The Companies Act 2013 has 464 sections and 7 schedules. Users can access links for getting complete details on the acts. Construction of references to offering shares or debentures to the public, etc. Act No.1 of 1956 [18th January, 1956] An Act to consolidate and amend the law relating to companies and certain other associations. Section 84 Certificate of shares. Section 81 Further issue of Capital. Find out what has changed by comparing corresponding section of 2013 & 1956 Act in a single window. It mentions what type … In India companies are formed and registered under the Companies Act 1956. Last reviewed and updated on 22 Jun, 2017, Information about schemes of Ministry of Corporate Affairs, Detailed Demands for Grants, Ministry of Corporate Affairs, Ministry of Electronics & Information Technology. Companies act 1956-ppt 1. Companies Act, 1956: Companies Act, 2013: Allotment of securities – Not Yet Effective. Hence there were many cases of oppression of minority shareholders. Companies Act 1956. PRODUCER COMPANIES. Sections of Companies Act, 1956: Corresponding sections of Companies Act, 2013: Sch.X: Table of fees to be paid to the Registrar: 403: Fee for filing, etc. Interpretation 5. Answers for the FAQs are available. ¾Introduced by Companies (Amendment ) Act 2000 which came into force w.e.f December 13, 2000 ¾Company not required to employ a whole‐time secretary and having a paid‐up share capital of Ten Lacs rupees or. Changes to Legislation. Meaning and Definition of a Company
- Section 3(1)(i) of the Companies Act, 1956 defines a company as: “a company formed and registered under this Act or an existing Company”. It came into force on 1 April, 1956. The Act is 658 sections long. Short title, commencement and extent. Companies Act, 1956 - upto Section 302 (Repealed) Application of section 159 to Foreign Companies Rules, 1975; Companies (Amendment) Act, 2006; Companies (Appointment and Qualifications of Secretary) Rules, 1988; Companies (Appointment of Sole Agents) Rules, 1975; Companies (Appointment of the Small Shareholders' Director) Rules, 2001 Section 77A Power of company to purchase its own securities. IntroductionWHAT IS COMPANY A company is an artificial person created by law. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013. This site is your gateway to all services, guidance, and other corporate affairs related information. Generally, a single person is incapable of gathering it all alone, and even if he is capable of doing so, still he prefers others to join him because of … Established by the Ministry of Industry. Content Introduction Definition Characteristics of A Company Types of company 2. Conclusiveness of certificate of incorporation, Provision as to companies limited by guarantee, Effect of alteration in memorandum or articles, Copies of memorandum and articles, etc., to be given to members, Alteration of memorandum or articles, etc., to be noted in every copy, Consequences of default in complying with conditions constituting a company a private company, Private company to become public company in certain cases, Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company, Members severally liable for debts where business carried on with fewer than seven, or in the case of a private company, two members, Investments of company to be held in its own name, Power for company to have official seal for use outside India, Service of documents on members by company, Authentication of documents and proceedings, Powers of Securities and Exchange Board of India, Matters to be stated and reports to be set out in prospectus, Expert to be unconnected with formation or management of company, Expert's consent to issue of prospectus containing statement by him, Deposits not to be invited without issuing an advertisement, Default in acceptance or refund of deposits to be cognizable, Provisions relating to prospectus to apply to advertisement, Terms of contract mentioned in prospectus or statement in lieu of prospectus, not to be varied, Civil liability for mis-statements in prospectus, Criminal liability for misstatements in prospectus, Document containing offer of shares or debentures for sale to be deemed prospectus, Interpretation of provisions relating to prospectuses. Sch.XII: Form in which sections 539 to 544 of Act are to apply to cases where an application is made under section 397 or 398--Sch.XIII: Companies Act 1956 was separated into 13 parts having 658 sections, along with 15 schedules where as Companies Act 2013 has been divided into 29 chapters along with 470 sections and 7 schedules. MCA regulates corporate affairs in India through the Companies Act, 1956, 2013 and other allied Acts, Bills and Rules. 