What is minimum subscription as per Companies Act, 2013?
For companies having a capital of less than one lakh rupees, the fees payable should be two hundred rupees. In the case of companies whose capital is more than one lakh but less than one crore rupees, the fees payable ranges from three hundred to five hundred rupees.
What is net worth as per Companies Act, 2013?
Section 2 of Companies Act 2013— Clause (57) “net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off.
What are Indian company Act charges?
In simpler words, charge is a financial security created by the Company on its assets or property in lieu of securing the loan taken by the Company(s) from financial institutions/banks. 1.
What is Section 68 of Companies Act, 2013?
Provided that no buy-back of any kind of shares or other specified securities shall be made out of the proceeds of an earlier issue of the same kind of shares or same kind of other specified securities.
What is the minimum subscription amount?
Minimum subscription refers to the minimum number of shares that a company needs to get out of the entire issue by the date of closure. Currently, every company is required to raise 90% of the issues amount.
What is the limit of minimum subscription?
This is called the ‘minimum subscription’. The limit of minimum subscription is 90% of the size of the issue.
What is a small company Companies Act, 2013?
The new amended definition of a small company is provided under Section 2(85) of the Companies Act, 2013. The Act defines a small company as a company that is not a public company and has: A paid-up share capital equal to or below Rs. 2 crore or such a higher amount specified not exceeding more than Rs. 10 crores.
What is a private company under Companies Act, 2013?
Effective from 12-09-2013
“private company” means a company having a minimum paid-up share capital of one lakh rupees or such higher paid-up share capital as may be prescribed, and which by its articles,—
What are company charges?
A charge is a form of security over an asset which gives the charge-holder (typically a lender) the right to have the asset and its proceeds of sale appropriated to discharge the debt. Companies typically grant fixed and floating charges over their assets as security for their corporate borrowing.
What is Section 177 of Companies Act, 2013?
Section 177: Every listed company and certain classes of public companies to constitute an Audit Committee, comprising a minimum of three directors, with Independent Directors forming a majority.
What is Section 52 of Companies Act, 2013?
(1) Where a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium received on those shares shall be transferred to a “securities premium account” and the provisions of this Act relating to reduction of share capital of a company shall, except as provided …
What is minimum subscription of a company?
Minimum subscription refers to the minimum number of shares that a company needs to get out of the entire issue by the date of closure. Currently, every company is required to raise 90% of the issues amount. Else, the company is required to refund the complete amount that has been received.
What is minimum subscription in company law?
Minimum subscription is the term which is used to represent the amount of the issue which has to be subscribed or else the shares can’t be issued if it is not being subscribed.
What is Section 69 of Companies Act 2013?
(1) Where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to the capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet.
Is minimum subscription is required by private company?
Private company can allot shares without receiving minimum subscription.
What is the limit for small company?
According to a Ministry of Corporate Affairs (MCA) notification, any company with a paid-up capital up to ₹4 crore and turnover as much as ₹40 crore would be considered a small company. This is the second revision in just 18 months-the limit was raised to ₹2 crore and ₹20 crore, respectively, on April 1.
Is small company a private company?
The Companies Act, 2013 introduced a new concept of ‘small company’. Its simply a Private Company but with less capital and turnover size.
How much turnover is required for Pvt Ltd?
Rs.2.00 crores
A One Person Company must be mandatorily converted into a Private Limited Company if the annual sales turnover exceeds Rs. 2.00 crores or the paid up capital of the One Person Company exceeds Rs. 50 lakhs.
What is Rules of Pvt Ltd company?
A Pvt Ltd Company must have a minimum of two directors and a maximum of fifteen directors. A minimum of two shareholders is required for legal registration of a Pvt Ltd company. A total of two hundred shareholders are acceptable in any Private Limited Company but not more than that.
What is fixed charge in company law?
A fixed charge is a charge which relates to specific assets of a company. A company cannot dispose the property without the consent of the charge holder. The nature of a floating Charge is that the asset on which the charge is created is not an identified asset at the time of creation of the charge.
What is registered charge?
A legal charge is usually registered to protect a mortgage loan. The owner of legal charge has a power of sale should the mortgage payments not be maintained.
What is Section 144 of Companies Act, 2013?
Proviso to sub-section (1) of section 144 of the Act provides that an auditor or audit firm who or which has been performing any non-audit services on or before the commencement of this Act shall comply with the provisions of this section before the closure of the first financial year after the date of such …
What is Section 197 of Companies Act, 2013?
in respect of any financial year shall not exceed 11% of the net profits of that company for that financial year computed in the manner laid down in section 198 except that the remuneration of the directors shall not be deducted from the gross profits.
What is Section 69 of Companies Act, 2013?
What is Section 53 of Companies Act, 2013?
Prohibition on issue of shares at discount. 1) Except as provided in section 54, a company shall not issue shares at a discount. (2) Any share issued by a company at a discounted price discount shall be void.