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What are the basic key points of India's Companies Act 2013?

COMPANIES ACT 2013Reason behind new law?The promulgation of the new law is a step towards globalization and is a successful attempt to meet the changing environment and is progressive and futuristic duly envisaging the technological and legal developments.Increase in number of Companies from approximately 30,000 in the year 1956 to 11,00,000 in the year 2013.IntroductionThe Act comprises of 29 chapters, 470 Clauses with 7 Schedules as against 658 sections and 14 Schedules in the Companies Act, 1956.Substantively a law based on Rules (as may be prescribed).In 470 Clauses the word “as may be prescribed” has been used at around 336 places.New Definitions:Some of the definitions introduced in this Act are already in usage. Now, by defining more clarity is given. The new definitions interalia covers, Auditing Standards, Associate Company, Authorized Capital, Books of Accounts, Called up Capital, Charge, Chartered Accountant, Chief Executive Officer, Chief Financial Officer, Company Liquidator, Control, Cost Accountant, Deposit, Expert, Financial Institution, Financial Statement, Global Depository Receipt, Independent Director, Indian Depository Receipt, Interested Director, Issued Capital, Key Managerial Personnel, Notification, One Person Company, Ordinary or Special Resolution, Paid up share capital, Postal Ballot, Previous Company Law, Promoter, Public Financial Institution, Register of Companies, Related Party, Remuneration, Serious Fraud Investigation Office, Small Company, Subscribed Capital, Tribunal, Turnover, Unlimited Company, Voting Right, Whole Time Director.HighlightsIncorporation of Company:Incorporation of a One Person Company has been permitted. One person can form a private limited company.Numbers of permissible members in private company has been raised to 200 as against existing limit of 50 members.Limit of number of members in an association or partnership (without incorporation) to be increased up to 100Small company is introduced for lesser regulatory frameworkObjects clause in the Memorandum of Association of a company not required to be divided into main, ancillary and other objects. Only the objects for which the company is incorporated along with matters considered necessary for its furtherance to be mentioned. The company cannot provide for other object clause.Share Capital and Debentures:Shares, other than sweat equity, cannot be issued at a discount.Reduction of share capital is subject to the approval of Tribunal.A company may issue preference shares redeemable after 20 years for infrastructure projects as may be specified and redeemed as may be prescribed on an annual basis at the option of such preference shareholders.Buyback provisions eased. Companies can buy back its shares even if it has defaulted in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayment of any term loan or interest payable thereon to any financial institution or bank, provided that such default has been remedied and three years have lapsed after such default ceased to subsist. This was not the case in the Companies Act, 1956.Debenture trustee to be appointed only when a company issues prospectus or makes an offer or invitation to the public or to its members exceeding five hundred for subscription to its debentures.Acceptance of Deposit by Companies:NBFC’s not to be covered by the provisions relating to acceptance of deposits. They will be governed by the Reserve Bank of India rules on acceptance of deposits.Deposit insurance is required to be provided as prescribed.Deposits can be secured and unsecured.The concept of small depositors is dispensed with.The Tribunal may allow further time taking into consideration the financial condition of the Company to issue directions for repayment of the deposits or interest thereon in case of default in such repayments.Management and Administration:Forms & CertificationE-Governance proposed for various company processes like maintenance andinspection of documents in electronic form, option of keeping of books of accounts inelectronic form, financial statements to be placed on company’s website, holding ofboard meetings through video conferencing/other electronic mode; voting throughelectronic meansFor all the companies (except one person companies and small companies) with prescribed paid up capital and turnover, whether private or public, listed or unlisted, annual return has to be signed by a company secretary in practice.MeetingsOne Person company is not required to hold any Annual General MeetingNotice of general meeting need to be sent to all the directors of the CompanyFor special business to be transacted in the General Meeting, explanatory statement should comprise of specified informationCompany should follow that secretarial standards are folled while making mintuesSecretarial AuditAll Listed companies to annex secretarial audit report obtained from a Practicing Company Secretary to the Board’s report.Board to respond to qualifications, made by the Secretary, in the Board’s report.Annual DocumentsRequirement of compliance certificate done away with and in its place scope of annual return has been enlarged.The annual return, filed by a listed company or, by a company having such paid-up capital and turnover as may be prescribed, shall be certified by a company secretary in practice in the prescribed form, stating that the annual return discloses the facts correctly and adequately and that the company has complied with all the provisions of this Act.Directors responsibility statement shall include additional statement realted to compliance to all applicable laws and in case of listed