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 HR RELATED ACTS
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0 An Act to provide for the payment by certain classes of employers to their
workmen of compensation for injury by accident arising out of and in the course of
his employment
0 Employer shall not be so liable in respect of any injury which does not result in the
total or partial disablement of the workman for a period exceeding three days

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0 An act to provide for fixing minimum rate of wages in certain employments
0 The appropriate government may fix ʹ
0 a minimum rates of wages for piece work
0 a minimum rate of remuneration to apply in the case of employees employed
on piece work for the purpose of securing to such employees
0 a minimum rate of wages on a time work basis
0 a minimum rate to apply in respect of overtime work done by employees
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0 An Act to provide for the payment of Bonus to persons employed in certain
establishments and for matters connected therewith
0 Minimum bonus which shall be paid is 8.33 per cent of the salary or wage earned
by the employee during the accounting year or one hundred rupees, whichever is
higher


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0 An Act to regulate the employment of contract labour in certain establishments
and to provide for its abolition in certain circumstances and for matters connected
therewith
0 A contractor shall be responsible for payment of wages to each worker employed
by him as contract labour
0 Representative of employer to be present at the time of disbursement of wages by
the contractor
0 In case the contractor fails to make payment of wages within the prescribed period
or makes short payment, then the principal employer shall be liable to make
payment of wages in full or the unpaid balance due
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0 An Act to provide for a scheme for the payment of gratuity to employees engaged
in factories, mines, oilfields, plantations, ports, railway companies, shops or other
establishments and for matters connected therewith or incidental thereto.
0 Gratuity shall be payable to an employee on the termination of his employment
after he has rendered continuous service for not less than five years, -
0 on his superannuation, or
0 on his retirement or resignation, or
0 on his death or disablement due to accident or disease
 ADVANTAGES OF LIMITED COMPANY
0 Whilst many businesses prefer to trade as a sole trader or a partnership, nearly all significant
businesses operate as an incorporated company. The main advantages of incorporation via a
limited company are summarized below:
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A $#has a legal existence separate from management and its members (the
shareholders)
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The protection given by limited liability is perhaps the most important advantage of
incorporation. The members' only liability is for the amount unpaid on their shares. Since
most private companies issue shares as "fully paid", if things go wrong, a members' only loss
is the value of the shares and any loans made to the company. Personal assets are not put at
risk. The protection of limited liability does not, however, apply to fraud. Company directors
have a legal duty not to incur liabilities in their companies which they have reason to believe
the company may not be able to pay. If creditors lose money through director fraud, the
directors' personal liability is without limit
0 $,
#

The choice of $#names is restricted and, providing a chosen name complies with the
rules, no-one else can use it. The only protection for s # # is
trademark legislation
0
 
Once formed, a company has everlasting life. Directors, management and
employees act as agent of the company. If they leave, retire, die - the company
remains in existence. A company can only be terminated by winding up, liquidation
or other order of the courts or Registrar of Companies.

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The issue, transfer or sale of shares is a relatively straightforward process -
although existing shareholders are protected via their "preemption" rights and by
company legislation that seeks to protect the interests of minority investors. The
process of lending to a company is also easier than with other business forms.

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A basically pleases themselves with regard to the administration and
management of the business. A $#$is responsible for adhering to
company administration according to statutory regulations in regard to both the
limited company accounts, statutory books and management as stated in the
articles of association. The duties of a director are more formal than a sole trader.
0 7
 # # pay income tax.
# pay Corporation tax on their taxable
profits. There is a wider range of allowances and tax-deductible costs that can be offset against a
company's profits.

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Approved company pension schemes usually provide better benefits than those paid under
contracts to self-employed sole trading businesses.
The cost of a pension scheme including the company contribution is a deductible business
expense as an employee cost.

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A floating charge is a mortgage of (usually) all the company's assets, both present and future, and
on terms that the company may deal with the assets in the ordinary course of business. The floating
charge is a factor in the choice of business format because only  $# can create
floating charges. A # #, with exactly the same assets, cannot give this type of
mortgage.
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/ $accounts can be quite simple as a formal accounting system is not required
and can be reduced to simple lists of income and expenditure supported by documentary
evidence of sales and purchase invoices, effectively /#. Producing a
balance sheet is optional.
Ltd company accounts have to use  //#to produce the year end
accounts including a balance sheet with statutory notes and statements.

