TOPIC 61: QUICK REFERENCE TO “FEW COMMON & BASIC THINGS RELATED TO A COMPANY LAW/ANSWER TO THE COMMON QUESTION ( MIXED): PART 3”

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1. In Case of Company having Share capital, each subscriber is required to take atleast 1 share.
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2. The Clerical errors in the AOA can be corrected through Special resolution and not by direct rectification.
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3. The E-Voting Period shall be for minimum of 3 days and end necessarily by 1 day before the shareholders meeting at 5 p.m.
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4. In case of Company having Share capital, any member present in person or proxy holding 1/10th of Total Voting power or Holding ₹ 5 lakh or more paid up share capital can demand for poll under section 109 (1) of Companies Act, 2013.
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5. Issue of Global Depository Receipts require Special resolution at general meeting.
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6. Issue of Bonus shares does not lead into New/ Fresh funds in the hands of Company.
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7. Minimum Application money should be 5% of Nominal value of Security. ( 25 % for listed Companies under SEBI guidelines).
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8. Indian subsidiary of listed company also require to file financial statements in AOC-4 XBRL.
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9. If Company is required to Appoint Independent Director then they should meet atleast once in a Calendar Year.
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10. Notice as a Candidature for appointment as Director can be given to the Registered office of Company at least before 14 days. ( Except Retiring Director).
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11. Section 185 i.e. Loan to Directors is applicable to Private as Well as Public Company.
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12. Credit sale not to considered as a Loan.
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13. The Provision wrt Directors retire by rotation is not Applicable to Government Company if entire paid up Capital is held by Central govt. Or State govt. Or Central govt & One or more state govt.
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14. Nidhi Company should be a Public Company and having minimum of 5 lakh rupees paid up equity share capital.
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15. Two resubmissions are allowed in SPICe mode of Incorporation
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Regards
ACA SOURAV BAGARIA