April 2024

Designation of Special Court

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 5th February, 2018 S.O. 528(E).—In exercise of the powers conferred by sub-section (1) of Section 435 of theCompanies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justices of theHigh Courts of Kerala, Orissa and Gauhati, hereby designates the following Courts mentioned in column (2)of the Table below as Special Courts for the purposes of providing speedy trial of offences punishable withimprisonment of two years or more under the said sub-section, namely:-TABLESl. No.(1)Courts(2)Jurisdiction as Special Courts(3)1. Additional District and Sessions CourtVII, ErnakulamState of Kerala2. District and Sessions Court, Kavaratti Union territory of Lakshadweep3. District and Sessions Judge, Cuttack State of Odisha4. Additional District and Sessions Judge,No.1, Kamrup (M), GuwahatiState of Assam [F.No. 01/12/2009-CL-I (Vol.IV)]K.V. R. MURTY, Jt. Secy. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta

Designation of Special Court Read More »

Integrated Scheme for Powerloom Sector Development

The Powerloom Industry in India has formed a prime segment in the Textile community. The powerloom was technically inherited from the handloom sector and are considered as the successor to the handlooms sector. This formed a clustered and decentralised sector that paved the way for either a small or big powerloom sectors in almost every part of the country. This article speaks about the infrastructural and financial benefits of Powerloom sector that charged on to implementing the Integrated Scheme for the Powerloom Sector’s Development. Powerloom and its Features The greater proportionate in the requirement of fabric for the garment sector for both domestic and international markets had set the demand of the powerloom sector. The Government statistics report that the powerloom sector covered 62% of the total fabric production. The Government has focused its attention on the powerloom sector with the implementation of multi-pronged Schemes and interventions. To address and overcome the drawbacks faced by the powerloom weavers in their socio-economic status, to enrich the technology standards of the powerloom weavers, the Integrated Schemes are established. The Government of India initiated the beneficial process with the Integrated Scheme for Powerloom Sector Development under the XII Five Year Plan, citing its rising demand and economic value. Objectives of the Scheme To upgrade the Powerloom Sector with modern methods. To provide efficient support and service to the powerloom industry weavers through Powerloom Service Centres (PCs) by providing the latest technological machines and equipment. To assist and encourage the powerloom weavers or industry in marketing their products by conducting exhibitions. To dilute the involvement of the brokers and middlemen between the Organizations. To provide infrastructure support for marketing and promotions for both in domestic and international markets. To provide assistance in establishing Common Facility Centres (CFCs) and Yarn Bank in Clusters for direct marketing. To encourage the powerloom industry to meet global challenges and competition independently. To provide start-up capital for powerloom weavers on account of Tex-Venture Capital Funds. Scope of the Scheme he Powerloom sector has reached nook, and corner of the nation with every state has at least a small cluster. To diversify the powerloom products, the 12th Year plan focuses largely on the modernization and marketing methods of the garment sector. The Scheme comprises of the following components: To conduct seminars or workshops for the powerloom weavers educating them about the scheme, the technological evolution in the sector and the benefits of the scheme for their own. Marketing Development Programs for Powerloom are organised for the powerloom weavers to market their products at