GMU is holding its annual flagship event, GMU-CIArb (India) International Maritime Arbitration Competition (GIMAC) from April 8, 2022, to April 10, 2022, to be held online.
About GMU
Gujarat Maritime University is an endeavor by the Gujarat Maritime Board to provide a fillip to this growth by bridging the knowledge gap within the industry. The prime objective of Gujarat Maritime University is to be a global center for excellence in maritime education, research and development, professional training and it aims to enhance and increase the human capital and capacity of the maritime industry both in India and across the globe.
The aspiration is to serve the global maritime community by producing educated and well-trained professionals in the maritime domain.
About the Competition
In Academic Session 2021-22, GIMAC Committee of School of Maritime Law, Policy and Administration, Gujarat Maritime University is holding its annual flagship event, GMU-CIArb (India) International Maritime Arbitration Competition (GIMAC) from April 8, 2022, to April 10, 2022, online using a virtual platform. The event is expected to have participation from about 50 Law Schools and Universities across India & abroad.
Objective
GMU-CIArb (India) International Maritime Arbitration Competition is aimed at nurturing and creating opportunities for the development of the skills of Arbitration in Maritime Law. For your convenience, I have attached with this mail, GIMAC Invitation, GIMAC Rule, and GIMAC Proposition.
Registration
For registration please log on to and fill out the registration form on or before March 11, 2022.
Awards
The Prize money for the winners of GIMAC 2022 are as follows:
A Private Limited Company enjoys an identity separate from its Directors. Thus, in order to maintain its active status, every business is required to file annual compliances for a private limited company with the Ministry of Corporate Affairs (MCA). Since the inception of the Companies Act in 1956, the scope of private limited companies has undergone a myriad of changes.
The Ministry of Corporate Affairs and the Registrar of Companies, in an attempt to limit the functionalities of private limited companies, issue a lot of compliances as mentioned under the Companies Act, 2013. These complex terminologies might be a little difficult to comprehend for a non-professional. Thus, it is advisable to consult a professional right after private limited company registration to deal with your annual compliances.
Article Navigation:
Private Limited Company Compliances
What are the Annual Compliances for Private Limited Company?
Benefits of Annual Compliances for Private Limited Company
Documents Required for Annual Compliances for Private Limited Company
Event Based Annual Compliances for Private Limited Company
Conclusion
Private Limited Company Compliances
According to Section 149 (1) of the Companies Act, 2013, the minimum number of directors required to incorporate a private limited company is two and the maximum is fifteen. In addition to this, it has a threshold limit of 200 members. All the shareholders of a private limited company have a liability, limited to the extent of the capital invested by them in the firm.
On the other hand, a public limited company registration requires a minimum of three directors at the time of its incorporation. A public limited company registration enjoys more benefits in comparison to private limited company registration, in terms of perpetual existence, ease of transferability and borrowing capacity. A private company must also file its annual compliance with the Registrar of Companies, even in case of nil annual turnover.
What are the Annual Compliances for Private Limited Company?
Almost all activities performed by a private limited company are regulated by the Companies Act, 2013. These include the appointment, qualification, remuneration, and retirement of the company’s directors and other aspects such as conducting the board meetings and shareholder meetings. It is always a better choice to seek professional advice to understand the legal requirements and to ensure timely fulfillment of all mandatory compliances so as to waive off the penalties. Outsourcing annual compliances for the private limited company after private limited company registration also allows you to focus on the key areas of your business.
The due dates for the annual filing of a private limited company are based on the date of its Annual General Meeting. If a business regularly fails to meet annual compliances for private limited company, it may lead to the removal of the company’s name from the MCA register and permanent disqualification of the company directors.
Benefits of Annual Compliances for Private Limited Company
1. Greater Credibility:
The date of filing annual compliances for private limited company is displayed on the MCA portal and is visible to everyone. Thus, the regularity in filing compliances increase your business’s credibility, attracting customers, helping obtain government tenders and attaining loan approvals.
