Back

HatchLegal

You Build the Dream,...ย โ€ขย 8m

๐ƒ๐ข๐ซ๐ž๐œ๐ญ๐จ๐ซ๐ฌ, ๐๐ž ๐๐ซ๐จ๐š๐œ๐ญ๐ข๐ฏ๐ž! ๐„๐ง๐ฌ๐ฎ๐ซ๐ž ๐˜๐จ๐ฎ๐ซ ๐Œ๐๐-1 ๐…๐ข๐ฅ๐ข๐ง๐ ๐ฌ ๐€๐ซ๐ž ๐ข๐ง ๐Ž๐ซ๐๐ž๐ซ Transparency and accountability are pillars of good corporate governance, and ๐’๐ž๐œ๐ญ๐ข๐จ๐ง 184(1) ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ ๐€๐œ๐ญ, 2013 ensures directors uphold these principles. Alongside this, ๐‘๐ฎ๐ฅ๐ž 9 ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ (๐Œ๐ž๐ž๐ญ๐ข๐ง๐  ๐จ๐Ÿ ๐๐จ๐š๐ซ๐ ๐š๐ง๐ ๐ข๐ญ๐ฌ ๐๐จ๐ฐ๐ž๐ซ๐ฌ) ๐‘๐ฎ๐ฅ๐ž๐ฌ, 2014 mandates that every director disclose their concerns or interests in other companies, bodies corporate, firms, or associations of individuals (including shareholdings) through a written notice in ๐…๐จ๐ซ๐ฆ ๐Œ๐๐-1. ๐–๐ก๐ž๐ง ๐’๐ก๐จ๐ฎ๐ฅ๐ ๐ƒ๐ข๐ซ๐ž๐œ๐ญ๐จ๐ซ๐ฌ ๐…๐ข๐ฅ๐ž ๐…๐จ๐ซ๐ฆ ๐Œ๐๐-1? 1. At the first board meeting they attend as a director. 2. At the first board meeting of every financial year. 3. At the first board meeting after any changes in their interests or shareholding. ๐–๐ก๐š๐ญ ๐‡๐š๐ฉ๐ฉ๐ž๐ง๐ฌ ๐ข๐Ÿ ๐˜๐จ๐ฎ ๐…๐š๐ข๐ฅ ๐ญ๐จ ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ฒ? Non-compliance can be costly! Recently, the Registrar of Companies (Punjab & Chandigarh) imposed penalties totaling โ‚น5,00,000 on five directors of a company for failing to file Form MBP-1 over two financial years. Each director was fined โ‚น1,00,000 for not adhering to the disclosure requirements. ๐–๐ก๐ฒ ๐ˆ๐ฌ ๐“๐ก๐ข๐ฌ ๐ƒ๐ข๐ฌ๐œ๐ฅ๐จ๐ฌ๐ฎ๐ซ๐ž ๐ˆ๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐ญ? 1. To ensure transparency in decision-making and dealings. 2. To avoid conflicts of interest between a directorโ€™s personal interests and the companyโ€™s welfare. 3. To maintain statutory compliance, as these disclosures must be recorded and preserved at the companyโ€™s registered office for 8 years. ๐‡๐จ๐ฐ Hatch Legal ๐‚๐š๐ง ๐‡๐ž๐ฅ๐ฉ? At Hatch Legal, we specialize in ensuring startups and directors remain compliant with corporate governance regulations. From helping you assess and disclose your interests to maintaining statutory records, we ensure your company operates with clarity and within the law. ๐๐ซ๐จ ๐“๐ข๐ฉ ๐Ÿ๐จ๐ซ ๐ƒ๐ข๐ซ๐ž๐œ๐ญ๐จ๐ซ๐ฌ: 1. Regularly evaluate your involvement in other entities and update your disclosures in Form MBP-1. 2. Remember, compliance isnโ€™t just a legal formalityโ€”it builds trust and credibility among investors, partners, and stakeholders. 3. Donโ€™t let an oversight cost your reputation or your pocket. Letโ€™s work together to ensure your startupโ€™s compliance is watertight.

Reply
3

More like this

Recommendations from Medial

IncorpX

Your partner from St...ย โ€ขย 3m

MCA Cracks the Whip: Non-Appointment of Woman Director Now Under the Scanner A fresh notice from the Ministry of Corporate Affairs (MCA) has put companies on alert penalizing those who failed to appoint a Woman Director under Section 149(1) of the

See More
Reply
3
Image Description

Mridul Das

Introvert!ย โ€ขย 6m

All steps for registering you startup๐Ÿš€ and then you can apply for various grants and government funds, credit .๐Ÿ’ก 1) Choose a business structure: Decide on a private limited company, partnership, or LLP. 2) Get a Digital Signature Certificate (DS

See More
1 Reply
3
7
Image Description
Image Description

Rohan Kute

Business | infograph...ย โ€ขย 4m

If you ever wonder to start a company, you should have to know this. There are three types of companies: 1) Private Limited Company Eligibility: Minimum 2 directors and 2 shareholders (at least 1 Indian resident). Pros: Limited liability protecti

