You Build the Dream,...ย โขย 8m
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.
Your partner from St...ย โขย 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 MoreBusiness | infograph...ย โขย 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 MoreBig thinking always ...ย โขย 6m
Every entrepreneur needs legal services at some stageโcompany registration, trademark filing, contracts, or complianceโbut many startups struggle with high legal costs. I want to create a platform where startups can access legal services for free in
See MoreFounder at Mridakran...ย โขย 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 Moreย โขย
The Institute of Chartered Accountants of Indiaย โขย 4m
Can an MD/CEO Be Removed from Their Position? ๐ค 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 Moreย โขย
Medialย โขย 4m
๐๐ผ๐ ๐๐ป๐ฑ๐ถ๐ฎ ๐๐ฎ๐ป ๐๐๐ถ๐น๐ฑ ๐๐ต๐ฒ ๐ก๐ฒ๐ ๐ ๐ฆ๐ถ๐น๐ถ๐ฐ๐ผ๐ป ๐ฉ๐ฎ๐น๐น๐ฒ๐โ๐๐ป๐ฑ ๐ช๐ต๐ ๐๐ ๐๐ฎ๐๐ปโ๐ ๐ฌ๐ฒ๐ Letโs clear a myth right awayโ๐๐๐ง๐ ๐๐ฅ๐ฎ๐ซ๐ฎ ๐ข๐ฌ ๐๐๐ ๐ญ๐ก๐ ๐๐ข๐ฅ๐ข๐๐จ๐ง ๐๐๐ฅ๐ฅ๐๐ฒ ๐จ๐ ๐๐ง๐๐ข๐. Yes, itโs Indiaโ
See MoreDownload the medial app to read full posts, comements and news.