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Professional Law Advocate Adda
Adding a Director - Overview
Appointing a director can be a complex process that requires following legal and procedural steps to ensure compliance. The specific process depends on the type of company and its jurisdiction, but there are several common steps involved.
Fields of Expertise
Why Appoint a Director?
Companies may need to appoint or change directors for various reasons, such as expanding the board, replacing a retiring director, or bringing in someone with specific skills. Changes may also be necessary if a director becomes disqualified or if there’s a change in company ownership.
Types of Company Directors
There are different types of directors, each with specific roles and responsibilities:
Steps for Adding a Director
While the process may seem straightforward, adding a director involves several key steps:
Prepare Necessary Documents:
Collect required documents, including ID and address proof, and prepare forms such as DIR-2 (Consent to Act) and DIR-8 (Declaration of Disqualification).
This is a simplified overview; AdvocateAdda.com will handle most of these steps for you, ensuring a smooth process. Our team will guide you through any additional formalities required after this.
Why Choose AdvocateAdda.com
Here’s why AdvocateAdda.com is your best partner for appointing a director:
- Simple and efficient process
- Expert guidance throughout
- Resolutions drafted and forms filed for you
- Full support and clear answers to all your queries
Start the process today with AdvocateAdda.com for a hassle-free experience!
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✔ Remove a company director without any legal complications in just 10 days! (T&C apply)
✔ Complete the process online starting at just ₹2500 + taxes.
Removal of Director as per Companies Act, 2013
If you don’t file GST returns for three consecutive years, your GSTIN will be cancelled — but Vakilsearch can help!
Removal of Director - Overview
A company can add or remove a director at any time, based on various reasons. The removal process can vary depending on the circumstances, but AdvocateAdda.com simplifies this for you, ensuring a smooth, hassle-free experience.
Reasons for Removing a Director
A director can be removed for any of the following reasons:
Disqualification under the Companies Act: If the director incurs any disqualifications outlined in the Act.
Absence from Board Meetings: If the director has been absent from board meetings for over 12 months without valid reasons.
Conflict of Interest: If the director enters into contracts or arrangements that violate Section 184 of the Companies Act.
Court or Tribunal Orders: If a court or tribunal disqualifies the director from holding office.
Criminal Conviction: If the director is convicted of an offence and sentenced to imprisonment for at least six months.
Non-compliance with the Companies Act: If the director fails to abide by the rules and protocols of the Companies Act, 2013, or voluntarily resigns.
✔ Looking to increase your company’s share capital? AdvocateAdda.com’s experts will handle all your compliances and documentation seamlessly.
✔ Our package includes the alteration of the AoA and MoA, drafting board resolutions, and filing the necessary forms with the ROC.
Increase Authorised Share Capital
Authorised Share Capital - Overview
Authorised share capital defines the maximum number of shares a company can issue. Under the 2013 Companies Act, there is no minimum requirement for capital increase. To issue additional shares or increase authorised share capital, the capital clause in the Memorandum of Association (MoA) must be updated by the board, approving an ordinary resolution.
The amount of authorised share capital can vary depending on the company’s needs and is subject to shareholder approval. For example, if a company has an authorised capital of ₹2 lakhs, it can issue shares up to that amount. If an investor wants to invest ₹1 crore, the company can increase its authorised capital accordingly to accommodate the investment.
Guidelines for Increasing Authorised Share Capital
Here are key guidelines for increasing authorised share capital based on the terms used in the company name:
- ₹5 lakhs: For using terms like “Hindustan,” “Bharat,” or “India” in the company name.
- ₹10 lakhs: For using terms such as “Enterprise,” “Products,” “Business,” or “Manufacturing.”
- ₹50 lakhs: For terms like “Global,” “Intercontinental,” “Continental,” “Asian,” or “International.”
- ₹50 lakhs: For using “Bharat,” “Hindustan,” or “India” as the first word in the company name.
- ₹1 crore: For using terms like “International,” “Global,” “Universal,” “Continental,” “Asiatic,” “Udhyog,” or “Industry” anywhere in the company name.
- ₹5 crores: If the company name includes the word “Corporation” at any point.
Liquidate your company smoothly and stay fully compliant with all regulations. Speak to an expert at AdvocateAdda.com today for a hassle-free winding-up process!
Winding Up of a Company in India
What Is Liquidation of a Company? - Overview
Liquidation is the process through which a business ceases operations. A company may choose to liquidate for various reasons, including an unwillingness to continue business activities, insolvency, or other challenges. Essentially, liquidation involves selling a company’s assets to pay off obligations and settle liabilities.
If a business is liquidated due to bankruptcy, a liquidator will sell the company’s assets to satisfy outstanding debts. Any funds remaining after settling these debts are distributed among the shareholders. It’s important to note that the liquidation process can be complex.
Checklist for Winding Up a Company in India
Board Approval: Convene a board meeting to approve the dissolution of the company.
Appoint a Liquidator: Consider appointing an official liquidator or insolvency expert to oversee the process.
Obtain NOC: Request a No Objection Certificate (NOC) from the Income Tax Department concurrently.
Notify IBBI: Send a notification to the Insolvency and Bankruptcy Board of India (IBBI) within seven days of passing the resolution to start winding up.
Complete the Process: Ensure that the entire winding-up process is completed within 12 months from the start of the liquidation.
Received a strike-off notice from the ROC? Don’t panic! Quickly draft a petition for the revival of your company with the help of AdvocateAdda.com. Our experts are here to guide you through the process seamlessly.