3-4-1970], Table of fees to be paid to the Registrar, Form in which sections 539 to 544 of Act are to apply to cases where an application is made under section 397 or 398, Conditions to be fulfilled for the appointment of a managing or whole-time director or a manager without the approval of the Central Government, Provisions applicable to Parts I and II of this schedule. Books of accounts are a prime source of information through which information can be extracted about a Company. APPENDIX IV PART IXA OF COMPANIES ACT, 1956 CHAPTER I. There are changes that may be brought into force at a future date. 1911, the Companies Act, 1926, the Administration of Justice (Further Amendment) Act, 1927, the Insolvency Act, 1936, the Deeds Registries Act, 1937, the Prescription Act, 1943, the Magistrates' Courts Act, 1944, the Second-hand Goods Act, 1955 and the Criminal Procedure Act, 1955. ACT 125: COMPANIES ACT 1965 (REVISED - 1973) Incorporating latest amendment - Act A1299 /2007 First enacted : 1965 (Act No. 24. FOR COMPANIES ACT, 1956 Revised according to. Information is provided on the Company Law Settlement Scheme, time period of the scheme, benefits available under CLSS, and the fee for filling applications for grant of immunity under CLSS. ACT 125: COMPANIES ACT 1965 (REVISED - 1973) Incorporating latest amendment - Act A1299 /2007 First enacted : 1965 (Act No. Employees' Securities and Provident Funds, Employees' securities to be deposited in post office savings bank or scheduled Bank, Provisions applicable to provident funds of employees, Right of employee to see bank's receipt for moneys or securities referred to in section 417 or 418, Penalty for contravention of sections 417, 418 and 419, Invoices, etc., to refer to receiver where there is one, Penalty for non-compliance with sections 421 and 422, Application of sections 421 to 423 to receivers and managers appointed by Court and managers appointed in pursuance of an instrument, Liability as contributories of present and past members, Obligations of directors and managers whose liability is unlimited, Contributories in case of death of member, Contributories in case of insolvency of member, Contributories in case of winding up of a body corporate which is a member, Circumstances in which company may be wound up by Court, Company when deemed unable to pay its debts, Transfer of winding up proceedings to District Court, Withdrawal and transfer of winding up from one District Court to another, Power of High Court to retain winding up proceedings in District Court, Jurisdiction of High Court under sections 435, 436 and 437 to be exercised at any time and at any stage, Provisions as to applications for winding up, Right to present winding up petition where company is being wound up voluntarily or subject to Courts supervision, Power of Court to stay or restrain proceedings against company, Order for winding up to be communicated to Official Liquidator and Registrar, Copy of winding up order to be filed with Registrar, Appointment and powers of provisional liquidator, Receiver not to be appointed of assets with liquidator, Statement of affairs to be made to Official Liquidator, Exclusion of certain time in computing periods of limitation, Provision for legal assistance to liquidator, Exercise and control of liquidator's powers, Control of Central Government over liquidators, Appointment and composition of committee of inspection, Constitution and proceedings of committee of inspection, Settlement of list of contributories and application of assets, Payment of debts due by contributory and extent of set-off, Payment into bank of moneys due to company, Moneys and securities paid into Bank to be subject to order of Court, Order on contributory to be conclusive evidence, Power to exclude creditors not proving in time, Power to summon persons suspected of having property of company, etc, Power to order public examination of promoters, directors, etc, Order made in any Court to be enforced by other Courts, Circumstances in which company may be wound up voluntarily, Publication of resolution to wind up voluntarily, Effect of voluntary winding up on status of company, Declaration of solvency in case of proposal to wind up voluntarily, Provisions applicable to a members' voluntary winding up, Power of company to appoint and fix remuneration of liquidators, Board's powers to cease on appointment of a liquidator, Power to fill vacancy in office of liquidator, Notice of appointment of liquidator to be given to Registrar, Power of liquidator to accept shares, etc., as consideration for sale of property of company, Duty of liquidator to call creditors' meeting in case of insolvency, Duty of liquidator to call general meeting at the end of each year, Alternative provisions as to annual and final meetings in case of insolvency, Provisions applicable to a creditor's voluntary winding up, Notice of resolutions passed by creditors' meeting to be given to Registrar, Board's powers to cease on appointment of liquidator, Application of section 494 to a creditors' voluntary winding up, Duty of liquidator to call meetings of company and of creditors at end of each year, Provisions applicable to every voluntary winding up, Application of section 454 to voluntary winding up, Powers and duties of liquidator in voluntary winding up, Body corporate not to be appointed as liquidator, Corrupt inducement affecting appointment as liquidator, Power of Court to appoint and remove liquidator in voluntary winding up, Arrangement when binding on company and creditors, Power to