September 2024

Large organisations have different levels of hierarchy and multiple managers to handle numerous business functionalities. Top managers are the senior-most employees in a company and play a critical role in the overall functioning of an organisation. Knowing the responsibilities of top managers can help you decide whether a senior managerial role suits your interests and skills. With reference to company management there are various stakeholders like directors, officers, managers and shareholders who guide a company towards the fulfilment of its business objectives. Management has been defined as “the process of planning, organizing, leading and controlling the efforts of company members and of using all company resources to achieve stated company goals.” Hence, the occupation of management is to maintain control over the company’s actions and performance, and simultaneously to lead, inspire and direct the people working in the company. Need for management and control of a company To achieve this goal, every company needs strong and effective management. There are different levels of management that aim to organise and coordinate the business of the Company. Literally, management means the process of planning and organising the resources and activities of a business to achieve a goal. Efficient management can complete the task with minimal cost; in this respect, it can be said that efficient management is the primary need of a company. Most of the management team supervises a company, its service, or its production. However, an efficient body of management should be multidimensional. It will influence their team members to apply their strengths towards achieving the company’s goal. A dynamic body of management adapts to new market requirements by implying updated technology. An intangible body of management consists of ideology, policies, and human interaction; it helps to improve a company’s target achievement ratios, employee satisfaction levels, and overall ease of operation. Management and control of a company Management of the company means the process of planning, organising, leading, and controlling all the efforts of the company members and using all the resources of the company to achieve the company’s goal. To fulfil the goal or objective of the company, there are a number of stakeholders, like directors, managers, officers, and shareholders. In a simple sentence, it can be said that forming such bodies of members and, accordingly, proper planning to achieve goals is the responsibility of the management of the company in general. In the management of companies, every individual, whether legal or natural, has a specific role and responsibilities to achieve the goals of the company. Maintaining such roles and responsibilities towards every individual attached to the company and the proper distribution of such roles and responsibilities in view of the ultimate development of the company is the main goal of the management of any company. Body of management to control a company The body of management comprises various stakeholders, as said earlier, like directors, managers, officers, shareholders or partners, and executive workers. The entire body of management has specific roles and responsibilities to achieve the ultimate goal of the company. We can define the body of management like owners, partners, or shareholders; at the top they may be called the board directors, or the directors may appoint in the form of managerial, executive, sales, etc.; then come officers like CEO, COO, CTO, CLO, CMO, etc.; then come other executive managers and workers. Arranging funds or accumulating material resources is the main objective or role of the owners, partners, or shareholders; developing ideas with resources and investment to achieve the goal of the company is controlled by chief officers like the CEO, COO, CLO, CMO, etc.; and executing such ideas and making them happen in the real world is the responsibility of the executive managers and workers. Role of Shareholders Shareholders hold shares making them entitled to a share in the profits and the right to be represented by directors at board meetings. Directors are considered the elected representatives of shareholders. Executive directors are made responsible for continuous decision making in the business. Non-executive directors offer regular advice to the company but are not directly involved in the everyday company management. Role of Directors In company management the shareholders will select a board of directors to represent the company’s interests. The following conditions will be observed when selecting the director specifically: A minimum of three directors in the case of a Limited Company Two directors in the case of a Private Limited Company One director in the case of a One Person Company A Managing Director will be selected who has general responsibility for managing the company’s affairs. The managing director with aid and assistance from other directors will select and employ senior managers or officers related to the domain of company management.  