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Is Amazon Pay Later safe? How do I use it?
Amazon Pay LaterWelcome to the terms and conditions for Amazon Pay Later ("Terms"). These Terms are applicable between you and Amazon Pay (India) Private Limited ("Amazon") for the transactions for purchase of goods or services you make through select online medium, platforms or marketplaces ("Digital Property") using the "Amazon Pay Later" payment method ("Amazon Pay Later") . It is clarified that these Terms are applicable only if Amazon Pay Later is available for payment on the Digital Property. These Terms are applicable in addition to any terms and conditions that may be applicable to your use of the Digital Property where Amazon Pay Later is available as a payment option.The following terms & conditions apply to any and all transactions made on Digital Property using the Amazon Pay Later payment option:-Amazon Pay Later is a payment option available to certain select customers to make payments on the Digital Property . Amazon Pay Later option may only be available for purchase of select good or services on the Digital Property.If a customer choses to paying using Amazon Pay Later , the customer will transact with one of our Lenders (“Lending Partner”). Under Amazon Pay Later, Lending Partner will provide a credit facility to the customers to make purchases on the Digital Property and make payments for the same on a deferred basis in instalments ("Facility"). Prior to providing the Facility, Lending Partner may (in its discretion) conduct credit approval checks for the customerProvision of the Facility is at the discretion of Lending Partner, and Lending Partner reserves the right to reject (exercisable in its discretion) the Facility to a customer, with or without any notice or reason and without any liability.Amazon has no role to play pertaining to the offering of the Facility or the terns on which the Facility is provided by Lending Partner, including but not limited to its issuance, approval, extension, pre-closure or closure of the Facility and such matters are solely determined by Lending Partner .As a pre-requisite to avail the Facility, a customer must have a valid Online Shopping site in India: Shop Online for Mobiles, Books, Watches, Shoes and More account, a PAN (permanent account number) card, and an officially valid document as address proof. The customer must also have a bank account with one of the specified banks in India. Lending Partner may specify the banks for this purpose from time to time, which will be listed on Lending Partner's website.In order to avail the Facility, the customer must enter into a loan agreement with the Lending Partner ("Loan Agreement") as an essential pre-condition, in the form notified by the Lending Partner.You may also be required to make a pre-payment to the Lending Partner towards the Facility extended by the Lending Partner.Amazon Pay Later can only be used for purchases on the Digital Property if the customer has sufficient balance / limit available under the Facility granted by Lending Partner.The amount of the Facility may be modified and the Facility may be cancelled by Lending Partner in its sole discretion, and without assigning any reason and without any liability. Amazon has no role in this regard.Repayment of the Facility is governed by the terms notified by the Lending Partner from time to time. Amazon and its Lending Partners may make various modes and mediums available for repayment of the Facility, which may be made using the Online Shopping site in India: Shop Online for Mobiles, Books, Watches, Shoes and More mobile application.Availing the Facility is governed by the terms and conditions prescribed by Lending Partner mentioned below and any other terms that Lending Partner may notify from time to time.By using Amazon Pay Later, by availing the Facility provided by Lending Partner , each customer hereby fully and unconditionally releases and completely discharges Amazon and its affiliates against any claims (howsoever arising) in respect of availing of the Facility, and all such claims (if any) will lie only against Lending PartnerIf a customer consents for Lending Partner to collect any data / information from Amazon, such customer consents for and permits Amazon to share with Lending Partner , the data / information (so requested by Lending Partner ) of such customer in possession of Amazon, which was collected from the said customer by Amazon in respect of the customer's KYC for other products offered by AmazonThe customers also agree and acknowledge that Amazon and its affiliates will not be liable or responsible for any claim on account of availability or non-availability of Amazon Pay Later facility on Online Shopping site in India: Shop Online for Mobiles, Books, Watches, Shoes and More.Amazon reserves the right to cease to make Amazon Pay Later available as a payment option, at any time without prior notice and without any liability.By using Amazon Pay Later by availing the Facility, the customer acknowledges that Amazon and its Lending Partner may use the customer's data in connection with the Facility, including without limitation for processing and activation of the Facility. In this regard, the customer agrees and consent for Amazon to share the information or data pertaining to the customer with Lending Partner.The customers agree that Amazon and its affiliates will not be liable for any losses or damages suffered by the customers on account of use of Amazon Pay Later or the Facility, including as a result of any fraud in connection with such use.If an order for which payment has been made using the Amazon Pay Later facility is cancelled, any refund to the customers or cancellation of the Facility will be undertaken by Lending Partner. The customers hereby agree and acknowledge that Amazon has no role in this regard and that Amazon will not be liable or responsible for any claim on this account.Amazon will not be held liable for any dispute arising out of or in connection with use of the Amazon Pay Later payment option or the Facility.You authorize Amazon and/or its Lending Partner to communicate with you, through emails or SMS or notifications on websites / mobile applications or any other mode, in connection with use of the Amazon Pay Later or the Facility. You acknowledge that Lending Partner may communicate with you through IVR or telephonically.Please contact Lending Partner for any queries in relation to the Facility or Amazon for any queries in relation to availability of Amazon Pay Later.Listed below are the terms and conditions for each of Amazon's Lending Partners.Capital Float Facility: Terms and ConditionsI confirm that I have carefully read and fully understood all the terms and conditions that are listed online at https://www.capitalfloat.com/terms-of-use.html and those applicable to availing financing / loan from CapFloat Financial Services Private Limited, formerly known as Zen Lefin Private Limited ("Capital Float" or "Lender") and privacy requirements that are listed online at & https://www.capitalfloat.com/privacy-policy.html. I accept the terms & conditions unconditionally and agree that these terms and conditions may be amended or modified by Capital Float at any time and I will be bound by the amended terms & conditions that are in force.I understand that sanction of the loan(s) is at the sole discretion of Capital Float.I shall indemnify Capital Float (its agents, employees, officers and directors) against all or any losses suffered by Capital Float (its agents, employees, officers and directors) on account of breach of undertakings, representations and warranties by me including any legal action / proceedings initiated by me or any third party in connection with this Agreement and unauthorized access to or storage of my information or Personal Data by Capital Float (its agents, employees, officers and