO ADMIT APPEAL OR OTHERWISE BASED ON QUANTUM OF DUTY OR PENALTY IS NOT APPLICABLE TO APPEALS FILED AGAINST ORDER PASSED BY COMMISSIONER OF CUSTOMS AS ADJUDICATING AUTHORITY: CESTAT

Private companies will no longer have to wait for a certificate of commencement to start business operations. The government has done away with this requirement, taking another step to ease doing business in India. Promoters will only have to inform the Registrar of Companies online, a measure to ensure that starting a business in India … Continue reading No certificate of commencement of business required for private companies

The states had some objection in respect of previous amendment bill as the states did not want Petroleum, Petroleum Products and Alcohol to be brought within the ambit of GST. The Centre has accepted the demand on Alcohol by keeping it outside the ambit of GST, however, the issue pertaining to petroleum and petroleum products … Continue reading Petroleum products under GST, however, levy deferred