2. Attracts investors:
Financial records and compliances are the key points of focus with regard to investors. Before investing in your business, investors check the regularity of filing annual returns on the MCA portal. Thus, regular filing of annual compliances for private limited company is a quintessential part to obtain investors.
3. Maintain active status of your business:
Filing annual compliances for private limited company is essential to avoid penalties on accounting services. Failure to file may also reduce the status of your business to default and levy huge penalties. Moreover, the company will also be declared ‘in-operational’ and removed from the Registrar of Companies. The directors of such companies are debarred from all future businesses. With effect from July 2018, an additional fee of Rs 100 per day will be charged per day from the due date of filing.
Documents required for Annual Compliances for Private Limited Company
The documents requirement for Annual Compliances for Private Limited Company are:
Certificate of Incorporation
PAN Card of Directors
MOA (Memorandum of Association) and AoA (Articles of Association) of the company
Audited Financial Statements
DSC (Digital Signature Certificate) of Directors
Audit Report and Board Report
Annual Compliances for Private Limited Company
1. Appointment of First Auditor:
The Body of Directors is required to appoint an auditor within thirty days of incorporation of the company. A private limited company that fails to appoint an auditor is liable to pay a penalty of Rs 300 per month. In addition, the company will not be allowed to commence business. He/She is required to stay in the office till the completion of 1st AGM.
2. Subsequent Auditor:
A subsequent auditor is appointed to monitor the fair dealings of a company in terms of its financial position. He/She is appointed in the first AGM and continues to stay in the same position till the sixth AGM. As per the Companies Act, 2013, a subsequent auditor is appointed by the filing Form ADT-1.
3. Board Meetings:
The first board meeting is required to be held within one month or thirty days of its incorporation. Four board meetings are required to be held in each financial year. Also, one should note that the gap between two consecutive meetings cannot be more than 120 days. Declaration of Board Meetings is to be duly informed to each director at least seven days before the meeting date.
4. Annual General Meeting:
An Annual General Meeting, commonly known as AGM, is one of the most essential annual compliances for private limited company. At the AGMs, the Board of Directors of the company are required to present its true financial position to the shareholders. AGM is required to be organized on or before 30th September every financial year during working hours of the company. The AGM should not be held on public holidays or after business hours. It must be held on the registered office after issuance of notice of at least 21 days.
5. Filing of Annual Returns:
All private limited companies are required to file their annual returns within a time span of sixty days of holding the Annual General Meeting. This can be done by filing MCA Form MGT-7. Failure to file annual returns levy a penalty of Rs 200 per day from the due date of non-filing.
6. Filing of Financial Statements:
Every private limited company is required to file their financial statements, i.e., Profit and Loss Account and Balance Sheet along with Director Report by filing Form AOC-4 within thirty days of holding the Annual General Meeting. Failure to file Form AOC-4 levies a penalty of Rs 200 per day.
7. Director Disclosure:
All private limited companies are required to file Form MBP-1 to disclose their interest in other companies yearly on the first Board Meeting of every year.
8. DIR-3 KYC of Directors:
Directors owning DIN (Director Identification Number) with active status are required to file DIR-3 KYC annually as per the Companies Rules, 2014. Failure to file DIR-3 KYC will lead to inactive DIN status on the MCA portal. Please note that no Form of annual compliances for private limited company can be filed if DIR-3 stands deactivated.
9. Form DIR-8:
Form DIR-8 is required to be filed by every director of a private limited company at the time of his/her appointment ascertaining that he/she is not disqualified/debarred from functioning as a Director of a company.
10. Commencement of Business Certificate:
The commencement of business certificate is required to be obtained by every company within 180 days of the incorporation of the business. In case a company fails to attain this certificate, there is a penalty of Rs 50,000 on the company and Rs 10,000 per day on the directors.
Event-based Annual Compliances for Private Limited Company
Apart from annual compliances for private limited companies, there are event-based compliances that need to be compiled on the occasion of occurrence of an event. Here are specific instances of a few events:
Change in the authorized capital or the paid-up capital of the private limited company (Form SH-7 and PAS-3 respectively)
Allotment of new shares or transfer of new shares
Offering loans to other companies
Offering loans to directors of the company
Appointment of managing or whole-time Director and their payment (to be filed with the ROC)
When a bank account is opened or closed, or there is a change in the signatories of a bank account.