regional and cluster level. The Grant-In-Aid (GIA) is Non-Plan Funds utilised for recurring the day-to-day expense of PSCs. Powerloom Service Centres (PSCs) and Integrated Textile Service Centres (ITSCs) are established to create facilities in the areas of the following: Design and development for entrepreneur and weaver’s development. Quality Testing Skilled manpower Providing efficient tools and machinery Government assists in the modernisation of existing PCS. Procedure for Forming Special Purpose Vehicle Special Purpose Vehicle (SPV) or a Consortium are eligible for submitting proposals in setting-up Facilities centre like Yarn Depot. SPV should be a democratic firm with a vision of increasing and developing the individual powerloom weavers or entrepreneurs in future. Project Approval Committee (PAC) will approve the submitted proposal considering the facilities available in the surrounding area. The SPV will submit the financial progress report and project completion report to the Textile Commissioner. The minimum of eleven members are necessary to form an SPV, and they should be: Stakeholders, Co-operative Societies, Master Weavers, Private Entrepreneurs, NGOs working for the powerloom sector. Operative Society, A trust or an organisation registered under the Companies Act, 1956. Documents to Submit SPV should furnish all the information about the cluster regarding the, Location Complete Details of Special Purpose Values Bank Details of SPV Name of the Products Total No. of Micro and Small Enterprises and its cluster categories as below: Micro Small Owned by the Women enterprises Owned by SC Owned by ST Owned by minorities Entire turnover of the cluster Major grievances of the cluster Key interventions in terms of Technology Improvement, product quality, Marketing, Export Details of the organisation that has assessed, evaluated, diagnosed the study of clusters. SPV should submit the list of Common Facility Centres To specify the need, benefits and on what factors do the common facilities are framed. The other established interventions of the Government/Association if any The details of other enterprises showing interest in the Common Facilities Centres. Details of the in-principle approval form the bank. Submitting the Report of the machinery and its installation Regularly preparing the monthly Management Information System reports Final approval by the 60% utilisation if the CFC certificates. 3. SPV should submit the detailed project report comprising all the elements. The following are the components/facts involved for claiming the assistance: List of Plant and Machineries 100% capacity utilisation on the consumables annually Utilisation and services at full capacity utilisation, in terms of power, water, gas and oil. Location of the Plan, Site and details of civil Non Affirmative certification. Organization of Manpower requirement Complete project cost estimation and details. The scheduled means of finance for construction and production. Funding Pattern The Government of India provides support for the setting up of Common Facilities Centres, including Yarn Bank with three different levels: Grade–A, this level of assistance is provided up to 60% of the project cost. Grade–B, this assistance is provided up to 70% of the project cost. Grade–C, this level of assistance is provided up to 80% of the project cost. Grade–D, this level of assistance is provided up to 90% of the project cost for the clusters in North Eastern Regions and Jammu and Kashmir. The Grading of the clusters is done by the Textile Commissioner,and the project cost for the assistance will include: The damage incurred for the Machinery, plant, tools, equipment, other assets, preliminary expenses. One-fourth of the building’s construction cost. The Government will not provide assistance for the land cost, and the SPV holds the responsibility of providing the land. Fund Release the financial transaction of SPV

