My suggestions for small & medium size cos(paid up capital upto 50 crores)includes:
i)Total maximum penalty upto 10% of networth / f.y.
ii) Reduction of penalty u/s 117 from 5 lakh to 10000.
iii) No prosecution for officer in default of these cos
iv) Dispense of filling of board resolution to ROC as it is not required in any country.
v) Issue size upto 5 crores / f.y. exempted from requirement of valuation, special resolution, separate bank a/c & changing requirement of minimum appication from each applicant from face value of Rs 20,000 to application amount(fv 20,000 means no of shares 2000, which means minimum application of 20 lakhs from each applicant, if value of share 1000).
vi) Allowance of loan from members from 100% of paid up capital & free reserve excluding share premium(as per draft notification) to 100/200% of networth
vii) Exemption of sec 185 for pvt ltd co without any condition (as proposed in draft notification)as it was in earlier Act.
Plz forward to other groups so that we can have more suggestions.
CA Nitesh More
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