Role of Officers Officers of a company are appointed by the Board to Directors to hold various top level roles and responsibilities within the company.  There is no statutory requirement for appointment of officers in a company. However, Directors are statutorily required to be appointed for all company by its shareholders. Some of the most popular types of officers of a company are: Chief Executive Officer Chief Executive Officer (CEO) is the highest-ranking person in a company who is ultimately responsible for taking managerial decisions for the day to day operation of the company. Chief Operating Officer Chief Operating Officer (COO) is a senior executive who oversees ongoing business operations within the company. COO reports to the CEO (Chief Executive Officer) and is usually second-in-command within the company. Chief Financial Officer Chief financial officer (CFO) is a senior financial executive with responsibility for the financial affairs of a company. Typical responsibilities of the CFO include planning, budgeting, bookkeeping, accounting, setting up of internal controls, fund raising and other accounting/financial matters. Chief Technology Officer Chief Technology Officer (CTO) is a senior technology executive within a company who oversees current technology development and maintenance aspects. Typical responsibilities of a CT include aligning of technology-related decisions with the company’s goals, managing technology development, maintaining technology assets and create technology policies. Chief Marketing Officer Chief Marketing Officer (CMO) is a senior marketing executive

Employee Provident Fund (EPF)  is a fund meant for employee welfare. Every month, 12% of the employee’s basic salary and dearness allowance is contributed to this fund account. Besides the employee, the employer also contributes an equal amount in EPF. An employee can withdraw this PF balance according to the PF withdrawal rules. If the amount withdrawn exceeds Rs. 50,000 in a year, the government deducts TDS (Tax Deducted at Source) under section 192A of the Income Tax Act. It means you will receive only the balance amount after deduction on withdrawal Form 15G Form 15G is a declaration that can be filled out by fixed deposit holders (individuals less than 60 years of age and HUFs) to ensure that no TDS (tax deduction at source) is deducted from their interest income in a year. As per the income tax rules, it’s mandatory for banks to deduct tax at source (TDS) in case the interest earned on your fixed deposit, recurring deposit, etc. It is more than Rs. 40,000 in a financial year and Rs. 50,000 for senior citizens (form 15H). Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD. This form can be filled out by individuals below 60 years of age and Hindu Undivided Families (HUFs). For individuals aged 60 years and above have a different form- Form 15H.  Recently, the EPFO Unified portal launched a facility to submit EPF Form 15G for PF, which allows EPF members to withdraw PF online. Also, you can avoid TDS, which is a great benefit. Where to Get Form 15G? Form 15G can be easily found and downloaded for free from the website of all major banks in India, as well as the official EPFO portal. Additionally, this form can also be easily downloaded from the Income Tax Department website. Moreover, you also have the facility to submit form 15G online on the website of most major banks in India. Is Form 15G Mandatory for PF Withdrawal? Yes, Form 15G is mandatory if you don’t want TDS to be deducted from the PF withdrawal amount. Section 192A of the Finance Act 2015 states that PF withdrawal will attract TDS if the withdrawal amount is more than Rs.50,000 and your employment tenure is of less than 5 years. Keeping these above conditions in view, these are the PF withdrawal rules that will be applicable: 10% TDS: if you submit your PAN card but fail to submit Form 15G 20% TDS: if you fail to submit both your PAN card and Form 15G No TDS if you submit Form 15G. Can We Submit Form 15G Online for PF Withdrawal? Firstly, log in to the EPFO UAN portal Then, select ‘Online Services’ and click on ‘Claim’ For verification, enter your bank account number and click on ‘Verify’ Press on ‘Upload Form 15G’ below the ‘I want to apply for’ option How to Fill Form 15G for PF Withdrawal? Login to EPFO UAN Unified Portal for members. Click on the Online Services option. Verify the last 4 digit Bank account. You are required to fill out only Part I of Form 15G for PF withdrawal. Follow these instructions to fill up the other fields in Form 15G: Name of the Assessee (Declarant) – Name must be as per your PAN Card PAN of the Assessee: Form 15G can be submitted only by an individual and not by any firm or company. Enter your valid PAN card number and make sure the fourth letter of the PAN card number is ‘P’ otherwise your declaration will be treated as invalid.  