apply to Court to have questions determined or powers exercised, Application of liquidator to Court for public examination of promoters, directors, etc, Power to order winding up subject to supervision, Effect of petition for winding up subject to supervision, Power of Court to appoint or remove liquidators, Powers and obligations of liquidator appointed by court, Appointment in certain cases of voluntary liquidators to office of liquidators, Debts of all descriptions to be admitted to proof, Application of insolvency rules in winding up of insolvent companies, Transfers for benefit of all creditors to be void, Liabilities and rights of certain fraudulently preferred Coupled with other statutes dealing with corporate entities, this is an extremely important piece of legislation. Section 416 Contracts by agents of company in which company is undisclosed principal. Repeals 4. In this Part, unless the context otherwise requires, 1 of 1956 Contains all Enforced Central and State Acts linked with Subordinate Data like Rules,Regulations,Notifications,Orders,Circulars,Ordinances,Statutes. The Act consolidates and amends the law relating to companies. Liquidation under IBC 2.) Incorporated Association: Company is an incorporated association of persons created by the law of … SICA vs. Features Of a Companys Act,1956 The Companies Act is the longest piece of legislation ever passed by our Parliament. 2.) Sec 75: Return of Allotment These Benches will be headed by the... National Productivity Council is national level organization to promote productivity culture in India. Text Search: 898 Record(s) | Page [1 of 90] Section - 1. Clause 141 of the proposed amendments in The Indian Companies Act of 1956 proposes that the maximum number of companies in which a person can be a director is 20. IntroductionWHAT IS COMPANY A company is an artificial person created by law. Final Rules. A company means a group of persons associated together for the attainment of a common end, social or economic. Section 211(1) of the Companies Act, 1956 requires the companies to draw up their financial statements as per the form set out in Revised Schedule VI. Omitted by the Companies (Amendment) Act, 1965, Act 31 of 1965, w.e.f. The Companies Act 1956 was the first Act which governs the various Companies registered in India - DEC 2018 NMIMS Solved Assignments, NMIMS DEC Assignments, NMIMS Ready DEC Assignments, NMIMS 2018 DEC Assignments, NMIMS Customized 2018 DEC Assignments, NMIMS Unique Assignments, NMIMS Best 2018 Assignments. it is an autonomous, multipartite, non-profit organization with equal representation from employers’ & workers’ organizations and Government, apart from technical & professional institutions and other interests. Definition of wholly-owned subsidiary 6. 79 of 1965) Date of coming into operation : [Throughout Malaysia 15 April 1966, P.U. It contains 658 sections and XV schedules and numerous forms. Users can view and download the files. A person desirous of running a large business house needs huge amount of money and resources. This act was enacted in 1956 by Parliament of India on 1st April 1956 and Companies act 2013 was in year 2013 by Parliament of India on 1st April 2014. Users can find information on the Nidhi companies, vanishing companies, chit fund companies, section 25 companies, etc. Register of directors. The Act contains provisions about Companies, directors of the companies, memorandum and articles of associations, etc. L a w y e r S e r v i c e s . This act was enacted in 1956 by Parliament of India on 1st April 1956 and Companies act 2013 was in year 2013 by Parliament of India on 1st April 2014. A list of year wise category and description for various Rules, Master Circular, Circulars, and Notification under the Act is also available in links. The Ministry of Corporate Affairs is concerned with the administration of the Companies Act for regulating functioning of the corporate sector in accordance with law. Companies Act, 1956. Several changes were accepted vide the proposed amendments in The Indian Companies Act of 1956. Definitions of "company", "existing company", "private company" and "public company" 4. The provisions of the Companies Act 1956 apply to statutory companies except where the said provisions are inconsistent with the provisions of the Act creating them. Statutory companies are mostly invested with compulsory powers. This act states and discusses every single provision requires or may need to govern a company. Companies Act 1956 was separated into 13 parts having 658 sections, along with 15 schedules where as Companies Act 2013 has been divided into 29 chapters along with 470 sections and 7 schedules. Companies Act 1956 Companies Act 1956. Reply. Links are given for guidelines for setting up a new company and for information on cost audit orders. Incorporation of a company requires registration of formal documents with the Registrar of Companies. 