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HatchLegal
Stealthย โขย 2d
๐๐ข๐ซ๐๐๐ญ๐จ๐ซ๐ฌ, ๐๐ ๐๐ซ๐จ๐๐๐ญ๐ข๐ฏ๐! ๐๐ง๐ฌ๐ฎ๐ซ๐ ๐๐จ๐ฎ๐ซ ๐๐๐-1 ๐ ๐ข๐ฅ๐ข๐ง๐ ๐ฌ ๐๐ซ๐ ๐ข๐ง ๐๐ซ๐๐๐ซ Transparency and accountability are pillars of good corporate governance, and ๐๐๐๐ญ๐ข๐จ๐ง 184(1) ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ ๐๐๐ญ, 2013 ensures directors uphold these principles. Alongside this, ๐๐ฎ๐ฅ๐ 9 ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ (๐๐๐๐ญ๐ข๐ง๐ ๐จ๐ ๐๐จ๐๐ซ๐ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐๐จ๐ฐ๐๐ซ๐ฌ) ๐๐ฎ๐ฅ๐๐ฌ, 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 ๐จ๐ซ๐ฆ ๐๐๐-1. ๐๐ก๐๐ง ๐๐ก๐จ๐ฎ๐ฅ๐ ๐๐ข๐ซ๐๐๐ญ๐จ๐ซ๐ฌ ๐ ๐ข๐ฅ๐ ๐ ๐จ๐ซ๐ฆ ๐๐๐-1? 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. ๐๐ก๐๐ญ ๐๐๐ฉ๐ฉ๐๐ง๐ฌ ๐ข๐ ๐๐จ๐ฎ ๐ ๐๐ข๐ฅ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐ฒ? Non-compliance can be costly! Recently, the Registrar of Companies (Punjab & Chandigarh) imposed penalties totaling โน5,00,000 on five directors of a company for failing to file Form MBP-1 over two financial years. Each director was fined โน1,00,000 for not adhering to the disclosure requirements. ๐๐ก๐ฒ ๐๐ฌ ๐๐ก๐ข๐ฌ ๐๐ข๐ฌ๐๐ฅ๐จ๐ฌ๐ฎ๐ซ๐ ๐๐ฆ๐ฉ๐จ๐ซ๐ญ๐๐ง๐ญ? 1. To ensure transparency in decision-making and dealings. 2. To avoid conflicts of interest between a directorโs personal interests and the companyโs welfare. 3. To maintain statutory compliance, as these disclosures must be recorded and preserved at the companyโs registered office for 8 years. ๐๐จ๐ฐ Hatch Legal ๐๐๐ง ๐๐๐ฅ๐ฉ? 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. ๐๐ซ๐จ ๐๐ข๐ฉ ๐๐จ๐ซ ๐๐ข๐ซ๐๐๐ญ๐จ๐ซ๐ฌ: 1. Regularly evaluate your involvement in other entities and update your disclosures in Form MBP-1. 2. Remember, compliance isnโt just a legal formalityโit builds trust and credibility among investors, partners, and stakeholders. 3. Donโt let an oversight cost your reputation or your pocket. Letโs work together to ensure your startupโs compliance is watertight.
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