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All About Private Companies
Gaurav N Pingle,
Practising Co. Secretary, Pune.
2 days Company Law Refresher Course – PuneBranch of WIRC of ICAI
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All About Private Company – What is ‘ALL’
Definition under Sec. 2(68) of the Act,
Exemptions in Cos. Act, 2013 vis-à-vis Cos.
Act, 1956.
Private Company
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Further classification of Private Co.
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Small Company
One Person Company
DIPP-registered Start-Up
Private Co. (other than above)
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MCA Notification dated June 5, 2015 & June 13, 2017
Exceptions, modifications & adaptations shall beapplicable to Private Co. which has not committed adefault in filing its Financial Statements (u/s 137 of theAct) or Annual Return (u/s 92 of the Act) with the ROC.
Applicability of the exemptions to Private Co.
Applicability & Exemptions
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 185 of Cos. Act, 2013
Companies (Amendment) Act, 2017.
Section completely substituted.
(effective from May 7, 2018)
Loan to directors
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Amended provision:
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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Sec. 185 is completely substituted by Cos. (Amendment) Act, 2017
Revised Sec. is divided in 4 sub-Sec., highlights are as follows:
(1) Complete restriction on loans, guarantees & securities to certain
parties,
(2) Permits granting of loans, guarantees & securities to certain
parties, subject to riders,
(3) Loans, guarantees & securities to certain parties completely
exempted from compliance of the Sec.,
(4) Penal provisions under Sec. 185 of the Act.
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Section 2 (76) read with section 188 – Holding
Co., Subsidiary Co., Associate Co., Fellow
subsidiaries are not ‘related parties’.
Companies (Amendment) Act, 2017.
Related Parties7
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Relevant clause of ‘Related Party’ under
Cos. Act, 2013
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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‘Related Party’, with reference to a company, means—
(viii) any body corporate which is—
(A) a holding, subsidiary or an associate company of such company;
(B) A Subsidiary of a Holding Co. to which it is also a subsidiary; or
(C) An Investing Co. or the venturer of the Co.
Explanation – For the purpose of this clause, ‘the investingcompany or the venturer of a company’ means a body corporatewhose investment in the company would result in the companybecoming an associate company of the body corporate.
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Section 188 of Cos. Act, 2013
Approval of shareholders for RPTs u/s 188 of Act byordinary resolution is not applicable to:
A company in which 90% or more members, in number,are relatives of promoters or are related parties.
(effective from Feb. 9, 2018)
RPTs
Saturday, May 19, 2018
9
2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 366 of Cos. Act, 2013
U/s 366 of the Act, any partnership firm, LLP, co-operative society or any other business entity (with 7 ormore members, now 2 members or more members) maybe converted into company limited by shares, guaranteeor unlimited company under the Act.
(Companies Amendment Act – Not yet notified)
Companies capable of being registered
Saturday, May 19, 2018
10
2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 2 (40) of Companies Act, 2013
Non-applicability of ‘Cash Flow Statement’ to
OPC, Small Co., Dormant Co. & Private Co.
(DIPP registered ‘start-up’).
Financial Statement11
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Section 43 – Kinds of Share Capital – Shall not
apply where MoA or AoA of the private
company so provides.
Kinds of Share Capital
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 47 – Voting Rights shall not apply
where MoA or AoA of the private company so
provides.
Voting Rights
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 62 of Companies Act, 2013
In case 90%, of the members of private Co. havegiven their consent in writing or in electronicmode, the period lesser than those specified (i.e.15 – 30 days) shall apply – Offer Letter underRights Issue u/s 62 of the Act.
Further Issue of Shares
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 62 of Cos. Act, 2013:
By passing an Ordinary Resolution, a Pvt. Co.
can offer shares to employees under ESOP
scheme, subject to prescribed conditions.
Further Issue of Shares
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 73(2) of Cos. Act, 2013
Provisions relating to acceptance of deposit
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Conditions prescribed in Sec. 73(2) of the Act
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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Passing of resolution in general meeting, subject to rules
prescribed by RBI w.r.t. acceptance of deposits from its members
with the conditions:
(i) Issuance of Circular,
(ii) Filing of copy of circular with ROC,
(iii) Depositing 30% of maturing amount in separate Bank A/c,
(iv) Certifying that Co. has not committed any default in the
repayment of deposits accepted either before or after the
commencement of Cos. Act or payment of interest on.
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Said conditions are not applicable to Private
Co., subject to following riders:
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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(A) Such Pvt. Co. accepts from its members monies
not exceeding 100% (Paid-up Share Capital +
Free Reserves + Securities Premium A/c); or
(B) Such Pvt. Co. which is a Start-Up, for 5 years
from date of its incorporation; or
(C) Which fulfils all of the foll. conditions, namely:
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Members ‘Deposits’ from Private Company
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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(i) Which is not Associate or Subsidiary Co. of any otherCo.;
(ii) If borrowings of such a Co. from Banks or FinancialInstitutions or any body corporate is less than twiceof its paid-up share capital or Rs. 50 crores,whichever is lower; and
(iii) Such a company has not defaulted in the repaymentof such borrowings subsisting at the time ofaccepting deposits.
