Company Secretary & Legal Interview Questions and Answers

The Companies Act 2013 introduced several changes to the corporate governance framework in India.

• The Act introduced the concept of One Person Company (OPC) to encourage entrepreneurship.

• It mandates companies to spend 2% of their average net profits on Corporate Social Responsibility (CSR) activities.

• The Act requires companies to have at least one woman director on their board.

• It introduced stricter norms for related party transactions to prevent conflicts of interest.

• The Act ...read more

Execution procedures for disbursement with banks and financial institutions.

• Ensure proper documentation is in place

• Verify the authenticity of the disbursement request

• Obtain necessary approvals from authorized personnel

• Ensure sufficient funds are available in the account

• Follow the disbursement process as per the bank's guidelines

• Maintain proper records and documentation

• Reconcile the disbursement with bank statements

• Report any discrepancies or irregularities to management

Filing a petition before NCLT requires following certain procedures and guidelines.

• Draft the petition as per the prescribed format

• Attach necessary documents and affidavits

• Pay the requisite fee and file the petition with NCLT

• Serve a copy of the petition to the opposite party

• Attend the hearing and present arguments

• Obtain the final order from NCLT

RPT approval requirement refers to the approval required for related party transactions.

• RPT approval requirement is mandated by the Companies Act, 2013.

• Approval is required for transactions between a company and its related parties.

• Approval can be obtained through a board resolution or a special resolution.

• Certain transactions require approval from shareholders as well.

• Non-compliance with RPT approval requirement can result in penalties and legal consequences.