Integrated Scheme for Powerloom Sector Development Read More »

Delhi Trade License

Trade license is a certificate/ document that permits a company to carry on the business or trade activities in a particular municipal limit for which it is issued. In Delhi, Trade License is issued by the Municipal Corporation of Delhi (MCD) to traders and establishments to monitor and regulate the various trade activities at the city level. Delhi Shops & Establishment Act, 1954 Regulations under the Shop and Establishment Act lays down the following rules based on which the Delhi trade license is issued. Every establishment/shop must compulsorily be registered under this Act within 30 days of commencement of work. Shops and Establishments Act regulates the following aspects of doing business in India: The working hours on a daily and weekly basis. Provisions for spread-over, rest interval, opening, and closing hours closed days, national and religious holidays, overtime work. Regulation of employment norms for children, young persons, and women. Rules and regulations concerning paid leaves. Rules and conditions for employment and termination of service. Regulations concerning the maintenance of records and registers. Obligations of employers as well as employees. Precautions against fire, accidents, etc. Regulations concerning the display of notices. The responsibility of the employer and employee towards each other, the firm and the society. Businesses Requiring Trade License ll commercial establishment that falls under the following categories must obtain trade license: An establishment or administrative service in which persons employed or mainly engaged in office work. A hotel, restaurant, boarding or eating house, a cafe or any other refreshment house. A theatre, cinema or any other place of public amusement or entertainment. Requirement to Obtain Trade License The government has made it necessary for one to obtain trade license to ensure that the person is not carrying out unethical business practices and is following the relevant rules, safety measures and guidelines. A licensed business protects its owners against certain types of liability. If damage or injury occurs the business actions or doings, the personal finances would not be at stake in any settlement. The various types of trade licenses offer different levels of protection. List of Required Documents The following information or documents/records are to be furnished at the time of submitting the application form for obtaining Delhi trade license. Address Proof and Identity Proof – Individual. Affidavit Certificate of Incorporation, MOA and AOA of the company. Cancelled Cheque and Bank Statement. Certificate of Incorporation, MOA and AOA of the company. Legal Occupancy document proof of the establishment/unit or allotment letter of the government agency. Documentary proof of establishment of trade. Lease Deed of the constitution. Documentary proof regarding the non-existence of unauthorised construction. NOC (No Objection Certificate) from the land-owning agency. Documents required for the renewal of a trade license: Address Proof and Identity Proof Original License copy Old G-8 receipt Application for renewal of a license Documents required for the issue of a duplicate trade license: First Information Report (FIR) Indemnity Bond in prescribed format. Registration/ Processing Fee The processing fees for the application will be charged Rs. 500/-, that includes the handling charges of Rs. 50/- plus service charges. The Annual License Charges will depend on the trade type. The trade license fee at the following rates to be paid is tabulated below: Category Area of the Establishment Fee/Charges Category A Conforming Area / Local Commercial Area   (i) Rs. 200/ P.A. up to 10 sq. Meter. (ii) Rs.500/-P.A between 10 Sq. Meter to 20 Sq. Meter. (iii) Rs. 50per Sq. Meter P.A above 20 Sq. Meter. Category B Non-Conforming Area / Household (i) Rs. 200/ P.A. up to 10 sq. Meter. (ii) Rs. 500/-P.A between 10 Sq. Meter to 20 Sq. Meter. (iii) Rs. 50per Sq. Meter P.A above 20 Sq. Meter.   Application Procedure for Trade License – Online Method Visit the MCD portal Step 1:  Applicants have to visit the official portal of MCD (Municipal Cooperation of Delhi). Step 2: Now you have to select your region among North DMC, South DMC, or East DMC. Apply for Trade/ Storage License Step 3: Click on “Trade/ Storage License” tab visible on the home page. Step 4: Then you have to click on the ‘Application for New License’ where you will be directed to the new trade license application page. Fill in the right credentials Step 5: Then, the applicant has to complete all the requested details such as New trade license details, Applicant’s address details, other owner details, Type of license, Business details, NOC from a fire department, Fee details, Property Tax details etc. and click on the ‘Submit’ icon. Upload Requested Documents Step 6: Fill in the details further in the application form and upload the requisite/mandatory documents and submit the application. Step 7: After uploading all the requested documents (scanned documents), click on the Submit icon. Verification of Documents Step 8: Once the application is submitted, verification of the documents will be done by the ULB officials. Generate Application Number Step 9: After submitting the application form successfully, an automatic unique application number will be generated. Make Payment Step 10: Once the application is scrutinised, the authorised official will calculate and generate the fee-seeking requisite payment from the applicant for issuing the License. Step 11: The applicant will be notified via SMS or email on the registered mobile number and email address for making the requisite payment. tep 12: You have to fill all the following details to make the payment. UBL name Collection date Collection centre Payment mode Bank details Step 13: Then, you have to fill out all the requested payment details. Step 14: Then, click on the “Make Payment” icon to make the payment online. A receipt will be generated as an acknowledgement slip for the amount made. Once the payment is received, the competent authority shall verify and issue the Trade license. Application Procedure for Trade License – Offline Procedure Approach the Municipal Cooperation Step 1: Firstly, the applicant has to visit the licensing department ranging from a particular municipal limit. Step 2: The applicant has to make a request with the executive for applying for a trade license. Fill out the right credentials Step

Delhi Trade License Read More »