Status: Your applicable income tax status ,i.e Individual in this case. Previous Year: You have to select the financial year in which you are claiming the non-deduction of TDS. Residential Status: Mention ‘Resident’ as your residential status because NRI is not allowed to submit Form 15G. Address: Mention your address, preferably the one mentioned in the Aadhaar card along with your PIN code. Email ID and phone number: Provide a valid email ID and your contact number for further communications. (a) Whether assessed to tax under the Income-tax Act, 1961: Place a tick in the ‘’Yes’’ box if you filed an ITR in any of the last few years.(b) If yes, latest assessment year for which assessed: Look at the assessment year from the latest ITR and mention the same. Estimated income for which this declaration is made: In this field, mention the estimated withdrawal amount. Estimated total income of the P.Y. in which income mentioned in column 16 to be included: Mention the total estimated income of the financial year in which you plan to withdraw the PF amount. Details of Form No. 15G other than this form filed during the previous year, if any: If you have filed another Form 15G anytime during the financial year, then mention the total number of Form 15Gs filled and the total of income amount of all these forms, i.e. total up the amount in filed (16) of all the forms. Details of income for which the declaration is filed: In the last part you need to provide the following income details:  Investment identification number Nature of Income Section under which tax is deductible Amount of Income TDS on EPF Withdrawal Rules According to section 192A of the Finance Act, 2015, EPF withdrawal will attract TDS (Tax Deducted at Source) if the withdrawal amount is more than Rs.50,000 and you worked for less than 5 years. One can also use Form 15H to fill the TDS exemption, the only difference is Form 15G is for those who are below 60 years of age, whereas Form 15H is for those whose age is more than 60 years. When is the TDS Applicable? In case the employee wishes to withdraw his/her EPF amount, which is more than or equal to Rs.50 000 with less than 5 years of service. 1) TDS is deducted at 10% if an employee submits the PAN Card (But the 15G form for EPF/15H is not

Halal is an Arabic term which means ‘permissible or lawful’. Halal is related to Islam and its dietary laws an is specifically related to meat processed and prepared as per the requirements of the laws.  On the other hand, Haram is an Arabic term which means ‘prohibited or forbidden’. As per the Quran, there are several products which are haram for the followers of Islam. These are– Alcohol, dead animal before its slaughter, blood and its by-products, pork and stunned meat (without halal process). Halal Certification in India Halal Certification is predominantly obtained for food and food-related products, and it is essential in Islamic countries. The term “Halal” is derived from the Quran, which means “permitted” or “lawful.” Therefore, according to Islamic law, the Shariah, the Certification is used for Food and other consumables permissible for consumption. Halal Certification emphasizes cleanliness in all aspects of a person’s life, and Halal foods ensure that the Food consumed by individuals is clean, hygienic, and does not harm their health or well-being. The Certification guarantees that the food product is safe for consumption. With the increasing awareness of Halal foods, more businesses are seeking Halal Certification for their products, restaurants, premises, etc. In India, a Halal Certificate is a document issued by a Halal certification body or authority confirming that a product or service complies with Islamic dietary laws and guidelines and is permissible or “Halal” for consumption by Muslims. Halal Certification in India is significant for food and beverage products, pharmaceuticals, and personal care products. Still, it can also apply to other non-food products or services. Businesses seeking Halal Certification in India must comply with the relevant standards and guidelines set forth by the certification body or authority and undergo a rigorous inspection and audit process to ensure compliance. What does Halal law states? 1- Only a Muslim man can slaughter the animal. In many texts, it is also mentioned that if Jews and Christians slaughter the animals following the rest of the steps (Halal procedure), the meat is halal as per the Islamic dietary laws.  2- The animal must be slaughtered with the help of a sharp knife with a cut to the jugular vein, carotid artery and windpipe.  3- The Quranic verse must be read while slaughtering the animal and is known as Tasmiya or Shahada.  4- At the time of slaughter, the animal must be alive and healthy.  The maximum amount of blood must be drained from the veins of the carcass.  5- Consuming meat of an animal which is already dead or other than the halal process is prohibited in Islam.  