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The Companies Act, 2013 (the Act) emphasizes flexibility and rigidity in the composition of the board of directors (boards). Flexibility hereby refers to the mandatory inclusion of rotating directors in the board of directors and Rigidity ensures the inclusion of non-rotating directors in the board of directors. The mentioned combination…

The Reserve Bank of India has directed regulated entities (REs) lending to the microfinance sector to ensure that loans are unsecured and not secured by a lien on the borrower's deposit account, that repayments are capped, that interest rates are not usurious, and that there is no penalty for payment…

The Reserve Bank of India (RBI) regulates the purchase and acquisition of immovable property in India by non-residents under the Foreign Exchange Management Act (FEMA). An Indian citizen residing outside India as per FEMA is an NRI (Non-Resident Indian) while a non-Indian citizen who or whose parents or grandparents were…

Businesses must claim Input Tax Credit (ITC) that shows only in GSTR-2B from January 1, 2022. As a result, Rule 36(4) of the CGST Rules is rendered obsolete, and the new clause (aa) under Section 16(2) takes effect. This article goes into depth regarding the shift, how it affects businesses,…

The 47th GST Council meeting held on June 28th and 29th, 2022, produced a new proposal stating that GST will be levied at 5% on pre-packaged and labeled food items beginning July 18th, 2022. This was announced in Notification No. 06/2022-CT (Rate) on July 13, 2022. This idea comes after…

In a circular dated August 3, 2022, the Central Board of Indirect Taxes and Customs (CBIC) clarified the application of the GST to various taxes, fines, and penalties resulting from contract violations and other situations. The circular has examined a wide range of situations when one party recovers a charge,…

An Indian residing abroad is generally known as a Non-Resident Indian (NRI). NRI means a person residing outside India who is a person of Indian origin or a citizen of India. Let us know about the Non-Resident and types of transactions under FEMA. Table of Contents NRI as per FEMA…

Section 149 of the Companies Act of 2019 regulates the composition of the board of directors. In the case of a public company, there are at least 3 directors. In the case of some companies, it also counts as one female director. In addition, every listed company must have at…

A key expectation of members of self-governing professions is that they accept legal and ethical responsibility for their work and put the interests of the public and society first. One of the essential features of the profession is to adhere to strict codes of conduct maintaining strict ethical and moral…

Going public is certainly a very important milestone in a company's life. An initial public offering (IPO) happens only once in a lifetime during a Company's journey. This article discusses What is Initial Public Offering (IPO) & How It Works, and the Benefits & Disadvantages of IPO Steps in an…