SBEC Amendment Notes Part 1 CA Mayur Agarwal

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Number of
registered office
Because Stamp Duty is state matter.

Companies Act, has given exemptions for the ROC fees not for the stamp duty
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PRECAUTIONS TO BE TAKEN BY PROFESSIONALS

1) Obtain Engagement Letter from Subscriber
2) Verification of original records pertaining to registered office
3) Ensure all attachments are clear enough to read
As per certification in e-form DIR-12 & INC-22, a professional declares that all attachments are completely and
legibly attached.
4) Ensure registered office of the company is functioning for the business purposes of the company:
As per certification in e-form INC-22, a professional declares that he has personally visited the registered office.
5) Take a declaration to the effect that all the original documents have been handed over after incorporation. CA MAYUR
AGARWAL
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Nidhi (Amendment) Rules, 2019
Notice to Registrar of any alteration of
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INCORPORATION OF LLP
NEW PROVISIONSOLD PROVISIONS
Step 1:- Procure DSC and DIN

Step 1:- Procure DSC and DIN
Step 2:-Name Reservation

Step 2:-Name Reservation Form 1
RUN-LLP
Step 3:- Incorporate LLP

Step 3:- Incorporate LLP-FiLLipForm 2
(Form for incorporation of Limited Liability Partnership
Step 4:- LLP Agreement(Form 3)Step 4:- LLP Agreement(Form 3)

Within 30 days of incorporationWithin 30 days of incorporation
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Total indebtness
cannot exceed Rs
Household
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PROCEDURE OF STRIKING OFF OF THE NAME OF THE COMPANY BY WAY OF AN

APPLICATION TO ROC
EARLIER UPDATES
STK 2 STK 2
+
Fees- 5000
Amended Fees-
Rs 10,000
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DIFFERENCE BETWEEN INCOLVENCY

AND BANKRUPTCY
INSOLVENYCY BANKRUPTCY
Insolvency denotes the general “Bankruptcy” denotes a legal status

inability to pay his debts of a person or an entity who cannot
repay debts to creditors.
Insolvency describes a situation Bankruptcy occurs when a court
where the debtor is unable to determines insolvency, and gives
meet his/her obligations legal orders for it to be resolved
Insolvency is a state Bankruptcy is the conclusion
If Insolvency is resolved it If Insolvency is not resolved it

leads to Solvency State which is leads to bankruptcy in case of
positive individual and liquidation in case
of corporates
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Subsequently
2016 2016 2016
2015
Passed by
Parliamentary
Sabha Commitee
255
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SALIENT FEATURES OF INSOLVENY AND BANKRUPTCY

CODE,2016
1) Formal and Time bound Insolvency Resolution Process
The Code creates a new institutional framework consisting of the a)

Insolvency and Bankruptcy Board of India (IBBI),
b) Adjudicating Authorities (AAs),
c) Insolvency Professionals (IPs),
d) Insolvency Professional Agencies (IPAs) and
e) Information Utilities (IUs).
2) Information Utilities
Collect, collate, authenticate and disseminate financial information
3) Insolvency Professionals
a) verifies the claims of the creditors,
b) constitutes a committee of creditors,
c) runs the debtor’s business during the moratorium period
d) assists the creditors in finalising the revival plan
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Process
financial creditor wind up and
revival and rescue
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TIME LIMIT OF CORPORATE RESOLUTION PROCESS

1) CIRP shall be completed within 180 days from the date of admission of application
2) Adjudicating Authority is satisfied CIRP cannot be completed within 180 days, it may order further
extentionbut not beyond 90 days
3) However, corporate insolvency resolution process shall be mandatorily completed within a period of three
hundred and thirty days from the insolvency commencement date including any extension of the period of CIRP
granted under section 12 and the time taken in legal proceedings in relation to such resolution process of the corporate
debtor.
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LIQUIDATION ESTATE
1) Power to Liquidator to form an Estate of the asset- Section 36(1)
For the purpose of liquidation, the liquidator shall form an estate of the assets which will be called the liquidation estate
in relation to the corporate debtor.
2)Fiduciary Capacity- Section 36(2)