If there is an appointment or change of the statutory auditors of the company
Conclusion:
To conclude, annual compliance can make or break your business. It enhances credibility, brand loyalty, and customer faith in your company. The cost of non-compliance always turns out to be more than that of compliance. Thus, you should consult a professional who may not only help you at every step of your business but also coordinate with you in fulfilling all the compliance requirements for your company while keeping you on the same page. Taxzona is a comprehensive consultancy company that offers company registration in Mumbai, with annual compliances, ROC filing, and MCA filing effectively and professionally.
Law is basically a set of rules, and in order to be a lawyer or to practice law, you need to know the different types of laws. Just like any other profession, there are many different sectors and options for those who want to become lawyers or want to go into law. In this article, we will look at some of the different types of laws that exist in America.
The Different Types of Laws
There are various types of laws. One type that is important to note, and that many people are unfamiliar with, is International Law. This branch of law is all about how a country deals with other countries around the world. This includes treaties, trade agreements, and more. There’s also Environmental Law; this branch deals with the duty of protecting our environment for future generations. Legal ethics is another type of law that all lawyers need to familiarize themselves with; it’s all about how a lawyer should behave in certain situations.
The last type of law we will mention is Criminal Law; this is what most people picture when they think about laws in America. This branch focuses on crimes, their punishments, and how to move forward with a criminal case. If you ever find yourself needing representation by a lawyer or if you want to pursue law as your career path, these are some of the different types of laws you will need to know more about!
The Four Branches of the Government
There are four branches of the government in America, and each branch has its own role. The executive branch is the branch that deals with enforcing the law- this is the president. The legislative branch is the branch that makes laws, and it consists of two parts: House of Representatives, who make laws for all Americans, and Senate, which does the same for just their state or group. The judicial branch interprets laws in order to enforce them. Finally, the constitutional amendment process (which we will talk about later) amends laws when they need to be changed over time.
The Execution of Laws
The execution of laws is one type of law. The execution of laws includes the enforcement of criminal and civil laws, as well as some administrative matters. For example, an execution of a court order to levy property or file a lien.
Execution of laws can be both civil and criminal, depending on the nature and severity of the crime. Execution of laws can also include criminal prosecution in federal courts.
Laws and Ethics in America
In America, there are many different types of laws. You have federal laws, state laws, local laws, and even international law. For example, the U.S. Congress has created the Uniform Code of Military Justice (UCMJ) to regulate those who serve in the military. The UCMJ is applied to any criminal case that involves a service member or someone who works for the Department of Defense.
One thing you should know about law is that it is not just about studying to become a lawyer or practicing law; there are many different types of fields and options within law. One field where you can work as a lawyer and specialize in is International Law. With this specialization, you would be working with treaties between countries, international trade agreements, and other international issues where both countries are involved in some way. There are also specialties for more specific areas like Tax Law or Criminal Law where you specialize in one specific area like tax fraud or theft crimes respectively.
Conclusion
Laws are the rules that society lives by. Laws are created by the government for the people. Laws can be either written or unwritten. Laws can be good or bad, depending on the circumstances. Laws are either Constitutional or not. Laws are either enacted by Congress or not, enacted by the President or not or enacted by a Court. Laws can be about anything, and there are many types of laws, such as criminal law, administrative law, environmental law and constitutional law.
Memes have become an integral part of everyone’s life nowadays. So, LedX brings to you “LedXMEME BATTLE”. This competition aims to express thoughts on the given theme using creativity and humor through memes. Law is not always about being a bookworm but it’s about the presence of mind, rationality, and even more than that. This Battle will ensure that “Life and Law are complementary and supplementary to each other”.
So, let’s learn and express the complexities of the law in the simplest manner together. Challenge yourself, create memes, so that everyone can experience the joy of learning law.