companies, it shall include statement related to internal financial control.Benefit of private companies to file their balance sheet and profit and loss account separately has been withdrawn.Appointment and Variations regarding Directors & Key Managerial Personnel:AppointmentCertain Companies, as may be prescribed, to mandatorily appoint company secretary.Appointment of at least one women director on the board of prescribed classes of companies has been made mandatory.Appointment of at least one director resident in India, i.e., a director who has stayed in India for at least 182 days in the previous calendar year, is made mandatory for all companies.Key Managerial PersonnelCompany Secretary included within the definition of Key Managerial Personnel.No company can have both Managing Director and Manager at the same time.Every company belonging to such class or description of companies as may be prescribed, to have managing director, or chief executive officer or manager and in their absence, a whole-time director, company secretary and chief financial officer.Individual limits for remuneration enhanced in the ActStatus of Independent DirectorNominee director cannot be regarded as Independent Director.Maximum term of Independent Director has been restricted to five years at once subject to a maximum of two such terms.The independent director is not entitled to stock option and may receive remuneration by way of fee and profit related commission as approved by members.Role or functions of independent directors is expanded.DirectorshipsMaximum number of directors has been increased from twelve (12) to fifteen (15) directors. Further no Central Government approval is required to increase the maximum no. of directors beyond fifteen (15). Shareholders of companies may do so by passing a special resolution.A person can hold directorship of up to 20 companies, of which not more than 10 can be public companies.Meeting of Board and its Powers:A notice of not less than 7 days in writing is required to call a board meeting. The notice of meeting to be given to all directors, whether he is in India or outside India by hand delivery post or electronic means.Certain powers which earlier can be exercised by the Board with the approval of general meeting by way of ordinary resolution under section 293 of the Companies Act 1956, shall now to be passed by special resolution.Every Listed Company and such other company as may be prescribed shall have an Audit Committee.The central government permission under section 295 and section 372A of Companies Act, 1956 is dispensed with.Following committees of the Board made mandatory for listed and prescribed classes of companies:Audit committeeStakeholder relationship committeeNomination and Remuneration committeeCorporate Social Responsibility committeeAccounts & Audit:Books of accounts can be kept in electronic form also.The term balance sheet & profit and loss accounts are collectively termed as financial statement.The Act provides for re opening or re casting of Books of Accounts at the instance of regulatory authorities. The financial statements can be revised at specified situations.No listed companies shall appoint.an individual as auditor for more than one term of five consecutive years, andan audit firm as auditor for more than two terms of five consecutive years.Shareholders are at liberty to decide by passing resolution that audit partner and the audit team, be rotated every year.Auditor shall not provide directly or indirectly the specified services to the Company, its Holding and subsidiary companies.No approval of central government is required for appointment of cost auditorFinancial year will be uniform for all companies i.e., April-March.Related Party TransactionsScope of related party transactions has been widened and definition of relatives has also been enlarged and replaced with definition of “related party”.Clause 188 of the Act which carries provisions regarding related party transactions, combines existing sections 297 and 314.Central Government Approval has been done away with. Every related party transaction to be disclosed in Board’s report alongwith the justification.Approval in the Board is mandatory and also require prior shareholders approval for specified share capital and prescribed amounts.Inspection & investigation:The provision for establishment of Serious Fraud Investigation Office (SFIO) by the Central Government is another significant feature of the Act.SFIO is empowered to arrest in respect of certain offence involving fraud.Corporate Social Responsibility (CSR):Formation of CSR Committee has been made mandatory for a company having net worth of Rs. 500 crore or more, or turnover of Rs.1,000 crore or more or net profit of Rs. 5 crore or more during any financial year.Such company shall spend, in every financial year, at least 2 % of the average net profits of the company made during three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy (CSRP).Compromises, Arrangement and Amalgamation:The Act allows cross border mergersSeparate provision for merger between two small companies or holding and wholly owned subsidiaryAny valuation of shares / assets etc. required to be performed by a Registered ValuerNational Company Law Tribunal (NCLT) :NCLT replaces the High Court, CLB. The same shall consists of Judicial and Technical members, as Central Government may deem necessary, to exercise and discharge the powers and functions conferred including approval of merger,corporate reorganization, capital reduction, extension of financial year etcEvery proceeding presented before the Tribunal shall be dealt with and disposed of within 3 months from the date of commencement of proceeding before the tribunal.