14 December 1973) Penalty for fraudulently inducing persons to invest money, Personation for acquisition, etc., of shares, Initial offer of securities to be in dematerialized form in certain cases Allotment, Prohibition of allotment unless minimum subscription received, Prohibition of allotment in certain cases unless statement in lieu of prospectus delivered to Registrar, Applications for, and allotment of, shares and debentures, Allotment of shares and debentures to be dealt in on stock exchange, Manner of reckoning fifth, eighth and tenth days in sections 72 and 73, Power to pay certain commissions and prohibition of payment of all other commissions, discounts, etc, Restrictions on purchase by company, or loans by company for purchase, of its own or its holding company's shares, Power of company to purchase its own securities, Transfer of certain sums to capital redemption reserve account, Prohibition for buy-back in certain circumstances, Application of premiums received on issue of shares, Power to issue redeemable preference shares, Redemption of irredeemable preference shares, etc, New issues of share capital to be only of two kinds, Prohibition of issue of shares with disproportionate rights, Termination of disproportionately excessive voting rights in existing companies, Calls on shares of some class to be made on uniform basis, Power of company to accept unpaid share capital, although not called up, Payment of dividend in proportion to amount paid-up, Power of limited company to alter its share capital, share capital to stand increased where an order is made under section 81(4), Notice to Registrar of consolidation of share capital, conversion of shares into stock, etc, Effect of conversion of shares into stock, Notice of increase of share capital or of members, Power of unlimited company to provide for reserve share capital on re-registration, Special resolution for reduction of share capital, Application to Court for confirming order, objections by creditors and settlement of list of objecting creditors, Order confirming reduction and powers of Court on making such order, Registration of order and minute of reduction, Liability of members in respect of reduced shares, Penalty for concealing name of creditor, etc, Alteration of rights of holders of special classes of shares, Transfer not to be registered except on production of instrument of transfer, Restriction on acquisition of certain shares, Restriction on the transfer of shares of foreign companies, Power of Central Government to direct companies not to give effect to the transfer, Time within which refusal to be communicated, Nothing in sections 108A to 108D to apply to Government companies, etc, Applicability of the provisions of sections 108A to 108F, Construction of certain expressions used in sections 108A to 108G, Penalty for acquisition or transfer of share in contravention of sections 108A to 108D, Power to refuse registration and appeal against refusal, Limitation of time for issue of certificates, Issue and effect of share warrants to bearer, share warrants and entries in register of members, Debentures with voting rights not to be issued hereafter, Appointment of debenture trustees and duties of debenture trustees, Liability of company to create security and debenture redemption reserve, Right to obtain copies of and inspect trust deed, Liability of trustees for debenture holders, Power to re-issue redeemed debentures in certain cases, Specific performance of contract to subscribe for debentures, Payments of certain debts out of assets subject to floating charge in priority to claims under the charge, Certain charges to be void against liquidator or creditors unless registered, Registration of charges on properties acquired subject to charge, Particulars in case of series of debentures entitling holders pari passu, Particulars in case of commission, etc., on debentures, Register of charges to be kept by Registrar, Endorsement of certificate of registration on debenture or certificate of debenture stock, Duty of company as regards registration and right of interested party, Provisions of Part to apply to modification of charges, Copy of instrument creating charge to be kept by company at registered office, Entry in register of charges of appointment of receiver or manager, Company to report satisfaction and procedure thereafter, Power of Registrar to make entries of satisfaction and release in absence of intimation from company, Copy of memorandum of satisfaction to be furnished to company, Rectification by Company Law Board of register of charges, Right to inspect copies of instruments creating charges and company's register of charges, Application of Part to charges requiring registration under it but not under previous law, Publication of authorized as well as subscribed and paid-up capital, Register and index of beneficial owners to be of debenture-holders, Declaration as to shares and debentures held in trust, Power to close register of members or debenture holders, Power for company to keep foreign register of members or debenture holder, Annual return to be made by company having a share capital, Annual return to be made by company not having a share capital, Further provisions regarding annual return and certificate to be annexed thereto, Place of keeping, and inspection