Saturday, April 7, 2012

MCA update on companies acceptance of deposits

Companies (Acceptance of Deposits Amendment) Rules, 1997


In exercise of the powers conferred by section 58-A read with section 642 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the Reserve Bank of India, hereby makesthe following rules further to amend the Companies (Acceptance Deposits) Rules, 1975 namely :-

(a)

These Rules may be called the Companies (Acceptance of Deposits Amendment) Rules, 1997.

(b)

They shall come into force on the date of its publication in the Official Gazette.

2.

In the Companies (Acceptance of Deposits) Rules, 1975,

(i) after sub-rule (1) of rule 3, the following shall be inserted, namely :-

"(1A) On and from 1st day of March, 1997 no company shall accept or renew any deposits in any form if it is in default in the repayment of any deposit or part thereof and any interest thereupon in accordance with the terms and conditions of such deposits :

(ii) after sub-clause

(iii) of clause (k) of sub-rule (2) of rule 4 the following shall be inserted, namely :-

"(iv) that the company is not in default in the repayment of and deposit or part thereof and any interest thereupon in accordance with terms and conditions of such deposits"

main objects consultancy

1. To carry on the activities and business in Human Resource Consulting which include Executive Recruitment and Selection, manpower placements, skill profiling, outplacements and manpower relocation, temporary appointments, business process Outsourcing, projects, projects on turnkey basis, market surveys, feasibility surveys, remuneration surveys and remuneration structuring, setting up & implementing human resource strategies, change management, productivity benchmarking, human resource audit & evaluation of human resource assets, human resource planning and right sizing, organization design, training needs identification, conducting training workshops and programmes in soft and technical skills, management & technical education including setting up and running maritime institute, event management and related workshops and advice on payroll management linked with investment and tax management services for employees in call centre and or in any other business or company or industry or vocation or trade, whatsoever, with in India and/or abroad.


2. To carry on the business of consulting, advising, recommending, making, arranging, sponsoring, hiring, recruiting, designing, reproducing, presenting, writing, conducting and implementing activities in human resource consulting for call centre or in any other business or company or industry or vocation or trade, whatsoever, with in India and/or abroad.

3. To carry on as principals, agents or contractors the business of rendering management services such as staff and management recruitment, skill development, training and placement, technical analysis of data, electronic data processing and to establish and render all consultancy services of professional and technical nature in India and abroad and to provide Human Resource Consultancy in the field of call centre, logistics, transportation and other related areas.




















Main objects management consultant

To act as management consultants by giving, guiding and providing verbal and written advice, consultancy, opinions and reports to all corporate or non corporate clients whether in India or abroad in the following fields :-


(a) Corporate Management :- by doing, making, preparing, reporting, undertaking, conducting and submitting organisational analysis and structuring, organisation and methods, total operations analysis (Swot Analysis), management information and control systems, sick unit rehabilitation schemes, ISO, TQM, QS 9000, ISO 9000, TS 16949 & Six Sigma Quality Systems.

(b) Human Resources Management :- by doing, making, preparing, reporting, undertaking, conducting and submitting personnel remuneration plans, job evaluations & poisition description, performance appraisal systems, manpower assessments and retionalisation studies, training & development.

(c) Operation Management :- by doing, making, preparing, reporting, undertaking, conducting and submitting work study and incentive schemes, factory and work-place layouts, material handling systems, value engineering and modernisation studies.



2. To undertake, conduct and submit reports to all corporate or non-corporate clients whether in India or abroad on venture identification, sectorial & market surveys, venture feasibility, TEFR & DPR and product/technology identification.

3. To select, place and recruit for all corporate or non-corporate clients whether in India or abroad personnel on behalf of medium & large scale private sector organisations covering cadres ranging form middle to senior level in all functional disciplines of management in the light and medium engineering, manufacturing, financial services and information & technology sectors.

4. To act as management consultants by giving, guiding and providing verbal and written advice, consultancy, opinions and reports to all corporate or non corporate clients whether in India or abroad in the following field of Corporate Management by doing, making, preparing, reporting, undertaking, conducting and submitting organisational analysis and structuring, organisation and methods, total operations analysis (Swot Analysis), management information and control systems, sick unit rehabilitation schemes, TQM, QS 9000, ISO 9000, TS 16949 & Six Sigma Quality Systems.