Are Indians extremely grateful to the Muslim people of the Middle East for allowing Indians to migrate to their countries and earn a living?

Being grateful to a religious group of a particular region for allowing Indians to grant a living? I don't understand. Do you mean to say that, that a particular religious group is doing a favour to Indian migrant workers?I'm grateful to anyone who is doing me a favour, including promoting my Quora answers. I always send thanks to them. I believe that's how a majority of people roll, not only Indians.Most people I know, and I'm speaking for them here, are grateful to their fate, fortune, destiny, gods, skill-set, parents, neighbours, etc, for having a job.Most people I know, and I'm speaking for them here, are not grateful to their fate, fortune, destiny, gods, skill-set, parents, neighbours, etc when they are oppressed in their jobs or face significant problems in their jobs.Indian migrant workers to the GCC (Gulf Cooperation Council (GCC), political and economic alliance of six Middle Eastern countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman) are people who face significant oppression, problems and discrimination while working in these countries and continue to face them, because our government turns a blind eye to them, in spite of them bringing in huge remittances , because they are poor. Because as a franchise, they do not matter much to the Indian voting system.When asking this question the OP is indeed right that about the remittance part, as despite having a large skilled chunk of skilled workers, India receives half of its remittances from its semi-skilled and unskilled migrant workers part [1]. Here's a graph:​​And now, here's some reports and statistics for you that portray systemic violations of migrant workers human rights in the UAE and other members of the GCC. Please note that the absence of hard evidence on the plight of migrant Indian workers is tied to the fact that they are poor, as well as to extensive and stringent attempts by governments in GCC countries to thwart outside research on these issues (Speaks about something but we won't speak about them here right now).Human Rights ViolationsLet's pick up UAE. It stands out in the above chart, isn't it?Out of the six GCC countries, the UAE has among the highest percentage of foreign workers, with Indians forming the highest chunk in that group:​​Source: United Nations Population DivisionNearly 80 percent of the UAE's population are foreigners, and foreigners account for 90 percent of the workforce in the private sector, including domestic workers. As of May 2006, according to the Ministry of Labor, there were 2,738,000 migrant workers in the country. The UAE's economic growth has attracted large domestic and foreign investments and the current construction boom is one of the largest in the world. Exploitation of migrant construction workers by employers, especially low-skilled workers in small firms, is particularly severe. Immigration sponsorship laws that grant employers extraordinary power over the lives of migrant workers are in part responsible for the continuing problem.Source:http://www.refworld.org/cgi-bin/texis/vtx/rwmain?docid=45aca2a82fAccording to Human Rights Watch and other international rights advocates, the Kafala system exposes migrant workers to abuse in many forms, including exploitative working conditions, poor living accommodations, restrictions on freedom to organize or bargain collectively, and nonpayment of salaries (despite a mandatory electronic payment system in place since 2009).Sexual abuse and violence are also reported regularly, and the Philippine government has, on occasion, enforced temporary bans to prevent female workers from being deployed in certain countries, including the UAE, Jordan, and Iraq.For its part, the UAE government recognizes gaps in implementation of labor laws and other mandates but contends that organizations like Human Rights Watch often turn a blind eye to past efforts and current policy developments to better protect migrant workers from abusive labor practices.Source: Labor Migration in the United Arab Emirates: Challenges and ResponsesIt is illegal in UAE, like elsewhere in the