of, registers and returns, Statutory meeting and statutory report of company, Power of Company Law Board to call annual general meeting, Penalty for default in complying with section 166 or 167, Calling of extra1ordinary general meeting on requisition, Contents and manner of service of notice and persons on whom it is to be served, Explanatory statement to be annexed to notice, Voting to be by show of hands in first instance, Chairman's declaration of result of voting by show of hands to be conclusive, Restriction on exercise of voting right of members who have not paid calls, etc, Restrictions on exercise of voting right in other cases to be void, Right of member to use his votes differently, Power of Company Law Board to order meeting to be called, Representation of corporations at meetings of companies and of creditors, Representation of the President and Governors in meetings of companies of whch they are members, Exercise of voting rights in respect of shares held in trust, Declaration by persons not holding beneficial interest in any share, Investigation of beneficial ownership of shares in certain cases, Registration of certain resolutions and agreements, Minutes of proceedings of general meetings and of Board and other meeting, Presumptions to be drawn where minutes duly drawn and signed, Inspection of minute books of general meetings, Publication of reports of proceedings of general meetings, Company not to appoint or employ certain different categories of managerial personnel at the same time, Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits, Calculation of commission, etc., in certain cases, Avoidance of provisions relieving liability of officers and auditors of company, Undercharged insolvent not to manage companies, Power to restrain fraudulent persons from managing companies, Restriction on appointment of firm or body corporate to office or place of profit under a company, Unpaid idend to be transferred to special idend account, Establishment of Investor Education and Protection Fund, idend not to be paid except to registered shareholders or to their order or to their bankers, Right to idend, rights shares, and bonus shares to be held in abeyance pending registration of transfer of shares, Penalty for failure to distribute idends within forty-two days, Power of company to pay interest out of capital in certain cases, Inspection of books of account, etc., of companies, Constitution of National Advisory Committee on Accounting Standards, Form and contents of balance sheet and profit and loss account, Balance sheet of holding company to include certain particulars as to its subsidiaries, Financial year of holding company and subsidiary, Rights of holding company's representative and members, Authentication of balance sheet and profit and loss account, Profit and loss account to be annexed and auditors' report to be attached to balance sheet, Penalty for improper issue, circulation or publication of balance sheet or profit and loss account, Right of members to copies of balance sheet and auditors' report, Three copies of balance sheet, etc., to be filed with Registrar, Duty of officer to make disclosure of payments, etc, Construction of references to documents annexed to accounts, Certain companies to publish statement in the Form in Table F in schedule I, Auditor not to be appointed except with the approval of the company by special resolution in certain cases, Provisions as to resolutions for appointing or removing auditors, Qualifications and disqualifications of auditors, Audit of accounts of branch office of compan, Reading and inspection of auditor's report, Right of auditor to attend general meeting, Penalty for non-compliance with sections 225 to 231, Penalty for non-compliance by auditor with sections 227 and 229, Power of Central Government to direct special audit in certain cases, Power of Registrar to call for information or explanation, Investigation of the affairs of a company, Application by members to be supported by evidence and power to call for security, Investigation of company's affairs in other cases, Firm, body corporate or association not to be appointed as inspector, Power of inspectors to carry investigation into affairs of related companies, etc, Application for winding up of company or an order under section 397 or 398, Proceedings for recovery of damages or property, Imposition of restrictions upon shares and debentures and prohibition of transfer of shares or debentures in certain cases, Voluntary winding up of company, etc., not to stop investigation proceedings, Subscribers of memorandum deemed to be directors, Appointment of directors and proportion of those who are to retire by rotation, Ascertainment of directors retiring by rotation and filling of vacancies, Right of persons other than retiring directors to stand for directorship, Right of company to increase or reduce the number of directors, Increase in number of directors to require Government sanction, Filling of casual vacancies among directors, Appointment of directors to be voted on inidually, Sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc, Consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the