Do we need to file resolution passed under section 188 of the Companies Act 2013?

Do we need to file resolution passed under section 188 of the Companies Act 2013?

In case of wholly owned subsidiary, the special resolution passed by the holding company shall be sufficient for the purpose of entering into the transactions between wholly owned subsidiary and holding company.

What transactions are covered under Section 188 of Companies Act, 2013?

Leasing a property of any kind; Availing or the rendering services of any kind; Appointment of any agent for purchase/sale of goods, materials, services, or property; Such related party’s placement to any office or place of profit in which the company, its subsidiary company or associate entity.

Which sections of Companies Act, 2013 are notified?

A new term of “one-person company” is included in this act that will be a private company and with only 98 sections of the Act notified….

Companies Act 2013
Commenced 12 September 2013 (98 sections) 1 April 2014 (184 sections)
Legislative history
Bill The Companies Bill, 2012
Bill citation Bill No. 121-C of 2011

Are you a related party u/s 188 of Companies Act, 2013?

(ii) if any individual other than a director or any firm, private company or other body corporate, if the individual, firm, private company or body corporate holding receives from the company anything by way of remuneration, salary, fee, commission, perquisites, any rent-free accommodation, or otherwise; (iii).

Is section 188 applicable to private companies?

Section 188 is no longer a compliance requirement for Private Limited Companies.

Is section 188 applicable to government company?

Section 188 requires a company to obtain approval of the Board and of the members, in certain situations, prior to entering of any transaction or agreement with a related party. Section 188 is applicable to both private and public companies.

What is Section 189 of Companies Act, 2013?

(1) Every company shall keep one or more registers giving separately the particulars of all contracts or arrangements to which sub-section (2) of section 184 or section 188 applies, in such manner and containing such particulars as may be prescribed and after entering the particulars, such register or registers shall …

Who does the Companies Act apply to?

The Companies Act, 2008 provides for two categories of companies, namely non-profit and profit companies. Non-profit companies take the place of companies limited by guarantee and section 21 companies. Non-profit companies are characterised by the following: They are incorporated for a “public benefit purpose”.

What are the registers should be maintained in company?

Registers to be maintained under the Companies Act, 2013

  • Register of the Company.
  • Register of Members.
  • Register of Directors and Key Managerial Personnel.
  • Register of Charges.
  • Register of Renewed and Duplicate Share Certificates.
  • Register of Employee Stock Options.
  • Register of Shares/Other Securities Bought Back.

Is it compulsory to give remuneration to directors?

Whether it is Managing director or whole time directors. A company having only one managing director, whole-time director or manager shall not pay more than 5% of its net profits. A company has more than one such directors, remuneration shall be payable not more than 11% of the net profit.

Who shall be entitled to present a petition for winding up of a company?

(3) A contributory shall be entitled to present a petition for winding up a company, notwithstanding that he may be the holder of fully paid- up shares, or that the company may have no assets at all, or may have, no surplus assets left for distribution among the share- holders after the satisfaction of its liabilities.

What shall be required for appointment of internal auditor?

(1) Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.

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