New Updated in Companies Act, 2013 by Ministry of Corporate Affairs

Immediate Change Required Subsequent to Change in Name, Address etc.:-

There required a immediate change in website, letterhead, bill etc. if there is any change in company information i.e. in Registered Address, Name of the company etc.

One Person Company (OPC):-

One Person Company (OPC) is a private company with one member and having at least one director. OPC excluded from mandatory holding of AGM. Conversion of Private Limited Company into One Person Company (OPC) is permitted with following conditions:-

A private Limited Company who satisfy both condition can be converted into One Person Company (OPC)

•  Paid up Capital up to Rs. 50 lacs.
•  Turnover up to Rs. 2 Crores.

One Person Company Registration

Mandatory Requirement of Woman Director:

Following companies required at least one Woman Director:-

• Every Listed Company.
•  Public Limited Company with Paid Up Capital of Rs. One Hundred Crores or More.
•  Public Limited Company with turnover of Rs. Three Hundred Crores or more.

Mandatory Requirement of Resident Director:

Every company must have one director who stayed in India during a calendar year for a period of 182 days or more. Existing company should compile with this provision before 31^st March, 2015.

Accounting Year: 

Every company should follow a uniform accounting year from 1^st April to 31^st March. 

Restriction on Loan to Director:

A company cannot advance any kind of loan or guarantee or security to any of its director or director of holding company, his partner, his relative or firm in which he is or his relative is partner, private limited company in which he is director or member or any body corporate whose 25% or more of total voting power or board of director is controlled by him.

Standard Set of Article of Association:

It is desirable to adopt Table F in the next General Meeting as standard set of AOA of the company with relevant changes to consider the requirements of the company. Further every copy of MOA & AOA issued to its member should obtain a copy of resolutions or agreements that required to be filed with the ROC.

Disqualification of the Director:

All existing director must have DIN (Director Identification Number) and who already have DIN need not to take any action.

Financial Year: 

Under Companies Act, 2013 every company should follow a uniform Financial Year i.e. from 1^st April to 31^st March.  Company who currently following different financial year has to align the accounting year to 1^st April to 31^st March within a period of 2 year.

Compulsorily Rotation of Statutory Auditor:

Every listed company can appoint a Individual Auditor for a period of Five year and a firm of Auditors for a period of ten year and such period is counted from the date of their appointment. Therefore those companies have reappointed their statutory auditor for more than 5 / 10 Year, have to appoint another auditor in AGM for the Year 2014.