TRAINING REPORT ON

CORPORATE EXISTENCE
Submitted to

GAUHATI UNIVERSITY, GUWAHATI

Submitted by Name: ANAND CHOUDHARY

INTERNATIONAL INSTITUTION OF MANAGEMENT

F 1/5, OKHLA PHASE-1, NEW DELHI 110020

STUDENTS DECLARATION

I hereby declare that the Training Report conducted at SMART BRAIN, NEW DELHI

Under the guidance of (Mrs. Vinita Sharma)

Submitted in Partial fulfillment of the requirements for the Degree of

MASTER OF BUSINESS ADMINISTRATION (Industry Integrated)

TO

GAUAHATI UNIVERSITY, GUWAHATI

Is my original work and the same has not been submitted for the award of any other Degree/diploma/fellowship or other similar titles or prizes.

Place: Delhi Date: 11th June 2011

Anand Choudhary

CERTIFICATE This is to certify that Anand Choudhary, a student of the Gauhati University, Guwahati as prepared his Training Report entitled CORPORATE EXISTENCE at SMART BRAIN., under my guidance. He has fulfilled all requirements leading to award of the degree of MBA (industry integrated). This report is the record of bonafide training undertaken by him and no part of it has been submitted to any other University or Educational institution for award of any other degree or similar titles or prizes.

I wish him all success in life.

Mrs. Vinita Sharma

TABLE OF CONTENTS S. No. 1. 2. Contents Introduction Of Ministry Of Corporate Affairs Industry Profile a. Origin and development of the industry b. Growth of the industry c. present status of the industry 3. Profile Of The Organization a. About Smart Brain b. Present Status Of The Organization c. Functional Departments of The Organization. d. Registration of New Company e. Digital Signature f. Change Company Information g. Close Company h. Statuary i. Partnership Firm FAQS j. Drug License
14 15 16 17-19 20 21-23 24-25 26 27-32 33 7-10 10-12 12-13

Page No.
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4.

Discussion on Training a. My Work Profile In The Organization b. Key Learning

5.

Analysis a. Analysis Of Data b. Summary of Findings

36 36

6. 7. 8.

Conclusions And Recommendations Questionnaires Bibliography

37 38-43 44

INTRODUCTION OF MINISTRY OF CORPORATE AFFAIRS

The Ministry is primarily concerned with administration of the Companies Act, 1956, other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law. The Ministry is also responsible for administering the Competition Act, 2002 which will eventually replace the Monopolies and Restrictive Trade Practices Act, 1969 under which the Monopolies and Restrictive Trade Practices Commission (MRTPC) is functioning. Besides, it exercises supervision over the three professional bodies, namely, Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of Cost and Works Accountants of India (ICWAI) which are constituted under three separate Acts of the Parliament for proper and orderly growth of the professions concerned. The Ministry also has the responsibility of carrying out the functions of the Central Government relating to administration of Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951 and Societies Registration Act, 1980

INDUSTRY PROFILE A. Origin And Development Of The Industry: In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a Green Initiative in the Corporate Governance by allowing paperless compliances by the companies under the provisions of the Companies Act, 1956. Giving details of the initiatives to the media persons here today Shri Avinash Kumar Shrivastav, Joint Secretary in the Ministry of Corporate Affairs expressed the hope that these initiatives will save the time as well as the environment for a better future. Some of the important initiatives are as under: (i) Allowing service of Documents including Balance Sheets and Auditors report etc through email addresses: In order to reduce cost of posting and speedy delivery of documents, service of documents through electronic mode has been permitted under section 53 of the Companies Act, 1956 in place of service of document under certificate of posting. Similarly, to reduce the consumption of papers and speedy secure delivery, service of copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 has been allowed to be served through electronic mode by capturing their e-mail addresses available with the depositories or by obtaining directly from the shareholders. (ii) Participation by Directors and shareholders in meetings through video conferencing: to provide larger participation and for curbing the cost borne by the Company, Directors, and shareholders to attend various meetings under the provisions of the Companies Act, 1956, participation through video conferencing has been permitted subject to certain compliances. (iii) Voting in General Meeting of Companies through electronic mode: In order to have secured electronic platform for capturing accurate electronic processes, Central Depository Services (India) Ltd (CDSL) and National Securities Depositories Limited (NSDL) are being given approval by the Ministry of Corporate Affairs to provide their electronic platform for capturing accurate electronic voting in General meetings of the company.
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(iv) Issue of Digital Certificates by Registrar of Companies: The Registrar of Companies has to issue a number of certificates to the companies and other stakeholders as required under the provisions of the Companies Act, 1956. In order to cut timelines and an another step towards Green Initiative it has been decided that all certificates and standard letters issued by the Registrar of Companies will now be issued electronically under the Digital Signatures of the Registrar of Companies. B. Improvements in process in MCA21 to help stakeholders / corporates 1. Introduction of Refund Process: Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. Now the Ministry has introduced process of refund of statutory fees paid for certain services. The refund of MCA21 fees is available in the following cases: a) Multiple Payments; b) Incorrect Payments & c) Excess Payment Refund process is not applicable for certain services/ eForms like Public Inspection of documents, Request for Certified Copies, Payment for transfer deeds, Stamp duty fee (D series SRN), IEPF Payment, STP Forms, DIN eForm, etc. The refund form is to be filed within the stipulated time period. Also, there shall be deduction in the amount to be refunded based on time period within which refund eForm is filed. The following is the time slab for filing refund form and the corresponding deduction in refund amount: Time within which refund application is made 0-90 days 91-180 days 181- 270 days 271-365 days >365 day Default deduction 2.5% 5% 7.5% 10% 25% value for

