Types of Audit Company audits in India are classified as follows: Statutory Audits Internal Audits Requirement Statutory Audit Internal Audit Applicability All companies irrespective of nature of business or turnover Classes of companies mentioned under the Companies Act Auditor Independent Chartered Account or a firm of chartered accounts Independent Chartered Account or a firm of chartered accounts (other than statutory auditor) / Cost accountant / any other professional that the company deems fit Scope Financial statements and records  Financial statements and other aspects of the company’s activities.

The provisions for 'Patent of Addition' are under sections 54, 55 and 56 of the Indian Patents Act, 1970.

Most start-ups and new businesses in India are registered as private limited companies.

Section 9 of the Indian Patent Act, 1970 classifies two type of patent specifications: Complete Specification Provisional Specification What is a Provisional Patent Specification?

To protect a certain product or a process, the Government grants a right of protection to the inventor (for a limited period of time) called a Patent.

If the invention lacks an inventive step The information provided by the patentee regarding the invention is false Section 64 lays down grounds for revocation under the Indian Patents Act.

Regulatory Mandates:  As Indian keeps promoting FDI policies and ease of doing business, we see a lot of foreign companies coming in.

Acts beyond Scope: The parameters for the director’s role and duty are defined and governed by the Memorandum of Association and Article of Association, which ultimately sets the pretext for the powers of the board.

More on: How to close the Private Limited Company in India?

How to stop them Patents owned by NPE's are not used at all and as per the steps were taken by the government to weed out such entities, the person sued can file for the revocation of a patent owned by such entities.