Main objects insurance

INSURANCE




To carry on in India or elsewhere the business to establish,organize,manage,promote,encourage,provide,conduct,sponsor,subsidize,operate,develop&commercialize,insurance&assurance business in all its branches of life insurance and general insurance including whole life insurance, endowment insurance, double benefit and multiple benefit insurance, joint life insurance, medical insurance, group insurance, fire insurance, riot insurance, earth quake and natural calamity insurance, crop insurance, animal life insurance, loss of profit insurance, human body part, limbs &organs insurance, theft insurance, transit insurance, vehicle insurance, annuity plans, fixed income plans ,accidental in

what is permissible deduction under payment of wages Act

what is permissible deduction under payment of wages Act


Following are some of them

MAINLY THE FOLLOWING DEDUCTIONS ARE PERMITTED. (section-7)



1.FINES



a) An employed person can be fined only for acts and omissions which are specified in a list which is approved by the State Government or the prescribed authority.(section-8)



b) Before the fine is imposed on an employed person , he must be given an opportunity for explanation. (section-8)



c) Fines should not exceed 3% of the wages in a month. (section-8)



d) Fines shall not be recovered by installment or later than 60 days of the date of imposition. (section-8)



e) The paymaster shall maintain a register of Wages, Fines, Damages, Deductions and Advances in Form VI(PW) (Rule 3,4 &17 )





2. Deductions(section-9 to13)



i) Deductions for the absence from duty.



ii) Deductions for damages to or loss of goods expressly entrusted to the employed person for custody ,or for loss of money for which he is required to account, where such damage or loss is directly attributed to his negligence or default.



iii) Deductions for house accommodation.



iv) Deduction for amenities as authorized by the Govt.



v) Deduction for recovery of advances and interest, and for adjustment of over payment of wages.



vi) Deductions for recovery of loans from any fund constituted for the welfare of labour approved by state Govt.



vii) Deductions for recovery of loans for house building or for purpose approved by Govt.



viii) Deduction for income-tax.



ix) Deduction on orders of a court or other authority.



x) Deductions for subscription and repayment of advance from any provident fund.



xi) Deduction for payments to cooperative sectors.



xii) Deduction of premium for LIC policy or for post office saving scheme on written authorization of the employed person.



xiii) Deduction for contribution to any fund constituted by the employed or trade union for welfare of employed person with the approval of state govt.



xiv) Deduction for payment of membership fee of trade union with written authorization of employed person.



xv) Deduction for contribution to Prime Ministers' National Relief Fund or to such other fund as notified by Central Govt. with the written authorization of the employed person



Total amount of deductions should not exceed 75% of wages of the employed person in any wage period if whole or part of the deduction are meant for payment to cooperative societies.



In other cases it should not exceed 50%.



Law does not allow an employer to make any type of deduction out of the wages of a worker except those authorized by this Act.



a)The advance may be recovered in installment by deductions from wages spread over not more than twelve months. No installment shall exceed one third or where the wages for any wage period are not more than 20 rupees ¼of the wages for the wage period in respect of which deduction is made.



(b)Recovery of advances of wages or loans or payment to cooperative societies and insurance scheme shall be subject to any rules/conditions of the State Govt.


..

Main objects Food products

Main objects of Food Products Company


1. To carry on business in India and abroad of manufacturing, preserving, reigning, packing,

bottling, prepare, manipulate, treat, market, import, export, improve, produce, process, prepare,

buy, sell, deal in and carry on the manufacturing and trading in foods and beverages like jams,

jelly’s, pickles, cider, chutney, marmalades, mayonnaise, mustard, desserts, coffee, tea,

flavours, condiments, pancakes, doughnuts, vinegar’s ketchup, sauces, juices, squashes,

syrups, soups, powder ( eatable ), drinks, alcoholic and non-alcoholic, carbonated and

non-carbonated, gelatines, essences, ice- creams, dairy products, meat, sausages, pottend

meat and other meat products, marine and sea food products, table delicacies, fast food, frozen

foods and other eatables, bakery products and confectionery items such as breads, biscuits,

sweets, roti, pizza, papad, cakes, pastries, cookies, wafers, candoles, lemon drops, chocolates,

chewing gums, toffee, lozenges, tinned, canned, bottled products, milk cream, butter, butter

scotch, sauce, ghee, cheese. Condensed milk, milk powder, skimmed milk food, baby food,

infant foods, milk products and milk preparation, soya milk products and preparations, soyabean

based foods, protein foods, dietic products, health foods, cereal products , wheat cakes, poultry

products , farm products, milk shakes, water ice products, yoghurt, mouth freshner, carbon

dioxide for beverages.

2. To carry on the business of manufacturers and merchants and dealers and distributors of

canned food, packed food, squashes, aerated water, mineral water, syrups, soft drinks, fruit

drinks, milk and milk products and beverages of every description.

3. To carry on business as brewers distillers and manufacturers of and merchants and

dealers of squashes, syrups, aerated water and of casks, bottles and other receptacles for the

same, and of malt, hops, grains, meal, yeast and all other material and things capable of being

used in connection with any such manufacture of business.