Types of Halal Certification The type of Halal Certification varies depending on the nature of the business. Typically, restaurants, hotels, slaughterhouses, and packaging and labeling materials seek Halal Certification to ensure they meet the requirements of Muslim consumers. However, Halal Certification is not limited to food production alone. Other products, such as non-alcoholic beverages, raw materials for food processing, pharmaceutical and healthcare products, traditional herbal products, cosmetics, personal care products, cleaning products, and everyday consumer goods, can also obtain Halal Certification. Halal Certification Bodies offer Certification under various schemes, including the Food, and Catering Scheme, Restaurant Scheme, Industrial Scheme, Abattoir Scheme, Warehouse or Storage Scheme, and Product Endorsement Scheme Halal Certification halal certification is given by the government. In India, FSSAI (Food Safety and Standards Authority of India) certification can be seen on almost all the processed foods but this authority doesn’t give halal certification in India.  Halal certification is given by many private companies in India which marks the food or products permissible for the followers of Islam. Important halal certification companies in India are:1- Halal India Private Limited.2- Halal Certification Services India Private Limited.3- Jamiat Ulama-E-Maharashtra- A state unit of Jamiat Ulama-E-Hind. 4- Jamiat Ulama-i-Hind Halal Trust.  Advantages of expanding your business, the Halal way Access to a growing market: By obtaining a Halal Certificate, businesses can tap into this growing market and reach a wider audience. Increased consumer trust and confidence: By obtaining a Halal Certificate, businesses can demonstrate to Muslim consumers that their products or services meet these standards, which can help build trust and confidence in the brand. Compliance with regulatory requirements: Some states in India, such as Kerala and Tamil Nadu, require Halal Certification for specific products or services to be sold in their markets. By obtaining a Halal Certificate, businesses can ensure that their products or services meet regulatory requirements and avoid legal or regulatory issues. Global recognition: Halal Certification in India is recognized worldwide, and obtaining this Certification can help businesses expand into international markets where Halal products and services are in high demand. Competitive advantage: A Halal Certificate can give businesses a competitive edge over other companies that do not have this Certification. Businesses having this Certification can make a business more appealing to them. Validity of Halal Certificate The validity of a Halal Certificate typically lasts for one year. Still, it is subject to certain conditions and may be revoked if the product or process no longer meets the Halal Certification requirements. Requirements of Halal Certificate Ingredients: All ingredients used in the product must be Halal. This means that the ingredients must not come from non-Halal animals or contain any non-Halal additives or preservatives. Manufacturing Process: The manufacturing process used to produce the product must also be Halal. This includes the use of equipment and utensils that are free from non-Halal substances and the use of Halal-certified cleaning products. Packaging: The packaging material used for the product must also be Halal. This means it must not contain any non-Halal substances or come into contact with non-Halal substances during manufacturing. Storage and Transportation: The product must be stored and transported to ensure it remains Halal. This includes using dedicated storage areas and vehicles free from non-Halal substances. Certification: The business must obtain a Halal Certificate from a recognized Halal Certification Body that verifies that the product and manufacturing process meet Halal standards. In India, Halal certification bodies must be registered with the Halal Board of India. Compliance: The business must comply with

Industrial Disputes Act, 1947 is the Act that regulates the labour laws as it concerns all the workmen or all the people employed on the Indian mainland. It came into force on 1 April 1947. The capitalists or the employer and the workers always had a difference of opinion and thus, it leads to lots of conflicts among and within both of these groups. So, these issues were brought to the attention of the government and so they decided to pass this Act. This Act was formed with the main objective of bringing peace and harmony to industrial disputes between parties and solving their issues in a peaceful manner.  Scope and Object This is an Act made for the examination and settlement of industrial disputes, and for different purposes too. This Act centers around any industry carried on by or under the authority of the Central Government, or by a railway organization or concerning any such controlled industry as might be indicated for this benefit by the Central Government.  