Latest news with #MemorandumofAssociation
Hindustan Times
3 days ago
- Politics
- Hindustan Times
HC cancels order appointing administrator in Diocesan Trust Association
MUMBAI: The Bombay high court has struck down an order of the Joint Charity Commissioner (JCC), appointing an administrator on the Bombay Diocesan Trust Association (BDTA), and directed the Charity Commissioner to expeditiously decide all pending change reports submitted by the Association. The Association holds and manages Anglican Trust properties like churches, institutions, schools, cemeteries spread over Western India - across Rajasthan, Gujarat, Maharashtra, Goa and North Karnataka. It had approached the high court, challenging the order passed by JCC on December 18, 2019, based on complaints, alleging mismanagement and illegalities, including pilfering of funds and transfer of Trust properties. Recording that the term of the last elected body had ended on October 14, 2018, but it was continuing to manage the affairs of the Trust, the JCC appointed an assistant charity commissioner as administrator for the Association and ordered him to prepare a voters list and take steps for holding elections in consonance with the Memorandum of Association and applicable rules and regulations. The administrator, however, could not take charge of the affairs of the Association, as the high court had passed an interim stay on the JCC order and the Association continued to manage and administer their affairs and properties. A bench of justice MS Sonak and justice Jitendra Jain on Friday struck down the JCC order after noticing that under the Memorandum of Association, the initial directors were termed as ex-officio directors and under the scheme of the Association, one-third of the other directors retire every year and the vacancies are filled in the annual general meeting. Therefore, the court said that the statement that the term of the elected body expired on October 14, 2018 was not entirely correct. 'At the highest, it could be said, the term of one third of the Board of Directors expired on the said date and therefore, there was a necessity to hold an election to fill in the vacancies caused by the retirement of one third of the directors,' said the bench. As regards the appointment of the administrator, the court said that the JCC simply took note of the allegations of mismanagement and illegal activities made in the applications filed before him and concluded that there was a need to appoint a suitable person as administrator. 'It is apparent the Joint Charity Commissioner has not himself examined the allegations to determine whether even prima-facie, they have any substance or not,' said the court. 'Merely because there are allegations, the Joint Charity Commissioner has concluded that it would be unfair for the office bearers to continue and has proceeded to appoint the Administrator,' it added. After the petitioner body pointed out that during the pendency of the petition, there have been regular annual general meetings and vacancies filled in, but several change reports have been pending with the JCC, the court directed the authorities to dispose off the change reports in six months.
Time of India
4 days ago
- Business
- Time of India
Official involvement strong in Aranmula project
T'puram: As criticism over the state's renewed push for a township project on the controversial Aranmula land grows, internal documents accessed by TOI expose the depth of official involvement. Tired of too many ads? go ad free now Far from being a routine proposal, the plan by M/s TOFL Pathanamthitta Infra Ltd was seriously pursued across multiple departments — including IT, finance, law, industries and revenue — with Technopark even clearing it for co-branding under Kerala's flagship IT identity. The IT department's internal note clearly establishes that the proposal was not confined to Kerala State Information Technology Infrastructure Ltd (KSITIL) or its boardroom. The industries department noted that it was already examining the proposal to set up an electronics manufacturing cluster (EMC) as a joint venture through Kerala State Industrial Development Corporation (KSIDC) and added that the matter was currently pending before the revenue department due to land-related concerns. The seriousness of intent becomes even more evident in the next set of communications. The IT department sought detailed responses from the finance and law departments on two specific aspects: KSITIL holding sweat equity shares in TOFL and nominating a govt director to its board. The finance department demanded key documentation: a detailed project report, KSITIL board approvals, remarks from revenue, environment, industries and law departments and a formal statement on whether the proposal aligned with the state's IT policy. The law department, in its reply, offered an interpretation grounded in the Companies Act. It said sweat equity shares can only be issued to a company's directors or employees and added that no policy decision was yet taken on whether a public limited company like KSITIL could hold sweat equity in a private entity like TOFL. Tired of too many ads? go