4. To bottle and sell and distribute sterilized flavoured milk and to bottle and sell and

distribute the beverages and to produce, store, purchase, sell, import, export and otherwise deal

in flavoured milk and beverages.

5. To cultivate, tea, coffee, cinchona, rubber, all kinds of fruits, vegetables, flowers and trees

and to carry on the business of tea planters in all its branches, to carry on and work the

business of cultivators, winnowers and buyers of every kind of fruits, dried or otherwise

vegetables, flowers, mineral to prepare, manufacture and render marketable any such produce

and to sell, dispose of and deal in any such produce, either in its prepared, manufactured or raw

state and either by wholesale or retail.

1 / 2

Main objects of Food Products Company

6. To cultivate, grow, produce or deal in any dairy products and to carry on the business of

farmers, dairymen, contractors, dairy farmers, millers, purveyors and vendors of milk, cream,

cheese, butter, poultry and provisions of all kinds, growers of and dealer sin corn, hay and

straw, seed men, and nursery men and to buy, sell and trade in any goods usually traded in any

of the above business or any usually traded in any of the above business or business

associated with the farming interest which may be advantageously carried on by the company.

7. To purchase, sell, import, export produce or otherwise deal in preserved vegetables

tinned fruits and all types of food products, food grains, develop and exploit farms, horticulture,

agricultural, animal husbandry, dairy, poultry and allied farming business to assist anyone in this

business and to carry on the business of farming and aerial spraying.

8. To acquire, collect and gather by finishing or purchase all varieties of sea-food (including

prawns, shrimps, lobsters, pomfrets ) and to process, pack and prepare the same for sale and

export.

9. To carry on the business as producers of and dealers in food stuffs and good products

of every description whether for human animal or poultry consumption, fish, milk, butter, cream,

cheese, oil, fruits, vegetables, confectionery, sweet-meats, sugar, jams, jellies, pickles, drinks,

beverages or as distillers and masters in all its branches.

10. To start, carry on or manage in business of fishermen, dairymen, breeders of cattles,

sheeps,. Pigs, poultry and other livestock, farmers, fruit gardeners, butchers, slaughterers and

exporters , importers and dealers in all sorts of tinned, canned, bottled, dehydrated, deep frozen

or otherwise processed or unprocesses articles of food and drinks, managers of cold storage

machinery of installations and of any other types of plats, machinery or installations, cooling,

freezing or processing all types of food and drinks.

11. To make and manufacture curry powders, pickles, jams, jellies, essences and all kinds

of food provisions and to market all such products, to carry on the business of manufacture and

supply of cans, boxes, cartons, paper and other bags and packing receptacles generally,

bottles, canners, packers and providers of all kinds of goods products or wares.

2 / 2

Main objects management consultant

1. To provide onsite and offshore services related to Business process outsourcing, knowledge process outsourcing, customer care, call center, business continuity plans and accounting processes, payroll processing, data conversion, digitalization, transition management, enabling technologies, e-commerce, system integration to Indian and Multinational clients.




2. To provide all type of services in the field of taxation, preparation techno economic feasibility reports and projects reports, project appraisal, obtaining finances from financial institutions and other foreign exchange and travel, law and legal, merchant banking import, export, administration and organization management, mergers and acquisitions, strategic, alliances, valuations, reorganization, diversification strategies and disinvestment, venture capital, investigations assurance services, proprietary and efficiency audit, management audit, internal audit, social audit commencement and expansion of trade, market related, intellectual property rights, advisory and liaisoning services, secretarial services, general accounting matters, event management, MIS. recruitment, manpower search and human resource management services, disaster recovery and management services and preparation of budgets, treasury management corporate strategic planning to Indian and multinational corporate.



3. To act as trainers and consultants both within and outside India in the field of finance and accounting, investment, portfolio, management, RBI related matters and other regulatory matters, marketing, technical, tax, legal, risk management strategy, placement and human resource, corporate governance, engineering, advertising, iInformation technology, core financial management for eg : commodities, currencies, financial instruments, derivatives etc consultants to Indian and multinational corporate.



4. To provide all kinds of consultancy and advisory services and to act as agents, subagents, brokers, sub brokers, franchisees, Licensee, distributors, dealers, buyers, sellers, exporters, importers, underwriters, contractors, subcontractors of any goods or services.



5. To provide business services by designing, developing, producing, reproducing installing, marketing, distributing, buying, selling, licensing, providing, importing, exporting, operating, supporting, maintaining and otherwise, dealing in all varieties of computer software and to offer services in data processing in all field of application, ecommerce, internet education, Training and related services and any other information technology and telecommunication related services.