directors) which are solely attributable to any breach, negligence or fraud by me.I declare that all the particulars and information and details given / filled in the application form provided by Capital Float and information provided by me to Capital Float are true, correct and accurate and I have not withheld / suppressed any material and relevant information from Capital Float.I also authorize NSDL e-Governance Infrastructure Limited (NSDL e-Gov) to and in respect of the following activities, on behalf of Capital Float:Use my Aadhaar details for KYC proof, enabling me to eSign the loan agreement and/or eSign the Mandate and authenticate my identity through the Aadhaar Authentication system (Aadhaar based e-KYC services of UIDAI) in accordance with the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 and the allied rules and regulations notified thereunder and for no other purpose;(b) Use my Aadhaar details for KYC proof, enabling me to eSign the loan agreement and/or eSign the Mandate and authenticate my identity through the Aadhaar Authentication system (Aadhaar based e-KYC services of UIDAI) in accordance with the provisions of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 and the allied rules and regulations notified thereunder and for no other purpose;(c) Authenticate my Aadhaar through one-time password ("OTP") or Biometric for authenticating my identity through the Aadhaar Authentication system for obtaining my e-KYC through Aadhaar based e-KYC services of UIDAI and use my Photo and Demographic details (Name, Gender, Date of Birth and Address) for KYC proof, in connection with the loan agreement and the Mandate and for no other use / purpose;(d) I agree that Capital Float may avail services from any third party to conduct Aadhaar based KYC authentication i.e. authentication services provided by UIDAI, where my personal identity information /data that is obtained from me and matched with the personal identity information/data that is stored in the UIDAI's central identity data repository in order to provide Aadhaar enabled services to me;I agree that Capital Float may receive and update credit reports from any/all credit bureaus or any other agency/ regulatory authority as required and as permitted under applicable lawCapital Float makes no representations about:the timeliness, of the services contained on the Capital Float its website and/or mobile application for any purpose; andthe suitability, reliability, availability, of the services contained on the Capital Float website and/or mobile application for any purpose.Capital Float shall (and shall procure that the its agents, employees, directors and officers shall) comply with all Data Protection Legislations and such compliance shall include, but not be limited to, maintaining a valid and up to date registration or notification (where applicable) under the Data Protection Legislation. For the purpose of this Agreement, "Data Protection Legislation" means the legislation and regulations relating to the protection of Personal Data and processing, storage, usage, collection and/or application of Personal Data or privacy of an individual including (without limitation):the Information Technology Act, 2000 (as amended from time to time), including the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 ("Privacy Rules") and any other applicable rules framed thereunder;all other applicable banking industry guidelines (whether statutory or non-statutory) or statutorily-backed codes of conduct relating to the protection of Personal Data and processing, storage, usage, collection and/or application of Personal Data or privacy of an individual issued by any regulator and applicable to us to any of the Parties; andany other Applicable Law solely relating to the protection of Personal Data and processing, storage, usage, collection and/or application of Personal Data or privacy of an individual.By availing the loan from Capital Float under these terms and conditions, you acknowledge that Capital Float may use your data or information in connection with the loan, including without limitation for the processing of the loan application. In this regard, the customer agrees and consent for Capital Float to share the information or data pertaining to the customer with any third party which is involved in the processing of the application, or use of the loan facility etc.I hereby declare that no other account has been opened nor will be opened using the OTP based KYC in non face-to-face mode.Capital Float reserves the right to cancel / suspend the services of the loan if in Capital Float's opinion security of the website and/or mobile application or of the data could be compromised for any specific customer, without assigning any reasons.I/We further authorize Capital Float and all its group companies to keep me/us informed (vide telephone, SMS, mail, E-mail etc.) of all such promotional schemes and/or activities as they may require.IDFC Facility: Terms and ConditionsThe Borrower hereby irrevocable and unconditionally agrees to abide by the following Terms:Pursuant to the application made by the Borrower, available electronically in connection with these Terms, ("Application"), the Bank has agreed to sanction the loan amount not exceeding the amount notified to the Borrower, including through electronic means (hereinafter referred to as "Loan Amount"), and the Borrower agrees to borrow the same, subject to and upon these Terms other terms and conditions notified to the Borrower. The Bank may disburse the Loan Amount or any part thereof ("Disbursement") in accordance with these Terms or any other conditions agreed with the Borrower. The Borrower shall use the Loan Amount only for the purchase of goods or services by the Borrower on the website(s) or e-commerce platform(s) where the facility to access the Loan Amount is made available by the Bank and where these Terms are published (each such website or platform, "Website") and not for any other purpose including making investment in the capital market or any speculative or illegal or anti-social purpose.The Loan Amount, interest and late payment fees payable, costs and expenses reimbursable as outstanding from time to time and whether any of them due or not less any Loan Amount already paid to the Bank, are hereinafter collectively referred to as "Outstanding Balance". The Borrower shall pay interest on the Loan Amount, the unpaid due interest and all other outstanding charges (except the default interest), at the rate of interest notified to the Borrower, including through electronic means together with these Terms, on the outstanding daily balance from the date of disbursement. The rate of interest applicable to the Loan Amount may change from time to time, , which will be intimated to the Borrower(s) and the same shall be binding upon the Borrower. The Borrower (shall repay the Loan Amount and pay the interest that is due from time to time by way of equated monthly instalments ("EMIs") as may be specified by the Bank from time to time (time being the essence of the contract).Any payments made by/on behalf/for the Borrower or any realisations in relation to the Loan Amount shall be appropriated towards the Outstanding Balance and /or Liabilities (as defined hereinafter) in the following order: (a) firstly, towards costs and expenses incurred by the Bank; (b) secondly, towards any charges, commissions, fees, taxes, levies (wherever applicable); (c) thirdly, towards additional/default interest; (d) fourthly, towards interest; and (e) fifthly, towards principal Loan Amount(s). Any statement of account furnished by the Bank shall be accepted by and be binding upon the Borrower(s) and shall be conclusive proof of the correctness of the amounts mentioned therein except for any manifest error therein.Notwithstanding anything stated in any document, the Disbursement of the Loan Amount shall be at sole