TaxTMI 
TaxTMI 
Companies (Incorporation) Second Amendment Rules, 2015 - Prior permission from the concerned sectoral regulators, where ever is required, is necessary, before commencement of object of the company.
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.... the Companies (Incorporation) Second Amendment Rules, 2015. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Companies (Incorporation) Rules, 2014,- (a) in rule 12, the following proviso shall be inserted, namely:- "Provided that in case pursuing of any of the objects of a company requires registration or approval from sectoral regulators such as Reserve Bank of India, Securities and Exchange Board, registration or approval, as the case may be, from such regulator shall be obtained by the company before pursuing such objects and a declaration in this behalf shall be submitted at the stage of incorporation....
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....or other income and property of the company, whensoever derived, shall be applied, solely for the promotion of its objects as set forth in this memorandum. (ii) No portion of the profits, other income or property aforesaid shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit, to persons who, at any time are, or have been, members of the company or to any one or more of them or to any persons claiming through any one or more of them. (iii) No remuneration or other benefit in money or money's worth shall be given by the company to any of its members, whether officers or members of the company or not, except payment of out-of-pocket expenses, reasonable a....
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....D BY SHARES] The share capital of the company will consist of Rs. .............. divided into ..... shares of ........ rupees each. 9. (1) True accounts shall be kept of all sums of money received and expended by the company and the matters in respect of which such receipts and expenditure take place, and of the property, credits and liabilities of the company; and, subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed in accordance with the regulations of the company for the time being in force, the accounts shall be open to the inspection of the members. (2) Once at least in every year, the accounts of the company shall be examined and the correctnes....
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....criber. **Note: Section 8 company which is an Electoral Trust as per the Electoral Trusts Scheme, 2013 read with section 2(22AAA) of the Income-tax Act, 1961 may amalgamate with another section 8 company having the object of an Electoral Trust or may wind up or dissolve only after disbursing all its funds as per the scheme."; 6. "Form No. INC-16 Licence under section 8 (1) of the Companies Act, 2013 [See rule 20 the Companies (Incorporation) Rules, 2014] WHEREAS it has been proved to my satisfaction that a person or an association of persons to be registered as a company under the Companies Act, 2013, for promoting objects of the nature specified in clause (a) of sub-section (1) of section 8 of the said A....
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....e and proper rent on premises let to the company; (4) that nothing in this clause shall prevent the payment by the company in good faith of prudent remuneration to any of its officers or servants (not being members) or to any other person (not being member), in return for any services actually rendered to the company; (5) that nothing in clauses (3), (4) and (5) shall prevent the payment by the company in good faith of prudent remuneration to any of its members in return for any services (not being services of a kind which are required to be rendered by a member), actually rendered to the company; (6) that no alteration shall be made to the memorandum of association or to the articles of association....