Managing Human Resource (HR) Laws Compliance using Technologies

Lexcomply.com enables HR departments to identify, allocate, manage and report statutory compliances. In HR function Statutory Compliances are of immense importance. In India it is not only the Central Government but also the state governments which have enacted various Acts/Laws for welfare of workmen and governing their terms of employment. Some of the labour laws are listed here-under :

1) The Employees Compensation Act, 1923 and The Workmen’s Compensation Rules 1924
2) The Child Labour (Prohibition and Regulation) Act, 1986 and the Child Labour (Prohibition and Regulation) Rules, 1988.
3) The Employees Provident Fund & Miscellaneous Provisions Act, 1952 and Employees’ Provident Funds Scheme, 1952
4) The Employee’s Provident Funds and Miscellaneous Provisions Act, 1952 and The Employee’s Deposit Linked Insurance Scheme, 1976
5) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees’ Pension Scheme, 1995.
6) The Employees’ State Insurance Act, 1948 And The Employees’ State Insurance (Central) Rules, 1950 And The Employees’ State Insurance (General) Regulations, 1950
7) The Employer’s Liability Act, 1938
8) Equal Remuneration Act 1976 and Equal Remuneration Rules, 1976
9) The Payment of Bonus Act, 1965 and Payment of Bonus Rules, 1975
10) The Minimum Wages Act 1948 and The Minimum Wages Central Rules, 1950
11) The Apprentices Act, 1961 & Apprenticeship Rules, 1992
12) The Employment Exchanges (Compulsory Notification Of Vacancies) Act, 1959 and Employment Exchanges (Compulsory Notification Of Vacancies) Rules, 1960
13) The Punjab Labour Welfare Fund Act, 1965 and The Punjab Labour Welfare Fund Rules, 1966
14) Inter State Migrant Workmen (Regulation Of Employment & conditions Of service) Act, 1979 and Haryana Inter State Migrant Workmen (Regulation Of Employment & conditions Of service) Rules, 1981
15) The Punjab Shops and Commercial Establishments Act, 1958 and The Punjab Shops and Commercial Establishments Rules, 1958
16) Payment of Gratuity Act, 1972 and Haryana Payment of Gratuity Rules,1972
17) Payment of Wages Act, 1936, Payment of wages (Haryana Amendment) Act, 1985 and The Punjab Payment of Wages) Rules, 1937
18) The Minimum Wages Act 1948 and & The Punjab Minimum Wages Rules 1950
19) Contract Labour (Regulation And Abolition) Act, 1970 and Haryana Contract Labour (Regulation And Abolition) Rules, 1975
20) The Factories Act & Haryana Factory Rules

And these laws are dynamic and are changing on day to day basis. Non compliances may result in monetary penalty; closure of business operations or imprisonment. So e-HRM(Compliance) tools like LexComply.com generates due date, event based and ongoing compliances on its own hence chances of non-compliance go down.

Hence HR function can use e-HRM solutions to de-risk an organization from negative impact arising out of exit of key employees, high employee turnover and impact of regulatory non compliances.

For more details and demo please contact at info@lexcomply.com or visit at http://www.lexcomply.com

Incorporation of A Public limited Company

Section 2 (71) states that a public company means a company which:

  1. is not a private company;
  1. has a minimum paid-up share capital , as may be prescribed:

Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purpose of this act even where such subsidiary company continues to be a private company in its articles.

Points to be kept in mind before incorporation of a Public Limited Company:

Decide regarding the proposed name to be applied, objects to be carried by the Company, proposed registered office address, authorized capital, number of promoters, number of directors, number of shares to be subscribed by each promoter.

The name of the company should be in consonance with the principal objects of the company as set out in the memorandum of association. Every name need not be necessarily indicative of the objects of the company, but when there is some indication of objects in the name, then it shall be in conformity with the objects mentioned in the memorandum. [Rule 8(2)(b)(ii) of Companies (Incorporation) Rules, 2014]

The proposed name should not fall in the ambit of undesirable names specified in Rule 8 of Companies (Incorporation) Rules, 2014

The Company must have minimum Paid Up Share Capital as may be prescribed.

There must be at least 7 subscribers to the memorandum of Association of the company [Section 3(1)(a)]

Minimum number of Directors required is 3 Directors upto a maximum Limit of 15 Directors [Section 149(1) (a) & (b)]. A company can appoint more than 15 directors after passing a special Resolution in a general Meeting.

Every company shall have at least one director who has stayed in India for a total period of not less than one hundred and eighty-two days in the previous calendar year.[(Section 149(3)]

All Directors should have valid DIN. (In case the proposed directors don’t have a Director Identification number (DIN) allotted to them, Pl. Ref. procedure for DIN Application and allotment)

Digital Signature for any one of the Director is required to digitally sign the E-Forms to be submitted with the Registrar of Companies.

The Following Procedure to be followed for Incorporation of a Public Limited Company