an absolute discretion of the Bank. Further, the Bank may at any time in its sole discretion and without assigning any reason call upon the Borrower to pay the Outstanding Balance, if due or not paid on or before the relevant date and upon such demand by the Bank, the Borrower shall, within 48 hours of being so called upon, pay the whole of the Outstanding Balance to the Bank without any delay or demur.The Borrower shall be entitled to prepay the Loan Amount. However, such prepayment shall take effect only when entire Outstanding Balance, including the broken interest period, has been paid by the Borrower and also realised by the Bank.The Borrower shall furnish and create such security from time to time in favour of or for the benefit of the Bank, of such value, in such form and in such manner, as may be deemed fit by the Bank, forthwith upon so required by the Bank. The Bank shall also have the right to stipulate any other and further terms and conditions that it may deem fit at any time prior to or after the grant of the Loan Amount, which shall be binding on the Borrower, provided such terms and conditions have been notified to the Borrower in advance on the Website and through such other medium as the Borrower may determine.The Borrower represent and warrants that (which shall be deemed to have been repeated to the Bank on the date of Disbursement and on each date thereafter till entire repayment): (a) the Borrower is a citizen of India and a major (in terms of age) and is of sound mind and is competent to contract and enter into and perform his/her obligations contemplated under these Terms or any other document in respect of the Loan Amount; (b) there is no impediment or restriction, whether under law, judgment, order, award, contract or otherwise, for any of the Borrowers entering into and/or performing its obligations under these Terms in respect of the Loan Amount and all approvals and consents, wherever necessary have been duly obtained and are and will continue to be in full force; (c) the execution hereof constitutes legal, valid and binding obligations of the Borrower; (d) there is no Event of Default (as defined herein below) existing; (e) all declarations made by Borrower are true and complete and no material information has been suppressed /withheld.In addition to the payment modes set-out at Clause 2 above, the Borrower may make payments towards the Outstanding Balance at a branch location operated by the Bank and such payment shall amount to a discharge of the Borrower in accordance with these Terms.The following events shall constitute events of default (each an "Event of Default"), and upon the occurrence of any of them, the entire Outstanding Balance shall become immediately due and payable by the Borrower and further enable the Bank inter alia to recall the entire Outstanding Balance and/or enforce any security and transfer/sell the same and/or take, initiate and pursue any actions/proceedings as deemed necessary by the Bank for the recovery of the dues: (a) failure on Borrower's part to perform any of the obligations or terms or conditions or covenants applicable in relation to the Loan Amount including under these Terms including non - payment in full or any part of the Outstanding Balance when due or when demanded by the Bank provided the Borrower is provided reasonable time for payment of the amount demanded; (b) any misrepresentations or misstatement by the Borrower; or (c) occurrence of any circumstance or event which adversely affects Borrower's ability/capacity to pay/repay the Outstanding Balances or any part thereof; (d) the event of death, insolvency, failure in business, commission of an act of bankruptcy of the Borrower.The Bank shall at any time, without any consent of or notice to the Borrower(s) be entitled to securitise, sell, assign, discount or transfer all or any part of the Bank's rights and obligations under the Loan Amount or these Terms, to any person(s) and in such manner and on such terms as the Bank may decide. Borrower shall not be entitled to directly or indirectly assign or in any manner transfer, whether in whole or part, any rights, the benefit or obligation under the Loan Amount, this / other document.The Bank shall also be entitled to communicate in any manner it may deem fit and in accordance with the guidelines laid down by the RBI, to or with any person or persons, person giving reference to Loan Amount, with a view to receiving assistance of such person or persons in recovering the defaulted amounts including but not limited to visiting the property and/or any place of work of the Borrower.The Bank shall be entitled at its discretion to engage/avail of, at the risk and cost of the Borrower, services of any person/third party service provider/agent/ agency, for anything required to be done for/in relation to/pursuant to the Loan Amount, including collections, recovery of dues, enforcement of security, getting or verifying any information of the Borrower, and any necessary or incidental lawful acts /deeds/matters and things connected thereto, as the Bank may deem fit.The Bank shall have the right to not return the photographs, information and documents submitted by the Borrower. The Bank shall, without notice to or without any consent of the Borrower, be absolutely entitled and have full right, power and authority to make disclosure of any information relating to Borrower including personal information, details in relation to documents, Loan Amount, defaults, security, obligations of Borrower, to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/entity, credit bureau, RBI, the Bank's other branches/subsidiaries/affiliates/rating agencies, service providers, other banks/financial institutions, and third parties, any assigns/potential assignees or transferees, who may need the information and may process the information, publish in such manner and through such may be deemed necessary by the publisher/the Bank/RBI, including publishing the name as part of willful defaulter's list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes. In this connection, the Borrower waives the privilege of privacy and privity of contract. The Bank shall have the right, without notice to or without any consent of the Borrower, to approach, make enquires, obtain information, from any person including other banks/finance entities/credit bureaus, to obtain any information for assessing track record, credit risk, or for establishing contact with the Borrower or for the purpose of recovery of dues from the Borrower.Privacy:The Bank discourages the Borrower from sending or posting to the Bank's website any information that the Borrower considers to be confidential or proprietary. Please note that if the Borrower do sends or posts any such information or material, the Bank will assume that it is not confidential. By sending or posting any information or material, Borrower grants the Bank an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information, and you agree that the Bank is free to use any ideas, concepts, know-how or techniques that you send or post for any purpose on this web site.The Bank may be required to disclose the Borrower's personal and financial information to the statutory authorities in connection with any legal process that may be initiated by such authorities in accordance with applicable laws.The Bank may also share customer information to provide customers with superior services and a range of offers. The Bank may use this information to advise customers about products, services and other marketing materials, which the Bank think may be of interest to customers. The Bank shall further reserves the right to disclose the information to any third party if the disclosure of the same is for getting any additional service, products which may be beneficial to the customer, as per the sole assessment and discretion of the Bank.The Bank will limit the