ad free now The law department further instructed that the matter must be legally examined considering the Articles and Memorandum of Association of KSITIL. Acting on this, KSITIL placed the issue before its board and got three resolutions passed in its 66th meeting, including formally approving the acceptance of sweat equity and the creation of a nominee director post. But the institutional push didn't stop there. The Technopark CEO weighed in with an extensive recommendation supporting co-branding of the project under its affiliation programme. According to the note, the CEO stated that once the project achieved basic legal clearances and development milestones, it could be included under the affiliation programme "which is more suited to complete developments than greenfield projects. " The CEO went on to assert that Technopark could provide visibility via its social media handles and even offer TOFL support in terms of consultancy and guidance for infrastructure development "if required." The note also confirms that Technopark expressed confidence that the project would adhere to environmental and legal compliance norms and that such ventures could enhance the brand value of IT parks in Kerala. The CEO also mentioned that TOFL's township consultancy might be shaped to meet the minimum requirements of an IT park and that the terms of such collaboration could be mutually agreed upon later. Put together, these revelations debunk any notion that the township proposal was just another file doing the rounds in govt corridors. The fact that so many departments were mobilised, that KSITIL passed official board resolutions, that the law department weighed in on corporate structure, and that Technopark was preparing to allow the use of its branding, all point to a system-wide coordination effort—suggesting that the govt was well past the exploratory phase and began constructing the institutional framework needed to partner with TOFL on a massive, politically sensitive project. This comes in the backdrop of the govt already facing flak for entertaining a project on the same 335 acres of ecologically fragile land once earmarked for the scrapped Aranmula airport—land the LDF govt itself claimed needed to be protected. The latest disclosures may add fuel to that criticism, not just for their implications on environmental policy, but also for the apparent policy U-turn in aligning with a private player it once publicly opposed, now with deeper institutional ties and branding alliances. The questions now go beyond policy consistency and touch upon the transparency and process by which such large-scale partnerships are constructed — with sweat equity, brand sharing and public sector endorsement all being considered for a project that rests on ecologically and politically volatile terrain.
Mint
4 days ago
- Business
- Mint
Small-cap stock under ₹50 edges higher despite weak trends on Dalal Street
Stock Market Today: Small-cap stock under ₹ 50 edged higher during the intraday trades on Tuesday despite weak trends on Dalal Street. Various business updates were announced by Hazoor Multi Projects Ltd. Hazoor Multi Projects announced the outcome of the board meeting on the exchanges on Monday, 16 June 2025. As per the intimation to the Bombay Stock Exchange, or the BSE, Hazoor Multi Projects announced that its board has considered and approved the major business plans. Shipbuilding and Engineering, Ship Repair and Maintenance, Maritime Industry, Shipping Logistics and Transport, Mining and Quarrying, Oil and Gas Industry, Crude Petroleum and Natural Gas Extraction, Oilfield Equipment, Services, Drilling, Consulting, Trade, Engineering, Procurement, and Construction, Environmental Engineering and Sustainability, including Waste Management, Hospitality, Lodging, Food and Beverage Services, and Related Travel and Tourism Services are among the sectors into which the Board has approved Hazoor Multi Projects' expansion of operations, as per the details in the release. As per the release, the board has resolved to insert certain sub-clauses in the Memorandum of Association of the company in view of the above-said approvals for expansion of operations. Hazoor Multi Projects, a few days back, also recommended paying the shareholders a final dividend for the fiscal year 2024–2025 of Re.0.20/- per equity share with a face value of Re. 1/-, or 20%, considering the dividend announced and the face value of shares. The final dividend recommended by the company's board of directors is contingent upon shareholder approval at the subsequent annual general meeting (AGM), and if it is approved, it will be disbursed within the time frame specified under the law. Hazoor Multi Projects' share price opened at ₹ 40.99 levels on the BSE on Tuesday. At the time of opening, Axiscades' share price opened at ₹ 40.59 levels on the BSE on Tuesday. At the time of opening, the Hazoor Multi Projects share price was up almost 1% compared to the previous day's closing price of ₹ 40.59. The Hazoor Multi Projects share price thereafter gained further to intraday highs of ₹ 41.49, marking gains of more than 2% during the intraday trades on Tuesday.