world, to retain worker's identity documents.But the Kafala system in UAE, allows (See O.P., I used the word you used) employers confiscate passports and report “absconding” workers to authorities to avoid punishment themselves [2].According to a Human Rights Watch report [3] several major construction firms are known to have an unwritten policy of not hiring workers who refuse to give up their passports, and in some documented cases even make money by charging fees to return passports.Let's turn the gaze to football. umm.....to Qatar.More than 500 Indian migrant workers have died in Qatar since January 2012, revealing for the first time the shocking scale of death toll among those building the infrastructure for the 2022 World Cup.The figures from the Indian embassy show that 233 Indian migrants died in 2010 and 239 in 2011, taking the total over four years to 974. Since the World Cup was awarded to Qatar in December 2010, there have been 717 recorded Indian deaths.the lists of dead Nepalese workers showed that more than two-thirds died of sudden heart failure or workplace accidents.Source: More than 500 Indian workers have died in Qatar since 2012, figures showDeath. Let's look into them even more.The most frequent cause of death among immigrant housemaids in GCC Member States is “falling down from high floors” according to an attorney investigating worker grievances. Some of these women may have been driven to suicide by their horrid circumstances, but many probably were murdered. There is no respect for their lives.And what is the legal system there? Awesome, I must say. The legal system goes in the direction of opposite 180 degrees from human rights as the latter is known in most countries of the world.In 2008, in the United Arab Emirates, a woman who was gang-raped by a group of men was imprisoned for eight months for adultery after reporting the crime to the police.Source: The Exploitation of Immigrant Workers in the Middle EastThere are many stories of human rights violations like these. If you need more, let me know.Please let me know anyone who was thankful to the Muslim people of the Middle-East for this.Labour ComplaintsIn the GCC, construction workers risk severe exhaustion from lifting or carrying heavy materials in the heat for many hours. Over 30 percent of workers spend 50hours or more per week on the job. They work seven days per week, often continuously for weeks or months without days off [4] Please note that in the GCC, much alike rest of the world, labor laws call for a maximum of eight working hours per day, up to 48 hours per week, but of course they are shown the middle finger.The survey showed that salary, position, age, country of origin and country of work all make little difference to this statistic. Work hours in the GCC are long for everyone.According to other survey results, the average salary of a ‘white-collar’ construction worker in the Gulf was more than $6,000 per month but Indian professionals - who made up 31 percent of the respondents - earned nearly $2,000 lessSource: 38% construction execs work more than 50 hoursOverall, this is what migrant workers go through as a recent investigation reveals:Companies are withholding the passports of migrant workers, trapping them in the UAE.■ Thousands of workers are living in substandard or squalid conditions elsewhere in the UAE in apparent breach of the TDIC's pledge to house them all in its model Saadiyat accommodation village.■ Dozens of workers were deported this year for striking over pay and conditions.■ Workers decorating the university live in squalid conditions, with 10 men to a room, no free healthcare and some trapped because they have to pay back huge recruitment fees.■ Mobile-phone video footage of a riot at the SAV in August shows dozens of men roaming the camp armed with metal spears and planks spiked with nails. Men are seen jumping out of windows to avoid the conflict.■ A worker who claims he lost his leg while building luxury villas has been forced to live on the top floor of a migrant camp for a year. He only received a prosthetic leg last month and has been reliant on the Red Crescent for medical support. His claim for compensation and request for ground-floor accommodation have been rejected.