Form 24B Companies Act 1956 Template

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FORM NO. 24B OF THE COMPANIES ACT, 1956

Stamp paper shown for illustration only — not included in the document you download.

Non-Judicial

FORM NO. 24B

THE COMPANIES ACT, 1956

Nominal capital Rs. ............................. Registration No. of company ......................

State where registered...................

Form of application to the Central Government for obtaining prior consent for the holding by certain persons of any office or place of profit in a company

[Pursuant to section 314(1B)]

Details of application fee paid:

(a) Payment is made by (I) treasury Challan, (ii) demand draft.

(b) Treasury Challlan No./demand draft No. and date.

(d) Fee paid .......................................... Rs. .....................

PART A

1. Particulars of company (in block letters):

(a) Name of the company.

(b) Address of its registered office.

(d) Date of issue of certificate of commencement of business.

(e) Nature of business.

2. (a) Management structure (list of directors/managing directors/Whole-time directors ---- in capital letters):

Sl. No.	Name	Designation	Nationality		Date of appointment




(b)	Effective capital as per latest audited balance sheet (as defined in Schedule XIII)(Rs. in thousands).
	Effective capital as on
(i)	Paid-up share capital			.................................................................
	Share premimum account			.................................................................
	Reserves and surplus			.................................................................
	Long-term loans which are repayable after one year			.................................................................
	Deposits			.................................................................
	Total			.................................................................
	Less:
(ii)	Investments			.................................................................
	Accumulated losses			.................................................................
	Preliminary expenses not written off			.................................................................
	Total			.................................................................
	(i)-(ii)			.................................................................

4. Working results of the company during last five years.

	Financial parameters			Year






	Turnover
	Net profit
	(as computed under section 198)
	Net profit as per profit and loss account
	Amount of dividend paid
	Rate of dividend declared

PART B

3. The proposal for which the Central Government?s approval is sought:

(I) Period of appointment from ............................ to ..............................

(ii) Remuneration payable:

(a) Salary ..........................................

(b) Commission ................................

(d) Others .........................................

(iii) Any other particulars:

(iv) The office of profit to which the appointment is proposed to be made.

(v) The exact nature of services to be rendered by the appointee,

4. Name(s) of the director(s) managing director/whole-time director/manager to whom the proposed appointee is related and the nature of relationship:

Name	Designation	Inter se relationship

5. In case the proposed appointee is an individual, furnish the following:

(I) Name

(ii) Designation

(iii) Father?s name

(iv) Nationality

(v) Date of birth

(vi) Qualification

(vii) Experience

(viii) Remuneration drawn during the last three years.

Organisation

Designation

Duration

from to

Remuneration drawn:

(Rs. in thouands)

Year ending on

salary

Perquisites

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About this agreement

Form No. 24B of the Companies Act, 1956 Format

Need a reliable Form No. 24B of the Companies Act, 1956 format to ensure seamless compliance for your company's auditor filings? Download our ready-to-use, customizable legal template in PDF or Word format today and save time on ROC submissions in India.

What is Form No. 24B of the Companies Act, 1956?

Form No. 24B under the Companies Act, 1956 is a mandatory statutory form used by auditors to notify the Registrar of Companies (ROC) about their appointment or cessation as the statutory auditor of a company. Prescribed under Section 224 of the Act, this form ensures transparency in auditor appointments and helps maintain corporate governance standards. Even post the transition to the Companies Act, 2013, legacy formats like Form No. 24B remain relevant for historical compliance, audits, or specific ROC requirements in India.

This Form No. 24B format is essential for auditors, chartered accountants, and companies to file within 30 days of the board's resolution appointing or removing the auditor. It prevents penalties under the Act, which can include fines up to ₹5,000 for non-compliance.

Why is Form No. 24B Important?

Filing Form No. 24B is crucial for legal compliance and operational efficiency. It officially records the auditor's details with the ROC, enabling public access via the MCA portal and ensuring accountability. Key benefits include:

Avoids Penalties: Timely submission prevents fines and legal disputes.
Enhances Credibility: Demonstrates adherence to corporate laws, building trust with stakeholders.
Streamlines Audits: Provides a clear record for annual filings like Form 23AC/23ACA.
ROC Validation: Essential for companies in India undergoing inspections or mergers.

Non-filing can lead to auditor disqualification or company notices, making a ready Form No. 24B of the Companies Act, 1956 sample indispensable.

