RULES OF LAW

A Company in law is equal to a natural person and has a separate legal entity of its own. The entity of a Company in entirely separate from that of its shareholders; it bears its own name, its assets are separate and distinct from those of its members; it can sue and be sued exclusively for its own purpose; its creditors cannot obtain satisfaction from the assets of its members; the liability of the members or shareholders is limited to the capital invested by them; similarly, the creditors of the members have no right to the assets of the corporation. This position has been well-established in the case of Salomon v. Salomon & Co. (1897) A.C. 22, H.L. which was pronounced in 1897 by the House of Lords. But the  concept of Corporate Veil was established to encourage and promote trade and commerce, not to defraud people, evade obligations of law or to commit illegalities which are otherwise not permissible in law. Therefore, where a Company is established with the purpose of de...

As per Section 137 (1) of the Companies Act, 2013 copy of the financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under the Companies Act,2013 duly adopted at the annual general meeting of the company, shall be filed with the Registrar within thirty days of the date of annual general meeting in Form AOC-4 and the consolidated financial statements, if any, with form AOC-4 CFS, with the prescribed fee. The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL:-   (i) companies listed with stock exchanges in India and their Indian subsidiaries; (ii) companies having paid up capital of five crore rupees or above; (iii) companies having turnover of one hundred crore rupees or above; (iv) all companies which are required to prepare their financial statements i...