The Companies Act, 2013 (Private Company)
The Companies Act, 1956
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The Companies Act, 2013
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Maximum no of
members restricted to 50.
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Maximum no of
members restricted to 200.
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Private Companies are not mandated to appoint MD/WTD/manager except Whole Time
company Secretary in case company having a paid up capital of Rs. 5Crore or
more.
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All Companies having
Paid up capital of Rs.5Crore or more are required to appoint following whole
Time KMP:
MD/CEO/WTD/Manager Company Secretary and CFO |
No Requirements to
have director resident in India.
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All companies
including Private Companies must have at least one director who stayed in India
for a period of 182dayas or more during the previous calendar year.
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No requirement to
file ‘Consent to act as a director’ with registrar of Companies
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A person appointed
as a director shall not act as a director until his/her consent to hold the
office as a director has been filed with the registrar of companies within 30days
of his appointment.
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Private companies were exempted while calculating maximum number of limit in
which a person can act as a director.
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Now a person can act
as a director in Max.20 companies out of which not more than 10 should be public
Companies.
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Applicable only to
listed companies and companies having turnover in excess of Rs.50Crore or borrowing
in excess of Rs.10Crore.
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Every Company,
except One Person Company and small Company, are required to prepare Cash flow Statement.
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As per Section
224(1B), private companies are not included while calculating
ceiling limit.
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Maximum 20
Companies(inclusive of private companies)
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No requirement
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All companies who
fulfill the eligibility requirement, required to constitute a committee of at
least 3 directors out of them 1 must be an independent
director and required to spend at least 2% of the average net profit on
CSR activities.
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Acceptance of Deposit by companies from its directors, members and its relative.
Companies (Acceptance of Deposits) Rules, 1975
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Companies (Acceptance of Deposits) Rules, 2014
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any amount received
by a private company from a person who, at the time of the receipt
of the amount, was a director, relative of director or member:
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any amount received
from a person who, at the time of the receipt of the amount, was a director of the company:
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Provided that
the director or member, as the case may be, from whom money is received,
furnishes to the company at the time of giving the money, a declaration in
writing to the effect that the amount is not being given out of
funds acquired by him by borrowing or
accepting from others;
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Provided that the
director from whom money is received, furnishes to the company at the time of
giving the money, a declaration in writing to the effect that the amount
is not being given out of funds acquired by him by borrowing or
accepting loans or deposits from others;
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Earlier Not Required
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As per companies
Act2013, if the private companies have any loan received from any person
other than director, then they have to file a statement in Form DPT-4 up to
30th June 2014 with the ROC.
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any
amount received by a company from any
other company;
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any
amount received by a company from any
other company;
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any amount received
by way of subscriptions to any shares, stock, bonds or debentures such bonds
or debentures as are covered by sub-clause (x) pending the allotment of the
said shares, stock, bonds or debentures and any amount received by way of
calls in advance on shares, in accordance with the Articles of Association of the Company so long as such
amount is not repayable to the members under the Articles of Association of the Company ;
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any amount
received and held pursuant to an offer made in accordance
with the provisions of the Act towards subscription to any securities,
including share application money or advance towards allotment of securities
pending allotment, so long as such amount is appropriated only against the
amount due on allotment of the securities applied for;
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Explanation.- For
the purposes of this sub-clause, it is hereby clarified that -
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(a)
Without prejudice to any other liability
or action, if the securities for which application money or advance for such
securities was received cannot be allotted within
sixty days from the date of receipt of
the application money or advance for such securities and such application
money or advance is not refunded to the subscribers within
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Fifteen days from the
date of completion of sixty days, such amount
shall be treated as a deposit under these rules.
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(b) Any adjustment
of the amount for any other purpose shall not be treated as refund.
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