Section 295 of company law deals with the loan given to directors of the company. Declaration of solvency in case of proposal to windup voluntarily. Companies act, 1956 the companies act is not a colourable device. This an act to consolidate and amend the law relating to companies. Companies act 1956 section 293 judgments legalcrystal. Content introduction definition characteristics of a company types of company 2. Provisions of ca, 20 and corresponding provisions thereof. Section 264 consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. Power to modify act in its application to nidhis, etc. Section 276 choice to be made by director of more than fifteen companies at commencement of act. Section 25 companies under companies act 1956 legal. Notice pursuant to section 192a of the companies act, 1956. Section 291 of the companies act, 1956 confers general power on the board of directors.
Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. Amendments in the indian companies act of 1956 legal. The existing provision of section 77a of the 1956 act has been acknowledged by the. We are a law firm delhi and provide all legal services in the fields of the company act, 1956, call us for any urgent requirements at our board no. The companies act 20 has 464 sections and 7 schedules. Be it enacted by parliament in the sixth year of the republic of india as follows.
Sections 77a, 77aa, 77b and all other applicable provisions, if any, of the companies act, 1956 the act and in compliance o f the securities and exchange board of india buyback of securities regulations, 1998, including any statutory modifications or re. The companies act part iv share capital and debentures 82 nature of shares. The companies act, 1956 section 303 to 674 the schedule. A brief write up on amendments in the indian companies act of 1956 by corporate lawyers. However, section 192a of the companies act, 1956 and the.
Table containing provisions of companies act, 20 as notified up to 28. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and. Part ixa of companies act, 1956 income tax department. Special resolution shall have the meaning assigned thereto by section 189 of the act. Annual reports where one or more state governments are members of companies. Notice pursuant to section 192a 2 of the companies act, 1956. Table containing provisions of companies act, 20 as. Section 31i of the companies act, 1956 defines a company as. These were inserted by the companies amendment act,1999. Subject to the provisions of the act, the board of directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorized to exercise and do. May 27, 2012 section 77 of the companies act, 1956. Companies act 1956 by study material lecturing notes pdf. Feb 04, 20 it is applicable to all public companies and private company which is a subsidiary of public company. This act shall be called the general law amendment act, 1956.
Power to modify act in relation to government companies 620a. Section 260 of the companies act, 1956 the act holds the office up to the date of this annual general meeting, and in whose respect the company has received a notice along with requisite deposit from a member under section 257 of the act, proposing the candidature of mr. Section 372a of the companies act legal service india. Section 77aa view judgements transfer of certain sums to capital redemption reserve account. Under schedule xiii of the companies act, 1956, part ii, section ii relating to. Public financial institutions under section 4a of the. Section 416 contracts by agents of company in which company is undisclosed principal. Apr 04, 20 33 prescribed means, as respects the provisions of this act relating to the winding up of companies except subsection 5 of section 503, 23subsection 3 of section 550, section 552 and subsection 3 of section 555, prescribed by rules made by the supreme court in consultation with 24 the tribunal, and as respects the other. Book companies act 1956 pdf download book companies. Act, 1960, choose not more than two of those companies as companies in which he wishes to continue to hold the office of managing director or manager, as the case may be. Dec 29, 2012 introduction of section 77a buy back of shares. Power of company to appoint and fix remuneration of liquidators. Companies compliance certificate rules, 2001 view download.
May 09, 2012 higher the risk more is the profit of any concern. I have also incorporated the part ixa producer companies of companies act 1956 which shall be applicable mutatis mutandis to a producer company in a manner as if the companies act, 1956 has not been repealed until a special act is enacted for producer companies refer section. Provisions related to producer companies under companies. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. Let us see in each detail, all the aspects of this section. Effect of voluntary winding up on status of company. A company means a company formed and registered under this act or an existing company. Comparison of section 186 of companies act, 20 and.
