Adjudicating Order for Violation of Section 173 of the Companies Act 2013 relating to Non-conducting of Meetings of Boa

Section 173(1) of the Companies Act, 2013: Every company shall hold the first meeting of the Board of Directors within 30 (Thirty) days from the date of its incorporation and thereafter hold a minimum of 4 (Four) meetings of its Board of Directors every year in such a manner that not more than 120 (One hundred and twenty) days shall intervene between 2 (Two) consecutive meetings of the Board.


Comprehensive bookkeeping service

Genesis Bookkeeping Ltd. is a full-service bookkeeping service in Steinbach and an accounting firm providing solutions tailored to the needs of small businesses. We provide services such as financial statement preparation, payroll services, tax preparation, compliance, cash flow management, etc. we also offer virtual CFO support to our clients. Our team of certified professional accountants has many years of experience.


What are the benefits of Instant Settlement

1. Faster transaction times The instant settlement allows for transactions to be completed in a matter of seconds, rather than the hours or days it can take with traditional settlement methods. This means that businesses can receive payments faster, improving cash flow and reducing the risk of fraud or chargebacks.

2. Lower transaction costs Instant settlement can also reduce transaction costs, as there is no need for intermediaries such as banks or payment processors. This can be particularly beneficial for small businesses or those operating in countries with high transaction fees.

3. Increased transparency Instant settlement can provide greater transparency and visibility into transactions, as they are recorded on a blockchain ledger that is accessible to all parties involved. This can help to reduce the risk of fraud or errors, and improve trust between parties.

4. Improved security Instant settlement can also improve security, as transactions are encrypted and verified by a network of nodes on the blockchain. This makes it much more difficult for hackers or other malicious actors to tamper with or steal funds.

5. Greater flexibility Instant settlement can provide greater flexibility for businesses and consumers, as it allows for transactions to be completed at any time, from anywhere in the world. This can be particularly beneficial for businesses operating in multiple countries or time zones.

6. Reduced counterparty risk Instant settlement can also reduce counterparty risk, as funds are transferred directly between parties without the need for intermediaries. This can help to reduce the risk of default or insolvency and improve the overall stability of the financial system.

7. Increased efficiency Finally, instant settlement can increase efficiency across the entire financial system, as it eliminates the need for manual reconciliation and settlement processes. This can help to reduce costs, improve accuracy, and free up resources for other tasks.