See More
5 Replies
2
11
Image Description
Image Description

Aditya Sahu

Big thinking always ...ย โ€ขย 6m

Every entrepreneur needs legal services at some stageโ€”company registration, trademark filing, contracts, or complianceโ€”but many startups struggle with high legal costs. I want to create a platform where startups can access legal services for free in

See More
31 Replies
22
32

HatchLegal

You Build the Dream,...ย โ€ขย 8m

๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐จ๐ซ ๐€๐ฅ๐ž๐ซ๐ญ: ๐‚๐ก๐จ๐จ๐ฌ๐ข๐ง๐  ๐ญ๐ก๐ž ๐‘๐ข๐ ๐ก๐ญ ๐๐จ๐ง๐ ๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ ๐๐ฅ๐š๐ญ๐Ÿ๐จ๐ซ๐ฆ The Securities and Exchange Board of India (SEBI) on 5th Dec 2024 issued a press release warning investors against transacting on unregul

See More
Reply

HatchLegal

You Build the Dream,...ย โ€ขย 8m

๐’๐ก๐š๐ซ๐ž๐ก๐จ๐ฅ๐๐ž๐ซ ๐€๐ ๐ซ๐ž๐ž๐ฆ๐ž๐ง๐ญ๐ฌ, ๐’๐ก๐š๐ซ๐ž ๐’๐ฎ๐›๐ฌ๐œ๐ซ๐ข๐ฉ๐ญ๐ข๐จ๐ง ๐€๐ ๐ซ๐ž๐ž๐ฆ๐ž๐ง๐ญ๐ฌ, & ๐’๐ก๐š๐ซ๐ž ๐๐ฎ๐ซ๐œ๐ก๐š๐ฌ๐ž ๐€๐ ๐ซ๐ž๐ž๐ฆ๐ž๐ง๐ญ๐ฌ: ๐๐จ๐ญ ๐€๐ฅ๐ฅ ๐€๐ ๐ซ๐ž๐ž๐ฆ๐ž๐ง๐ญ๐ฌ ๐€๐ซ๐ž ๐‚๐ซ๐ž๐š๐ญ๐ž๐ ๐„๐ช๐ฎ๐š๐ฅ! When expanding your busin

See More
Reply

Saksham

ย โ€ขย 

Bebyondย โ€ขย 1y

Navigating the corp world? Here's your guide to imp policies your company should consider: 1. POSH Policy (Mandatory): Addresses sexual harassment under the POSH Act. 2. Maternity Benefits Policy (Mandatory): Covers pregnancy, adoption, & miscarria

See More
Reply
2
8

Daya Juwatkar

Founder at Mridakran...ย โ€ขย 6m

Mridakranti Pvt Ltd. is giving out debt opportunities for just tomorrow @ whooping 60% intrest per annum. (Monthly payable intrest) An opportunity to invest and connect to a Grant awarded startup by SISFS, working on revolutionary bioplastics made

See More
1 Reply
7
Image Description
Image Description

Tarun Suthar

ย โ€ขย 

The Institute of Chartered Accountants of Indiaย โ€ขย 4m

Can an MD/CEO Be Removed from Their Position? ๐Ÿค” Scenario: Mr. Shyamlal registers a private limited company and includes a clause in the Articles of Association (AOA) that he will remain a director for lifetime. But later, he is warned that this mi

See More
20 Replies
27
32
1
Image Description
Image Description

Vishu Bheda

ย โ€ขย 

Medialย โ€ขย 4m

๐—›๐—ผ๐˜„ ๐—œ๐—ป๐—ฑ๐—ถ๐—ฎ ๐—–๐—ฎ๐—ป ๐—•๐˜‚๐—ถ๐—น๐—ฑ ๐˜๐—ต๐—ฒ ๐—ก๐—ฒ๐˜…๐˜ ๐—ฆ๐—ถ๐—น๐—ถ๐—ฐ๐—ผ๐—ป ๐—ฉ๐—ฎ๐—น๐—น๐—ฒ๐˜†โ€”๐—”๐—ป๐—ฑ ๐—ช๐—ต๐˜† ๐—œ๐˜ ๐—›๐—ฎ๐˜€๐—ปโ€™๐˜ ๐—ฌ๐—ฒ๐˜ Letโ€™s clear a myth right awayโ€”๐๐ž๐ง๐ ๐š๐ฅ๐ฎ๐ซ๐ฎ ๐ข๐ฌ ๐๐Ž๐“ ๐ญ๐ก๐ž ๐’๐ข๐ฅ๐ข๐œ๐จ๐ง ๐•๐š๐ฅ๐ฅ๐ž๐ฒ ๐จ๐Ÿ ๐ˆ๐ง๐๐ข๐š. Yes, itโ€™s Indiaโ€™

See More
6 Replies
21
22

Download the medial app to read full posts, comements and news.