Variations and Procedure in Shareholders Right

Shareholders rights refer to the legal and financial entitlements that shareholders hold as owners of a corporation. Shareholders have certain privileges, powers, and protections that are essential for their participation in corporate decision-making and to safeguard their investment in the company. Shareholders rights is vital for investors who want to protect their investment and also participates in the decisions made by the companies they have invested in. Shareholders, also known as stockholders or equity holders, are individuals or entities that own a share or shares in a corporation. When a company goes public by issuing stocks, shareholders become part owners of the company and have a claim on a portion of its assets and earnings. The amount of ownership and influence a shareholder has in a company is proportional to the number of shares they own. Shareholders are entitled to certain rights, such as voting on important company decisions and receiving dividends, and have the potential to profit from the company’s growth and success through capital appreciation. Brief about Shareholders Rights Shareholders have the right to receive dividends, which are payments made to shareholders from a company’s profits, and to sell or transfer their shares. Shareholder rights vary depending on the laws and regulations of the country in which the company is incorporated, as well as the company’s own bylaws and policies. The rights include the ability to vote on important issues, such as the election of board members and significant business transactions. Shareholders also have the right to inspect corporate records and attend shareholder meetings to stay informed about the company’s operations and financial performance. What are the Shareholders Rights? Shareholders have a range of rights, which vary depending on the laws and regulations of the country in which the company is incorporated and the company’s own bylaws and policies. Here are some of the most common types of shareholder rights: Voting Rights: Shareholders have the right to vote on important company matters, such as the election of board members and major business decisions that require shareholder approval. Dividend Rights: Shareholders have the right to receive a portion of the company’s profits in the form of dividends. Inspection and Access to Corporate Records: Shareholders have the right to review and access the company’s financial records and other important documents. Transfer and Sale of Shares: Shareholders have the right to sell or transfer their shares to other parties. Pre-emptive Rights: Shareholders have the right to purchase new shares of stock before they are offered to the public. Proxy Voting: Shareholders have the right to appoint a proxy to vote on their behalf if they are unable to attend a shareholder meeting in person. Right to Sue: Shareholders have the right to file a lawsuit against the company if they believe their rights have been violated. Understanding these shareholder rights is essential for investors to protect their investment and participate in corporate decision-making. What are the Variations in the Shareholders Right? Section 47 of the Companies Act, 2013 provides for the variation of shareholder rights through the alteration of the company’s articles of association. The section states that the articles of association of a company may be altered by a special resolution passed by the shareholders of the company. The alteration of the articles of association can be done for a variety of reasons, such as to change the rights attached to shares or to introduce new classes of shares with different rights. The procedure for altering the articles of association includes the following steps: Convening a board meeting: A board meeting should be convened to discuss the proposed alterations to the articles of association. Passing a board resolution: A board resolution should be passed to approve the proposed alterations to the articles of association. Convening a shareholders’ meeting: A shareholders’ meeting should be convened to approve the proposed alterations to the articles of association. Passing a special resolution: A special resolution should be passed by the shareholders to approve the proposed alterations to the articles of association. Filing of Form MGT-14: The company must file a copy of the special resolution with the Registrar of Companies within 30 days of passing the resolution. Making the changes to the articles of association: The company must make the necessary changes to the articles of association in accordance with the special resolution passed by the shareholders. Procedures for the Variation in Shareholders Right Amendments to the Company’s Articles of Incorporation or Bylaws: Changes to the company’s articles of incorporation or bylaws may be necessary to implement changes in shareholder rights. This may require a vote by the board of directors and/or the shareholders, and may also require filing with the relevant government agency. Special Shareholder Meetings: In some jurisdictions, changes to shareholder rights may require a special meeting of the shareholders, with appropriate notice and voting procedures. Consent of Affected Shareholders: Depending on the type of change, the company may need to obtain the consent of affected shareholders. This may involve providing them with notice of the proposed changes and an opportunity to vote on the matter. Regulatory Approvals: Changes to shareholder rights may require regulatory approvals from government agencies, such as securities regulators or stock exchanges. Court Approval: In some cases, changes to shareholder rights may require approval from a court of law, such as in cases involving a merger or acquisition. Proxy Statements: Changes to shareholder rights may require the company to prepare and file a proxy statement with the relevant government agency and provide notice to affected shareholders. FAQs What are shareholders’ rights in a company? Shareholders’ rights represent the entitlements and privileges that shareholders possess, including voting rights, rights to receive dividends, rights to inspect corporate records, and the right to participate in major corporate decisions. What is a variation of shareholders’ rights? A variation of shareholders’ rights occurs when there is a change or alteration to the existing rights and entitlements of shareholders, typically affecting their voting power, dividend entitlement, or other privileges. What are common reasons for variations in shareholders’ rights? Variations in shareholders’ rights may occur due to corporate restructuring, mergers or acquisitions, changes in capital