Main objects Food Products company

Main objects of Food Products Company


1. To carry on business in India and abroad of manufacturing, preserving, reigning, packing,

bottling, prepare, manipulate, treat, market, import, export, improve, produce, process, prepare,

buy, sell, deal in and carry on the manufacturing and trading in foods and beverages like jams,

jelly’s, pickles, cider, chutney, marmalades, mayonnaise, mustard, desserts, coffee, tea,

flavours, condiments, pancakes, doughnuts, vinegar’s ketchup, sauces, juices, squashes,

syrups, soups, powder ( eatable ), drinks, alcoholic and non-alcoholic, carbonated and

non-carbonated, gelatines, essences, ice- creams, dairy products, meat, sausages, pottend

meat and other meat products, marine and sea food products, table delicacies, fast food, frozen

foods and other eatables, bakery products and confectionery items such as breads, biscuits,

sweets, roti, pizza, papad, cakes, pastries, cookies, wafers, candoles, lemon drops, chocolates,

chewing gums, toffee, lozenges, tinned, canned, bottled products, milk cream, butter, butter

scotch, sauce, ghee, cheese. Condensed milk, milk powder, skimmed milk food, baby food,

infant foods, milk products and milk preparation, soya milk products and preparations, soyabean

based foods, protein foods, dietic products, health foods, cereal products , wheat cakes, poultry

products , farm products, milk shakes, water ice products, yoghurt, mouth freshner, carbon

dioxide for beverages.

2. To carry on the business of manufacturers and merchants and dealers and distributors of

canned food, packed food, squashes, aerated water, mineral water, syrups, soft drinks, fruit

drinks, milk and milk products and beverages of every description.

3. To carry on business as brewers distillers and manufacturers of and merchants and

dealers of squashes, syrups, aerated water and of casks, bottles and other receptacles for the

same, and of malt, hops, grains, meal, yeast and all other material and things capable of being

used in connection with any such manufacture of business.

4. To bottle and sell and distribute sterilized flavoured milk and to bottle and sell and

distribute the beverages and to produce, store, purchase, sell, import, export and otherwise deal

in flavoured milk and beverages.

5. To cultivate, tea, coffee, cinchona, rubber, all kinds of fruits, vegetables, flowers and trees

and to carry on the business of tea planters in all its branches, to carry on and work the

business of cultivators, winnowers and buyers of every kind of fruits, dried or otherwise

vegetables, flowers, mineral to prepare, manufacture and render marketable any such produce

and to sell, dispose of and deal in any such produce, either in its prepared, manufactured or raw

state and either by wholesale or retail.

1 / 2

Main objects of Food Products Company

6. To cultivate, grow, produce or deal in any dairy products and to carry on the business of

farmers, dairymen, contractors, dairy farmers, millers, purveyors and vendors of milk, cream,

cheese, butter, poultry and provisions of all kinds, growers of and dealer sin corn, hay and

straw, seed men, and nursery men and to buy, sell and trade in any goods usually traded in any

of the above business or any usually traded in any of the above business or business

associated with the farming interest which may be advantageously carried on by the company.

7. To purchase, sell, import, export produce or otherwise deal in preserved vegetables

tinned fruits and all types of food products, food grains, develop and exploit farms, horticulture,

agricultural, animal husbandry, dairy, poultry and allied farming business to assist anyone in this

business and to carry on the business of farming and aerial spraying.

8. To acquire, collect and gather by finishing or purchase all varieties of sea-food (including

prawns, shrimps, lobsters, pomfrets ) and to process, pack and prepare the same for sale and

export.

9. To carry on the business as producers of and dealers in food stuffs and good products

of every description whether for human animal or poultry consumption, fish, milk, butter, cream,

cheese, oil, fruits, vegetables, confectionery, sweet-meats, sugar, jams, jellies, pickles, drinks,

beverages or as distillers and masters in all its branches.

10. To start, carry on or manage in business of fishermen, dairymen, breeders of cattles,

sheeps,. Pigs, poultry and other livestock, farmers, fruit gardeners, butchers, slaughterers and

exporters , importers and dealers in all sorts of tinned, canned, bottled, dehydrated, deep frozen

or otherwise processed or unprocesses articles of food and drinks, managers of cold storage

machinery of installations and of any other types of plats, machinery or installations, cooling,

freezing or processing all types of food and drinks.

11. To make and manufacture curry powders, pickles, jams, jellies, essences and all kinds

of food provisions and to market all such products, to carry on the business of manufacture and

supply of cans, boxes, cartons, paper and other bags and packing receptacles generally,

bottles, canners, packers and providers of all kinds of goods products or wares.

Admissibility of entries in the books of account

  The Bhartiya Sakshya Adhiniyam 2023 (Indian Evidence Act 2023) Section 28 deals with the admissibility of entries in the books of accoun...