39 new forms notified effective from 14/04/2014

39 new forms notified effective from 14/04/2014.
1.       INC-1 Application for reservation of name – old form  1A
2.       INC-2 OPC- Application for Incorporation - New form
3.       INC-3 OPC- Nominee consent form - New form
4.       INC-4 OPC- Change in Member/Nominee - New form
5.       INC-5 OPC- Intimation of cessation - New form
6.       INC-6 OPC- Application for Conversion - New form
7.       INC-7 Incorporation of Co. (Other than OPC) 1
8.       INC-18 Application to Regional director for conversion of section 8 co.
into any other kind of co. - New form
9.       INC-20 Intimation to Registrar of revocation/surrender of license issued u/s 8  - New form
10.   INC.21 Application for commencement of business old form  19, 20
11.   INC-22 Notice for situation or change of situation of registered office old form 18
12.   INC-23 Application to Regional director for approval to shift the registered office from one state to another state or from jurisdiction of one registrar to another within the state - old form 1AD,24AAA
13.   INC-24 Application for change of name old form -  1B

Features of One Person Company (OPC)

The following are the important features of the One Person Company (OPC)

• One Person Company is a Private Company
• One Person Company has only one person as a member/shareholder.
• Minimum paid up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)
• One Person Company may be either a Company limited by share / a Company limited by guarantee / an unlimited Company
• The words "One Person Company" should be mentioned in brackets below the name of the One Person Company
• One Person Company shall indicate the name of the nominee/other person in the memorandum, with his prior written consent
• The written consent above, shall be filed with the Registrar at the time of incorporation of the One Person Company along with its M&A (Memorandum and Articles)
• The nominee/ other person can withdraw his consent at any time
• The member/Shareholder of One Person Company may change the nominee/other person at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Registrar
• One Person Company is one of the type of Company on the basis of number of members
• In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company
• Member/Shareholder of the One Person Company acts as first director, until the Company appoints director(s)
• One Person Company can appoint maximum 15 directors, but minimum should be one director
• One Person Company need not to hold any AGM (Annual General Meeting) in each year
• One Person Company should inform to the Registrar about every contract entered and also should record in the minutes of the meeting with in 15days from the date of approval by the BOD (Board of Directors)
• Cash Flow Statement may not include in the financial statements of One Person Company
• One Director is sufficient to sign the Financial Statements/Director's Report
• Within 180 days from the closure of the Financial Year, One Person Company should file the copy of the Financial Statements with Registrar

Companies Act 2013- Clarification on definition of term 'related party'

Order proposed to be issued under section 470 of the Companies Act, 2013

MINISTRY OF CORPORATE AFFAIRS

ORDER

New Delhi, the , 2014

S.O. _____ (E) Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date;

And whereas clause (76) of section 2 of the Act define the term `related party’ has commenced on 12th September, 2013.

And whereas in sub-clause (v) of clause (76) provides for that a public company in which a director or manager is a director or holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

And whereas difficulties have arisen regarding compliance with the provision.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 470 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order to remove the above said difficulties, namely :-

1. Short title and commencement .-

(1) This Order may be called the Companies 1st (Removal of Difficulties) Order, 2014.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. It is hereby clarified that a public company in which a director or manager is a director and holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.