Variations and Procedure in Shareholders Right Read More »

director identification number India

In business, directors have a particular number like their unique signature– a Director Identification Number or DIN. This number acts as a secret code that helps figure out who’s in charge of a company. But it’s not just a bunch of random numbers; it plays a significant role in ensuring fair and transparent business dealings. This article will delve into what exactly a Director Identification Number is, explain how to get one, and highlight why this unique number is so significant. If you are a director with an officially approved DIN status. In that case, you must provide your KYC details to the Ministry of Corporate Affairs (MCA) using Form DIR-3 KYC annually. What is a Director Identification Number – DIN?  Director Identification Number (DIN) is an exclusive identification number allocated by the Central Government to individuals who aspire to become directors or are currently serving as directors within a company.          Comprising eight digits, this unique identification number possesses lifelong validity. The DIN system is a repository for maintaining director-related information within a database. Notably, a DIN is linked to an individual, indicating that even if that person holds directorial roles in multiple companies, they must possess only one DIN. Moreover, if an individual transitions from one company to another, the same DIN applies to the new company. Law Governing Sections 153 and 154 of the Companies Act, 2013, along with Rule 9 of the Companies (Appointment and Qualification of Directors) Rules, 2014, clearly outline the procedures for securing the Director Identification Number (DIN). Significance of Director Identification Number (DIN) Legal Director Identification: A DIN is mandatory to establish an individual as a legally recognized company director in India. Comprehensive Director Database: The DIN facilitates access to a comprehensive database of directors, enabling easy identification and verification. Integral for Official Communications: Any interactions between the company and regulatory authorities like MCA/ROC, including submissions like annual returns, ROC filings, applications, and KYC information, necessitate the signature of the Directors accompanied by their respective DINs. Avoidance of Non-Compliance: Failure to adhere to DIN regulations can lead to fines and penalties imposed by the ROC. Moreover, directors might risk losing their DIN number altogether. Holistic Director Identity: The Director Identification Number not only serves to establish the identity of a director but also offers insights into their involvement with other companies, both past and present. How is DIN Used? Whenever a company needs to send something important to the government, like a report, an application, or any information, the director who signs it will write down their DIN under their signature. It’s a unique way of showing they are the director and responsible for what’s being sent. Methods for Acquiring Director Identification Numbers and Relevant Forms         Director Identification Number (DIN) can be acquired through the following procedures: When an individual establishes a new company, they can request a DIN by submitting an Incorporation Form known as SPICe+. Requirement: The incorporation form allows three Director Identification Numbers (DINs) applications. If an individual is offered a position within an existing company. Requirement: The Company must pass a board resolution endorsing the individual’s DIN application, which needs to be appended in the e-form DIR-3. Other Forms Associated with DIN besides Form SPICe Here are some forms that are related to DIN but not the same as Form SPICe: Form DIR-3C: Companies use this form to let the Registrar know about the DIN of a director. Form DIR-5: If someone wants to give up their DIN, they fill out this form. Form DIR-6: When there are changes in the information given in Form DIR-3, this form is used to apply for those changes. Required Documents for Acquiring DIN To apply for a Director Identification Number (DIN) before company incorporation, the following documents are essential: For SPICe Form: When submitting the SPICe plus form, you must attach documents proving your identity and address. Once the form is approved, the Director Identification Number (DIN) will only be given to you. For Form DIR-3: Photograph Proof of identity Proof of residence Verification details (like name, father’s name, address, date of birth, declaration text, and your signature) Foreign nationals need to provide their passport as proof of identity. Documents to be Attested by Professionals: A Chartered Accountant, Company Secretary, or Cost Accountant in full-time practice should attest your photograph, identity proof, and residence proof. For foreign nationals, the documents can be attested by the Consulate of the Indian Embassy or a Foreign Public Notary. How to Apply for a DIN Number SPICe + Form- For individuals seeking DINs as proposed first directors of new companies, the application must be completed using the SPICe plus Form. This comprehensive web-based form serves the purpose of both DIN allotment and company incorporation. DIR-3 Form- Aspiring directors of existing companies need to submit a DIN application via the eForm DIR-3. This form is specifically designed for this purpose. All the forms mentioned above must be submitted electronically. They must be digitally signed before submission on the MCA (Ministry of Corporate Affairs) portal. To file Form DIR-3, follow the below-mentioned steps: Access the MCA Website: Visit the MCA website. Navigate to E-Filing: Go to the “MCA Services” section on the homepage. Download Form DIR-3: In the “E-Filing” section, find and download Form DIR-3 under the DIN Forms category. Complete the Form: Fill in Form DIR-3 with accurate details. Attach the required documents: Sign with DSC: Digitally sign the required documents using your Digital Signature Certificate (DSC). Director/Company Verification: Have the documents digitally verified by a director, Company Secretary, Manager, and CEO/CFO. Make Payment: You will proceed to the payment step after uploading Form DIR-3 and supporting documents. The fee can be paid using net banking, credit card, or NEFT. Please note that manual (offline) payments are not accepted. This process completes your application for a DIN. DIN Generation Process: The system will give you an application number after you pay the application fee and submit the form. The Central Government will review your application and decide whether to approve or reject it. If your DIN application is approved, the government will send you your DIN

