ComplianceShip

The most awaited notification regarding allotment/ modification of Director Identification Number(DIN) has been issued by the Ministry of Corporate Affairs (MCA) vide notification dated 12 th day of June, 2018. The Ministry has issued 2 notifications separately for Company as well as LLP. Under the notification for Company, the Ministry has amended Form DIR-3 for allotment of DIN 3 and Form DIR 6 for modification of DIN w.e.f. 15.06.2018. Due to non-allotment of fresh DIN/DPIN  (Director/ Designated Partner Identification Number) , it was very challenging to change existing Designated Partner in LLP. Vide notification related to LLP, the Ministry has bought relaxation for existing LLP by amending Sub rule 1 and Sub rule 4 (i) of the Rule 10 of the Limited Liability Partnership Rule, 2009. The two amendments are as follows: Under Rule 1, it has levied on every individual who intends to be appointed as a Designated Partner of an existing LLP shall apply for DPIN elect

Introduction Every company in this world is established with the objective to do some work and achieve success in that work. According to the Companies Act, 2013, a company can do its business activities within the ambit of its Object Clause. Object clause is the clause which is mentioned in the Memorandum of Association which determine the purpose and scope of work for which the Company operate. However, in this fast moving world, sometime it become essential for the Corporate to indulge in new business activities for its survival and getting profits and required to amend and alter its object clause. For this purpose corporate are required to follow the proper procedure as laid down under the Companies Act, 2013 and the rules and amendment made there under.   However, it is pertinent to note down here is that the practical aspects for alternation in object clause is quite different from the theoretical knowledge. So it is essential to thrown light on practical aspec

REGISTRATION UNDER FINANCIAL INTELLIGENCE UNIT (FIU-IND) Every reporting entity under Prevention of Money Laundering Act, 2002 is required to furnish information to the Director, FIU-IND (Financial Intelligence Unit- India). FIU-IND is a central agency and not a regulatory authority whose object is to collect and share/ disseminate financial intelligence information regarding suspicious transaction with the enforcement agencies. All reporting entity needs / to furnish this information through secure online FINnet gateway. The reporting entity needs to register itself with the portal to furnish required information with FIU-IND. The need for registration is in pace just after the FIU-IND released a list of non compliant NBFC’s for not registering them and their designated principal officer under PML Act, 2002 and PML rules with the agency. Therefore, to remove this tag of non compliant, every non compliant NBFC’s is trying to  register themselves and their designated pri

Background In today’s world, where everyone is trying to become his own Boss by doing his business and achieving his dreams. Thanks to the Government and its “Make in India” campaign, which has relaxed the norms of doing business in India and provides numerous opportunities to the new entrepreneur to start his own business? Government has not only relaxed the laws but also has reduced the compliances/approvals and has eased the process to start one’s own business. In India, there are various form of business, which a person can opt according to his needs, requirements and financial capacity for achieving his dreams. Therefore, it is very important for a person to understand the form of business available to him. The various forms of business can be classified as follows: Sole Proprietorship; Partnership; Societies; Limited Liability Partnership {LLP} Company: One Person Company; Private Limited Company Public Limited Company All the above models of businesses has