Filing of refund form shall not be allowed after expiry of 1095 days of filing of the original request. For all earlier cases, (i.e. cases filed before introduction of refund process), the time limit shall be considered from the date on which the refund process is introduced i.e. from 01/05/2011. 2. Removal of Prioritizing by MCA officers

Earlier while processing a eforms by the MCA , there was a facility available to officers to mark a work item as urgent to bypass the First in First Out (FIFO) processing. However, in order to bring in more transparency, this functionality has been stopped. The work items will be processed in the order of their filings only.

3. Automatic approval for Form 2, Form 3 regarding return of allotment of shares, Form 18 for change of registered office and for 32 for change in directors details to be processed under STP mode (Straight through processing) (a) Form 2 and Form 3 have been made as STP (Straight Through Process) form and are not required to be processed by RoC. (b) Form 18 filed for existing company for change in registered office where there is no change in State or RoC has been made as STP form and is not required to be processed by RoC user. (c) Similarly Form 32 filed by an existing company for change in directors has also been made as a STP form. Now the form is process and taken on record without intervention of ROC it will save time for approving the form and immediately available for public inspection. 4. Mandating stamping for the state of Jammu and Kashmir With effect from 1st May, 2011, facility has been introduced to pay stamp duty fee of eForm 1, AOA, MOA and Form 44 for the state of Jammu and Kashmir mandatorily in electronic manner through MCA21 system. Now 30 States and UTs are covered by stamps leaving only 2 States and 2 UTs (Nagaland, Goa, UTs Daman & Diu and Dadar & Nagar Heveli. 5. Delegation of power to issue section 25 license to a company from RD to RoC Presently, any

company seeking approval for issue of license u/s 25, makes an application to regional director in eForm 24A. The application is processed and approval/ rejection order is passed by the concerned regional director. Now the power to issue license under section 25 companies has been delegated to Registrar of Companies by amendment in the relevant notification. In view of this, all applications for issue of license u/s 25 in e Form 24A shall be henceforth processed by the
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concerned office of Registrar of Companies. It will reduce the time taken in incorporation of section 25 companies (Companies not for profit).

B. Growth And Present Status Of The Industry: MCA21 project is designed to fully automate all processes related to the proactive enforcement and compliance of the legal requirements under the Companies Act, 1956. This will help the business community to meet their statutory obligations. The major components involved in this comprehensive e-Governance project are Front Office and Back Office. From the customer perspective, the Front Office operations assume significance, which would be administered through the Front Office portal. The entire Back Office operations of the MCA would be automated so as to achieve the objective of a user-friendly computerized environment. MCA portal is the single point of contact for all MCA related services, which can be easily accessed over the Internet by all users. The project also envisages a cost-effective integrated software solution for computerizing various in-house functions like Human Resources Management, Payroll, Accounting and Finance for internal users (employees) of MCA. Adopting international best practices, MCA21 application adds immense value to the stakeholders. The following points highlight the projects invaluable importance: Enable the business community to register a company and file statutory documents quickly and easily. Public will get easy access to relevant records and get their grievances redressed effectively. Professionals will be able to offer efficient services to their client companies. Financial institutions will find registration and verification of charges easy. MCA will ensure proactive and effective compliance with relevant laws and corporate governance. Employees will be enabled to deliver best of breed services.