Mint
4 days ago
- Business
- Mint
Small-cap stock under ₹50 edges higher despite weak trends on Dalal Street
Stock Market Today: Small-cap stock under ₹ 50 edged higher during the intraday trades on Tuesday despite weak trends on Dalal Street. Various business updates were announced by Hazoor Multi Projects Ltd. Hazoor Multi Projects announced the outcome of the board meeting on the exchanges on Monday, 16 June 2025. As per the intimation to the Bombay Stock Exchange, or the BSE, Hazoor Multi Projects announced that its board has considered and approved the major business plans. Shipbuilding and Engineering, Ship Repair and Maintenance, Maritime Industry, Shipping Logistics and Transport, Mining and Quarrying, Oil and Gas Industry, Crude Petroleum and Natural Gas Extraction, Oilfield Equipment, Services, Drilling, Consulting, Trade, Engineering, Procurement, and Construction, Environmental Engineering and Sustainability, including Waste Management, Hospitality, Lodging, Food and Beverage Services, and Related Travel and Tourism Services are among the sectors into which the Board has approved Hazoor Multi Projects' expansion of operations, as per the details in the release. As per the release, the board has resolved to insert certain sub-clauses in the Memorandum of Association of the company in view of the above-said approvals for expansion of operations. Hazoor Multi Projects, a few days back, also recommended paying the shareholders a final dividend for the fiscal year 2024–2025 of Re.0.20/- per equity share with a face value of Re. 1/-, or 20%, considering the dividend announced and the face value of shares. The final dividend recommended by the company's board of directors is contingent upon shareholder approval at the subsequent annual general meeting (AGM), and if it is approved, it will be disbursed within the time frame specified under the law. Hazoor Multi Projects' share price opened at ₹ 40.99 levels on the BSE on Tuesday. At the time of opening, Axiscades' share price opened at ₹ 40.59 levels on the BSE on Tuesday. At the time of opening, the Hazoor Multi Projects share price was up almost 1% compared to the previous day's closing price of ₹ 40.59. The Hazoor Multi Projects share price thereafter gained further to intraday highs of ₹ 41.49, marking gains of more than 2% during the intraday trades on Tuesday. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hi Dubai
12-06-2025
- Business
- Hi Dubai
License Renewal: Avoiding Fines for Dubai Businesses
Dubai's dynamic business environment thrives on compliance and foresight. For every entrepreneur and business owner in Dubai, a valid trade license is the legal backbone of their operations, ensuring credibility, continuity, and adherence to the robust regulatory framework. Timely renewal is not merely a formality; it's a legal obligation that prevents operational disruptions, maintains your business's reputation, and, crucially, helps you avoid significant financial penalties. This comprehensive guide aims to simplify the often-perceived complexity of trade license renewal in Dubai. We'll walk you through the straightforward process, highlight common mistakes that can lead to unnecessary hurdles, and detail the penalties for late renewals, equipping you with the knowledge to keep your business on a compliant and successful path. The Straightforward Guide to Dubai Trade License Renewal Navigating the trade license renewal process can be straightforward, especially when you understand the specific requirements for your business jurisdiction. This section focuses on the process for Dubai Mainland businesses, regulated by the Department of Economy and Tourism (DET). Understand Your Jurisdiction : While the fundamental principle of renewal applies across Dubai, the specific process, required documents, and even associated fees can differ significantly depending on whether your business is established on the Dubai Mainland (regulated by the Department of Economy and Tourism - DET, formerly DED) or within one of the many Free Zones. Always refer to your specific Free Zone Authority's guidelines for their unique procedures. Source: Dubai Economy and Tourism (DET) Key Documents Required (Checklist) for Mainland Businesses : To ensure a smooth renewal, gather the following essential documents: A copy of your current/old trade license. A valid tenancy contract (Ejari registered), with at least one month's validity remaining from the date you submit your renewal application. This is a critical and non-negotiable prerequisite. The BR/1 form (License renewal application form), which is typically filled out and submitted online. Passport copies of all business partners/shareholders. Emirates ID copy of the business owner. Potentially required (depending on your business activity or any changes) : An updated copy of your Memorandum of Association (MOA), audited financial statements (often for industrial licenses or certain Free Zones), and specific approvals from relevant government authorities such as Dubai Municipality, Civil Defence, or the Knowledge and Human Development Authority (KHDA), if applicable to your business activity. Source: Shuraa Business Setup Step-by-Step Renewal Process : Proactive planning is key. It is highly advisable to begin the renewal process at least 30 