The liquidator shall hold the liquidation estate as a fiduciary for the benefit of all the creditors.
3)Assets to be included - Section 36(3)

It list out the assets which are included in liquidation estate
4) Assets to be exluded- Section 36(4)

It lists out the assets which are to be excluded from the liquidation estate.
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Process
Scalable business model with a
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information
application
Recognised Startup Certificate should eb
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along with
application along
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HORIZONTAL COLLABORATIONS
When the businesses in the same set of functional area agree to collaborate in a way to improve their competencies is
known as Horizontal Collaboration
For example: conducting research toward new or improved products and services requires monetary investment, time,
and worker capacity
VERTICAL COLLABORATIONS
Vertical Collaboration is a collaboration where in the business collaborates with companies in its supply chain either
upward and/or down wards (its suppliers and/or distributors)
For example:
Computers shipping with pre-installed third party software, discounted airport transfers offered by airlines etc
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INTERSECTIONAL COLLABORATIONS
When the Businesses from different functional areas agree to share their special knowledge for the advancement of all
partners in collaboration is known as Intersectional Collaboration
Eg:- Manufacturing and Marketing collaborations, Referral rewards, tie-ups.
JOINT VENTURE
Two or more businesses form a new company. The new company is its own legal entity, and its profits are split according to
terms spelled out in a formal contract is a Joint Venture.
A company acquires a minor equity stake in another business in exchange for a monetary investment. Such exchanges can
accompany other types of collaboration and, to a certain extent, agreed-upon access to decision making.
For example: Funding to start-ups on equity basis, equity partnership in technical know-how
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DIFFERENCE BETWEEN SPECIAL PURPOSE VEHICLE AND COMPANY
SIMILARITY
1) Artificial Person
2) Legal Person
3) Can sue or be sued in its own name
4) They need to comply with the Companies Act
5) SPV can also be Partnership
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wide
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HOW IS AN SPV ESTABLISHED

A sponsoring corporation hives off assets or activities from the rest of the company into an SPV
The assets or activities are distanced from the parent company
The performance of the new entity will not be affected by the ups and downs of the originating
entity
If distance is less between parent company and new entity it means it is only subsidiary company
A good SPV should be able to stand on its feet, independent of the sponsoring company.
SPV AS PREFERREF VEHICLE FOR FUNDS RAISING BY INFRASTRUCTURE SECTOR

The funds requirement for Infra structure sector are huge
Infrastructure Development Finance Company (IDFC), Power Finance Corporation (PFC),

Indian Rail Finance Corporation (IRFC) etc., which are engaged in raising funds for
development of infrastructure sector projects for the sectors they are involved in
The implementation of the Smart Cities Mission at the City level done by a Special Purpose Vehicle
(SPV) created for the purpose.
The SPV plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate
the Smart City development projects. The execution of projects may be done through joint ventures,
subsidiaries, Public-Private Partnership (PPP), turnkey contracts, etc suitably dovetailed with
revenue streams
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SETTING UP BUSINESS IN NEW

ZEALAND
Reservation of Name
Reservation Days- 20 days
Website- www. companies.govt.nz

Company registration online
1) Complete form on company details and paying the registration fees
2) Will receive notification along with directors and shareholders consent form
Consent Form to be filed
The Applicant must fax the signed director and shareholders consent form within 20 working days
Certificate of Incorporation
The certificate of incorporation will be issued via email in a few minutes when the last consent form is accepted
Accounting and Corporate Regulatory authority
Company name
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Accounting and Corporate Regulatory authority
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SETTING UP BUSINESS IN SINGAPORE

A New Company Name Application
1) Submitted at bizfile.gov.sg
2) Application Fee- SGD 15
3) Reservation for- 120 days
4) If approval of another agency needed- It May take 14 days to 2 months
B)Proceed to Register the Business

1) Registration Fee-300 SGD
2) Processing Time- 15 minutes
C) Notice of Incorporation
ACRA will issue a notice of incorporation via electronic mail to the law firm or professional firm engaged for the purposes of incorporation
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SETTING UP BUSINESS IN SINGAPORE
When turnover exceed

