Question 1

What are statutory registers, and why are they important?

Accepted Answer

Statutory registers are official records that a company must maintain as required by the Companies Act, 2013. These include registers of members, directors, charges, and more. They are crucial for legal compliance and serve as an accurate record of the company’s corporate actions.

Question 2

What is the purpose of maintaining a minutes book?

Accepted Answer

A minutes book records the proceedings and resolutions passed during board and shareholder meetings. It provides a legal record of decisions made by the company’s management and is essential for transparency, accountability, and compliance with corporate governance standards.

Question 3

When should a company conduct a search report and due diligence?

Accepted Answer

Search reports and due diligence should be conducted during significant corporate transactions such as mergers, acquisitions, investments, or any restructuring activities. They help identify potential legal risks, ensure the accuracy of corporate records, and protect the company’s interests.

Question 4

What is the process for changing directors in a company?

Accepted Answer

Changes in the board of directors must be approved by the board through a resolution, recorded in the minutes, and then filed with the Registrar of Companies (RoC) using the appropriate forms. The statutory registers must also be updated to reflect the changes.

Question 5

How often should statutory registers be updated?

Accepted Answer

Statutory registers should be updated regularly and immediately after any relevant corporate action, such as share transfers, director changes, or the creation of charges. Keeping these records up-to-date ensures ongoing compliance with legal requirements.

Question 6

What are the penalties for not maintaining statutory registers and minutes?

Accepted Answer

Failure to maintain statutory registers and minutes can lead to legal penalties, including fines for the company and its directors, disqualification of directors, and other regulatory actions. Non-compliance can also damage the company’s reputation and hinder its ability to conduct business.

Question 7

How does due diligence protect a company during mergers or acquisitions?

Accepted Answer

Due diligence involves a thorough review of a company’s legal, financial, and operational records to identify potential risks. It helps ensure that all liabilities, contracts, and legal obligations are disclosed before the transaction, protecting the interests of both parties involved.

Question 8

What documents are required for changing a director in a company?

Accepted Answer

Key documents include a board resolution approving the change, the director’s resignation letter (if applicable), the consent letter of the new director, and the relevant forms (such as DIR-12) that must be filed with the RoC. The statutory registers should also be updated.

Question 9

Can Legal Corner help with ongoing compliance and updates to statutory registers?

Accepted Answer

Yes, Legal Corner provides ongoing compliance services, including regular updates to statutory registers, minutes books, and other corporate records. We ensure that your company remains compliant with all regulatory requirements, avoiding potential legal issues.

Question 10

Why is it important to work with a professional service like Legal Corner for these tasks?

Accepted Answer

Legal Corner offers expert guidance in managing complex corporate compliance tasks, ensuring that your company’s records are accurate, up-to-date, and legally compliant. Our services reduce the risk of non-compliance, protect against legal penalties, and streamline your corporate governance processes.

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