Striking Off of a Company
Strike Off a Company - An Overview
Striking off a company under the Companies Act of 2013 is an official process for winding up a business, involving the removal of the company’s name from public records. This can be achieved through voluntary winding up, where a petition is filed with the Registrar of Companies (ROC). Following this, a notice is issued to officially remove the company name from the register, allowing for a straightforward dissolution process.
An alternative method of dissolving a company is through its removal from public records. This can occur either via a notice issued by the ROC or through a direct request made by the company itself. The procedure is outlined in Sections 248 to 252 of the Companies Act, 2013.
With AdvocateAdda.com, you can easily and quickly amend your company’s objectives in the Memorandum of Association (MoA)!
Get the process started for just ₹99/- and pay the remaining amount conveniently after processing.
Change Your Business Objectives Comfortably
Changing Company Name And Objectives - Overview
As your company grows and evolves, it’s natural to want to steer it in new directions that may not have been anticipated initially. To officially change the objectives of your business, it is essential to amend the Memorandum of Association (MoA) and fulfill other formalities.
AdvocateAdda.com can simplify this entire process, ensuring a smooth transition into a new phase for your business.
Why Change Business Objectives?
The objectives stated in the MoA restrict the scope within which a business can operate. Therefore, changing these objectives is necessary in the following situations:
Undertaking New Ventures: When your company expands into new areas, offering new products, services, or activities, it’s essential to update the objectives to reflect these changes.
Company Takeover: During a takeover, significant changes occur. While the original branding may remain, the direction and vision of the company often shift, necessitating an update to the objectives.
Eliminating Abandoned Activities: Over time, some activities may become unnecessary. In such cases, it’s important to amend the company objectives to accurately represent the current focus of the business.
Banned or Prohibited Activities: Government policies can change, leading to previously legal activities being declared illegal or restricted. To avoid legal repercussions, companies must amend their objectives accordingly.
Remission of Duties and Taxes on Exported Products
✔ Register under roDTEP to claim tax and duty reimbursement. Enjoy a seamless 3-step registration process facilitated by industry experts. (T&C apply)
✔ Secure your roDTEP registration with comprehensive documentation support, all through a 100% online process.
RODTEP - Overview
RoDTEP, or Remission of Duties and Taxes on Exported Products, is a new initiative introduced by the Indian government to replace the Merchandise Exports from India Scheme (MEIS). The primary goal of RoDTEP is to create a level playing field for exporters by reimbursing the taxes and duties incurred during the production and distribution of exported goods. This scheme covers a wide range of products and is applicable to all exporters, including small and medium enterprises (SMEs). Designed to enhance the competitiveness of Indian exporters in the global market, RoDTEP aims to promote the growth of the country’s exports.
Under the RoDTEP scheme, exporters will be reimbursed for various duties and taxes that are not currently refunded. This includes state and central taxes, electricity duties, and fuel used in transportation, among others. By reducing the overall cost of exporting, the scheme aims to make Indian exports more competitive in global markets.
The RoDTEP scheme officially came into effect on January 1, 2021, and is available to all eligible exporters in the country. It is expected to provide significant relief to exporters facing financial challenges, particularly due to the COVID-19 pandemic, and to boost India’s overall export performance.
Defense Venture Timeline
Environmental Testing
An effective toxic exposure case begins with accurate testing. We recommend and work with environmental experts to ensure that the appropriate testing is done—and to ensure that the testing links.
Damage Analysis
We assist clients and attorneys to identify and calculate the kinds of damages that can be recovered in these cases. We believe that environmental exposure can cause very real and long lasting harm that should be calculated and compensated accordingly.
Expert Selection & Training
We have worked with many of the best experts in the field, and we are continuing to cultivate new experts to testify in state and federal court on critical medical and exposure issues.
Arbitration or Trial
We brainstorm with counsel as to the best case themes and witness exams. McKee’s experience is particularly valuable here as well, as his most recent jury trial resulted in a $48 million verdict for a single plaintiff. These are real and valuable injuries that need to be presented competently.
Removal of Director as per Companies Act, 2013
Authorised Share Capital - Overview
Authorised share capital defines the maximum number of shares a company can issue. Under the 2013 Companies Act, there is no minimum requirement for capital increase. To issue additional shares or increase authorised share capital, the capital clause in the Memorandum of Association (MoA) must be updated by the board, approving an ordinary resolution.
The amount of authorised share capital can vary depending on the company’s needs and is subject to shareholder approval. For example, if a company has an authorised capital of ₹2 lakhs, it can issue shares up to that amount. If an investor wants to invest ₹1 crore, the company can increase its authorised capital accordingly to accommodate the investment.
Guidelines for Increasing Authorised Share Capital
Here are key guidelines for increasing authorised share capital based on the terms used in the company name:
- ₹5 lakhs: For using terms like “Hindustan,” “Bharat,” or “India” in the company name.
- ₹10 lakhs: For using terms such as “Enterprise,” “Products,” “Business,” or “Manufacturing.”
- ₹50 lakhs: For terms like “Global,” “Intercontinental,” “Continental,” “Asian,” or “International.”
- ₹50 lakhs: For using “Bharat,” “Hindustan,” or “India” as the first word in the company name.
- ₹1 crore: For using terms like “International,” “Global,” “Universal,” “Continental,” “Asiatic,” “Udhyog,” or “Industry” anywhere in the company name.
- ₹5 crores: If the company name includes the word “Corporation” at any point.
