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The
57-Year-Old law that dictates the destiny of business in India has just undergone a complete overhaul !!
Heres
CA Hitesh Purohit
CA Hitesh Purohit
START A DORMANT
COMPANY
Have a Business plan, a bit of funds and some intellectual property but not ready to run a business??......NO SWEAT!!
Register a Company with Dormant Status and the
CA Hitesh Purohit
CA Hitesh Purohit
SMALL IS SIMPLER
Regulatory compliance, filing multiple forms, holding shareholders and board meetings, takes lot of time and funds for a small business.
The new law substantially unburdens you if you are a small company with turnover not more than Rs. 2 crore and paid up capital of Rs. 50 lakh.
CA Hitesh Purohit
The maximum number of shareholders allowed in a private company has been revised to 200 from the earlier limit of 50 shareholders.
CA Hitesh Purohit
CA Hitesh Purohit
As a shareholder you dont have to watch haplessly when the company indulges in fraud.
You can now sue the management, auditors, directors& even consultants of the company & seek compensation.
CA Hitesh Purohit
You invested in a company because you liked its business plan but now, the company is changing that very plan!!
DONT BE STUCK.. The company now has to offer to buy out dissenting shareholders like you. Works Well for illiquid shares.
CA Hitesh Purohit
Preference shares assure dividend to investors, making them safer than equity shares.
If you hold preference shares and the company skips dividend for the two years, you get Voting Rights on issues where your interests are involved.
CA Hitesh Purohit
Currently Dividend unclaimed for 7 years is transferred to Investor Education & Protection Funnd.
In future, EVEN SHARES on which dividend remain unclaimed for 7 years will be transferred to the fund. ONE MORE REASON TO OPT FOR ECS.
CA Hitesh Purohit
Test of Independence.
Less harrasement
CA Hitesh Purohit
TEST OF INDEPENDENCE
You and your relatives together cant have financial interest in that company which exceeds 2% of the companys gross turnover.
CA Hitesh Purohit
LESS HARRASEMENT !!
You cannot be held responsible for petty offences of the company like bouncing of cheques .
You are responsible only for wrongdoings that occurred with your consent or connivance.
CA Hitesh Purohit
CA Hitesh Purohit