days before the expiry date of your current trade license to allow ample time for any unforeseen issues and to avoid potential penalties. Check Tenancy Contract Validity: First and foremost, confirm that your Ejari-registered tenancy contract has at least one month of validity remaining. An expired or soon-to-expire Ejari will be the biggest hurdle to your license renewal. Gather Documents: Compile all necessary and up-to-date documents as per the checklist above. Application Submission: The most convenient way to apply for renewal is through the Dubai Economy (DET) e-Services Portal (part of or via the DubaiNow App. Alternatively, you can visit any DET-approved service centre in person if you prefer or if your specific case requires it. Receive Payment Voucher: Once your application is reviewed and approved by the DET, a payment voucher will be issued. Make Payment: Payment can typically be made online using a credit/debit card, or through designated payment channels at service centers. License Issuance: Upon successful payment, your renewed trade license is usually issued swiftly (often within 1-2 business days for mainland businesses) and can be downloaded digitally, allowing for immediate access. Source: Dubai Economy and Tourism (DET) , DubaiNow App Cost of Renewal : The cost of trade license renewal in Dubai is not fixed and varies significantly based on several factors, including your specific business activity, legal structure, and whether your company is in Mainland Dubai or a Free Zone. For Mainland businesses, the average renewal cost typically ranges from AED 8,000 to AED 15,000. However, this can be higher depending on the specific business activities, the size of your office space, and any additional government approvals required. Free Zone renewal fees vary widely. For instance, DMCC licenses may range from AED 10,000-15,000, while Jafza licenses typically fall within AED 12,000-16,000, and DIFC licenses can exceed AED 20,000 depending on the business type and scale. Additional associated costs include Ejari renewal fees (approximately AED 200-300) and any charges for external government approvals or professional services if you opt for third-party assistance. Source: Arnifi , Common Mistakes to Avoid Even with a clear guide, common pitfalls can lead to unnecessary fines and operational hurdles. Being aware of these will save you time and money. Missing Renewal Deadlines : This is, by far, the most critical and costly mistake. While Mainland businesses often have a 30-day grace period after the license expiry date, it's crucial to understand that penalties typically start accruing immediately upon expiry, even within this grace period. Waiting until the grace period is almost over is risky. Source: Worldwide Formations Invalid or Expired Tenancy Contract (Ejari) : As highlighted, a valid Ejari-registered tenancy contract with at least one month's validity remaining is mandatory for Mainland trade license renewal. Failure to have this in order is a primary reason for application rejection and significant delays. Source: Ejari Support Incomplete or Outdated Documents : Submitting incomplete, incorrect, or expired documents (such as an outdated Memorandum of Association, expired passport copies, or old application forms) will inevitably lead to processing delays or outright application rejection, wasting your valuable time. Waiting Until the Last Minute : Procrastination increases the risk of encountering unforeseen issues, such as technical glitches on portals, discovering missing documents, or requiring external approvals that take longer than anticipated. Any of these can push you past the deadline and incur fines. Operating with an Expired License : Continuing business operations with an expired trade license is illegal and carries severe consequences beyond just fines. It jeopardises your entire business's legal standing. Not Adhering to Business Activity Scope : Ensure that your current business activities precisely match those listed on your trade license. Operating outside your licensed scope is a violation of regulations and can lead to fines and legal complications. Penalties for Late Renewals Non-compliance with trade license renewal carries significant financial penalties and can lead to severe operational consequences for your business in Dubai. Financial Penalties/Fines (Mainland - DET) : Initial Fines for Late Renewal: Penalties for failing to renew a Mainland trade license typically start from AED 250. Escalating Monthly Fines: An additional fine of AED 200 per month can be imposed for continued delay in renewal, meaning costs accumulate quickly. Operating Without a Valid License: If a business is found actively operating without a valid trade license, a substantial fine of AED 5,000 can be levied. Source: (Kiltons,Farahat & Co) Free Zone Specific Examples: It's important to note that Free Zones have their own distinct penalty structures, which can differ from Mainland regulations. For instance, the DMCC (Dubai Multi Commodities Centre) has a specific penalty schedule for late renewals: AED 0 for 0-30 days expired, AED 2,500 for 31-60 days expired, and AED 5,000 for 61-90 days expired. Beyond 90 days, the license may face termination. (Source: DMCC Official Schedule of Charges) Operational Disruptions