A quorum is the minimum number of directors who must attend the proceedings in order to transact business validly at a duly convened Board meeting. The directors must not be disqualified to participate in the meeting. Unless the quorum is present at the meeting, it shall not be deemed to have been properly held. Section…

The shareholders in general meetings and the directors acting collectively as a Board conduct the affairs of a company. Therefore, directors frequently meet to discuss various matters relating to the management and administration of the affairs of the company in the interest of stakeholder. Section 173 of Act contains provisions which deal with Meetings of…

1. What is financial statement? As per section 2(40) of Companies Act 2013, Financial statement in relation to company includes- • a balance sheet as at the end of the financial year; • a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and…

As per section 137 of Companies Act, 2013 a copy of financial statements of a company are required to be filed with the Registrar along with Form AOC-4 every year for each Financial Year. It should be filed within 30 days of the date of annual general meeting with such fees or additional fees as…

XBRL stands for “extensible business reporting language”. Ministry of Corporate affairs in its endeavor to bring harmony in filing of various reports by some big companies, introduced Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015. As per Rule 3, following class of companies shall file their financial statements and other…

Place of keeping books of account? Section 128(1) of the Companies Act, 2013 requires every company to prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year. All or any of the books of account aforesaid and other relevant papers may be…

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