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#Didyouknow? 12 key features w.r.t Non- Profit Organization under Section 8 of Companies Act, Drafted by CS Pranit Ponkshe

Drafted by CS Pranit Ponkshe

  1. The General Meeting of Section 8 Company can be conducted with Notice of 14 Clear days instead of 21 days.

 

  1. Revised SS-1 & SS-2 is not applicable. Provisions of Companies Act, 2013 will prevail.

 

  1. ₹ 2000/- is required to pay for License Application ( form INC-12).

 

  1. Incorporation through spice mode is applicable to Section 8 Company also ( upto 7 Subscribers Only ).

 

  1. Section 8 Company may have any number of Directors.

 

  1. If a Person holding office as a Director in more than 20 Companies Can still be appointes as Director in a Section 8 Company.

 

  1. Board Meeting Quorum Requirement :-                                                                                        Eight Directors or 1/4th of Total Strength – Whichever is Lower Subject to minimum of 2.

 

  1. There should be minimum 1 Board Meeting within every Six Calendar Months.

 

  1. Appointment of Independent Director is not Compulsory.

 

  1. Provisions w.r.t. Nomination & Remuneration Committee is not applicable.

 

  1. Amalgamation of Section 8 Company shall be with Another section 8 Company having Similar Objects.

 

  1. Income & Expenditure  Estimation for Next 3 Financial Years is also a Mandatory attachment of form INC-12.

* Disclaimer:- This File is only for Knowledge Sharing Purpose. Author has no responsibility for Impact & Consequences of this Information. The Author is not directly or indirectly liable for any damage due to the above information. Do Consult your Professional adviser for Queries.

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