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The re-engineered electronic forms, also called eForms, are capable of helping the citizens in the process of filling the information electronically. Lifecycle of e-Forms, the key interface to most MCA transactions, is automated from submission to the delivery of services requested therein. It covers dissemination of e-Forms in a reliable manner, efficient filling of information by eliminating re-entering data submitted in the past, electronic payment for and delivery of services as requested in the e-Forms. The business community can also track the status of their e-filing online. The capability to automate the e-Form processing has also been extended to the Back Offices to meet the service levels committed to the business community. The e-Forms and attached documents, all in electronic format, are automatically assigned to the MCA staff and the progress tracked until the service is delivered to the citizens. Besides e-Form service delivery to the business community, the MCA system includes tools for the analysis of corporate data for proactive surveillance and prosecution resulting in efficient investor protection.
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Present Status Of The Company 8,21,212 companies limited by shares were at work in the country as on 31.12.2009. These comprised 8,19,580 Non-Government companies and 1,632 Government companies. Out of 8,21,212 companies limited by shares at work, 83,010 companies were public limited and 7,38,202 were private limited companies. State wise distribution of companies limited by shares at work as on 31st December. a) New Registration 46,093 companies limited by shares with authorized capital of Rs. 23,474.19 crore were registered under the Companies Act, 1956 during the period from 1st April, 2009 to 31st December, 2009. Out of these, 50 were Government companies with authorized capital of Rs. 4690.75 crore and 46,043 were Non-Government companies with authorized capital of Rs. 18783.44 crore. The Government companies limited by shares which were registered during the period from 1st April, 2009 to 31st December,2009 comprised 38 public limited companies and 12 private limited companies with authorized capital of Rs.4608.70 crore and Rs. 82.05 crore respectively. The Non-Government companies limited by shares which were registered during the period from 1st April, 2009 to 31st December, 2009 comprised 1,347 public limited companies and 44,696 private limited companies with authorized capital of Rs. 9392.17 crore and Rs. 9391.27 crore respectively.

b) Liquidation During the period from 1st April, 2009 to 31st December, 2009, a total of 6,486 Non-Government companies limited by shares were reported to have gone into liquidation or to have been struck off under Section 560 (5) of the Companies Act, 1956

c) Foreign Companies

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2,903 foreign companies, as defined under Section 591 of the Companies Act, 1956 were in the country as on 31.03.2009. During the period from 1st April, 2009 to 31st December, 2009 another 208 foreign companies established their place of business in India and 6 foreign companies have ceased to have their principal place of business in India. Thus there were 3,105 foreign companies in India as on 31.12. 2009.

PROFILE OF THE ORGANIZATION About Smart Brain Smart Brain is leading company of accounting, taxation, investment advisors and tax consultants in India providing a wide range of accounting and financial services to clients in India, relating to company formation in India, private limited company formation, public limited company formation etc. Smart Brain is a team of distinguished chartered accountant, corporate financial advisors and tax consultants in India. The organization is a congregation of experienced professionals who are committed to add value and optimize the benefits accruing to clients. To continually strive to achieve excellence Company motto of Delivering value through service aims at delivering high quality solutions to our clients. To provide a single window solution with quality and timely services to our client. To direct all our organizational efforts at building upon the
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existing organizational strengths and brand recognition to achieve enhanced levels aimed at achieving excellence.

Present Status of the Organization: Smart Brain is a professionally managed organization, which offers an excellent environment to work, which is highly conducive to growth and development. Understand the behavior of their current customers, lost customers, potential customers, and employees (internal customers) by uncovering and tracking the factors that affect satisfaction and loyalty, Develop brand strategies that effectively support their identity and positioning, capitalizing on our years of client Client Portfolio of Smart Brain

Sonata Battery Ltd. Kabhi Alvida na kehna Saluga Construction Ltd. Emco Tradic Co. Investor Clinic Pace Setters Call Centre P. Ltd.

IIM, Delhi
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Marie Stopes International Shriram Institute of Management Aashiyana Group

Dart Courier Ltd. Delhi Book Stores Sahara Builders

Biswaroop Roy Choudhury Gul Mohar Real Estate Mefro Pharmaceuticals P. Ltd.