SGD 1 million
INSURANCE
Compensation Act respect of all the employees waive insurance in relation

employed in work to any employer
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Signed by Founder Members
A certificate of incorporation and a business registration certificate will be issued upon the filing of an
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Mandatory Provident Fund Schemes Ordinance
To cover liabilities of employees whether whole
Employed on day to day

basis or Fixed period not
SETTING UP BUSINESS IN NEW YORK CITY

A) RESERVATION OF NAME
1) Website:- http://www.dos.ny.gov/corps/llccorp.html.
2) Fees Payable- USD 20
3) Reservation Term- 60 days
4) Extention- Twice
5) Extention Fees USD 20
6) The company name must contain the words “Limited Liability Company,” “L.L.C.,” or “LLC.”
B) File Company’s articles of Organisation
1) Forms can be purchased at legal supply store or downloaded from departments website
2) Processing time- 7 days
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Insurance
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Web-Based
Web-Based
SETTING UP BUSINESS IN UNITED KINGDOM

AGENTS FOR INCORPORATION
In case the company chooses to retain incorporation agents to file for registration, in addition to the above
documents, the application file must include the agents’ name and address.
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To deducts tax from employee
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of Incorporation in
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Debenture
CA M AYUR
Holders AGARWALCreditors
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of Incorporation After considering the

applications, objections
raised and reply by
company
Company cannot
dividend unless it satisfy the
REGISTRATION OF SOCIETY AS A COMPANY LIMITED BY GUARANTEE UNDER SECTION 8

I. List of Members a list showing the names, addresses and occupations of all persons, who on a day, not being
more than six clear days before the day of seeking registration, were members of the society with proof of
membership;
II. Particulars of First Directors a list showing the particulars of persons proposed as the first directors of the
company, alongwith DIN, passport number, if any, with expiry date, residential addresses and their interests
in other firms or bodies corporate along with their consent to act as directors of the company;
III) List of Members of Governing Bodylist containing the names and addresses of the
members of the governing body of the society;
IV) Registration Certification of Societycertified copy of the certificate of registration of

the society;
V) NOC from Creditorswritten consent or No Objection Certificate from all the secured
creditors of the applicant;
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REGISTRATION OF SOCIETY AS A COMPANY LIMITED BY GUARANTEE UNDER SECTION 8
VI)Written consent of Members written consent .from the majority of members whether present in
person or by proxy at a general meeting agreeing for such registration, and the resolution shall also
provide for declaration of the amount of guarantee;
VII) Income Tax returns and other documents a copy of the latest income tax return of the
society; (ix) details of the objects of the company
alongwith a declaration from all the members that the restrictions and prohibitions as mentioned in clause (b)
and clause (c) of sub-section (1) of section 8 of the Act shall be complied.
REGISTRATION OF TRUST AS A COMPANY LIMITED BY GUARANTEE UNDER SECTION 8
I)List of Members a list showing the names, addresses and occupations of all persons, who on a day, not
being more than six clear days before the day of seeking registration, were trustees of the trust with proof
thereof;
II) First Directors a list showing the particulars of persons proposed as the first directors of the
company, alongwith DIN, passport number, if any, with expiry date, residential addresses and their
interests in other firm or body corporate along with their consent to act as directors of the company;
III)Certificate of Registration of Trust a certified copy of the certificate of

registration of the trust and the trust deed;
IV) NOC from Creditorswritten consent or No Objection Certificate from all the secured
creditors of the applicant;
V) Members Consent written consent from the majority of members whether present in
person or by proxy at a general meeting agreeing for such registration, and the resolution shall also
provide for declaration of the amount of guarantee
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REGISTRATION OF TRUST AS A COMPANY LIMITED BY GUARANTEE UNDER SECTION 8
VI) Compliance of Stamp Act an undertaking that the proposed directors shall comply with the requirements of the
Indian Stamp Act, 1899 (2
of 1899) as applicable;
VII)Income Tax Returns a copy of the latest income

tax return of the trust;
VIII) Details of Object along with declaration from Member

Details of the objects of the company alongwith a declaration from all the members that the restrictions and prohibitions
as mentioned in clause (b) and clause (c) of sub-section (1) of section 8 of the Act shall be complied.
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• OTHER IMPORTANT BOOKS AND