collection and use of customer information only on a need-to-know basis to deliver better service to the customers. The Bank may use and share the information provided by the Customers with its Affiliates and third parties for providing services and any service-related activities such as collecting subscription fees for such services, and notifying or contacting the Customers regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose the customer information to one or more agents and contractors of the Bank and their sub-contractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from the Bank only for these purposes. The customer authorizes the Bank to share all information or data regarding the customer with any third party that facilitates or enables the provision, offering or utilization of the Loan Amount. The customer authorises the Bank to exchange, share, part with all information related to the details and transaction history of the customer to its Affiliates/ other banks/ financial institutions/ credit bureaus/ agencies/ participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management or any of the aforesaid purposes and shall not hold the Bank liable for use or disclosure of this information. The Bank values your relationship and will at all times strive. to ensure your privacy. Except to the extent disclosed to the Bank: (i) all the Borrower's contracts or agreements with, or any commitments to, any affiliates or group companies (if applicable) are on arms' length basis; (ii) the Borrower is an individual who is not a director or specified near relation of a director of a banking company (iii) the Borrower is an individual who is not a specified near relation to any senior officer of the Bank. The Borrower agrees that the Bank has an unconditional right to revoke and/or recall the entire loan facility granted under these Terms, if the disclosure as mentioned in this clause is found to be false.The Borrower shall ensure that the Borrower has not been declared a willful defaulterForce Majeure: Unless otherwise agreed with the Bank or in accordance with the orders of governmental or other statutory authorities, The Borrower shall be liable to perform or fulfil its obligations at all points of time and shall not delay/postpone performance, its obligations, in whole or in part, even on the ground of any force majeure event such as acts of God, floods, cyclones, earthquakes, fires, wars, riots, strikes, national emergency, or any other similar causes.Any notice, approvals, instructions, demand and other communications given or made by the Bank shall be deemed to be duly given and served if send by normal post, courier, registered post, facsimile electronic mail, personal delivery, short message service (SMS) or by pre-paid registered mail addressed to the Borrower's address, mobile number or email as given in the Application (or at the updated address on which the Bank's acknowledgment is duly obtained) ) such notice and service shall be deemed to take effect on the third working day following the date of posting thereof in case of normal post, courier, registered post, at the time of delivery if given by personal delivery, upon receipt of a transmission report if given by facsimile, upon sending the electronic mail or SMS if given by electronic mail or SMS. The Borrower undertakes to keep the Bank informed at all times in writing of any change in the mailing address, email id, phone and mobile number (s) as provided in the Application and to obtain the Bank's written acknowledgment on the intimation given to the Bank for any such change.The Loan Amount, this document/other documents, shall be governed by the laws of India. The Borrower hereto expressly agree that all disputes, differences and/or claim arising out of these presents including any dispute as to Outstanding Balance or as to constructions, meaning or effect of these Terms or as to the right and liabilities of the Parties hereunder shall be settled by arbitration to be held in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory amendments thereof and shall be referred to the arbitration of a sole arbitrator to be nominated by the Bank. In the event of death, refusal, neglect, inability or incapability of a person so appointed to act as an arbitrator, the Bank may appoint a new arbitrator. The award of the arbitrator shall be final and binding on all parties concerned. The arbitration shall be final and binding on all parties concerned. The arbitration proceedings shall be held at a branch of the Bank in Bangalore, as notified to the Borrower in advance and the arbitration shall be conducted in English language.These Terms and other documents have been explained to the Borrower in the language known to the Borrower and The Borrower has read and understood these Terms.The Borrower has agreed to accept these Terms after understanding the contents hereof.
What is the procedure (along with all costs/necessary details) to register a company as per the Companies Act 2013?
Steps To Be Followed For The Incorporation Of New Company In IndiaThe Companies Act, 2013 lays down the rules for the incorporation of both Public and Private Companies under Chapter-II of the act along with the [Rules] of the Companies (Incorporation) Rules, 2014.A company to be incorporated as a Private Company must have a minimum paid-up capital of Rs. 1, 00,000, and minimum number of members required to form a private company is 2 or more members.For Public Company it must have a minimum paid-up capital of Rs. 5, 00,000 and requires at least 7 or more members.STEP-11. Select Name of Person - Under Section-149(1) (a) of Companies Act, 2013. Select the name of directors i.e. who will be directors (At least Three Name for Three for Public Company and Two for Private Company) [Rule-17] (The Companies (Incorporation) Rules, 2014.STEP-22. Apply for Digital Signature Certificate (DSC) -Digital Signature Certificates (DSC) are the digital equivalent (i.e. electronic format) of physical or paper certificates. Certificates serve as proof of identity of an individual for a certain purpose. Likewise, a digital certificate can be presented electronically to prove your identity, to access information or services on the Internet or to sign certain documents digitally. One can get DSC registered by signing MCA-21 E-forms digitally.A licensed Certifying Authority (CA) issues the digital signature. Certifying Authority (CA) means a person who has been granted a license to issue a digital signature certificate. The list of licensed CAs along with their contact information is available on the MCA portal (www.mca.gov.in). The Fees for obtaining DSC is different among all the Certifying Authority.STEP-33. Apply for Director Identification Number (DIN)It is a unique identification number allotted to the existing director of the company or intending to be appointment as director of a company according to Section-152(3), Section-153 & Section-154 of the Companies Act, 2013.It is only after the DIN is approved, the incorporation documents can be filed with the Registrar Form No.-DIR-3. However, the name approval can be obtained prior to approval of DIN. It takes about 7 days for getting the DIN approved, provided all proper documents are furnished. Fees to be paid for the allotment of DIN is Rs.500.Documents to be furnished for getting DIN application are:· Identity proof: Copy of PAN card is mandatory.· Address proof: Copy of passport or Voter Id or Ration card or Electricity bill or any other address proof.· Passport size photograph (latest) in soft copy (.JPEG format).· Current occupation.· Email address of applicant.· Education qualification and contact number of applicant.