■ Louvre workers are having to work for nine months to a year just to pay back their recruitment fees. One worker who went on strike over poor wages was kept in his camp unpaid for three months and then sent back to Pakistan with 19 others.Source: Conditions for Abu Dhabi's migrant workers 'shame the west'Look into more working conditions here: Dark side of the Dubai dream​​Human Trafficking and Sexual ExploitationAccording to the US State Department, human trafficking to the UAE is an endemic problem. Large numbers of young boys are annually trafficked to the UAE to be trained as camel jockeys, and in 2005 the UAE government estimated the number of children working as camel jockeys to be between 1,200 and 2,700; international organizations have put the numbers at 5,000-6,000. Responding to international criticism, UAE President Sheikh Khalifa bin Zayed al-Nahyan decreed in July 2005 that all camel jockeys must be age 18 or older.Source: http://www.refworld.org/cgi-bin/texis/vtx/rwmain?docid=45aca2a82fHah. Good to seee the khalifa minister man got some common sense.Why do they need young boys as camel jockies?The owners preferred young children as jockeys because they believed their screams made the camels run faster.According to children's rights campaigners, many of the boys fell while racing at high speeds and suffered serious injuries and even permanent disabilities. Some were trampled to death by other camels after falling off their mounts.Source: Former camel jockeys compensated by UAE Camel jockeys are subject not only to mental and physical disorders shared with other migrant workers, but also to abuses unique to the sport. To keep the children’s weight low, trainers deprive them of food and give them salty water to drink, which increases diarrhea. They are forced to run in the desert heat carrying weights to lose any weight they might gain.One rider told investigative reporters that he had personally seen 20 children killed and numerous others severely injured during races: There was this one kid whose strap broke at the beginning of the race…his head was crushed between the legs of the running camel…once the race has started it cannot stop.Source: Human rights and health disparities for migrant workers in the UAEMore stories on Human Trafficking and Sexual Exploitation here:1) UNITED ARAB EMIRATES: Selling immigrants into sex slavery 2) Why Dubai's Islamic austerity is a sham – sex is for sale in every bar3) IV. Tier PlacementsI didn't even touch on lack of freedom of expression, lack of legal protection and so on, on the migrant workers from India to the GCC. I didn't even touch on so many issues these migrant workers face, and they don't even have a voice.The question is: Why do Indian migrant workers still go to these countries to work?The answer is easy, silly.Poverty.Just because you don't get it, just because you don't feel it, doesn't mean it doesn't exist for others or that it doesn't make them take so much risks in life, just to survive.Be thankful you are in a privileged position to ask this question on Quora as an exercise of academic curiosity (I'll assume this one). I'm thankful to my privileged position, just in case you're wondering.And religion does zilch to help others.Capitalism just provides jobs.And these middle-eastern employers should be grateful that they get employees to work for them while they suck on to their blood.Sources:[1] https://www.lafollette.wisc.edu/images/publications/workshops/2014-migration.pdf[2] A. Gardner, City of strangers: Gulf migration and the Indian community in Bahrain (Ithaca, NY: Cornell University Press, 2010); N. Pearce,Migrant workers’ rights: The passport issue (London, UK: Kalayaan, 2003)[3] Building Towers, Cheating Workers[4] 38% construction execs work more than 50 hours[ 5] Page on uncg.edu[6 ] http://www.refworld.org/cgi-bin/texis/vtx/rwmain?docid=45aca2a82f[7 ] Dark side of the Dubai dream[8 ] http://www.hhrjournal.org/2013/08/20/human-rights-and-health-disparities-for-migrant-workers-in-the-uae/

Since owning guns and voting are both rights, what is wrong with using the same ID, background check, and age restrictions that are placed on voting to be applied to guns?