Nova Watches

Gangotri minerals Pvt Ltd

Hamarishaadi.com And many more

FUNCTIONAL DEPARTMENT OF THE ORGANIZATION

1. ROC (Registrar Of Company) 2. TRADE MARK DEPARTMENT 3. AUDIT DEPARTMENT 4. SALES AND SERVICE TAX DEPARTMENT 5. ACCOUNTING DEPARTMENT

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REGISTER A NEW COMPANY Steps to Register a new Company To register a company, you need to first apply for a Director Identification Number (DIN) which can be done by filing eForm for acquiring the DIN. You would then need to acquire your Digital Certificate and register the same on the portal. Thereafter, you need to get the company name approved by the Ministry. Once the company name is approved , you can register the company by filing the incorporation form depending on the type of company

Step 1 : Application For DIN

The concept of a Director Identification Number (DIN) has been introduced for the first time with the insertion of Sections 266A to 266G of Companies (Amendment) Act, 2006. As such, all the existing and intending Directors have to obtain DIN within the prescribed time-frame as notified. You need to file eForm DIN-1 in order to obtain DIN. To get more information about the same click Director Identification Number

Step 2 : Acquire/ Register DSC

The Information Technology Act, 2000 provides for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically. This is the only secure and authentic way that a document can be submitted
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electronically. As such, all filings done by the companies under MCA21 e-Governance programme are required to be filed with the use of Digital Signatures by the person authorised to sign the documents.

Acquire DSC -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 under Section 24 of the Indian IT-Act 2000. Register DSC -Role check for Indian companies is to be implemented in the MCA application. Role check can be performed only after the signatories have registered their Digital signature certificates (DSC) with MCA. To know about it click Register a DSC

Step 3 : New User Registration

To file an eForm or to avail any paid service on MCA portal, you are first required to register yourself as a user in the relevant user category, such as registered and business user. To register now click New User Registration Step 4 : Incorporate a Company

Apply for the name of the company to be registered by filing Form1A for the same. After that depending upon the proposed company type file required incorporation forms listed below.

Form 1 : Application or declaration for incorporation of a company

Form 18 : Notice of situation or change of situation of registered office

Form 32 : Particulars of appointment of managing director, directors, manager and secretary and the changes among them or consent of candidate to act as a managing director or director or manager or secretary of a company and/ or undertaking to take and pay for qualification shares
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Once the form has been approved by the concerned official of the Ministry, you will receive an email regarding the same and the status of the form will get changed to Approved. To know more about eFiling process click "All About eFiling"

If you want to register a Part IX Company? In order to register Part IX Company, applicant is required to file Form 1A for name availability. After approval of the same, applicant is required to file Form 37 and Form 39 along with filing e form 1, 18 and 32.

If you want to register a Section 25 Company? To register a section 25 company, applicant is required to file Form 1A for name availability. Once the name is approved/made available, there is a further requirement of obtaining a license for a Section 25 Company, for which Form 24 A is to be filed in order to obtain a license for such company. After obtaining license number, applicant can precede further to incorporate a company by filing e forms 1, 18 and 32. Do you want to start a Foreign Company? Any foreign company can establish its place of business in India by filling Form 44 (Documents delivered for registration by a foreign company). The eForm has to be digitally signed by authorized representative of the foreign company. There is no need to apply and obtain DIN for Directors of a foreign company but the DSC of the authorized representative is mandatory, which again is not required to be registered on MCA Application.

DIGITAL SIGNATURE Digital Signature Digital Signature is a legally recognized method of signing documents electronically. A digital signature is a type of asymmetric cryptography used to simulate the security properties of a handwritten signature on paper. Digital signature schemes normally give
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two algorithms, one for signing which involves the user's secret or private key, and one for verifying signatures which involves the user's public key. The output of the signature process is called the "Digital Signature".

Registration of Digital Signature / Role Check The Digital Signature of a person has to be registered against the DIN with the MCA. Registration of DIN with MCA is a prerequisite for accepting the forms signed with the Digital Signature. Role Check is being done to map the DSC with the respective DIN.