Buyback of shares as per the companies act is not a. Section 291 of companies act, 1956 provides for general powers of the board of directors. Transfer of certain sums to capital redemption reserve account 1 77aa. Section 77 is now subject to the provisions of sections 77a, 77aa and 77b which allow companies to buy back their own securities subject to. Section 372a of 1956 act covers only body corporate, whereas section 186 of the 20 act covers perons and body corporate. Provisions of section 619 to apply to certain companies 620. Companies act, 1956 arrangement of sections part i preliminary sectionpage 1. This post is contributed by vaibhav modi section 4a of the companies act, 1956 the act lays down what institutions shall be regarded as public financial institutions for the purposes of the act. Main provisions of companies act 1956 presented by. A study of its operation article pdf available march 1996. Companies disqualification of directors under section 2741g of the companies act, 1956. Year year means the calender year and financial year shall have the meaning assigned thereto by section 217 of the act. The curious case of section 4 7 of the companies act, 1956 this issue is of paramount importance for foreign companies having majority shareholding in indian companies since classification as a.
Section 263a sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. Companies act, 1956 section 303 to 674 latest laws. The advantages of section 25 companies over other companies registered under companies act are discussed below. Section 620a power to modify act in its application to nidhis, etc. Section 620 power to modify act in relation to government companies. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. This is a ready reckoner for the information of stakeholders. Section 278 exclusion of certain directorships for the purposes of sections 275, 276 and 277.
Power of the company to purchase its own securities. A detailed view about section 25 company has been illustrated as under a introduction. The instant judgment was delivered in a batch of appeals and writ petition raising questions as to the applicability and construction of section 396 of the companies act, 1956, which deals with compulsory amalgamation of companies by a central government order when this becomes essential in the public interest. Provisions applicable to a members voluntary winding up. Substituted by act 62 of 1956, section 2 and schedule, for clause f w. Here is the pdf file for companies act, 20 and 1956. Section 277 choice by person becoming director of more than fifteen companies after commencement of act. Section 372a of the companies act, 1956 the act deals with intercorporate loan, investment, guarantee and securities in connection with loan. The companies act, 1956 section 303 to 674 the schedule, indian bare acts at, a website for indian laws and bareacts, legal advice.
Omitted by the companies amendment act, 1965, act 31 of 1965, w. Section 77a buy back of shares under companies act, 1956. It also covers the security or guarantee provided for the same. Section 25 companies in the companies act, 1956 advisory. Powers of tribunal to make suitable order on completion of inquiry424d. In the case of private limited companies the matters of further issue are normally protected by appropriate clauses in the articles of association aoa. Act,1996 or any statutory modification or reenactment thereof. Section 619a annual reports on government companies. The provisions regulating buy back of shares are contained in section 77a, 77aa and 77b of the companies act, 1956. Provisions related to producer companies under companies act, 1956 part ixa of companies act, 1956 part ixa of the companies act, 1956 is not repealed and even though the companies act, 20 is made fully operative, the provisions of this part relating to producer companies, will continue to be operative as part of the company law until a. Option to company to adopt proportional representation for the appointment of directors. As per section 231 of the income tax act 1961, person.
Section 77a of the companies act, 1956 contains the basic framework for companies to buy back its own securities. A person shall be deemed to be a relative of another if, and only if. A company means a group of persons associated together for the attainment of a common end, social or economic. Group 1 aarti singh, azhar hussain, jyoti nawlani, nemchand meena, renuka sharma companies act. Section 4a2 empowers the central government to specify other institutions as a public financial institution by a gazetted notification. Section 260 of the companies act, 1956 the act holds the office up to the date of this annual general meeting, and in whose respect the company has received a notice along with requisite deposit from a member under section 257 of. Pdf concept of companies under the same management under. Notice pursuant to section 192a of the companies act, 1956 notice is hereby given pursuant to section 192a of the companies act, 1956 read with the companies passing of the resolution by postal ballot rules, 2001 to transact the following special business by the members of reliance energy limited by passing resolutions through postal ballot. Statement pursuant to section 212 of the companies act, 1956.
