E-Form ADT-1 is required to be filed pursuant to Section 139 and 140 of the Companies Act, 2013 (‘CA, 2013’) and pursuant to Rule 4(2) of the Companies (Audit and Auditors) Rules, 2014. It is notable that the first Auditor shall be appointed in the company by Board of Director under Section 139(6) or 139(7) […]

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With the objective of promoting ease of doing business in India, the Reserve Bank of India (“RBI”) has simplified and liberalised the erstwhile framework on external commercial borrowings/foreign currency denominated loans and the rupee denominated loans by notifying the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (“ECB Regulations”) issued vide Notification No. FEMA 3 […]

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The MSME Development Act, 2006 (‘MSMED Act’) strengthens the provisions relating to delayed payments to the Micro, Small and Medium Enterprises (‘MSME’) by specifying the maximum credit period and higher penal interest if delayed beyond that period. If there is a delay in payment, companies will have to mention the reason for such delay in […]

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The Consumer Protection Act, 2019 (“New Act”) Notification No. S.O. 2351(E) dated 15th July 2020 The Consumer Protection Act, 2019 (‘New Act’) received the assent of the President of India and was published in the official gazette on 9th August 2019. This New Act will replace the old Consumer Protection Act, 1986 (‘Old Act’). The New […]

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When an owner of unquoted equity shares (“Shares”) in a Company transfers the shares to any person, he is required to pay Capital Gain tax on the difference between the sale consideration received by him and the cost of acquisition of such shares (or the inflation indexed cost, wherever applicable). It is important to check […]

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