· Verification to be signed by the applicant.STEP-44. Filing the Proposed Name of Company For Approval to The Registrarof Companies (ROC)-According to Section-4(4) of The Companies Act, 2013 person can make an application to propose the name of the company to be registered with such forms and manner accompanied by fees of Rs. 1,000/- to be paid, as may be prescribed, to the Registrar for the reservation of a name set out in the application.According to Rule No.-9 of Companies (Incorporation) Rules, 2014 reservation of the name can be made by an application for the reservation of a name shall be made inForm No. INC.1 along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014 to the Registrar of Companies (ROC) in the State/Union Territory in which the company will maintain its Registered Office.According to Section-4(5) of The Companies Act, 2013 the application submitted to the registrar will be reserved for a period of 60 days to check and verify the document and information furnished along with the application.STEP-55. Drafting of Memorandum of Association (MoA) -The MoA is the Constitution of the Company which must contain all the fundamental information of the Company. MoA define the relationship of the Company with its shareholder. Therefore, it is important to draft the MoA very carefully with properly incorporating Clauses carefully.Drafting of Memorandum must be done in which:· Name of the Company lasts with word “Limited” in case of a public limited or the last words “Private Limited” in case of a private limited company.· State in which the registered office of the company is to be situated.· Object of the company for which it is proposed.· Liabilities of the members of the company Limited/Unlimited.· Mention the amount of share capital in case of company having a share capital.· In case of the One Person Company the name of the person who in the event of death of the subscriber shall become the member of the company.According to Section-4(6) of The Companies Act, 2013 MoA shall be in respective form as prescribed in Table A, B, C, D and E of Schedule-I as may be applicable.STEP-66. Drafting of Articles of Association (AoA)-AoA which is an important document explains the operation of the company, purpose for which Company is incorporated along with the information for the process of Appointment of Directors and also management of the financial Record of the company.In drafting of the AoA of company it shall contain-· Regulation for management of the Company.· It shall also contain such, matter as may be prescribed.· May contain the provisions for entrenchment to the effect that specified provision of the Article may be altered only if condition or procedures as that are more restrictive than those applicable in the case of a special resolution are met or compiled with.According to Section-5(6) of The Companies Act, 2013 the Article (AoA) shall be in respective form provided in Table F, G, H, I and J of Schedule-I as may be applicable to such company.[Rule-10] -Where the articles contain the provisions for entrenchment, the company shall give notice to the Registrar of such provisions in Form No.INC.2 or Form No.INC.7, as the case may be, along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014 at the time of incorporation of the company or in case of existing companies, the same shall be filed in Form No.MGT.14 within thirty days from the date of entrenchment of the articles, as the case may be, along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014.STEP-77. Application for Incorporation of Company-According to Section-7 of The Companies Act, 2013 shall be filed with the registrar within whose jurisdiction the registered office of a company is proposed to be situated.[Rule No.-12] of Companies (Incorporation) Rules, 2014- An application shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in Form No.INC.2 (for One Person Company) and Form no. INC.7 (other than One Person Company) along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014 for registration of a company.1. By a company having an authorized share capital of:Nominal Share capitalOther than OPCs and Small CompaniesSmall CompaniesFixedFor every 10, 000 or part thereofFixedFor every 10, 000 or part thereofUp to 1, 00, 000NA2,000N/AMore than 1,00,000 up to 5,00,0005,0004002,000N/AMore than 5,00,000 up to 10,00,0005,0003002,000N/AMore than 10,00,000 up to 50,00,00021,0003002,000200More than 50,00,000 up to 1,00,00,00036,0001,56,000100N/AN/AMemorandum of Association (MOA) filing fee (in case of company not having share capital)Number of membersFee applicableUp to 20 members2,000More than 20 but up to 200 members5,000More than 200 members (If number of members not stated as unlimited in AOA5,000 Rupees 10 for every member, after the first 2002. Fee for filing Articles of association (in case of company having share capital)Nominal Share CapitalFee applicableLess than 1,00,000 Rupees2001,00,000 to 4,99,999 Rupees3005,00,000 to 24,99,999 Rupees40025,00,000 to 99,99,999 Rupees5001,00,00,000 or more Rupees600Fee for filing Articles of association (in case of company not having share capital)-Fee applicable - Rupees 200 per document3. Fee for filing form INC-7 (in case of company having share capital)-Nominal Share CapitalFee applicableLess than 1,00,000Rupees 2001,00,000 to 4,99,999Rupees 3005,00,000 to 24,99,999Rupees 40025,00,000 to 99,99,999Rupees 5001,00,00,000 or moreRupees 600Fee for filing Form INC-7 (in case of company not having share capital)Fee applicable - Rupees 200 per documentFile with Registrar Form No. INC.7 [Rule 12 to 18] along with Documents -(a) The Memorandum and Articles of the company duly signed by all subscribers;(b) A declaration in Form No.INC.8 by an Advocate or Practicing professional (CA, CS, CA) who is engaged in incorporation, and a person named in director as Director, Manager or Secretary, that all requirements related to incorporation has been complied with;(c) An affidavit in Form No. INC.9 from each subscriber and from each person named as first director in the articles that; he is not convicted if any offence in connection with promotion, formation or management of any company, he is not been found guilty of any fraud or misfeasance or of any breach of duty to any company during preceding five years, and all the documents filed with the Registrar contain correct, complete and true information to the best of his knowledge and belief;(d) The address for correspondence till its registered office is established;(e) The particulars of every subscriber along with proof of identity. List of poof required Listed under [Rule-16.];(f) The Particulars of first directors along with proof of identity and his interest in other firms or bodies corporate along with his consent to act as director;(g) The particulars of interests of first directors in other firms or bodies corporate along with their consent to act as directors of the company shall be filed in Form No.DIR.12 along with the fee of Rs.500/- as provided in the Companies (Registration offices and fees) Rules, 2014.STEP-88. Commencement of BusinessAccording to S.11 of the Companies Act, 2013. – Company having a share capital shall not commence any business or exercise any borrowing power unless- Director should file Declaration with Registrar in Form No. INC.21 [Rule 24] in such a manner as may be prescribed, with the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him and the paid up capital is not less than 5 Lakh Rupees in case of Public Company and not less than One Lakh in case of Private Company.According to [Rule-24] the declaration filed by a director shall be in Form No.INC.21 along with the fee as Nominal Share Capital Fee applicable-Nominal Share CapitalFee ApplicableLess than Rs.1,00,000/-Rs.200\-2) Rs.1,00,000 to Rs.4,99,999Rs.300\-3) Rs.5,00,000 to Rs.24,99,999Rs.400\-4) Rs.25, 00,000 to Rs.99,99,999.Rs.500\-5) Rs.1,00,00,000 or moreRs.600\-and the contents of the form shall be verified by a Company Secretary in practice or a Chartered Accountant or a Cost Accountant in practice: Provided that in the case of a company requiring registration from sectorial regulators such as Reserve Bank of India, Securities and Exchange Board of India etc., the approval from such regulator shall be required.STEP-99. Registered OfficeSection-12 of The Companies Act, 2013 that the company on and from the 15 days of its incorporation and at all times thereafter, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it and company shall furnish to the registrar verification of its registered office within a period of 30 days of its incorporation in such manner as may be prescribed.[Rule-25]The verification of the registered office shall be filed in Form No.INC.22 along with the fee.Nominal Share Capital Fee applicable-· Less than 1,00,000 -Rs.200\-· 1,00,000 to 4,99,999-Rs.300\-· 5,00,000 to 24,99,999 -Rs.400\-· 25,00,000 to 99,99,999-Rs.500\-· 1,00,00,000 or more -Rs.600\-This is the basic requirement which must be fulfilled for incorporation of new Company in India Under new Companies Act,2013.
