Knowledge Repertoire
25th February, 2020
The Companies (Auditor’s Report) Order, 2020 – A walkthrough
By CA Animesh Mukhopadhyay & CS Nupur Choudhuri
The Companies (Auditor’s Report) Order or CARO 2020 was issued on 25 th February 2020. This Order was issued in suppression to the Companies (Auditors’ Report) Order 2016. Section 143(11) empowers the Central Government in consultation with NFRA, to specify vide an order, certain matters to be included in the Auditor’s Report. Accordingly, the Companies (Auditor’s Report) Order (CARO) has been issued. The CARO reporting origin dates back to 1975 and its scope was expanded in 1988 when the Central Government introduced Manufacturing and Other Companies (Auditors Report) Order, 1988 (‘MAOCARO 1988’) which was superseded by CARO 2003, CARO 2015, CARO 2016 and the current Companies (Auditor’s Report) Order, 2020. …
2nd December, 2023
Section 8 Companies: An overview
By CA Animesh Mukhopadhyay
A Section 8 company, also known as a not-for-profit company, is a type of organization in India that is formed for the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any other charitable purpose. Section 8 companies are established with the primary objective of promoting charitable activities and not for earning profits. …
20th January, 2024
RELATED PARTY TRANSACTIONS AND REGULATORY OVERSIGHT UNDER THE COMPANIES ACT, 2013
By CA Animesh Mukhopadhyay & Co-authored by CS Antika Mukherjee
In common parlance and as sourced from the Cambridge Dictionary, “Related Party” means a person or a company, for example, a shareholder or a company in the same business group, that is connected to the person or company previously mentioned and often has a control or influence over that person or company.
In the last few years, there exist several instances of reputed corporates undertaking related party transactions, by way of shielding adequate disclosures with the market regulators. While the determination of related party transactions may be essentially complex for both professionals and companies, it is essential to undertake necessary compliances before initiation of a contract(s) or arrangement(s) with Related Parties. …
20th February, 2024
Companies Act 2013 – Penalties, Prosecution and Appeals
By CA Animesh Mukhopadhyay
Penalties and prosecution:
Companies have a moral responsibility towards the society in the pursuit of their growth and development. The stakeholders of the Company expect a responsible behaviour from it in terms of compliance with laws applicable to it and also expect it to make disclosures as required by law. The Companies Act 2013 lays down various punishments for non-compliance with the Act and corresponding rules -be it on the directors, employees or even on the company itself. The provisions that specify punishments under the Act are mentioned below: …
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