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As per the Companies Act, 1956, at least four Board meetings should be held each year and the gap between two Board meetings should not exceed 120 days.
As per the Companies Act, 1956 at least one meeting of shareholders should be held each year. Last date for convening AGM is 30th September.
The Company has to maintain a Registered Office in the state where it is registered. All the statutory records, registers and books of accounts would be maintained at that office. The company has flexibility to shift its registered office after compliance of the relevant provisions of the Companies Act, 1956.
Apart from the Registered Office, the Company may maintain a Head Office in India and the books of accounts may be kept there at with the approval of Board of directors. However, the company is required to
intimate to the ROC within seven days of the decision.
Every Company is required to issue share certificates to its shareholders in compliance of companies (Issue of Share Certificates) Rules. These share certificates are to be issued after taking note of the allotments made by the Company and shares transferred from time to time.
The shares of the Companies are freely transferable unless the company has any preemption clause in its Articles of Association. In case of transfer, the buyer & seller are required to execute share transfer deed and after being stamped as per Stamp Act, it would be submitted to the company along with share certificate and if all the documents are in order, the company would transfer these shares.
Every company is required to maintain the books of accounts either at Registered Office or Head Office as mentioned above with respect to:
1. all sums of money received and expended by the company and the matters in respect of which the receipt & expenditure take place;
2. all sales & purchases of the goods by the Company;
3. the assets & liabilities of the Company; and
4. in case of company engaged in production, processing, manufacturing or mining activities, such particulars relating to utilization of material or labour or other items of the cost as may be prescribed by the Central Government to be included in the books of accounts.
Minutes are to be drafted for every meeting of the Board of Directors and shareholders. Thereafter,
the same need to be signed by the Chairman of the meeting. Following Minutes are to be drafted:
1. Minutes of Board Meeting and its committees
2. Minutes of Extra Ordinary General Meeting [EOGM]
3. Minutes of Annual General Meeting [AGM]
These minutes are drafted considering the decisions taken by the Board and its committees in day to day working of the Company.
Companies Act, 1956 specifies the following Statutory registers to be maintained by every Company:
1. Register of Members
2. Register of Directors
3. Register of Transfers
4. Register of Director’s Shareholding
5. Register of Contracts in which Directors are
6. Register of Charges
7. Meetings attendance register
Every Company having a paid up Capital of Rs. 5, 00, 00,000/- (Rupees five crores only) or more shall have a whole time company secretary holding a membership of the Institute of Company Secretary
The monthly payment due date for Provident Fund is 15th of every month (with grace period up to 21st) and the due date for Annual Return is 30th April of every year. It is to be noted that P.F authorities treat one year as starting from 1st March and ending on 28th February.
There are no monthly returns for ESI.. The company/employer must pay the ESI amounts every month on 15th of every month(with grace period upto 25th).
This article has been republished here from my blog, www.camattersonline.com. For more of such informative articles affecting your start-up, you can contact me @ firstname.lastname@example.org.