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A further advantage of becoming a $#is that the shareholders do not
necessarily have to be directly involved in the running of the company. It is also often the
case that it will be easier to acquire further investment for the business if it is a limited
company again mainly due to the benefit of limited liability. The company structure is ideal
for offering outside investment in the business as appropriate amounts and types of shares
can be set up. Investment in a # # is legally risky as someone who shares the profits
of a partnership may be regarded as a partner and may incur unlimited liability for all the
debts.
 PRIVILEGES TO PRIVATE LIMITED
COMPANIES
0 Financial assistance can be given for the purchase of or subscribing for its own shares or
shares in its holding company - Sec. 77 (2)
0 Further shares can be issued without passing a special resolution or obtaining the
Central government's approval - Sec.81 (3)
0 Provisions as to the kinds of share capital (Sec. 85), the further issue of share of capital
(Sec.86), voting rights (Sec.87), the issue of shares with disproportionate rights (Sec.88)
and the termination of disproportionate excessive rights (Sec.89), do not apply to
private companies - Sec. 90 (2)
0 Business can be commenced immediately on incorporation without obtaining a
certificate of commencement from Registrar - Sec.149 (7)
0 It is not necessary to hold a statutory meeting and to send a statutory report to
shareholders and file the same with the Registrar - Sec.165 (10)
0 Articles of a private company may provide for regulations relating to general meetings
which need not conform to the provisions of Sec 171 to 186 - Sec.170 (1)
0 Any amount can be paid to the directors as remuneration and the same is not
restricted to any particular proportion of the net profits - Sec.198 (1)
0 A proportion of directors need not retire every year - Sec.255 (1)
0 Statutory notice etc., is not required for a person to stand for election as a director
- Sec.257
0 The Central Government's sanction is not required to effect an increase in the number of
directors beyond 12 or the number fixed by the articles of association-Sec. 259 ;to modify
any provision relating to the appointment of managing, whole-time or non-rotational
directors - Sec.268; for appointment of managing or whole-time director or manager - Sec.
269 (2)
0 Directors of a private company need not possess any share qualifications, in terms of section
270- Sec. 273
0 Restrictive provisions regarding the total number of directorships which any person may hold
do not include directorships held in private companies which are not subsidiaries of public
companies - Sec. 275 to 279
0 The prohibition against participation in board meetings by interested directors does not
apply - Sec. 300 (2)
0 There is no restriction on the remuneration payable to directors - Sec. 309 (9)
0 Any increase in the remuneration not being sitting fees beyond the specified limit of
directors on appointment or reappointment does not require the Central Government's
approval - Sec. 311
0 There's also no restriction on the appointment of a managing director - Sec. 316(1) 317 (4)
0 There is no restriction on making loans to other companies - Sec. 370 (2)
0 There is no prohibition against the purchase of shares etc. in other companies-Sec. 372 (14)
0 The Central Government cannot exercise its power to prevent change in the board of
directors, which is likely to affect the company prejudicially - 409 (3)
 WHAT IS BUSINESS CRIME?
0 Business crime includes
all crime and disorder committed by or against businesses.
targeted against a single person working in business,
against a single business, or may be part of a wider pattern
of crime
which adversely impacts a number of businesses in the
same sector, or in the same geographical area.
 TYPES OF WHITE COLLAR CRIME
0 Fraud 0 Insider Trading
0 Larceny/Theft 0 Investment Schemes
0 Security 0 Kickback
0 Blackmail 0 Money Laundering
0 Bribery 0 Currency Schemes
0 Embezzlement 0 Racketeering
0 Environmental Schemes 0 Tax Evasion
0 Extortion 0 Weights and Measures
0 Forgery 0 Counterfeiting
 FRAUD
0 TYPES OF FRAUD:-

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0 Control who has access to equipment, documents and computers to prevent any
unauthorised use
0 Train your staff in your security systems and your disciplinary policies and procedures
0 Where possible, divide duties between staff so any irregularities will be spotted. Have
supervisory and monitoring controls. Random spot checks are effective at preventing fraud
0 Beware of suppliers and customers offering unrealistically low prices or high payments.
Remember, if a deal looks too good to be true, it probably is!
 THEFT
0 Always check references for new staff
0 Introduce and follow clear policies about employee theft
0 Train staff to spot thieves and to watch out for suspicious behaviour
0 Make sure all cash transactions are dealt with different employees
0 Randomly check deliveries, both to your business and to your customers
0 Question excessive amounts of voids, credits, or damage claims
0 Never accept photocopies of invoices, delivery notes, etc
0 Investigate unusual occurrences such as missing documents or
unexplained absences during the working day
0 Tell your staff to pay only for goods received and remind them not to pay
for goods that have not been ordered, even if an invoice is provided
0 Change locks and computer passwords periodically
0 As a last resort, if you do discover theft in your business, consider
prosecution
0 Remember that your safety is always more important than your property
 Use of Steganography

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we have bid at Rs.91.99 crore

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