REGISTER
Minutes Book
•
Board Meeting Minutes Book
General Meeting Minutes Book (i.e. AGM, EGM, Postal Ballot, Creditors Meetings, Debenture
holders Meetings)
Books of Accounts/Financial Statements Register of Directors Attendance at Board/Committee Meetings.
Attendance record of members at general meetings In case of postal ballot, postal ballot forms received
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LEGAL FORMALITIES FOR INCORPORATION
PG NO- 331,332,333,334,335,336,337,338,339
NOT COVERED
OTHER LAWS TABLE
PG NO- 347,348,349,351
NOT COVERED
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Chp- Setting up Business Entities Outside India
Recent Initiatives in Singapore for Setting up of Business
2020
Dealing with Construction Permits: Singapore made dealing with construction permits easier by
enhancing its risk-based approach to inspections, improving public access to soil information and
streamlining the process to obtain a construction permit.
2019
Starting a Business: Singapore made starting a business easier by abolishing the corporate seals.
Enforcing Contracts: Singapore made enforcing contracts easier by introducing a consolidated law on
voluntary mediation.
2018
Trading across Borders: Singapore made exporting and importing easier by improving infrastructure and
electronic equipment at the port.
Resolving Insolvency: Singapore made resolving insolvency easier by establishing a new scheme of
arrangement procedure with features of the debtor-in-possession reorganization regime and
introducing provisions applicable to prepackaged restructurings.
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Employing Workers: Singapore adopted legislation that requires employers with more than 10
employees to notify the Ministry of Manpower if five or more employees are retrenched within any six-
month period.
2017
Dealing with Construction Permits: Singapore made dealing with construction permits easier by
streamlining procedures and improving the online one-stop shop.
Registering Property: Singapore made it easier to transfer a property by introducing an independent