Key Elements of Form No. 24B Format

Our professional Form No. 24B of the Companies Act, 1956 template includes all required sections for accuracy:

Company Details: CIN, name, registered office address.
Auditor Particulars: Name, firm details, membership number, contact information.
Appointment/Cessation Details: Date of board resolution, effective date, reasons for cessation if applicable.
Declarations: Auditor's consent under Section 224(1), independence confirmation.
Attachments: Copy of board resolution, certificate of eligibility.
Signature and Date: By the auditor with official stamp.

This customizable legal template is drafted to meet ROC standards, available in editable Word or printable PDF format for free download or premium customization.

Who Should Use Form No. 24B of the Companies Act, 1956?

This form is vital for:

Private and Public Limited Companies in India appointing first-time or replacement auditors.
Auditors and CA Firms handling statutory audits under the Companies Act.
Startups and SMEs ensuring compliance during growth phases.
Businesses in Mergers/Acquisitions requiring clean audit records.

Common use cases include annual auditor changes, special audits, or retrospective filings.

Download Form No. 24B Format Now

Get instant access to our Form No. 24B of the Companies Act, 1956 format – free download for basic PDF sample or upgrade to fully customizable Word version with AI-assisted edits or legal expert review. Perfect for quick ROC e-filing via the MCA portal.

Customize and Get Legal Advice

While our Form No. 24B sample is ready-to-use and compliant with Indian company laws, it's recommended to customize it to your specific needs. Always consult a qualified company secretary or lawyer for personalized advice, as laws evolve (e.g., alignment with Companies Act, 2013 equivalents like ADT-1). Explore related templates: Form 24A, Auditor Appointment Letter, ROC Compliance Formats. Ensure your business stays penalty-free with our trusted legal templates today!

Important Guidelines

Guidelines for Drafting FORM NO. 24B OF THE COMPANIES ACT, 1956

Where it is Used: Form No. 24B is employed under the Companies Act, 1956, for filing an application with the Company Law Board for the approval of the appointment, reappointment, or variation in the terms of the managing director or whole-time director's remuneration. This form is crucial for obtaining official approval for such appointments or changes in remuneration terms.

Guidelines:

Accurate Director and Remuneration Details: Provide precise details of the managing or whole-time director, along with the proposed remuneration terms. Ensure accuracy in financial figures.

Board Resolution: Include a board resolution supporting the application for approval. Clearly document the resolution and ensure it complies with legal formalities.

Comprehensive Application: Ensure the application contains all necessary details, including reasons for the appointment or variation in remuneration terms.

Legal Compliance: Align the form with the legal requirements stipulated in the Companies Act, 1956, for managing or whole-time director remuneration. Seek legal advice for confirmation.

Common Mistakes to Avoid:

Incomplete Director Information: Provide comprehensive details of the director and the proposed remuneration terms. Incomplete information may lead to delays or rejection.

Inadequate Board Resolution: Ensure the board resolution is comprehensive, clearly outlining the reasons for the appointment or variation in remuneration.

Failure to Specify Terms: Clearly define the terms of remuneration and any proposed changes. Lack of clarity may lead to misunderstandings or rejection.

Failure to Seek Legal Advice: Obtain professional legal advice to ensure that the application complies with legal provisions. Ignoring legal requirements may lead to complications.

Adherence to these guidelines ensures that the filing of Form No. 24B is accurate and compliant with regulatory requirements. Attention to detail minimizes the risk of errors and facilitates the efficient approval of managing or whole-time director remuneration by the Company Law Board.

Frequently asked questions

What is Form No. 24B under the Companies Act, 1956?→

Form No. 24B is a statutory document used by Indian companies to notify the Registrar of Companies (ROC) about the appointment or cessation of a Managing Director, Whole-time Director, or Manager, as per the Companies Act, 1956.

Is Form 24B still valid for filing in India under the Companies Act, 2013?→

The Companies Act, 2013 has replaced the 1956 Act; equivalent disclosures are now filed via Form DIR-12 or PAS-3 on the MCA portal. Verify with a legal expert for transitional cases.

Does Form No. 24B require stamp duty in India?→

No, Form 24B does not attract stamp duty as it is an electronic filing form submitted online to the Ministry of Corporate Affairs (MCA), not a stamped paper document.

In what format can I download Form No. 24B?→

You can download Form No. 24B in PDF for reference or editable Word format for easy customization and preparation before e-filing on the MCA website.

Can I customize or edit the Form 24B agreement template?→

Yes, the Word version of Form 24B is fully customizable. Insert your company's details, ensure legal accuracy, and use it as a legal agreement template for ROC filing in India.

Who should use Form No. 24B and when?→

Indian companies appointing or removing a Managing Director, Whole-time Director, or Manager must file Form 24B within 30 days to maintain compliance with ROC under the Companies Act, 1956.