NAME: – LedX Meme Battle
REGISTRATION COST: –
Rs 100/-
CATEGORY: –
Graphics
Videos
JUDGEMENT CRITERIA: –
Total number of likes.
Total number of comments.
Creativity of the meme
Quality of the meme message
SUGGESTIVE THEMES: –
Experience of being an-
Law Aspirant
Law Undergraduate, Graduate, Research Scholar
Intern
Mooters
Experience of –
Studying Law Subjects/Acts/
Courts, Moot
Classrooms
Colleges
Educational Visits
Law Fests
College Trips
PRIZE: –
Top 5 memes will be awarded with the Cash prize worth Rs. 5000
Job opportunity for Best Memer for LaugheX page.
Participation Certificates to all the participants.
ELIGIBILITY CRITERIA: –
Any Student/Student pursuing a 5 years/3 years course of law.
LLM & PhD scholars.
RULES: –
Compulsory submission of 3 memes.Best Meme out of the 3 memes will be posted on our LaughX.LedX page.
Meme should be related to law only.
The memes must promote healthy humor & shall be original & not copied from anywhere.
Memes should not contain objectionable, sexist, homophobic, racist, or abusive content.
Image should be in JPEG format,1080×1080 pixels, and should not exceed size of 200 KB.
Video should be in reel format (1080×1920 pixels and in MP4) and should not exceed the time of 30 seconds and size of 50 MB.
NO watermarks content.
SUBMISSION GUIDELINES:
Submissions should be in .jpeg or .jpg format only.
There is no bar on the maximum number of submissions by a participant. However, only the best entry from one participant will be considered for evaluation as per the discretion of the organizing committee.
COPYRIGHT OF THE SUBMISSIONS:
All memes submitted shall be the exclusive property of LedX (organizer).
The organizing committee shall have the right to publish the submissions on their website and/or social media profiles
The decision of the organizing committee shall be final and binding.
NOTE:
Non-compliance of the rules and submission guidelines is subject to rejection.
Registration to the competition implies acceptance of the above terms and conditions by the participant(s).
The National Law University and Judicial Academy, Assam (NLUJAA) has been established by the Government of Assam by way of enactment of the National Law School and Judicial Academy, Assam Act, 2009 (Assam Act No. XXV of 2009). The word ‘School’ was replaced by the word ‘University’ by amending the National Law School and Judicial Academy, Assam (Amendment) Act, 2011. The Chief Justice of Gauhati High Court Hon’ble Mr. Justice Sudhanshu Dhulia is the Chancellor of the University.
THE MOOT COURT COMMITTEE
The Moot Court Committee of the institute is shouldered with the responsibility of moulding the abilities of the students and boosting their knowledge in the legal spectrum. The committee actively takes part in organising various such competitions with great zeal in order to provide the students with a platform to hone their skills, such as communication, drafting, researching and the like which are essentials for any aspiring candidate choosing to move forward in the field of law. The committee is looking forward to creating a thrilling and educated professional environment to provide the students with the required exposure to have hands-on experience at understanding and legally approaching the issues arising in the modern day society.
ABOUT THE COMPETITION
Prof. (Dr.) Gurjeet Singh served as the Founder Vice Chancellor of two National Law Universities, namely Rajiv Gandhi National University of Law in his home state of Punjab and the National Law University and Judicial Academy, Assam.
The Gurjeet Singh Singh Memorial Moot Court Competition has been organised by the National Law University and Judicial Academy, Assam, in memory of our beloved Founder- Vice Chancellor, Late Prof (Dr.) Gurjeet Singh who left for his heavenly abode on the 1st of April, 2017, out of indebtedness for his contribution and to symbolically immortalise his legacy in the annals of National Law University and Judicial Academy, Assam.
This year’s moot proposition revolves around the nuances of the Constitution designed primarily to foster the basic understanding of the principles of rule of law amongst all aspiring law students. It has been clubbed with the much contended provisions of the Unlawful Activities (Prevention) Act, 1967 and the Prevention of Money Laundering Act, 2002 which have received the limelight in recent times.