mechanism for reporting errors on titles and maps.
Paying Taxes: Singapore made paying taxes easier by introducing improvements to the online system
for filing corporate income tax returns and VAT returns. At the same, the social security contribution
rate paid by employers increased and the rebate of 30% on vehicle tax expired.
2015
Enforcing Contracts: Singapore made enforcing contracts easier by introducing a new electronic
litigation system that streamlines litigation proceedings.
2014
Registering Property:
Singapore made transferring property easier by introducing an online procedure for property transfers.
Getting Credit:
Singapore improved its credit information system by guaranteeing by law borrowers’ right to inspect
their own data.
2011
Getting Credit:
Singapore improved its credit information system by collecting and distributing information on firms.
2010
Starting a Business:
Singapore made starting a business easier by combining tax registration with business registration on a
single online form.
Dealing with Construction Permits:
Singapore made dealing with construction permits easier through new workplace safety and health
regulations allowing companies in low-risk industries to submit documents online.
Registering Property: Singapore made registering property easier by upgrading electronic systems and
streamlining the administrative procedures of the government agencies involved.
2009
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Singapore reduced the time and number of procedures to start a business by simplifying the online
start-up process.
Singapore made dealing with construction permits easier by improving internal data management and
processing at agencies involved in the permitting process.
Recent Initiatives of Hong Kong SAR, China
2020
Hong Kong SAR, China, made dealing with construction permits easier by enhancing its risk-based
approach to inspections.
2019
Getting Electricity:
Hong Kong SAR, China, made the process of getting an electricity connection faster by establishing a
specialized task force to undertake the trenching, excavation and reinstatement of the underground
cables.
2018
Hong Kong SAR, China, made starting a business more expensive by reintroducing the business tax fee.
Hong Kong SAR, China, improved the quality of its land administration system by enhancing its reliability
and establishing a complaints mechanism.
2017
Hong Kong SAR, China, made starting a business less costly by reducing the business registration fee.
Hong Kong SAR, China, streamlined the processes of reviewing applications for new electrical
connections and also reduced the time needed to issue an excavation permit.
2016
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Hong Kong SAR, China, made starting a business easier by eliminating the requirement for a company
seal. Getting Electricity: The utility in Hong Kong SAR, China, made getting electricity easier by
streamlining the process for reviewing connection applications and for completing the connection works
and meter installation. In addition, the time needed to issue an excavation permit was reduced. Getting
Credit: Hong Kong SAR, China, improved access to credit by implementing a modern collateral registry.
Paying Taxes: Hong Kong SAR, China, made paying taxes easier and less costly for companies by
simplifying compliance with the mandatory provident fund obligations and increasing the allowance for
profit tax. At the same time, it increased the maximum contribution to the mandatory provident fund
and reduced the property tax waiver.
2015
Hong Kong SAR, China, made starting a business more difficult by increasing the registration fee.
Protecting Minority Investors: Hong Kong SAR, China, strengthened minority investor protections by
introducing requirements for directors to provide more detailed disclosure of conflicts of interest to the
other board members.
2014
Hong Kong SAR, China, made starting a business less costly by abolishing the capital duty levied on local
companies.
Hong Kong SAR, China, made transferring property more costly by increasing the stamp duty.
2012
Hong Kong SAR (China) made starting a business easier by introducing online electronic services for
company and business registration.
Hong Kong SAR (China) made getting electricity easier by increasing the efficiency of public agencies
and streamlining the utility’s procedures with other government agencies.
Employing Workers:
Hong Kong, China introduced a Minimum Wage. 2011
Paying Taxes:
Hong Kong SAR (China) abolished the fuel tax on diesel.
Enforcing Contracts:
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Reforms implemented in the civil justice system of Hong Kong SAR (China) will help increase the
efficiency and cost-effectiveness of commercial dispute resolution.
2010
Hong Kong SAR, China, made starting a business easier by simplifying registration formalities and
merging certain procedures.
Hong Kong SAR, China, reduced the time required to obtain a building permit by establishing a one-stop
center that brings together 6 local departments and 2 private utility companies under the same roof.
Hong Kong SAR, China, made registering property easier by making it possible to submit the stamp duty
for the sale act (property assignment) online.
2009
Hong Kong SAR, China, made dealing with construction permits easier through the “Be the Smart
Regulator” Program addressing business licenses in multiple sectors, which eliminated some procedures
related to building inspections and preapprovals.
Resolving Insolvency:
Hong Kong SAR, China, improved its insolvency process by granting more power to trustees, a change
expected to make the liquidation procedure more efficient.
Recent initiatives in New York City
2020
The United States made starting a business easier in California by introducing online filing of the
statement of information for limited liability companies. This reform applies to Los Angeles.
Paying Taxes:
The United States made paying taxes less costly by decreasing the corporate income tax rate. This
reform applies to both New York City and Los Angeles.
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The United States (Los Angeles) made enforcing contracts easier by introducing electronic filing and
electronic payment of court fees.
2019
Employing Workers:
The United States (New York City) changed regulations pertaining to parental leave.
2018
Employing Workers:
The United States – Los Angeles increased the maximum paid days of sick leave a year.
2015
In the United States starting a business became easier in New York City thanks to faster online
procedures.
2011
Paying Taxes:
In the United States the introduction of a new tax on payroll increased taxes on companies operating
within the New York City metropolitan commuter transportation district.
Recent Initiatives in United Kingdom
2020
Paying Taxes:
The United Kingdom made paying taxes more difficult by introducing a new pension scheme paid by the
employer.
2019
The United Kingdom made getting electricity faster by implementing several initiatives to expedite the
external connection works performed by sub-contractors.
2016
Paying Taxes:
The United Kingdom made paying taxes less costly for companies by reducing the corporate income tax
rate and increasing the wage amount per employee that is exempted from social security contributions
paid by employers. On the other hand, the United Kingdom increased municipal tax rates and
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environment taxes. Enforcing Contracts: The United Kingdom made enforcing contracts more costly by
increasing the court fees for filing a claim.
2015
The United Kingdom made starting a business easier by speeding up tax registration.
Paying Taxes:
rate. On the other hand, it increased the landfill tax.
2014
The United Kingdom made starting a business easier by providing model articles for use in preparing
memorandums and articles of association.
The United Kingdom made transferring property easier by introducing electronic lodgment for property
transfer applications.
Employing Workers:
United Kingdom increased the cap on weekly wage provided to employees on the severance payment
and the minimum wage
2013
Paying Taxes:
rate. Employing Workers: The United Kingdom increased redundancy costs of the severance pay
applicable in cases of redundancy dismissals.
2012
The United Kingdom made dealing with construction permits easier by increasing efficiency in the
issuance of planning permits.
Employing Workers:
United Kingdom increased the severance payment obligation applicable in cases of redundancy
dismissals.
2011
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The United Kingdom improved the process for enforcing contracts by modernizing civil procedures in
the commercial court.
Resolving Insolvency:
Amendments to the United Kingdom’s insolvency rules streamline bankruptcy procedures, favor the sale
of the firm as a whole and improve the calculation of administrators’ fees.
2010
The United Kingdom made dealing with construction permits easier and less time consuming through
wider use of approved inspectors.
The United Kingdom speeded up property registration by introducing automatic electronic processing of
the land transaction return.
Employing Workers:
The United Kingdom increased mandatory paid annual leave.
2009
Employing Workers:
The United Kingdom increased the mandatory paid annual leave
CA MAYUR AGARWAL 49