CHANGE COMPANY INFORMATION If you want to intimate changes among managing director, directors, manager and secretary of a company? A company can intimate changes among managing director, directors, manager and secretary of a company by filing Form 32 with ROC within 30 days from date of such change takes place. If you want to change Company Name? In order to change company name, Form 1A is required to file for name approval. After the name gets approved, applicant is required to file form 23 (necessary resolution for alteration of MOA and AOA) and form 1B to give effect to change in name. If you want to change Object Clause of MOA?
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In case company wants to change its object clause, it can do so by filling passing necessary resolution and the same needs to be filed in Form 23. If you want to change registered office of the company? In case company wants to change its registered office within local limits of the same city or place, intimation regarding the same has to be filed in Form 18. Similarly, if company wishes to shift or change its registered office outside local limits of city, town or village, Form 23 and Form 18 are required to be filed to ROC to give effect to such change. In case, company wants to shift the registered office from one state to another state, it needs to file following forms to give effect to such change. These forms are: 1. Form 23 2. File petition with CLB and intimate ROC in Form 61 3. Form 21 (Notice of the court or the company law board order) 4. Form 18 ( Notice of situation or change of situation of registered office) If there is a change of registered office of the company within the state from the jurisdiction of one Registrar to the jurisdiction of another Registrar, Form 23, Form 1AD and Form 18 is required to file in this case. If you want to increase authorized capital of the company? A company can increase its authorized capital by filing Form 5. Similarly, subscribed capital and paid up capital of the company gets increased on filing and approval of Form 2 (Return of allotment of shares). If you want to convert a Public company into a Private company? A public company can convert itself in to a private company by filing Form 23 (Alteration of MOA and AOA) and approval of Form 1B (Application for approval of the Central Government for conversion of a public company into a private company) If you want to convert a Private company into a Public company?
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A Private company can convert itself in to a Public company by filing Form 23 for registration of such resolution passed by the company (Alteration of MOA and AOA) and filing of Form 62 (Prospectus as per Schedule II or Statement in lieu of prospectus as per Schedule IV) If you want to register a charge or make modification in registered charges (other than those related to debentures? In case you want to register a charge or make modification in registered charges (other than those related to debentures),you need to file Form 8 for registration or for modification of a registered charge.

If you want to register a charge or make modification in registered charges (related to debentures)? In case you want to register a charge or make modification in registered charges (related to debentures), you need to file Form 10 for registration or modification of a registered charge. If you want to report repayment or satisfaction of registered charges? In case you want to report repayment or satisfaction of registered charges, you need to file Form 17 (satisfaction of charge). This form is applicable for both the type of charges as per point 8 and 9 above. If you want to change information of a Foreign Company? A foreign company can change its information by filing Form 49 and Form 52. Form 49 is required when there is Alteration in the charter, statute or memorandum and articles of association, Alteration in Address of the registered or principal office Alteration in directors and secretary of a foreign company. Similarly, Form 52 is required to give notice in case of 1. Alteration in names and addresses of persons resident in India authorized to accept service on behalf of a foreign company 2. Alteration in the address of principal place of business in India of a foreign company
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3. Annual accounts and list of places of business established in India by a foreign company 4. Cessation to have a place of business in India.

CLOSE A COMPANY If you want to close a Company? A company can be closed by adopting the following ways:(A) Strike off a company under Section 560 : Section 560, of the Companies Act, 1956, deals with strike off provisions of a defunct company. Any defunct company desirous to strike off its name from the register of Registrar of company can apply in Form 61 for strike off its name from the register maintained by ROC. Similarly, ROC has also power to strike off any defunct company after satisfying himself of the need to strike off a defunct company and has reasonable cause. But before passing any order in this regard, an opportunity of being heard must be provided to the defunct company by following the due procedure u/s 560. (B) WINDING UP Section 425, of Companies Act, 1956, deals with modes of winding up. The winding up of a company may be either (a) By the Tribunal (also known as compulsory winding up) (b) Voluntary winding up (c) subject to the supervision of the Court

Overview of Winding up You can get a general picture from the following steps of winding up which are summarized below (except Voluntary winding up) Firstly, issuing a written demand for debt payments to the target company.
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 Secondly, present a winding up petition to the court and the company Thirdly, Court hearing for the petition Fourthly, granting of winding up order by the court Fifthly, meeting of creditors and other relevant parties Sixthly, appointment of liquidator. Seventhly, realization and distribution of companys assets to the creditors Eighthly, realize of duties for liquidator Lastly, dissolution of the company.

Voluntary Winding up Voluntary winding up which may be: i) Members Voluntary winding up. ii) Creditors Voluntary winding up. In case of voluntary winding up, the entire process is done without court supervision. When the winding up is complete, relevant documents are filed before the court for obtaining the order of dissolution. A Voluntary winding up can be done by members or creditors. The circumstances in which company may be wound up voluntarily are: a) When the period fixed for the duration of the company in its articles has expired b) When an event on the happening of which the company is to be dissolved as per its articles happen. c) The company resolves by special resolution at any general meeting to be voluntary winding up.

If you want to close a Company? In case company wants to convert the existing company to LLP, it has to comply with the requirements of LLP Act, 2008 (File Form 18 under LLP Act, 2008). After it gets approved, intimation regarding this can be given in Form 14 - LLP {Form for intimating to Registrar of Companies of conversion of the company into limited liability partnership (LLP)} with ROC.

