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  “Everything you can imagine is real.”― Pablo Picasso Section 8 Company (Form your Company with Charitable Objects etc.) A Company register with following objects will get a license from the Central Government in such manner as may be prescribed. The Company which were register under the Companies Act, 1956 were register under section 25 of Companies Act, 1956.     Objects: a) A Company register with the objects of promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object; and (b) Intends to apply its profits, if any, or other income in promoting its objects; and (c) intends to prohibit the payment of any dividend to its members, Section 8 Companies are generally known as Non-profit Organization (NPO) and income of Section 8 Company can not be used for paying out dividends to the company’s members. The profitable amount should be used for the promotion of main object of the Compa

  The Producer Companies Rules, 2021 GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 11th February, 2021 1. Short title and commencement.-  (1) These rules may be called the Producer Companies Rules, 2021.  (2) They shall come into force on the date of their publication in the Official Gazette. 2. Applicability.- These rules shall apply to a Producer Company as referred in clause (I) of section 378A.   3. Definitions.- (1) In these rules, unless the context otherwise requires,-   (a) "Act" means the Companies Act, 2013 (18 of 2013); (b) "section" means the section of the Act; (c) "co-operative society" means a society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any State.   (2) Words and expressions used in these rules but not defined and defined in the Act or in the Companies (Specification of Definitions Details) Rules, 2014, shal

“You can’t go back and change the beginning, but you can start where you are and change the ending” – C.S. Lewis Amendments under Companies Act, 2013 due to the Financial Budget of 2021-22 1.    The decriminalizing of the procedural and technical compoundable offences under the Companies Act, 2013, is now complete. I now propose to next take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008. Impact of Amendment:- The Government plans to decriminalize  12 compoundable offences under the LLP Act, 2008 and remove the section 73 of the Act. Section 73:- Penalty on non-compliance of any order passed by Tribunal.-  Whoever fails to comply with any order made by the Tribunal under any provision of this Act shall be punishable with imprisonment which may extend to six months and shall also be liable to a fine which shall not be less than fifty thousand rupees. (Now this section has been deleted from LLP Act, 2008)   2.     Sir, I propose to revise the definit