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Showing posts with the label India

Corporate Social Responsibility in India

Article by  Vanshika Godara , Edited by Drishti Saigal Corporate Social Responsibility is not a brand new construct in India.  However, the Ministry of Corporate Affairs, Government of the Republic of India has recently notified the Section 135 of the Companies Act, 2013 beside corporations through the (Corporate Social Responsibility Policy) Rules, 2014.   "Hereinafter CSR Rules" and the alternative notifications connected to that, which makes it  mandatory. Sub Section (1) of Section 135 provides the base-line for companies to adhere to the provisions relevant to Corporate Social Responsibility. According to Sub Section (1) of Section 135 - Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which

Law relating to Audits of Private Companies in India

Article by Anant Pratap Singh Chauhan , Edited by Chinmay Jain . Private Company is a type of company, wherein the company does not float shares in public for the purpose of amassing capital.  A private company has been defined under Section 2(68) of the Companies Act, 2013 as – “private company means a company having a minimum paid-up share capital as may be prescribed, and which by its articles, — restricts the right to transfer its shares; except in case of One Person Company, limits the number of its members to two hundred: Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this clause, be treated as a single member: Provided further that— persons who are in the employment of the company; and persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased, shall not be included in

All about Limited Liability Partnerships in India

Article by  Varsha Chamakura . Partnership under The Partnership Act,1932 in business or profession is considered to be the oldest legally accepted organisation, which consists of more than one person.  A partner has unlimited liability, but due to advancement in Commerce, its Allied activities growth and the business organisation, the law had to be changed to suit the present conditions.  That is why another type of partnership was formed – the Limited Liability Partnership. In this type of Partnership, the liability of partners incurred in the normal course of business does not extend to the personal assets of the partners. This type of partnership is most common among Small and Medium Enterprises (SMEs), small businesses and professional services. Limited Liability Partnerships or LLP is considered as something that attains principal benefits of both, partnership and companies. Due to the wide scope and advantages of LLP as compared to the general partnership,it is ga

Business Going Bankrupt? Here's What You Should Do (Indian Insolvency Law)

Article by  Anant Pratap Singh Chauhan , Edited by  Chinmay Jain . Article has been edited by the WinSavvy team thereafter to keep it updated. The COVID-19 pandemic has severely hurt businesses throughout the world. Even in 2022, with supply chain shortages and roaring inflation along with consumer demand at an all-time low, startups and small businesses are finding it extremely difficult to manage their business finances , ensuring they have a predictable cash flow, as well as a stable working capital . As a result, Finance Minister Nirmala Sitharaman, on 17 th  May 2020, announced several measures to provide relief to companies, facing insolvency due to the coronavirus pandemic.   Increase in the Minimum Threshold to initiate Insolvency Proceedings The Central Government used its powers under the  proviso  to Section 4 of the Insolvency and Bankruptcy Code, to increase the minimum threshold amount , under Section 4 of the Insolvency and Bankruptcy Code, 2016, Rs. 1 crore for t

Data Privacy Laws in India and Its Impact on Business

Article by Ankita Rathi , Edited by Chinmay Jain Our privacy is invaded every time and everywhere due to the advancements in science and technology. Privacy is something that is an individual as well as a social value. Most of the privacy breaches and invasions and copyrights violations exist in cyberspace though they are invisible.  Due to many media interventions, it has become very difficult for people to keep information that is confidential or even the anonymity of the conversations and many more things. Piracy is a lucrative business nowadays. However, the laws lag behind the digital revolution. Data privacy is a part of information technology (IT). It helps the organizations and even the individuals to determine as to which information in the computer system can be shared with the third party. Data is one of the most important asset for the company. As the economic activity related to data is increasing, many organizations find it essential to use, share, and collect d