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STATUARY COMPLIANCES If you want to do Annual efiling? S. Document e-Form No. 1. Balance-Sheet 2. Profit & Loss Account Form 23AC to be filed by all Companies Form 23ACA to be filed by all Companies Form 20B to be filed by Companies having share capital Form 21A to be filed by companies without share capital Form 66 to be filed by Companies having paid up capital of Rs.10 lakh to Rs. 5 crore

3. Annual Return 4. Annual Return 5. Compliance Certificate

How to do the Filing Companies can do e-Filing in following ways:The Company representative can upload the e-Forms on the MCA portal through the Annual Filing Corner link (after registering oneself as a user of the portal) at his convenience from his office/ home. This is the most convenient way of e-Filing. The Company representative can prepare the e-Forms as per guidelines, get them digitally signed by the authorized signatory, copy them in a CD or a pen drive and visit the nearest Registrars Front Office (RFO). RFO staff will assist in uploading of e Forms on MCA portal. Other points to be remembered: 1) Balance Sheet and Profit & Loss Accounts are to be filed as two separate documents with different e-Forms; 2) Each e-Form along with the relevant attachment(s) should be less than 2.5 MB. 3) The Balance Sheet, Profit & Loss Account and Annual Return are filed as attachments to the respective e-Forms. A scanned copy considerably increases the size of the document besides being more expensive. You are therefore, advised to convert the Text file/ Excel sheets by using the PDF converter software (PDF conversion facility is also available on the MCA portal for business users) and upload these attachments as PDF documents. PARTNERSHIP FIRM Partnership FAQ's
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What is a Partnership? Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will. What are the necessary elements that are required to form a partnership? Three elements are necessary to form a partnership: There must be an agreement between two or more persons. The agreement must be to share the profits of the business.

All partners together, or any one, on behalf of the others must carry on the business.

I am not a citizen of India. Can I be a partner in an Indian firm? The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm,
subject to necessary clearances and permissions from satisfactory authorities in this regard. What is the capital of a partnership firm? Capital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties. Is a deed of partnership necessary? It is not compulsory for a partnership deed to be in writing. Partnerships can also be oral. Who can be partners? Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract. Have a minor son. Can he be a partner in my partnership firm? No, a minor cannot become a partner. However, your minor son can be admitted to the benefits of the partnership firm. He can share the profits of the partnership business with the consent of the other partners. He can also access, inspect and copy the accounts of the firm. Though the minor is not personally liable for the losses of the firm, his share in the partnership business is liable for the losses incurred. Can a minor admitted to the benefits of partnership, become a partner on attaining majority?