If you could have your own island nation, what type of government would you set up?
Thanks for the A2A. I would set up a Celebrationist government. Derived from the highly successful Venetian Republic’s system, this would add to that system certain more modern elements and—most especially—a production system based on sustainable abundance.The lumber would be helpful, but we’d quickly plant guadua bamboo and hemp to generate ample superior building materials for internal use. Likewise, the fish would be harvested, but with an eye to sustainability. Tourism would become greater still, as this society will become a bucket list type of destination, similar in some respects to a Disneyland for adults.Here are principles of such a government, from the end of my book:Appendix: A Possible Government StructureI have hinted at the overall structure of a celebrationist government elsewhere in this book, but did not want to let the vision get bogged down in the details. Here, for those who want them, are the details.This proposed possible system of government is designed to address specific deficiencies of modern systems, including the formation of political parties with attendant conflict, gridlock, campaigns for office and political influence; the disconnection of citizens from their government; and the conflation of a ceremonial leadership role with the executive.Citizen would be an office, hard-earned through an objective process of qualification, and never a birthright. One could live in such a society for life without becoming a Citizen, but would have no role in the government. The Citizens would BE the government.This system has four branches of government initially, with a fifth to be added when and if feasible. The four original branches are: parliament, judiciary, administration, and a new kind of royalty. All act in service to the Charter.The CharterThe Charter is a statement of principles to which all Citizens swear an Oath of support upon becoming Citizens. It is not a statement of good wishes that is then ignored whenever the government finds it to be inconvenient. It is instead explicitly treated as the highest law of the land.Any law passed by parliament or by Citizen Initiative that in any way conflicts with the Charter is to be declared entirely null and void by the Supreme Court and must be passed again in compliant form. Any legislator, administrator, judge, or royal who willfully violates the Charter without extraordinary need (as determined by an appropriate court) may be removed from office by Citizen or appropriate Branch supermajority vote and held to the highest standard of responsibility for such actions or omissions.The Charter may be changed in the following ways:· Upon consensus of all the four or five branches of government.· Upon Citizen Initiative, properly started by Citizens and receiving a specified supermajority of votes.· Once there are multiple such cities, a League of Celebration Societies may be established amongst them to address common concerns and opportunities. Such a league may have the power to change the model charter but, in my view, should not have the power to enforce change upon a preexisting society’s Charter.However the Charter is changed, I would suggest that there be an automatic review process one year after adoption before the change becomes permanent. (This would borrow from Iceland’s history in which, “It was specified that every new enactment should be subject to a probationary period of 3 years before … becoming permanent.”[1]) I think this would be a good idea for laws in general—there are often unintended consequences that can only been seen after the passage of time.I would favor a system in which each branch of government, to the extent practicable, conducts its own affairs, filling vacancies and making promotions based on a system that is transparent and deemed acceptable amongst its members and the Citizens.I would also favor a system wherein voting, to the extent used in a celebration society, involves consensus-building ranking of one’s choices rather than simply selecting one option. In this manner, a widely favored second or third choice might win rather than a first choice that fails to garner an absolute majority, thereby eliminating the need for multiple votes (i.e. runoffs).ParliamentParliament works much as it did in the Venetian system. Any Citizen, at any time (barring incapacity) may be called through the periodic lottery to serve in parliament for a single term. Parliamentary terms are staggered to prevent the emergence of parties, with terms varying from, for example, 3 months to 3 years. Openings occur upon completion of term, death, incapacity or resignation. There are no elections of members; each Citizen is presumed competent to serve.Parliament elects its own leadership and sets its own rules of operation. It also selects the members of the Administration Council, preferably through consensus and secondarily through election.Parliament may have a physical place of meeting and/or support virtual meetings. Voting need not require physical presence; only a secure means of sharing communications.By eliminating the corrupting influence of election campaigns and political parties, lobbying will return to its original function of providing information and arguments to decision-makers rather than buying their cooperation.JudiciaryIn modern America, as in much of the world today, the independence and integrity of the judicial system is in danger. Much of this danger, at least in America, comes from the politicization of all aspects of government in thralldom to money. Increasingly, judges are being elected.[2]By eliminating the election of judges and changing the society’s relationship with money, independence and integrity will have a better chance.Private influence of friends upon friends will of course remain. However, a monetary system in which all transactions are electronic allows for easy auditing to reduce the chance of large-scale bribes and conspiracies.I envision the judiciary having three levels: Adjudicating Courts, Appellate Courts and the Supreme Court. Seats on the adjudicating courts could be assigned to Citizens selected randomly by lottery, or who volunteer for the post. Given that the legal system will be clear, simple and intelligible to an average Citizen, this is plausible. (Indeed, I would argue that a system in which a Citizen requires a lawyer to understand the law is excessively complex.)However, even with a streamlined and rational legal system[3] and assistive AI’s there will still be a need for familiarity with bodies of law and, possibly, precedent. I would see random selection, if adopted, as limited to Adjudicating Courts.Appellate judges should be persons with significant experience in and understanding of the law. Their selection could be by consensus of serving adjudicating judges. Another option would be for the Court senior to that court where a judge is needed to put forth a list of candidates it deems suitable, with Citizen voting then choosing from amongst those candidates. For example, upon an Appellate opening, the Supreme Court could produce a list of candidates, likely from among serving Adjudicating judges. The Citizens would then vote their selection from this list.Supreme Court Justices could be selected and serve as follows: upon an opening, Justices are chosen by consensus of the currently serving judges. There are 9 Justices, with terms staggered annually. Each Justice serves a single 9 year term. In the 9thand final year, that Justice serves as Chief Justice, having the most experience of anyone serving on the court. She or he sets the agenda, participates in discussion and debates, but votes only to break ties.