Hey there OP,There really are no ID, background checks you might think there are on voting. You get registered and that’s that. How you get registered is a local matter and varies considerably per State, but the FBI is not involved.The process to buy a pistol or rifle through an FFL dealer is considerably more involved since there is photo ID, background check, possible waiting periods, limits on purchases, etc. The 2nd Amendment recognizes your right to buy and own a gun, but State laws says how that happens.As for Voting:The Constitution[1] says:The 15th Amendment to the Constitution gave African-American men the right to vote. However, many of them weren't able to exercise this right for nearly 100 years. Poll taxes, literacy tests, and other means used by some states made it difficult for them to vote. The Voting Rights Act of 1965 eliminated these barriers that prevented many African Americans in the South from voting.The 19th Amendment to the Constitution, ratified in 1920, gave American women the right to vote.The 24th Amendment to the Constitution, ratified in 1964, eliminated poll taxes, which had disproportionately affected African Americans as a barrier to voting in federal elections.The 26th Amendment to the Constitution, ratified in 1971, lowered the voting age for all elections to 18.Then there are the Federal laws to help protect Americans' right to vote and make it easier for citizens to exercise that right:The Civil Rights Acts provide some of the early federal statutory protections against discrimination in voting (42 U.S.C. 1971 & 1974). These protections originated in the Civil Rights Act of 1870, and were later amended by the Civil Rights Acts of 1957, 1960 and 1964.Voting Rights Act of 1965 - This law prohibits voting practices and procedures that discriminate based on race, color, or membership in a language minority group. It also requires certain jurisdictions to provide election materials in languages other than English.Voting Accessibility for the Elderly and Handicapped Act of 1984 - This law generally requires polling places to be accessible to people with disabilities.Uniformed and Overseas Citizens Absentee Voting Act (UOCAVA) of 1986 - This law allows members of the U.S. Armed Forces and overseas voters to both register to vote and vote by mail.National Voter Registration Act (NVRA) of 1993 - This law increases opportunities to register to vote and creates procedures for maintaining voter registration lists, making it easier for people to stay registered.Help America Vote Act (HAVA) of 2002 - This law authorizes federal funds for election administration and creates the U.S. Election Assistance Commission. It also requires states to adopt minimum standards on voting systems, provisional ballots, voter information posters on election days, and for first time voters who register to vote by mail and statewide voter registration databases. The EAC helps states to comply with these requirements.Military and Overseas Voting Empowerment (MOVE) Act of 2009 - This law amends the Uniformed and Overseas Citizens Absentee Voting Act to improve access to voting by military and overseas voters. It requires states to provide electronic access to various parts of the election process, mail absentee ballots to certain voters at least 45 days before an election, and develop a free access system to inform military and overseas voters about whether their voted ballots were received and counted.As far as the State requirements about 2/3rds “request,” or require that you provide some form of identification[2] before you’re allowed to vote at the polls. States such as California and Oregon require no identification[3] to register to vote, other States are more strict.Find Out if You Need to Bring an ID to VoteYour state’s laws determine whether you will need to show an ID and if so, what kind.Photo ID versus Non-Photo IDAbout half of the states with voter ID laws accept only photo IDs, such as driver’s licenses, state-issued ID cards, military ID cards, and passports. Many of these states now offer a free voter photo ID card if you don’t have another form of valid photo ID.Other states accept certain types of non-photo IDs, such as birth certificates, Social Security cards, bank statements, and utility bills. Each state is specific about the documents it will accept as proof of identification. Be sure you know your state’s voter ID requirements prior to Election Day.Procedures for Voting Without IDEven if you don’t have a form of ID that your state asks for, you may be allowed to vote. But some states require you to take additional measures after you vote to make sure that your vote counts.Some states may ask you to sign a form affirming your identity. Other states will let you cast a provisional ballot, which is used when there is a question regarding a voter's eligibility. In some states, election officials will investigate the voter’s eligibility and decide whether to count the vote.Other states require that you return to an election office within a few days and show an acceptable form of ID. If you don’t, your vote won’t be counted.Name or Address MismatchEven if you have a form of ID that your state accepts, you may be required to cast a provisional ballot if the name or address on your ID doesn’t match the name or address on your voter registration. This may happen, for example, if:You get married, change your last name, update your voter registration but present a driver’s license with your unmarried name.You move, present a current utility bill as proof of ID but forget to update your address on your voter registration beforehand.Additionally, some states require you to notify your local registration office of any change in your name to remain a qualified registered voter.You can avoid problems by always updating your voter registration whenever you move and if you change your name.First Time VotersFirst time voters who didn’t register in person and haven’t previously provided proof of ID are required by federal law to show some form of identification.Just goes to show that if government tries to do something, it comes out amazingly complex and to accomplish such simple sounding things.Oh well…Ciao.Footnotes[1] The Constitution: Amendments 11-27[2] Voter Identification Requirements | Voter ID Laws[3] Voter Identification Requirements | Voter ID Laws

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