director identification number India Read More »

Letter of Intent (LOI)

 Letter of Intent (LOI) is a short non-binding contract that precedes a binding agreement, such as a share purchase agreement or asset purchase agreement (definitive agreements).  There are some provisions, however, that are binding such as non-disclosure, exclusivity, and governing law. The main points that are typically included in a letter of intent include: Transaction overview and structure Timeline Due diligence Confidentiality Exclusivity What Is a Letter of Intent (LOI)? A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another. The letter outlines the chief terms of a prospective deal. Commonly used in major business transactions, LOIs are similar in content to term sheets. One major difference between the two, though, is that LOIs are presented in letter formats, while term sheets are listicle in nature. LOIs are useful when two parties are initially brought together to hammer out the broad strokes of a deal before the finer points of a transaction are resolved. LOIs often include provisions stating that a deal may only go through if financing has been secured by one or both parties, or that a deal may be squashed if papers are not signed by a certain date. LOIs can be iterative in nature. One party may present an LOI, to which the other party may either counter with a tweaked version of that LOI or draft a new document altogether. Ideally, by the time both parties come together to formalize a deal, there will be no surprises on either side of the table. Purpose of a Letter of Intent (LOI) Letters of intent may be used by different parties for many purposes. Parties can use an LOI to outline some of the basic, fundamental terms of an agreement before they negotiate and finalize all the fine points and details. Furthermore, the LOI may be used to signal that two parties are negotiating a deal such as a merger or joint venture (JV). Overall, LOIs aim to achieve the following: Clarify which key points of a deal must be negotiated. Protect all parties involved in the deal. Announce the nature of the deal, such as a joint venture or a merger between two companies. Applications of a Letter of Intent (LOI) In the context of business deals, LOIs are typically drafted by a company’s legal team, which outlines the details of the intended action. For example, in the merger and acquisitions (M&A) process, LOIs detail whether a firm plans to take over another company with cash or through a stock deal. Letters of intent also have applications beyond the business world. For example, parents may use them to express the expectations they have for their children in the event both parents die. Although they aren’t legal documents like wills, LOIs may be considered by family court judges responsible for legislating what happens to the children under such circumstances. LOIs are also used by those seeking government grants, and by highly sought-after high school varsity athletes. These individuals frequently draft LOIs to declare their commitments to attend particular colleges or universities. FAQs What is a Letter of Intent (LOI)? A Letter of Intent (LOI) is a document outlining the preliminary understanding between parties involved in a proposed transaction or agreement. It serves as an expression of intent to proceed with negotiations and formalize a more detailed agreement. What is the purpose of a Letter of Intent (LOI)? The primary purpose of an LOI is to outline the key terms and conditions of a potential deal or agreement before finalizing a comprehensive contract. It sets the stage for further negotiations and due diligence. Is a Letter of Intent legally binding? The legal binding nature of an LOI depends on its wording and the intention of the parties involved. In many cases, an LOI is considered non-binding, indicating an intention to negotiate and reach a formal agreement. However, certain provisions within the LOI, such as confidentiality clauses or exclusivity agreements, may be legally binding. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses | 

Letter of Intent (LOI) Read More »

The Reserve Bank of India under section45-IA of the Reserve bank of India Act, 1934