[4] As a check upon judicial power, I would advocate that Citizen Initiative be able to remove a sitting Supreme Court justice by 2/3 vote.There is also a question as to whether the legal system should be adversarial. This approach is prized in America. In nations such as Costa Rica and Japan that do not have an adversarial legal system, lawsuits are few and lawyers are modestly paid.I expect that the profession of lawyer will change to something new, and it may split into different functions. For example, In Britain, the American concept of lawyer is broken into two different positions, barrister and solicitor.Any ambiguity in the Charter, as determined by the Supreme Court, would require immediate rectification either by consensus of the branches of government or by a supermajority vote of the Citizens. If a law is ambiguous in any particular, the Supreme Court would void it. Such voiding could happen quickly, but I expect very rarely as this requirement will necessitate great care in the wording of proposed laws. I would anticipate that laws would never be passed without being read by all voting members of parliament.All laws must be brief and intelligible to an average citizen. While this reposes more powers in the judicial system than may be customary today, it also keeps government simple and avoids bureaucracy.Civil disagreements will ordinarily be resolved through mediation and arbitration, based upon standard forms of agreement that can be modified by the parties. In addition, recordings of communications, whether public, or if private with mutual consent to the recording, are also admissible as evidence.Per the Venetian model, alleged non-civil offenses may be reported via a secret but not anonymous complaint. Anyone who suspects a crime may submit a secret written complaint to the appropriate Court. It must be signed and witnessed by at least one Citizen in addition to the complainant. If the offense is charged and convicted or if it is determined to be groundless after investigation but a reasonable person could have inferred an offense from the evidence that was available, the reporting note is kept secret. However, if the court determines that the charges were both unwarranted and malicious, the penalty for the offense(s) alleged falls upon the complainant.There are no “crimes” per se. There are “intentional offenses” and “accidental offenses”, with the understanding that negligence is presumed to be negative intent. The whole system is oriented towards restoration and protection against future offenses. It is only punitive to the extent that such is required to enforce these purposes.[5]As an example of the legal system’s workings, with a culture that emphasizes safety, transparency and rationality there will likely not be a need for rigid building codes. However, certain practices such as standard wiring will be highly recommended, and most likely qualify the owner for lower insurance rates. Further, when it comes time to sell such a building, the one that can certify compliance with the recommended practices will be easier to sell at a higher price. As part of the transparency, the celebration society will require full documentation of everything done to the building from initial construction to present circumstances.Contracts become simpler as well. For example, suppose that John and Sally orally make a contract. Sally agrees to invest certain assets into a corporation that John is forming in exchange for certain ownership. They agree to later finalize the details in writing. John does not follow through in a reasonable time. Sally may enter the matter into mediation, which will automatically become arbitration if the mediation fails. Sally and John may enter into evidence third party testimony, but the strongest evidence will be recordings of their conversations about the matter—made automatically in public or, if in private, by recorded mutual consent.Another and perhaps more common conflict might arise when some people have a party in a public park, creating noise that upsets a neighbor. In current societies, where there is no recording of public communications and noises, the concept of “too loud” is subjective and much debated. In a celebration society, a decibel threshold could be specified in law and recordings would determine compliance.If a person who is mentally ill commits an offence, they are isolated as necessary to protect others and themselves. The isolation is not punitive, and continues until they are deemed cured by the best available scientific psychological testing. Complaint may be made and a court may decide to isolate or supervise this person even prior to an offense being committed. For example, a person suffering from dementia might be declared no longer competent to function as a Citizen and, following exhaustion of appeals (if any), placed into protective care.AdministrationThe Administration Council oversees the administrative duties of the government and society. There are a fixed number of ministers, perhaps 10. Each minister has a portfolio, similar to such in other parliamentary systems. They head the major areas of administration, potentially including education, health, infrastructure, foreign relations, banking/money, and others.The Administration Council hires a paid, professional city or national administrator to manage the general administrative functions, particularly in those areas where Ministries overlap. (There may be subsidiary levels of administration, as appropriate.) Each ministry may hire its own administrator and staff as appropriate and as funded by parliament.Administration administers. It does not lead. There is no prime minister nor is there a president. The Sarvay may represent the government in discussions with other government leaders, but cannot make decisions. Instead, decisions are made by the Administration Council or, as appropriate, by the Branches working together. The Administration Council may send other representatives to accompany the Sarvay in such discussions, preceding a vote.Ministers are appointed by parliament for fixed, non-renewable terms of service, which may or may not be staggered as decided by parliament. Upon completion of a term of service, an ex-minister is customarily expected to mentor her or his replacement. These ministers will, ideally, be persons of impeccable morality and wisdom. They can be removed by vote of parliament or by Citizen initiative.All administrative and parliamentary positions are unpaid if the person has passive income exceeding a comfortable predetermined threshold such as US $100,000 per year. When the occupant earns less than that threshold, the government will make up the difference to assure that financial concerns never color a leader’s judgment. (Singapore has achieved a high level of professionalism and non-corruption among government workers by making the positions highly paid and respected.) There will be no revolving door between government and industry, perhaps assured by a multi-year delay in any appointments of former officials to activities they formerly supervised.Ministers must refrain