and Restrictions : Beyond monetary fines, the operational impact can be devastating: Suspension of Business Activities: The DET can issue orders to suspend or temporarily close your business, halting all operations. The DET can issue orders to suspend or temporarily close your business, halting all operations. Freezing of Bank Accounts: Corporate bank accounts linked to the expired license may be frozen, severely impacting your cash flow and ability to conduct any financial transactions. Corporate bank accounts linked to the expired license may be frozen, severely impacting your cash flow and ability to conduct any financial transactions. Inability to Issue Invoices or Sign Contracts: Without a valid license, your business will be unable to issue legal invoices or enter into new contracts, effectively paralysing your ability to operate legitimately. Source: Incorpyfy Visa Complications : An expired trade license has direct implications for your workforce and investor status: Impact on Employee and Investor Visas: All employee residence visas and investor visas tied to your business can be affected, leading to difficulties in renewal, potential overstay fines for employees, or even visa cancellation. Restrictions on New Visas: Your company will be unable to process or issue any new visas until the license is renewed and all penalties are settled. Source: Farahat & Co Legal Consequences : In severe or persistent cases of non-compliance, authorities can take more drastic legal measures: Blacklisting: Your company can be "blacklisted" by authorities, making it extremely difficult to conduct any future business in Dubai or re-establish operations under the same or different entities. Forced Closure/Liquidation: In extreme circumstances, the business may be forced to close down or undergo liquidation by government order. Deportation: In very severe and rare cases, business owners or managers could even face deportation from the UAE. Source: Worldwide Formations Reputational Damage : Being flagged for non-compliance or facing operational shutdowns can severely harm your company's reputation, deterring potential clients, partners, and investors, and impacting future business opportunities. Tips for a Smooth Renewal Process To ensure your trade license renewal is a seamless experience, adopt these proactive measures: Don't rely on memory. Utilize digital calendars, reminder apps, or even subscribe to professional business setup services that provide timely alerts before your license expiry. Maintain Organized Records: Keep all critical business documents—licenses, tenancy contracts, passports, MOA, etc.—meticulously organized and easily accessible, both physically and digitally. This will save you time and stress during the renewal process. Regularly Review Business Activities: Periodically check to ensure that your licensed activities accurately reflect your current operations. Any discrepancies can lead to issues during renewal or even fines. Consider Professional Assistance: Engaging a reputable business setup consultant or a Public Relations Officer (PRO) service can significantly streamline the renewal process. They can ensure compliance, manage all necessary paperwork, liaise with authorities on your behalf, saving you considerable time and preventing costly mistakes. Stay Updated on Regulations: Regulations and fees can change. Make it a practice to periodically check the official websites of the Department of Economy and Tourism (DET) and your specific Free Zone Authority (if applicable) for any updates or changes in requirements. Timely trade license renewal is a fundamental requirement for the uninterrupted operation and sustained success of your business in Dubai. The city's thriving economy rewards those who are prepared and compliant. Don't wait until the last minute. Be proactive, understand the straightforward process, and leverage available resources or professional help to ensure a smooth and penalty-free renewal. By adhering to these guidelines, you can navigate the renewal process efficiently, avoid unnecessary fines, and continue to thrive in Dubai's vibrant and competitive business landscape. Disclaimer: The information provided in this article is intended for general guidance only and is based on publicly available information from official Dubai government sources and authoritative business advisory firms as of June 2025. While every effort has been made to ensure accuracy and timeliness, regulations, fees, and procedures can change. Business owners are strongly advised to consult the official websites of the Dubai Department of Economy and Tourism (DET), the Dubai Land Department (DLD), and their specific Free Zone Authority (if applicable) for the most current and precise information, or to seek advice from a qualified business setup consultant for their unique circumstances. Also Read: Renew your business license in minutes with Invest in Dubai Your business license has expired and don't know what to do next? Renew your business license in minutes with Invest in Dubai, your reliable and guided shortcut to managing your business in the city. Small Business Licence Cost In Dubai We'll explore the cost of a small business licence in Dubai, and guide you through the steps required to launch your business successfully.