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 5th February, 2018 S.O. 529(E).— In exercise of the powers conferred by sub-section (6) of Section 129 of theCompanies Act, 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that theprovisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset ordeferred tax liability shall not apply, for seven years with effect from the 1st April, 2017, to a Governmentcompany which:—(a) is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the CompaniesAct, 2013;(b) is a Non-Banking Financial Company registered with the Reserve Bank of India under section45-IA of the Reserve bank of India Act, 1934; and(c) is engaged in the business of infrastructure finance leasing with not less than seventy five percent. of its total revenue being generated from such business with Government companies orother entities owned or controlled by Government . [F. No. 17/32/2017-CL-V]K.V. R. MURTY, Jt. Secy. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta

The Reserve Bank of India under section45-IA of the Reserve bank of India Act, 1934 Read More »

Commencemnet Notification dated 09.02.2018

Ministry of Corporate AffairsNotificationNew Delhi, the 9th February, 2018 S.O. 630 (E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment)Act, 2017 (1 of 2018), the Central Government hereby appoints the 9th February, 2018 as the date on which the followingprovisions of the said Act shall come into force, namely :-Sl.No. Sections1. Section 2 [except clause (i) and clause (xiii)] and section 3;2. Section 7;3. Section 9;4. Sections 11 and 12;5. Section 14;6. Section 17;7. Sections 27 to 29 (both inclusive);8. Section 32;9. Sections 34 and 35;10. Section 38;11. Sections 41 to 45 (both inclusive);12. Sections 47 and 48;13. Sections 50 and 51;14. Section 53;15. Sections 59 and 60;16. Sections 63 to 65 (both inclusive);17. Sections 72 to 74 (both inclusive);18. Sections 77 to 79 (both inclusive);19. Section 82;20. Sections 84 and 85;21. Sections 90 to 93 (both inclusive). [F. No. 1 /1 /2018-CL.I]K.V.R. MURTY, Joint Secry. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta

Commencemnet Notification dated 09.02.2018 Read More »

The Companies (Registered Valuers and Valuation) Amendment Rules, 2018.

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 9th February, 2018 G.S.R. 155 (E).— In exercise of the powers conferred by section 247 read with section 469 of the CompaniesAct, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (RegisteredValuers and Valuation) Rules, 2017, namely:-1. (1) These rules may be called the Companies (Registered Valuers and Valuation) Amendment Rules, 2018.(2) They shall come into force on the date of their publication in the Official Gazette.2. In the Companies (Registered Valuers and Valuation) Rules, 2017, in rule 11, for the figures, letters and word“31st March, 2018”, occurring at both the places, the figures, letters and word “30th September, 2018” shall be substituted. [F.No.1/27/2013-CL-V(Part)]K.V. R. MURTY, Jt. Secy . Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta

The Companies (Registered Valuers and Valuation) Amendment Rules, 2018. Read More »

The Insolvency and Bankruptcy Board of India (Salary, Allowances and otherTerms and Conditions of Service of Chairperson and Members) Amendment Rules, 2018

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 9th February, 2018 G.S.R.153.(E).— In exercise of the powers conferred in clause (zd) of the sub-section (2) of section 239 read withsub-section (5) of section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Governmenthereby makes the following rules further to amend the Insolvency and bankruptcy Board of India (Salary, Allowancesand other Terms and Conditions of Service of Chairperson and Members) Rules, 2016, namely:-1. (1) These rules may be called the Insolvency and Bankruptcy Board of India (Salary, Allowances and otherTerms and Conditions of Service of Chairperson and Members) Amendment Rules, 2018.(2) They shall come into force w.e.f. 01.10.2016.2. In the principal rules, in sub rule (2) of rule 4, sub rule (4) of rule 12 and sub rule (3) of rule 13 for the figureRs. 3,75,000/- the figure Rs. 4,00,000/- shall be substituted. [F.No. 30/3/2016-Insolvency]GYANESHWAR KUMAR SINGH, Jt. Secy. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta

The Insolvency and Bankruptcy Board of India (Salary, Allowances and otherTerms and Conditions of Service of Chairperson and Members) Amendment Rules, 2018 Read More »