Practical Accounts And Taxation
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The Central Government has notified amendment to various rules under Companies Act, 2013 which are effective from May 07, 2018.
1. Amendment relating to meeting of board and its powers: Rule 4 providing any other director may participate through video conferencing or other audio visual means if there is quorum in a meeting through physical presence of directors.
2. No more ratification of appointment of Auditor in AGM: the requirement of ratification of appointment of Auditor in every annual general meeting (AGM) till the conclusion of sixth AGM has been removed. In case of criminal liability of any audit firm, the liability would devolve on concerned partners only who acted in a fraudulent manner.
3. 15 days’ time for re-submission in case of reservation of name through RUN: A new provision has been inserted under to Rule 10(3) providing that – Registrar shall allow fifteen days’ time for re-submission in case of reservation of name through web service –RUN for rectification of defects if any.
4. Additional fee payable on delayed annual filing: The additional fee shall also be applicable to revised financial statement or board report as well as Secretarial audit report.
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