However, the Centre clarified that the inherent regulatory role of the Institute of Chartered Accountants of India (ICAI) as provided for in the Chartered Accountants Act, 1949 shall continue in respect of its members in general and specifically with respect to audits pertaining to private limited companies
, and public unlisted companies below the threshold limit to be notified in the rules.
About 82 percent of companies were registered as private limited companies
, while around 16 percent were registered as single-member companies.
During November, around 90 percent companies were registered as private limited companies
, seven percent companies got registration as single member companies and three percent of the companies were registered as public unlisted, associations' not-for-profit and foreign companies.
Private limited companies
which are subsidiaries of listed companies do not qualify.
The package includes cover to accommodate private limited companies
with assets up to GBP 500m in a wide range of trades and automatic inclusion of corporate legal liability and corporate employment practices liability cover with their own separate aggregate limit of liability, among other things.
The SECP has granted licenses to 2 not-for-profit associations and 93 percent companies registered as private limited companies
, while 4 percent companies registered as single member companies.
Is there any benefit for private limited companies
which many NRIs propose to set up after they return to India?
The Commission has therefore asked Dublin to progressively transform one or more VHI subsidiaries into private limited companies
, which will take over all of VHI's economic activities by 31 December 2013 at the latest and will be governed by common Irish company law.
i) Public Limited Companies, (ii) Private Limited Companies
, (iii) Government Department Enterprises and (iv) Public Corporations.
Among other provisions, it will allow the automatic conversion of share capital by the Registrar in the case of private limited companies
who have not submitted a resolution with the revised documents from their shareholders general meeting.