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MSME : MCA Notification Gives More Power To The ACT.

Here I would like to provide the brief note on MCA notification Dated 22/01/2019 However it is MCA Notification which is for Companies Act,2013 but here we should go through the MSMED Act,2006 also to derive the total impact, applicability and reasons to the Notification MSME covers only Manufacturers and Service providers, therefore, all the enterprises that are registered under MSME or having UAM No. must be either Manufactures or Service provider, they shall not be retailer/ trader. Section 15. Liability of buyer to make payment. —Where any supplier supplies any goods or renders any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier in writing or, where there is no agreement in this behalf, before the appointed day : Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acc...

Step Wise Procedure - Close your LLP

Section 63, 64 and 65 of LLP Act 2008 governs the process for winding up of the LLP. It is the process where all the assets of the business are disposed off to meet the liabilities of the same and surplus any, is distributed among the owners. The LLP Act 2008 provides for following two modes for winding up the LLP OPTION 1- STRIKE OFF Ministry of Corporate affairs (MCA) has issued notification dated 16th May, 2017 containing Limited Liability Partnership (Amendment) Rules, 2017, to be effective from 20th May, 2017 for amendment of Rule 37 (Striking off name of defunct LLP) of Limited Liability Partnership Rules, 2009 (herein after referred to as the principle rules). Declaring the LLP as defunct and removing the name of the LLP from its register of LLP’s. Requirement: Where a limited liability partnership is not carrying on any business or operation- for a period of one year or more. Form 8 and 11 shall be filed up to date. The Form has to filled be filed with ROC...

Redefining The Beneficial Owner

Every company is required to maintain the Register of Members (ROM) in Form no. MGT-1. Every Company is required to add the name of the legal owner of the share of the company in the ROM. Register of members describes the ownership of the company. Many Promoters were engaged in using illicit fund in Shell Companies by entering Fictitious names in the ROM. These companies were used for tax evasion and money laundering. In order to curb these practices, The Government of India introduced Section 89 and 90 in Companies Act, 2013. Now before starting Section 89 and 90 , let us first understand the meaning of beneficial owners and how it is different from legal owner or nominal owner. According to Black’s Law Dictionary, Beneficial owner is a legal term where specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Nominal Owner is the person whose name is entered in the ROM but he is simp...

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