As per section 295 of companies act 1956, previous approval of central government is required, if any company directly or indirectly1. Schedule province or union no and year of law title extent of repeal natal law 22 of 1863 to prevent community of goods attaching to certain marriages, and to enable the spouses of such marriages to devise their properties section seven law 14 of 1882 to amend law 22 of 1863. Jun 08, 2011 section 4a of the companies act, 1956 the act lays down what institutions shall be regarded as public financial institutions for the purposes of the act. Amalgamation order held ultra vires section 396 of the. Application of sections 224 to 233 to government companies 619a. Section 762 then stipulates that no company can allot shares at a discount in consideration for subscribing or procuring subscribers. That is, a company is an association of persons united for a common object. The provisions regulating buy back of shares are contained in section 77a, 77aa and 77b of the companies act,1956. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956 note. Provisions of section 619 to apply to certain companies. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956. Companies act 1956, 20 pdf bare act, bare act pdf, law. Full text containing the act, companies act, 1956, with all the sections, schedules.
Section 620b special provisions as to companies in goa, daman and diu. Section 619b provisions of section 619 to apply to certain companies. A provisions of the above mentioned section are not applicable on government companies within the meaning of section 619 of the act. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The act, has lesser sections as the companies will be governed more through the rules which are yet to be prescribed.
Buy back procedure for listed securities as per provisions of section 77a, 77aa, 77b of the companies act, 1956 and the sebi buyback of securities regulations, 1998. Resolved that pursuant to section 3141b read with the directors relatives office or place of profit rules, 2003 and other applicable provisions of companies act, 1956, if any, and subject to the approval of the members of the company in the general meeting and the central government, and upon the approval of the selection committee of the. See gazette of india, extraordinary, 1956, part ii, section 3, p. Transfer of certain sums to capital redemption reserve account. Meaning under section 25 of the companies act, 1956 under indian law, 3 legal forms exist for non profit organizations. As per section 192a of the companies act, 1956, read with the companies passing of the resolution by postal ballot rules, 200 1, consent of the members for buying back the equity shares under section 77a of the companies act, 1956, is required to be obtain ed by means of voting by postal ballot.
Introductionwhat is company a company is an artificial person created by law. Companies branch audit exemption rules, 1961 view download. Ca final study material,practice manual for may 2014 download. Companies act the companies act is a successor to the indian companies act of 19 and is a consolidation of many successive amendment acts, statutory rules and principles laid down in decisions of. The word person has not been defined under the 20 act. Various companies have been incorporated under the companies act, 1956. Satish deshmukh for the office of director of the company, be and is hereby. Special resolution shall have explanatory statement stating the necessity. Please refer to the relevant notifications and circulars issued separately. Subject to the provisions of section 77a, 77aa, 77b and such other applicable provisions of companies act, 1956 and such other applicable guidelines regulations as may be prescribed by the regulatory authorities, the company can buy back its own shares or other specified securities. Concept of companies under the same management under section 370 1b of the companies act, 1956. You can use this tool to find out which section of the companies act 1956 corresponds to the section under the new companies act 20 and vice versa, for better understanding of the new law. Inquiry into working of sick industrial companies sections of companies act, 1956.
According to section 4 of the companies act, a company needs to have a specified amount of share capital. Companies act 1956, companies act 20, corporate governance, corporate social. Definitions of company, existing company, private company and public company 4. The curious case of section 4 7 of the companies act, 1956. The companies act, 1956 existing act contains 658 sections and xv schedules. Companies act, 1956 bare acts law library advocatekhoj. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Section 77aa of the companies act, 1956 indian act law. Consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. Sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. The aoa of a company can be amended as per provisions of section 31 of the companies act, 1956, by passing a special resolution in general meeting of the company. Amendment of articles by passing special resolution and file form23 with registrar of companies. Sep 27, 2012 section 295 of company law deals with the loan given to directors of the company.
Managerial remuneration as per the companies act, 1956. Definitions of company, existing company, private company and public company 1. Companies declaration of beneficial interest in shares rules, 1975 view download. The notes below are prepared based on the provisions of the act. The company is a private company within the meaning of section 31iii of the companies act, 1956 and accordingly the company will have a minimum paid up capital of rs.