Incorporation of Sec. 8 company

[Sruti Gupta]

Dear friend's

Can anyone please provide me with the procedure and documents for incorporating a Sec.8 company. 

[CS SANDIP LATHIYA]

This is already shared in grp.you need to check

Sent from Yahoo Mail on Android

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[Sruti Gupta]

Ok, I will check. 

[Manoj Sharma]

CONTACT 8586872788 IF YOU NEED ANY CLARIFICATION.

[Sruti Gupta]

Thank. Actually I was looking for sample eforms and related drafts. Also wanted to clarify that a company working towards skill development of women can be registered as section 8 company. 

Thanks in advance and also for responding to my email.

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[V Kartik]

Skill development means it's working towards promotion of art which falls within the ambit of section 8. Hence you can go ahead.

Kindly ensure that whatever profit / income is earned, the same should be ploughed back into its business. However, directors can be paid remuneration for putting in thier time & money.

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Kartik

[Sruti Gupta]

thanks kartik for replying.... can you please share sample forms of section 8 company

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Thanks & Regards

Sruti Gupta

[CS Mohit Saluja]

Dear Concern

Hi Mr. Kartik, I am not agree with you regarding payment to directors for their time and efforts in case of Section 8 company. Other views solicited

CS Mohit Saluja

CERTIFIED CSR PROFESSIONAL

Mohit Saluja & Associates

Company Secretaries

FCS, LL.B, M.Com, B.Com(Prof.)

338/7, Central Town

Near Swaran Institute

Jalandhar, Punjab-144001 

Tel: +91 9914558709 (M) 
Email: csmohit...@gmail.com | csmohits...@gmail.com

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[V Kartik]

It's your opinion whether to agree or not.

In the Articles, we can mention something called prudent remuneration payable to directors & for your info, I have formed a section 8 company where this clause was mentioned in the Articles. 

Secondly law doesn't restrict anywhere regarding remuneration payable to directors incase of section 8 company. That's why I mentioned the term prudent remuneration which means that remuneration which is not very high like what other companies usually pay. They can pay with some minimal manner (based on the capacity of the concerned company) for the time & skill invested by them.

Kartik

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[CS A Rengarajan]

In Section 8 company  no such remuneration to be payable to the directors.  It is a non profit  organisation the question of dividend or remuneration to director does not arise.

Regards

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A. Rengarajan

Mobile 9381011200 

[V Kartik]

Sir for your information, prudent remuneration can be payable to directors. Secondly at the time of application of license where we attach MOA & AOA, I received a query for some other issue. So when I visited Mumbai ROC, that officer who in my presence had checked each & every word of the clause contained in both MOA & AOA. I clarified from him as well as to whether remuneration can be payable or not, he said you can pay to some minimal extent, for which the word 'prudent remuneration' has to be used.

I have formed multiple section 8 companies with this clause. 

Now if you still don't wish to rely on what I'm expressing, it's upto you. 

I close this discussion on this topic hereafter.

Kartik

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