The moot problem for this edition has been drafted by Lavkesh Bhambani and Tushar Behl, who are Associates at L&L Partners.
IMPORTANT TAKEAWAYS
Last date of registration for the competition is – 1st March, 2022. (any changes in the same will be duly communicated)
Last date for memorial submission is – 21st March, 2022.
MODE OF COMPETITION
The Competition shall be conducted via VIRTUAL MODE.
OFFICIAL INVITATION, RULEBOOK AND MOOT PROPOSITION
A maximum of 60 teams will be allowed to participate in the competition. Slots for participating in the competition will be filled on a basis of ‘First Come, First Serve Only’.
Since The Preliminary Exam for Uttarakhand is around the corner, Team Judiciary Gold is back with its ALL INDIA COMPREHENSIVE TEST Based on Uttarakhand Pattern. Date of the test – 27th FebruaryTiming – 12 pm to 10 pm Attempt the Test and Evaluate your Preparation. Don’t miss out on this golden opportunity! Registration Link: https://bit.ly/3h6EiZ8 Follow the Instagram page of @judiciarygold to keep yourself updated on exams notifications, insightful content, and much more.
The Gujarat High Court ruled that negative blocking of ITC is not allowed.
Background
The writ applicant is a private limited company. The Company is engaged in the business of manufacture and sale of MS Billets. It is not in dispute that the Company is registered under the GST Act. At the relevant point of time when the writ applicants attempted to file their return for the month of September 2021, there was no credit balance in the electronic credit ledger. Despite the same, the portal displayed a message that the electronic credit ledger had been blocked by the respondent. It was further noticed by the writ applicants that a negative balance had been entered in their electronic ledger by the respondent.
In such circumstances and as a result of such a negative balance, if the writ applicants would file a return for the month of September 2021 by claiming an input tax credit, the writ applicants would be required to pay an additional amount of output tax under the provisions of the read more here
🥁 ATTENTION ASPIRANTS 🥁 Team Judiciary Gold is back with its ALL INDIA JUDICIARY SCHOLARSHIP & ADMISSION TEST, scheduled on 20th February 2022, to enable you with evaluating your preparation as well as to avail up to 100% scholarship on new admissions for our upcoming Foundation Batch. Don’t miss out on this golden opportunity of assessing your preparation. Hurry up! Registration Link: https://bit.ly/33BaP6y Follow the Instagram page of @judiciarygold to keep yourself updated on exams notifications, insightful content and much more.
Team LegalEdge is pleased to announce that we are coming up with an All India Open Mock, scheduled on 16th February 2022. The timing of the test is 12 PM to 4 PM.Appear for India’s Biggest Open Mock CLAT’22, Compete with 1000+ CLAT’22 aspirants and Get a chance to evaluate your preparation.Don’t miss out on this golden opportunity. Test your preparation now!Link to Register – https://bit.ly/3Llo7F7Follow the Instagram page of @legal_edge to keep yourself updated on exams notifications, interesting law content and more.
ONLINE CERTIFICATE COURSE ON “MOOTING” BY JLSR & LAW ESSENTIALS LAW FIRM: REGISTER BY 14 FEB, 2022
Our course, designed for law students will clarify the basic fundamentals on mooting. The course will help the student to understand the concepts of Researching, Drafting the Memorial and its Oral Presentation.
Organizers: Law Essentials Law Firm and Journal for Law Students & Researchers
Important Dates:
Last Date to Register: 14 Feb, 2022
Course Duration: 15 February 2022- 15 March 2022
Features:
▪︎The Students will be provided with a Course Material along with an assignment to be completed.
▪︎Certificate will be issued on successful completion of the Assignment.
▪︎The assignments will be graded and ranks will be awarded.
▪︎The Best Performer Award will be given to the best assignment and the student will get an opportunity to intern with us along with other exciting perks.
Payment Details:
Fee: 400 INR (Gpay/Paytm/Phonepe on 9632322022 (Mohammed Farhan C))
