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—1. —OPC is not required to hold AGM.

——2. In case of OPC, the financial statement shall be filed with the Registrar within 180 days from the closure of FY.

——3. Number of members in case of Private Companies cannot exceed 200.

—4. Allotments to be made within 60 days.

—5. Procedure for allotment of Shares become lengthy.

6.—— As compared to 1956, more matters require sanction through Special Resolution.

—7. As compared to 1956, more matters require approval of the Board by Resolution at BM.

—8. Quorum for General Meeting, in case of Public Companies depends on total Members.

—9. Annual Return need not be compulsorily signed by CS or PCS in small company.

—10. —Maximum number of Directors – Changed.

—11. Time-limit for holding first BM.

—12. —Much more comprehensive details to be given in Board’s Report.

—13. Both the Company and Director have to file notice to ROC for resignation

—14. —The company shall file notice of appointment of auditor at AGM within 15 days.

15. —Compulsory rotation of auditors shall apply only to listed Companies and to companies belonging to such class or classes as may be prescribed.

—16. The auditor who has resigned from the Company shall filed within 30 days from the date of his resignation a statement in prescribed form indicating reasons and other facts relevant with regard to his resignation.

——17. Heavy penalty on CA / CA’s Firm if professional or other misconduct is proved in proceedings before NFRA.

—18. —The auditor who has resigned from the company shall file within 30 days of date of his resignation, a statement in prescribed from with the Company and on non-compliance by the auditor – fine not less than 50,000/- rupees which may extend to Rs.5,00,000/-

 19. Financial statements defined, Cash flow statement becomes mandatory except in Small Companies.

20. —Uniformity in the financial year ended on 31st March.

21. —Internal Audit becomes mandatory for those companies as CG may specify and to be carried out by CA, CWA or other Professionals. 

—22. —Auditor shall be liable to compensate in case of misconduct.

—23. —Recasting of accounts is now permissible with approval of NCLT.

—24. —ROC has power to condone the delay in registration of Creation/Modification of Charge up to 300 days from event.

—25. Dormant Companies.



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