LexComply is a one-stop compliance management solution for practicing professionals and organization. It generates and send alerts for due date based, Ongoing and Event based compliances to the concerned official proactively. It serves as centralized repository of acts, rules, forms and other allied documents to make compliance efficient. It automates reminders, status reports, updates, task and compliance proof management. It also enables professionals to conduct Audit, Research,Due Diligence, Compliance Training and give opinion.
Licenses for import, transport or storage of petroleum. During 19th century, use of petroleum was limited.
Since petroleum is dangerous, India needed legislations for regulating petroleum. Finally Indian Petroleum Act, 1899 was passed. Key Point for adopting GST in India. As business owners and professionals we need to adopt the GST regime.
GST has been introduced to avoid dual taxation, increase the scope of Cenvat credit and much more. Few Action points for adoption of GST are as under: Disclaimer : This is an effort by Lexcomply.com to contribute towards improving compliance management regime. Case Management System for Law Firms. Enterprise Litigation Management Solution in India. Enterprise Risk Management Solution in India. In increasingly competitive and globalized business environment, organizations are striving to effectively manage full spectrum of internal and external risks comprising of strategic, operational, legal, IT, financial, etc.
With increased penetration of social media and ever changing cyber security threats, not so heard earlier, brand and reputation risk have also become very critical. Lexcomply - ERM enables organizations to implement an Enterprise Risk management (ERM) & Internal Controls framework. Risk Manager captures information such as loss events, key risk indicators (KRIs), assessment responses and scenario analysis data in a flexible and connected way. Connecting the entire risk eco system including internal and external stakeholders, it allows Risk managers to analyse risk intelligence and communicate effectively. Supports COSO ERM Framework. Enterprise compliance management solution.
Having most comprehensive coverage of compliance amongst the available compliance solutions in India, we ensure you don’t miss any compliance or legal updates .
Know all you need about compliance in a single screen. Bring entire risk ecosystem including internal process owners, contractors, suppliers, vendors, service providers in single platform. Define compliance responsibility matrix and approval hierarchies; access control to the level of compliance. Lexcomply is equipped with an exhaustive list of corporate events and the backend integration of all the acts and rules provides comprehensive impact of corporate action on various applicable laws across organization. Auto allocate the compliance to relevant stakeholder with timelines . Section 89 of the Companies Act, 2013.
Companies Act, 2013, gives freedom to the Companies to do anything, which is legal and in the interest of stakeholders but with the approval of authority or by intimating authority in a manner as may be prescribed by the act.
In Companies Act, 2013, section 89 is the only section which gives a way to a person/company to hold 100% control over a company.Under section 89 we have 2 options to incorporate a company having full control over it by a single person: 1- OPC (One Person Company) 2- With the help of sec 89 In case of OPC only “PRIVATE COMPANY” can be registered by one person But under Section 89 not only Private Company but also “PUBLIC COMPANY” can be registered by required number of members but ultimately controlled by single person. Impact of Revised GST Model Law. With the issuance of revised model GST law, the countdown to implement much awaited Goods & Service Tax on 01.04.2017 has begun.
It is required to recall here that on June 14th, this year, the aforesaid revised model was share for public feedback and now it is here with all the revisions based on the comments of public. The major changes in the revised model include clear exclusion of securities from the definition of goods. Goods now means”every kind of movable property other than money & securities.” How to Deal With Sexual Harassment at Work Place? 7 things you can do to handle a case of sexual harassment at the workplace Handling sexual harassment at the workplace can be tricky business.
At stake is not just the morale and the productivity of employees, but also the very reputation and growth of the company. Here are some things you should consider as an employer. 1. Assess the Complaint: Insist on a written complaint. 2. Appointment of Independent Director. Independent Director: A Director other than a Managing Director or a Whole Time Director or a nominee Director who fulfills all criteria as given under section 149(6).
[Section 2(47) & 149(6) read with Rule 5 of Companies (Appointment and Qualification of Directors) Rules, 2014] Compulsion to appoint an Independent Director: Every listed public company shall have at least one-third of the total number of directors as independent directors and the following classes of companies are required to appoint at least two directors as independent directors (In case, they are required to appoint higher number of independent director due to the composition of its Audit Committee, such higher number of Independent director shall be applicable to it-). Goods and service tax in four slabs. GST Rate Announced. Appointment of Auditor at first AGM. Appointment of Auditor at first Annual General Meeting. Appointment of Alternate Director. Text of the provision of Section 161(2) of Companies Act, 2013 : The Board of Directors of a company may, if so authorised by its articles or by a resolution passed by the company in general meeting, appoint a person, not being a person holding any alternate directorship for any other director in the company, to act as an alternate director for a director during his absence for a period of not less than 3 months from India.
Provided that no person shall be appointed as an alternate director for an independent director unless he is qualified to be appointed as an independent director under the provisions of this Act: Provided further that an alternate director shall not hold office for a period longer than that permissible to the director in whose place he has been appointed and shall vacate the office if and when the director in whose place he has been appointed returns to India: Key Considerations: Compliance Management System - LexComply. LexComply - Blog, Compliance, Corporate Act, Labor Law, Startups. The Labour Department vide its Order No F.No.12 (142)/13/mw/lab/2124 dated 30th September 2016 has revised the minimum rates of wages payable under the Minimum Wages 1948 in the National Capital Territory of Delhi.