Main features of the Act This Act furnishes us with specific guidelines and guidelines in regards to the works committee for both the businesses and all the workmen to advance measures for good working relations and comprehension among the workmen and the businesses later on, and to end that, it additionally vows to resolve any material difference in views of opinion in regard to such issues. Definition of Industrial Dispute Industrial dispute implies any distinction of conclusion, contest, injury between the business and the representatives, or between the laborers and bosses, or between the labourers or workers itself which is all concerned with the work or non-business terms or terms of business dependent on the terms of state of work of any person. Workman The expression “workman” signifies any individual (counting a student or apprentice) who works in an industry who needs to do any manual, skilled/unskilled, incompetent, specialized, operational, administrative, supervisory and so forth work for contract or reward, regardless of whether the terms of business are communicated or inferred, and for motivations behind any procedure under this Act in connection to an industrial dispute, incorporates any person who has been expelled, released or saved regarding, or as an outcome of the case, or who’s rejection, release or conservation has prompted that dispute, however, does exclude any such individual-  who is dependent upon the Air Force Act 1950, or the Army Act 1950, or the Navy Act 1957; who is employed in the police administration or as an official or other representative of a jail; who is employed primarily in an administrative or managerial limit. An individual, being underemployed in a supervisory limit draws compensation surpassing Rs. 10000 for every month or activities, either by the idea of the obligations to the workplace or by reason of forces vested in him, works fundamentally of an administrative sort.  Lay-off  Layoff or “Cutback” signifies the refusal or lack of power to refuse, disappointment or failure of a business by virtue of lack of coal, power or crude material, etc. or the aggregation of stocks or the breakdown of apparatus to offer work to a workman whose name is on the muster rolls of his industrial foundation and who has not been retrenched. Objectives of the Industrial Disputes Act To support measures for securing and preserving good relations between employers and employees. To provide suitable machinery for the equitable and peaceful settlement of industrial disputes. To prevent illegal strikes and lockouts. To afford relief to workers against layoffs, retrenchment, wrongful dismissal and victimisation. To promote collective bargaining. To improve the conditions of workers. To avoid unfair labour practices. Features of the Act The act applies to entire India also includes the state of Jammu and Kashmir. It favours arbitration over the disputes between employers and workers. It affords for setting up of works committees as machinery for mutual discussion between employers and workers to promote friendly relation. The act paved the way for creating permanent conciliation machinery at various stages having definite time limits for conciliation and arbitration. This act emphasis on compulsory adjudication apart from the conciliation and voluntary arbitration of Industrial Disputes. The Act empowers the Government to refer the dispute to an appropriate authority, i.e., Labour Court, Industrial tribunal and National tribunal depending upon the nature of the dispute either on its own or on the request of the parties. Authorities under the Act Section 3: Works board of trustees  If there should be an occurrence in any industrial foundation wherein one hundred or more workers are employed in a day or in the previous year, the concerned government may be a general or an exceptional offer require the business to do in the endorsed way, a works advisory group comprising of delegates of representatives and workers occupied with the foundation so that the quantity of agents of workers on the Committee will not be not exactly the quantity of agents of the business. The delegates of the workers will be picked in the recommended way from among the workers occupied with the foundation and in counsel with their worker’s guild, assuming any, enrolled under the Indian Trade Unions Act.  It is the obligation of the works advisory group to advance proportions of verifying and saving great and serene relations between the businesses and the workers and the end that, to finalise upon the issues of their normal intrigue or attempt to make any material contrast out of perspectives in such issues.  Section 4: Conciliation Officer The fitting government may, by seeing in the authority, name such people as it believes fit to be conciliation officials, delegated of the obligation of intervening and advancing the settlement of industrial audits.  An appeasement official might be designated for a predetermined zone or for explicit industries in a predefined region or for at least one explicit industry and either for all time or for a constrained period.  Section 5: Boards of Conciliation The reasonable Government may as an event emerges by notice in the Official