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A minor admitted to the benefits of partnership, has the option to become a partner within six months of attaining majority. He has to give a public notice stating his acceptance or rejection of partnership. In the absence of a notice, it is considered that he has become a partner of the firm. I am a partner in a firm. What are my rights The following are the rights of a partner: 1. To take part in the business. 2. To share the profit or loss of the business. 3. To inspect and make copies of the books of the firm. 4. To receive remuneration for taking part in the business if specified in the partnership deed. 5. To receive interest on capital if specified in the partnership deed. What are my duties as a partner in a firm? Your duties as a partner are to:1. carry on the business.2. be just and faithful to each partner.3. disclose true accounts of the firm.4. furnish full information of all things affecting the firm. What are my limitations as a partner? As a partner you cannot do the following without the consent of the other partners: 1. Submit a dispute relating to the business to arbitration. 2. Open a bank account on behalf of the firm in your own name. 3. Compromise or relinquish any claim or portion of a claim of the firm. 4. Withdraw a suit or proceeding filed on behalf of the firm. 5. Enter into partnership with an outsider on behalf of the firm. 6. Acquire or transfer immovable property belonging to the firm. 7. Admit any liability in a suit or proceeding against the firm. What is Partnership at will? If a partnership deed does not provide for duration or for dissolving the partnership in any manner, it is a Partnership at will. What are the requirements for registration of a partnership firm? The following information is essential:
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1. Name of the partnership firm. 2. Place of business of the firm. 3. Names of any other places where the firm carries on business. 4. Date of joining of each partner. 5. Name and permanent address of the partners. 6. Duration of the firm. The statement must be signed by all partners or by their agents specially authorized in this behalf. I am a partner of a firm. I have been served a notice. What are its implications? A notice served on any one of the partners who manages the affairs of the firm is treated as a notice on the firm under the law. However, in case of fraud being committed on the firm by or with the consent of the managing partner it shall not be treated as a notice to the firm but as a notice to only that partner who has committed fraud on the firm. Can a partner transfer his right in the business of the firm to an outsider? Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners. Can a new partner be admitted into the partnership firm? A partner can nominate a successor to take his place in the event of death or retirement of the partner. The mode of introducing a new partner or successor is based on provisions in the partnership deed. A new partnership deed is required once the new partner is admitted into the firm. Can a partner nominate a successor? A partner can nominate a successor to take his place in the event of death or retirement of the partner. The mode of introducing a new partner or successor is based on provisions in the partnership deed. A new partnership deed is required once the new partner is admitted into the firm. Can a Hindu Undivided Family become a partner of a firm? A HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF.
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Can a Kartha of an HUF become a partner? The Kartha or the manager of a Hindu Undivided Family can become a partner of a firm in his individual capacity. The Kartha will be treated as the representative of the Hindu Undivided Family by the partnership firm. Can a firm become a partner in another firm? A partnership firm cannot become a partner of another firm because it is not a legal person. However the partners may be partners in another firm in their individual capacity Four members of a Hindu joint family have an ancestral business of money lending. They share its profits. Is this a partnership firm? Are they partners? They do not become partners. The have not come together to carry on the business on the basis of a contract. But their relationship is created by status and right is obtained by birth in the ancestral business under the Hindu Law. What are the ways by which partnership can be dissolved? A partnership firm can be dissolved in any of the following ways: 1. By agreement. 2. By compulsory dissolution. 3. On the happenings of certain events. What is dissolution of partnership by consent? A partnership firm can be dissolved at any time if all the partners decide to dissolve it. This is known as dissolution by consent. What is dissolution by agreement? Partnership can be dissolved according to the contract between the partners. The partnership deed should contain the provision of dissolution. The consent of all the partners is not necessary. When can a partnership firm be compulsorily dissolved? A firm is compulsorily dissolved: 1. When all the partners are declared insolvent. 2. When all the partners but one as insolvent. 3. When the business becomes illegal due to changes in laws. 4. The firm is compulsorily dissolved even when the business is lawful but carrying it under the partnership becomes unlawful. For eg. License to carry on liquor business may be granted to individuals but the same may be unlawful if an association of persons or partnership carries it. What is meant by dissolution on happening of certain events? A firm may be dissolved due to any of these following events: 1. If the firm has been constituted for a fixed period then on the expiry of that period. 2. If the firm has been constituted for one or
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more project, then on the completion of that project. 3. On the death of the partner. 4. On the declaration of a partner as insolvent. What is meant by dissolution by notice? In a partnership at will, any partner can dissolve the firm at any time by giving a notice to dissolve the firm. That notice should be in writing and signed by the partner who gives it. The firm is dissolved on the date mentioned in the notice. If the date is not mentioned then the firm is dissolved from the date of communication of such notice. When is a partnership dissolved by court? A partner may approach the court to dissolve the partnership firm on the following grounds: 1. When one of the partners becomes insane. 2. When one of the partner is permanently incapable of performing his duties due to illness. 3. When a partner is guilty of misconduct, which is harmful to the business. 4. If a partner frequently breaks the rules of the firm. 5. When a partner transfers his interest in the firm to a third party without the consent of other partners. 6. When the business of the firm incurs repeated losses. 7. On any other ground which the court deems fit. IIs a public notice necessary for the dissolution of the firm? Yes, it is necessary to give a public notice at the time of dissolution. Otherwise the partners remain liable to third parties for their actions, even after the dissolution. However public notice is not necessary in case of: a. Deceased partner b. Insolvent partner c. Partner who is not known to be a partner and who has retired. DRUG LICENCE Documents required in connection with the allotment of Drug Licence.

1. Copy of Partnership Deed/MOA, in case of partnership Firm/Pvt Ltd /Ltd Company. 2. Blue Print of Key Plan of the location of the premises for which the Drug Licence is required. 3. Blue Print of Site Plan of the location of the premises for which the Drug Licence is required. 4. Address proof of the premises to be registered such as ownership proof /Rent Agreement /Lease Deed/Municipal Tax Receipt along with latest electricity bill or telephone bill or any other
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document accompanied by NOC from Landlord. 5. Qualification Certificates of Competent Person. 6. Experience Certificate of the competent person from Ex-employer on their Letterhead. 7. 5 Photographs of the Competent Person. 8. ID & Address proofs of all partners/Directors/Proprietor. 9. List of items in which the firm or organization in which firm will deal. 10. Drug Licence Number of the Ex-Employer of Competent Person.

