An Association of Persons: At least two persons or seven persons must come together to form a private or a public company respectively. Prohibition for buy-back in certain circumstances. Users can access links for getting complete details on the acts. Certain words omitted by Act 53 of 2000, sec. Passing of resolutions by postal ballot. Part I-A Board of Company Law administration.
Minutes of proceedings of general meetings and of Board and other meetings. Classification on the basis of number of members: Classification on the basis of number of members Private company A private company means a company which has a minimum paid up capital of Rs. A foreign investor need not have a local partner, whether or not the foreigner wants to hold full equity of the company. Every person who, becomes liable to make any payment by virtue of this section, may recover contribution, as in cases of contract, from any other person who, if sued separately, would have been liable to make the same payment, unless the former person was, and the latter person was not, guilty of fraudulent misrepresentation. It should be noted that the duties of a director vary according to the nature and size of the company. Earlier section 108E were inserted by Act 41 of 1974, sec. This section shall not apply, to a life assurance company or provident insurance society to which the, provisions of the Insurance Act, 1938 4 of 1938 , as to the annual statements to be made by such company or society, apply with or without modifications, if the company or society complies with those provisions.
Salary, allowances and other terms and conditions of service of Chairperson and Members. By guarantee Unlimited liability Private company Public company Holding company Subsidiary company government Non- government Classification on the basis of incorporation: Classification on the basis of incorporation Statutory companies : These are created by special act of the legislature E. Ministry of Corporate Affairs, India. Provision as to companies limited by guarantee. For the purposes of sub- section 2 , notice to the transferee shall be deemed to have been duly given if it is despatched by pre- paid registered post to the transferee at the address given in the instrument of transfer and shall be deemed to have been duly deli- vered at the time at which It would have been delivered in the ordinary course of post. These Benches will be headed by the.
Prohibition for buy-back in certain circumstances. Bills of exchange and promissory notes. Power of Registrar to call for information or explanation. Payment may be made by a company, except in the cases specified in sub- section 3 and subject to the limit specified in sub- section 4 , to a managing director, or a director holding the office of manager or in the whole- time employment of the company, by way of compensation for loss of office, or as consideration for retirement from office, or in connection with such loss or retirement. PowerPoint Presentation: 48 The following powers to do administrative acts of a routine nature shall not be deemed to be included within substantial powers of management Power to affix the common seal of the company to any document to draw and endorse any cheque on the account of the company in any bank To draw and endorse any negotiable instrument To sign any certificate of shares To direct registration of transfer of any share. Director of a company is merely its agent for the purpose of management; Rustom Cavasjee Cooper v.
Certain charges to be void against liquidator or creditors unless registered. Vacancy in Appellate Tribunal, etc. Even if the shares have been pledged in favour of another, the holder of shares can exercise his above said right; Bal Kishan v. Balance-sheet of holding company to include certain particulars as to its subsidiaries. No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian law. Auditor not to be appointed except with the approval of the company by special resolution in certain cases.
It is less than the Authorised or Nominal Capital. Power to seek assistance of Chief Metropolitan Magistrate and District Magistrate. Liability of trustees for debenture-holders. PowerPoint Presentation: 34 Class Meeting: A company has often 2 class of share —equity and preference shares. Subsidiary company- A company is known as a subsidiary of another company when control is exercised by the holding company over the former called a subsidiary company. Service of documents on Registrar.
Salary, allowances and other terms and conditions of service of President, and other Members. If upon inquiry the Registrar is satisfied that any representation on which he took action under this sub-section was frivolous or vexatious, he shall disclose the identity of his information to the company. Resolutions passed at adjourned meetings. Whenever the terms or conditions, or the extent or operation, of any charge registered under this Part are or is modified, it shall be the duty of the company to send to the Registrar the particulars of such modification, and the provisions of this Part as to registration of a charge shall apply to such modification of the charge. Any such report shall be written or printed, as the Central Government may direct.
In a company limited by shares, the liability of members is limited to the unpaid value of the shares. Clause ii omitted by Act 31 of 1965, sec. Although its capital and assets are contributed by its shareholders, they are not the private and joint owners of its property. There are various laws ranging from criminal, family, relations, income tax, ipr, business and many more. In a limited company in which the liability of a director, managing agent, secretaries and treasurers or manager is unlimited, the directors, the managing agent, secretaries and treasurers and the manager of the company, and the member who proposes a person for appointment to the office of director, managing agent, secretaries and treasurers or manager, shall add to that proposal a statement that the liability of the person holding that office will be unlimited; and before the person accepts the office or acts therein, notice in writing that his liability will be unlimited, shall be given to him by the following or one of the following persons, namely, the promoters of the company, its directors, its managing agent, secretaries and treasurers or manager, if any, and its officers. Special provision as to alteration of memorandum consequent on alteration of name of State of Mysore.
References in this Act to documents annexed or required to be annexed to a company' s accounts or any of them shall not include the Board' s report, the auditors' report or any document attached or required to be attached to those accounts: Provided that any information which is required by this Act to be given in the accounts, and is allowed by it to be given in a statement annexed to the accounts, may be given in the Board' s report instead of in the accounts; and if any such information is so given, the report shall be annexed to the accounts and this Act shall apply in relation there to accordingly, except that the auditors shall report thereon only in so far as it gives the said information. Sections 10A to 10D ins. Investigation of beneficial ownership of shares in certain cases. If you are planning to run a company at domestic or international level, then it makes sure to follow all types of company law in India. A company as an entity has several distinct features which together make it a unique organization. In the case of a public company, or a private company which is a subsidiary of a public company, if the terms of any re- appointment or appointment of a managing or whole- time director, made after the commencement of this Act, purport to increase or have the effect of increasing, whether directly or indirectly, the remuneration which the managing or whole- time director or the previous managing or whole- time director, as the case may be, was receiving immediately before such re- appointment or appointment, the re- appointment or appointment 1 shall not have any effect-- The Board of directors of a company may.
Thus, we are always here for our global clients in order to resolve their company law queries and lots more related to business law in India including immigration law, business corporation acts, company law board and many more. Service of documents on company. Sub-section 4 omitted by Act 31 of 1965, sec. Company Law Board, 1966 36 Comp. Chairman' s declaration of result of voting by show of hands to be conclusive.