Corpdaily by CS Kartik Arora

  Code Business/ Profession Business Code 01 Medical Profession and Business Business Code 02 Engineering Business Code 03 Architecture Business Code 04 Chartered Accountant/Accountancy Technical Consultancy Business Code 05 Interior Decoration Business Code 06 Technical Consultancy Business Code 07 Company Secretary Business Code 08 Legal Practitioner and Solicitors Business Code 09 Government Contractors Business Code 10 Insurance Agency Business Code 11 Films, TV and such other entertainment Business Code 12 Information Technology Business Code 13 Builders and Developers Business Code 14 Members of Stock Exchange, Share Brokers and Sub-Brokers Business Code 15 Performing Arts and Yatra Business Code 16 Operation of Ships, Hovercraft, Aircrafts or Helicopters Business Code 17 Plying Taxis, Lorries, Trucks, Buses or other Commercial Vehicles Business Code 18 Ownership of Horses or Jockeys Business Code 19 Cinema Halls and Other Theatres Business Code 20 Others

 Main Division of Industrial Activity to be filled in Spice+ Form.  Category Divisions (Codes) Agriculture and Allied Activities Agriculture, Hunting and related Service Activities (01); Forestry, logging and related Service activities(02); Fishing, Operation of fish hatcheries and fish farms; Service activities incidental to fishing (05) Mining And Quarrying Mining of coal and lignite, extraction of peat (10); Extraction of crude petroleum and natural gas, service activities incidental to oil and gas extraction excluding surveying (11); Mining of uranium and thorium ores (12); Mining of metal ores (13); Other Mining and Quarrying (14) Manufacturing (Food stuffs) Manufacture of food products and beverages (15); Manufacture of tobacco products (16) Manufacturing (Textiles) Manufacture of textiles (17);   Manufacture of wearing apparel, dressing and dyeing of fur (18) Manufacturing (Leather & products thereof) Tanning and dressing of leather, manufacture of luggage hand...

Private Placement means the offer and issuance of shares to a select group of persons by a Company.  The Procedure for issuance of shares on a Private Placement Basis is as follows:  1) Hold a Board Meeting: The first and the foremost step for issuing shares on a Private Placement Basis is to hold a Board Meeting for the following purposes: a) Approving the list of persons to whom the shares shall be issued on a Private Placement basis.  b) To approve the offer letter for issuance of shares (Form PAS-4) c) Calling an Extra-Ordinary General Meeting ("EGM") for obtaining the consent of the shareholders for issuance of shares on a Private Placement Basis.   2) Call an Extra-Ordinary General Meeting ("EGM") to approve the resolution for the issuance of shares on a private placement basis as a special resolution and to approve the offer letter to be circulated for this purpose.  3) File the Form MGT-14 within 30 days of approval of the resolution by the shareholders...

Ministry of Corporate Affairs ("MCA") has notified further extension period for names which have been reserved during the period starting from March 15'2020 and ending on July 31'2020. The link to the notification is given below. Stakeholders may take note of the same. http://www.mca.gov.in/Ministry/pdf/Extension_22042020.pdf

The definition of MSME has been revised by the government on May 13, 2020 and as per the new definition, distinction between the manufacturing and services sector has been done away with. Further, a new criteria of turnover has been introduced to classify the businesses. As per the new definition: Any Enterprise with Investment in Plant & Machinery of upto INR 1 Crore and Turnover of upto INR 5 Crores shall be classified as a Micro Enterprise . Any Enterprise with Investment in Plant & Machinery greater than INR 1 Crore but less than or equal to INR 10 Crores and Turnover greater than INR 5 Crores but less than or equal to INR 50 Crores shall be classified as a Small Enterprise . Any Enterprise with Investment in Plant & Machinery greater than INR 10 crores but less than or equal to INR 20 Crores and Turnover greater than INR 50 Crores but less than or equal to INR 100 Crores shall be classified as a Medium Enterprise . Classification Micro ...

The objects clause describes the permissible business activities that a company can undertake to achieve its goals.  The Company can therefore only undertake activities that are mentioned in its object clause and any activity which is not mentioned in the objects clause shall be considered as void-ab-initio (Void from the very beginning). There are two types of objects mentioned in the Memorandum of Association of a Company Main Objects: The Main Objects describe the purpose for which the company has been incorporated.  Ancillary/Incidental Objects: These include incidental activities necessary for the furtherance of main objects of the Company. Procedure for Alteration of object clause of the Memorandum of Association (MOA):   Hold a Board Meeting to consider and approve the agenda of Alteration of the Object Clause of the Memorandum of Association of the Company and to fix the day, date and time to conduct an Extra-Ordinary General Meeting (EGM) f...