SBEC Amendment Notes Part 1 CA Mayur Agarwal

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SBEC Amendment Notes Part 1 CA Mayur Agarwal

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22-04-2020

Because Stamp Duty is state matter.

PRECAUTIONS TO BE TAKEN BY PROFESSIONALS

2) Verification of original records pertaining to registered office

3) Ensure all attachments are clear enough to read

Nidhi (Amendment) Rules, 2019

Notice to Registrar of any alteration of

NEW PROVISIONSOLD PROVISIONS

Step 1:- Procure DSC and DIN

Step 2:-Name Reservation

Step 3:- Incorporate LLP

Step 4:- LLP Agreement(Form 3)Step 4:- LLP Agreement(Form 3)

PROCEDURE OF STRIKING OFF OF THE NAME OF THE COMPANY BY WAY OF AN

DIFFERENCE BETWEEN INCOLVENCY

Insolvency denotes the general “Bankruptcy” denotes a legal status

Insolvency is a state Bankruptcy is the conclusion

If Insolvency is resolved it If Insolvency is not resolved it

SALIENT FEATURES OF INSOLVENY AND BANKRUPTCY

The Code creates a new institutional framework consisting of the a)

financial creditor wind up and

revival and rescue

TIME LIMIT OF CORPORATE RESOLUTION PROCESS

2)Fiduciary Capacity- Section 36(2)

3)Assets to be included - Section 36(3)

4) Assets to be exluded- Section 36(4)

Scalable business model with a

Recognised Startup Certificate should eb

Eg:- Manufacturing and Marketing collaborations, Referral rewards, tie-ups.

DIFFERENCE BETWEEN SPECIAL PURPOSE VEHICLE AND COMPANY

HOW IS AN SPV ESTABLISHED

The assets or activities are distanced from the parent company

SPV AS PREFERREF VEHICLE FOR FUNDS RAISING BY INFRASTRUCTURE SECTOR

Infrastructure Development Finance Company (IDFC), Power Finance Corporation (PFC),

SETTING UP BUSINESS IN NEW

Website- www. companies.govt.nz

Accounting and Corporate Regulatory authority

Accounting and Corporate Regulatory authority

SETTING UP BUSINESS IN SINGAPORE

B)Proceed to Register the Business

SETTING UP BUSINESS IN SINGAPORE

When turnover exceed

Compensation Act respect of all the employees waive insurance in relation

Signed by Founder Members

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 27

Mandatory Provident Fund Schemes Ordinance

To cover liabilities of employees whether whole

Employed on day to day

SETTING UP BUSINESS IN NEW YORK CITY

B) File Company’s articles of Organisation

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 28

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 29

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 30

SETTING UP BUSINESS IN UNITED KINGDOM

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 31

To deducts tax from employee

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 32

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 33

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 34

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 35

CA MAYUR AGARWAL -88888022200 INSPIRE ACADEMY 36

of Incorporation After considering the

REGISTRATION OF SOCIETY AS A COMPANY LIMITED BY GUARANTEE UNDER SECTION 8