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Section 92 – In case of OPC, Small Co. &
Private Co. (DIPP registered ‘Start-Up’) – the
Annual Return shall be signed by CS, or where
there is no CS by the director of the company.
Annual Return
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 101 of Cos. Act, 2013 – Shall apply
unless otherwise specified in respective sections
or AoA of the Co. provide otherwise.
Notice of General Meeting
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 102 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Explanatory Statement
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 103 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Quorum for general meetings
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 104 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Chairman for general meetings
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 105 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Proxies at General meetings
Saturday, May 19, 2018
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 106 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Restriction on voting rights
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 107 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Voting by show of hands
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 109 – Shall apply unless otherwise
specified in respective sections or AoA of the
Co. provide otherwise.
Demand for Poll
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 141 of Companies Act, 2013
Eligibility, qualifications & disqualifications of auditors
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Person who is in full time employment elsewhere or a
person or a partner of a firm holding appointment as
its auditor, if such persons or partner is at the date of
such appointment or reappointment holding
appointment as auditor of more than 20 cos. other
than OPCs, Dormant Cos., Small Cos. and Private
Cos. having paid-up share capital less than Rs. 100
crore.
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The auditor’s report shall also state – whether the companyhas adequate Internal Financial Controls with reference tofinancial statements in place and operating effectiveness ofsuch controls:
Shall not apply to: (i) OPC or Small Co. (ii) Private Co.which has Turnover less than Rs. 50 crores as per latestaudited financial statement or which has aggregateborrowings from Banks or FIs or any body corporate at anypoint of time during FY less than Rs. 25 crore.
Powers & duties of Auditors & Auditing Standards
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Section 160 of Companies Act, 2013 – Right of
persons other than retiring directors to stand for
directorship is not applicable to Private
Company.
Not applicable to public company
Retiring Directors to stand for Directorship
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Sec. 162 – Appointment of directors to be votedindividually.
Not applicable to Private Company
Appointment of directors to be voted
individually
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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Section 173 of Companies Act, 2013
Board Meetings
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Board Meeting
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OPC, Small Co., Dormant Co. & Private Co. (DIPP
registered ‘Start-up’) shall be deemed to have
complied with Sec. 173 of the Act if:
(i) At least 1 Board Meeting has been conducted in
each half of a calendar year and
(ii) Gap between 2 meetings is not less than 90.
Provisions relating to Board Meetings & Quorum are
not applicable OPC in which there is only 1 director.
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Section 177 of Companies Act, 2013
Quorum for Board Meeting
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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Quorum for Board Meeting – Pvt. Co.
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
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Basic provision: Where at any time the number of interested
directors exceeds or is equal to 2/3rd of the total strength of
board of directors, the number of directors who are not
interested directors and present at the meeting, being not less
than 2, shall be the quorum during such time.
For Private Co. – Interested Director may also be counted
towards quorum in such meeting after disclosure of his interest.
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Section 180 of Companies Act, 2013
Restrictions on Powers of Board of directors
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
39
(i) To sell, lease or otherwise dispose of the whole orsubstantially the whole of the undertaking of Co.,
(ii) To invest otherwise in trust securities the amount ofcompensation received by it as a result of any mergeror amalgamation,
(iii) Restrictions on borrowings,
(iv) To remit, or give time for the repayment of, any debtdue from a director.
Above provisions not applicable to Private Co.
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Section 184 of Companies Act, 2013
Disclosure of interest by director
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Disclosure of interest by director – Exemption
for Private Co.
Saturday, May 19, 20182 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
41
Every director of a company who is in any way, whetherdirectly or indirectly, concerned or interested in a contractor arrangement (or proposed contract or arrangement)entered into or to be entered into shall disclose the natureof his concern or interest at board meeting in which thecontract or arrangement is discussed and shall notparticipate in such meeting.
For Private Co. – It shall apply with the exception that theinterested director may participate in such meeting afterdisclosure of his interest.
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No member of the Co. shall vote on the
Ordinary Resolution, to approve any contract
or arrangement which may be entered into
by the Co., if such member is a related party.
Not applicable to Private Company.
Related Party Transactions
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Section 196 (1), (2) & (3) - Applicable
Section 196(4) and (5) – Not applicable.
Certain provisions for appointment of MD, WTD or Manager – Not applicable to Private
Company
Appointment of MD, WTD or Manager
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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Q & A Session
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
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2 days Company Law Refresher Course – Pune Branch of WIRC of ICAI
By Gaurav Pingle, Company Secretary, Pune
Thank you ICAI Pune Branch for the wonderful
opportunity!!
Thank you Members & students for active participation!!
(E): [email protected]
(W): www.csgauravpingle.com
(M): +91 9975565713
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Saturday, May 19, 2018