This following rates of minimum wages shall be applicable in respect of unskilled, semiskilled and skilled categories in all scheduled employments except employment in the establishments where the workers are given facilities of meals or lodging or both by the employer. 1. E-Compliance – Managing Compliances the Technological way. From its inception, information technology (IT) has been changing the way business is done. IT is changing the basis of business from labor and manual skills to knowledge management. The workplace has changed significantly over the last half-century due to information technologies, mainly due to automation of existing processes. Technology has become an inseparable part of any process undertaken in an organization. Hence, the need of the hour is to involve technology in the way we remember and execute our day to day compliances under various applicable laws.
Central and State Acts Encyclopedia. CompAct 2013 - Companion for Companies Act Compliance. Allotment of director identification number. CompAct 2013, Companies Act 2013. Benami Transaction Amendment Act, 2016. Earlier the benami transactions are defined as a “transaction where a property is held by or transferred to a person, but has been provided for or paid by another person”. This Act has amended this definition by to add other transactions which qualify as benami, such as property transactions or arrangement where: where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another personthe property is held for the immediate or future benefit, direct or indirect, of the person who has provided the considerationthe transaction is made in a fictitious name,the owner is not aware of denies knowledge of the ownership of the property, orthe person providing the consideration for the property is not traceable.
The Bill also specifies certain cases which will be exempt from the definition of a benami transaction. These include cases when a property is held by: This new law has also increased the penal provisions for , Corporate Compliance Management Acts. Section 14(1) of the Companies Act, 2013 lays down that subject to the provisions of this Act and the conditions contained in its memorandum, if any, a company may, by a special resolution, alter its articles including alterations having the effect of conversion of - (a) a private company into a public company; or. LexComply - Blog, Compliance, Corporate Act, Labor Law, Startups. Einstein is quoted as having said that if he had one hour to save the world he would spend fifty-five minutes defining the problem and only five minutes finding the solution. Same theory of Einstein goes well in the corporate world we work in.
Penalties and prosecutions levied under various acts can be avoided only when we are well aware of the acts applicable to the Company and understand and execute various Compliances to be done under those applicable acts on time. In today’s competitive world the Companies operate in a dynamic environment influenced by domestic and international regulatory, business, economic, political and social changes. Hence, arises a need to for an organization to develop and maintain a sound compliance management system that is responsive to the dynamic environment, integrates the organization and enables to achieve organizational, employee, social and regulatory objective. Corporate Compliance Management Acts Encyclopedia. Compliance Communication. Step Ahead Procedures Under Companies Act, 2013.
Corporate Compliance Management Acts. LexComply - Blog, Compliance, Corporate Act, Labor Law, Startups. If you think through the legal strategy for your business, it can help you in the long run, especially when a legal challenge comes up. Do pay attention to these aspects: 1.The Legal Identity – Proprietorship , Partnership or Company? If you are starting a business, make sure to assess the goal of your business and accordingly form any of the above three identities or consider converting one to another. 2.Written Communication – You should insist on everything in writing, be it email, purchase order or even informal agreements. Are you a compliant start up? India is the new start-up nation! With third highest start-ups launched in the world after US and UK in the year 2015.
How to Plan Delisting. INGREDIENT-BASED APPROVAL FOR PROPRIETARY FOODS. Food Safety and Standards Authority of India (FSSAI) recognizes that a specific framework to manufacture and market proprietary food is required in accordance with the global best practices to provide certainty to all stakeholders while providing them with the flexibility to innovate. Earlier the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011 defines“the Proprietary food as food that has not been standardized under these regulations.” FDI upto 49% allowed under Automatic Route in Insurance Sector. The Government of India in its endeavour to attract more foreign investment has liberalized FDI policy by enhancing the limit of foreign investment in insurance sector from 26% to 49% under the automatic route subject to certain terms and conditions which have been notified through Press Note No. 1(2016 Series), D/o IPP File No. 4/24/2014-FC.I dated 23.03.2016.
RSJ Lexsys introduces e-compliance management solution 'Lex Comply' RSJ Lexsys has introduced a comprehensive e-Compliance Management Solution 'Lex Comply' that streamlines the risk and compliance process for organizations of all sizes and geographic diversity. BITCOIN- A Digital Currency. Bitcoin is a form of digital currency, created and held electronically. Companies act 2013. Real Estate (Regulation and Development) Act, 2016. Real Estate (Regulation and Development) Act, 2016 The Real Estate (Regulation and Development) Act, 2016 came into force on May 01, 2016. STARTUP INDIA - A New Wave to Business. LexComply - Compliance Management Solutions.
E- book mechanism for issuance of debt securities on private placement basis. In the Budget speech of 2016-17, Hon’ble Finance Minister has announced that: “For developing an enabling eco system for the private placement market in corporate bonds, an electronic auction platform will be introduced by SEBI for primary debt offer” To give effect to Budget announcement SEBI Board (“the Capital Market Regulator”) in its meeting held in January this year approved the concept/norms of providing for an electronic book mechanism for issuance of debt securities on private placement basis and the circular will be effective from July 1st, 2016.
This move will help in streamline procedures for issuance of debt securities on private placement basis, enhancing efficiency, transparency of the price discovery mechanism and improving liquidity in the secondary market. Overdue Compliances Updates from a Cloud Compliance Management System. Lexcomply logo 01. FDI / FEMA Direct Acts Compliances. Compliance Management Software - LexComply.