from all active business interests, placing such into blind trusts while on the Council. The Ministers come together to decide matters that extend beyond an individual minister’s portfolio, and they may collectively review any individual minister’s actions.RoyaltyRoyalty serves, at its best, to inspire and uplift society. It serves in pageantry, ceremony and celebration. It provides a focus and a model to emulate. It is not about entitlement.This will be a royalty unlike any the world has known since the Doge of the Venetian Republic. It will have no power, except as an equal branch of the government in instances where agreement among multiple branches of government is required or, in one particular function discussed below, as a tiebreaker. Therefore, it is in no way a monarchy. It is a meritocratic royalty.This royalty serves two functions: to exemplify the highest values of the Charter and to preside at ceremonial events. (These would include celebrations, weddings, speeches, commencement of great projects or organizations, inaugurations, VIP visits, etc.) They may also serve in ambassadorial, emissary and plenipotentiary capacities. Some of these functions will necessitate long periods apart from their home, living in significantly less desirable conditions. Therefore ambassadorial service, in whatever capacity of title or support, would be a high form of service.People are inducted into the Royalty by invitation of the Royalty itself, and must first be Citizens. Royalty is a lifetime appointment, absent egregious misconduct. This is not an office but an honorific with responsibilities.Though tied to a particular celebration society, royalty will have no geographic authority or power. Therefore, I consider the traditional titles to be inadequate.I envision three tiers and titles within the Royalty: Servant, Great Servant and Sarvay. None of these titles carries with it any power except for the Sarvay who has a tie-breaking vote on the Administration Council. Therefore Sarvay should be time-limited, perhaps with an honorific title afterwards of Sarvay Emeritus.The Sarvay (a Sanskrit word meaning, “for all”) will serve as a leading exemplar of the society’s values—similar to the Doge of the Venetian Republic. The Royalty chooses the Sarvay. This person walks, talks, and lives service to the society. This person serves as “head of state”—though only in a ceremonial capacity of service rather than one of power.A handful of royals, possibly three, are designated Great Servant, or Mahana Sevaka. Upon the retirement from office, completion of term, death or incapacitation of the Sarvay, one of them is appointed as his or her successor by consensus of the Royalty. Another possibility is that, upon constitution of a new celebration society, a Mahana Sevaka from an existing celebration society would be invited to assume the role of Sarvay in the new celebration society, helping the Citizens there to build their own royalty.Induction into the Royalty would carry with it additional responsibilities but no additional privileges. This would help to assure that royals are truly motivated by desire to serve rather than the pursuit of some sort of personal gain.A Possible Fifth Branch of GovernmentWisdom, it turns out, is measurable and cross-cultural. Dilip Jeste has made a study of it and found that:The traits of the wise tend to include compassion and empathy, good social reasoning and decision making, equanimity, tolerance of divergent values, comfort with uncertainty and ambiguity. And the whole package is more than the sum of the parts, because these traits work together to improve life not only for the wise but also for their communities. Wisdom is pro-social.[6]Although people often talk wistfully about the need for wisdom of elders guiding society, it remains elusive. There are several reasons. Elders are often compromised by infirmities. Also, with the rate of change now being so rapid, much of elders’ perspective seems dated. However, when in the future elders remain in good health for centuries or longer, they will have the long vantage point that such lifespans in good health will afford them. Remaining aware of recent developments in society and technology, I expect that their views will be much more highly regarded.As discussed elsewhere, by the mid to late 21st century physical immortality may become an option, either in a biological body immunized against decay and disease, or by the downloading of memories and personality into a computer. This will not necessarily be the person but, from the standpoint of contributions to society, that may make no difference.Immortality, in whatever form, would enable an important fifth branch of government. I call it the Council of Immortals.In his Republic, Plato described how a society will decay over time, as more enlightened rulers would inevitably be replaced by those less enlightened. Errors of judgment would compound, and the decay would continue until the society would eventually devolve into tyranny.The problem is how to ensure continuity of wisdom. Essentially, for any civilization to endure while remaining true to its values, it needs for those values to be explicitly codified. However, that is not enough. The world is full of nations with high-minded principles codified in their founding constitutions; principles routinely ignored in practice. Also, the meanings of words and phrases changes with context, time and advancements in society.What is needed are not just wise people to guide the society, but a vigilant, informed citizenry (as demanded by Thomas Jefferson); ideally supported (not ruled) by wise immortals. We stand at the threshold of this possibility.As Aubrey de Grey has pointed out, all that is needed to achieve immortality is to gain at least one day of life for each day lived. The kind of regeneration required is now being researched by scientists, and some exciting tools are already at hand. When nanotechnology can monitor and repair all cellular damage, immortality may be achieved. Biological repair may also suffice.Regardless of the method ultimately used, I expect that persons whose wisdom has guided a celebration society for a long time will desire to continue to do so. What could be more satisfying, more joyful? Whether they remain human or become something else, I envision such a Council of Immortals providing a long-range perspective not inherent to the other four branches of government.While this would be only one of the five branches, I expect that the other branches would rarely if ever vote against this council. (For that reason, it might vote only in the event of a tie amongst the other four branches.) It seems likely that this council would run numerous simulations of every proposed major change to the society and share the results with the rest of the branches and the Citizens.If the entire society eventually becomes one of immortals, the need for this council may fade away. But even then it might continue as a body expressly constituted to assure continuity of the society’s values; a body whose members have taken upon themselves the ultimate level of service.[1] A History of the Old Icelandic Commonwealth, Jón Jóhannesson.[2] Courting Corruption: How Judicial Elections Threaten the Justice System[3] Model legal systems have been devised and proposed by researchers, and should be considered as starting points.[4] The Chief Justice, then, would have a function in the court system similar to that of the Sarvay in the administrative system.[5] Some believe that only execution assures an offender cannot again commit a heinous crime. Others argue that innocent persons are sometimes executed. Segregation without sentences of dangerous offenders with continuous monitoring, and until brain normalization, assures that both concerns are addressed.[6] The Real Roots of Midlife Crisis
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