DISCUSSIONS ON TRAINING
MY WORK PROFILE (ROLE AND RESPONSIBILITIES) As per my offer letter I (ANAND CHOUDHARY) was selected on 7th April 2011 for Management Trainee position. My work profile is to in ROC department. To meet with the clients and filling the documents regarding open new company(subscriber sheet, declaration, appointment latter, dsc forms, PAN,TAN forms, power of autorny etc.) To meet with the foreign clients also. PAN, TAN submission is also under my work.
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Check mails and give reply to client and solve there queries regarding ROC. DSC (digital sign certificate) forms sending to seginfotech.

KEY LEARNING
I have learned lot of things in my organization while working
1. To use Genius software 2. To better use of excel and Microsoft Word

3. Internal & external environment of the organization 4. How to talk to management people 5. How to take appointment 6. How to prepare daily base report 7. How to prepare reimbursement sheet
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Analysis Of Data

1. After analyzing the data collected, it is revealed that most of the employees are satisfied with

the company policies, services, to the employee. 2. Some of the employee did not feel interest in their job. So it needs to do job rotation, especially in operation department.
3. From above finding, we can say that for job satisfaction, the post of employee matter a lot. 4. The attitude of employee, satisfaction level affects his requirement & expectation.

Summaries of Findings33

Most of the employee of Smart Brain is satisfied with their position, working environment & company policy but for better health of organisation it need1. Job rotation in operation department 2. Better performance recognition of employee
3. Maenvironment more friendly, so that employee can interact to management more easily

CONCLUSION As in all areas of the law and especially when it comes to the vast complexity that is intellectual property law in general and ROC law in particular, you are best advised to seek out an attorney familiar with these areas before you proceed to either file a claim to a company, when you contemplate using a name belonging to another party or otherwise when you deal in this area of the law.

RECOMMENDATIONS1. Companies should come up with new and effective ideas to make work interesting. 2. New concept really help out to remember the advertisements and a pinch of humor adds charm to it so first go for a good concept rather than the celebrity Companies should focus on creative TASKS, because EMPLOYEE wants something different, something new that will attract their attention
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QUESTIONNAIRE Que1-Do you find your job interesting enough to keep you busy? Ans-A-Strongly Agree-6 B-Agree-8 C-Undecided-1 D- Disagree-3 E-Strongly Disagree-2

Que2-Do you think there are chances to grow for a employee in this company? Ans-A-Strongly Agree-6 B-Agree-8 C-Undecided-1 D- Disagree-2 E-Strongly Disagree -2

Que3-Is the wage incentive plan of the company satisfied? Ans-A-Strongly Agree-5 B-Agree-6
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C-Undecided-1 D- Disagree-5 E-Strongly Disagree -3

Que4-Does the boss welcome the employees opinion ? Ans-A-Strongly Agree-6 B-Agree-4 C-Undecided-3 D- Disagree-4 E-Strongly Disagree -3

Que5-Does a honest man suffers in this company? Ans-A-Strongly Agree-2 B-Agree-3 C-Undecided-6 D- Disagree-3 E-Strongly Disagree 7

Que6-Are you satisfied with your job? Ans-A-Strongly Agree-5 B-Agree-6 C-Undecided-2 D- Disagree-4 E-Strongly Disagree -3

Que7-Are you satisfied with your salary? Ans-A-Strongly Agree-2 B-Agree-3 C-Undecided-6 D- Disagree-4
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E-Strongly Disagree -5 Que8-Are you satisfied with working conditions of this company? Ans-A-Strongly Agree-6 B-Agree-9 C-Undecided-3 D- Disagree-2 E-Strongly Disagree -0

Que9-Whats your opinion about promotional opportunities in this organisation ? Ans- A-Good -4 B-Fair -5 C-Excellent -3 D-Poor -4 E-Undecided -4 Que10-whats your opinion about relationship with management in this organisation ? Ans- a-Good -5 b-Fair -4 c-Excellent -6 d-Poor -1 e-Undecided -4

Que11-whats your opinion about relationship with co-workers in this organisation ? Ans- a-Good -3 b-Fair -5 c-Excellent -7 d-Poor -1 e-Undecided -4 Que12-whats your opinion about relationship with other facilities in this organisation ?
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Ans- a-Good -8 b-Fair -6 c-Excellent -2 d-Poor -1 e-Undecided -3

BIBLIOGRAPHY References:www.mca.gov.in www.smartbrain.in www.google.com www.wikipedia.com www.wiki-answer.com www.indianlaw.com www.ebook.com www.bigadda.com

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