Registrar, Option to company to adopt proportional representation for the appointment of directors, Restrictions on appointment or advertisement of director, Certain persons not to be appointed managing directors, Amendment of provision relating to managing, whole time or non-rotational directors to require Government approval, Appointment of managing or whole-time director or manager to require Government approval only in certain cases, Time within which share qualification is to be obtained and maximum amount thereof, No person to be a director of more than twenty companies, Choice to be made by director of more than twenty companies at commencement of Act, Choice by person becoming director of more than twenty companies after commencement of Act, Exclusion of certain directorships for the purposes of sections 275, 276 and 2, Board to meet at least once in every three calendar months, Procedure where meeting adjourned for want of quorum, Certain powers to be exercised by Board only at meeting, Prohibitions and restrictions regarding political contributions, Power of Board and other persons to make contributions to the National Defense Fund, etc, Appointment of sole selling agents to require approval of company in general meeting, Prohibition of payment of compensation to sole selling agents for loss of office in certain cases, Power of Central Government to prohibit the appointment of sole selling agents in certain cases, Application of section 295 to book debts in certain cases, Board's sanction to be required for certain contracts in which particular directors are interested, Interested director not to participate or vote in Board's proceedings, Register of contracts, companies and firms in which directors are interested, Disclosure to members of director's interest in contract appointing manager, managing director, Duty of directors, etc., to make disclosure, Register to be kept by Registrar and inspection thereof, Register of directors' shareholdings, etc, Duty of directors and persons deemed to be directors to make disclosure of shareholdings, Provisions for increase in remuneration to require Government sanction, Increase in remuneration of managing director on re-appointment or appointment after Act to require Government sanction, Prohibition of assignment of office by director, Appointment and term of office of alternate directors, Director, etc., not to hold office or place of profit, Number of companies of which one person may be appointed managing director, Managing director not to be appointed for more than five years at a time, Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers, Payment to director, etc., for loss of office, etc., in connection with transfer of undertaking or property, Payment to director for loss of office, etc., in connection with transfer of shares, Provisions supplementary to sections 318, 319 and 320, Directors, etc., with unlimited liability in limited company, Special resolution of limited company making liability of directors, etc., unlimited, Loans, etc., to companies under the same management, Provisions as to certain loans which could not have been made if sections 369 and 370 were in force, Penalty for contravention of section 369, 370 or 370A, Purchase by company of shares, etc., of other companies, Investments made before commencement of Act, Penalty for contravention of section 372 or 373, Condition prohibiting reconstruction or amalgamation of company except on continuance of managing agent, etc., to be void, Firm or body corporate not to be appointed manager, Certain persons not to be appointed managers, Number of companies of which a person may be appointed manager, Application of sections 269, 310, 311, 312 and 317 to managers, Sections 386 to 388 not to apply to certain private companies, Reference to Company Law Board of cases against managerial personnel, Power of Central Government to remove managerial personnel on the basis of Company Law Board's decision, Power to compromise or make arrangements with creditors and members, Power of High Court to enforce compromises and arrangements, Information as to compromises or arrangements with creditors and members, Provisions for facilitating reconstruction and amalgamation of companies, Notice to be given to Central Government for applications under sections 391 and 394, Power and duty to acquire shares of shareholders dissenting from sheme or contract approved by majority, Power of Central Government to provide for amalgamation of companies in national interest, Preservation of books and papers of amalgamated company, Application to Company Law Board for relief in cases of oppression, Application to Company Law Board for relief in cases of mismanagement, Right to apply under sections 397 and 398, Notice to be given to Central Government of applications under sections 397 and 398, Right of Central Government to apply under sections 397 and 398, Powers of Company Law Board on application under section 397 or 398, Effect of alteration of memorandum or articles of company by order under section 397 or 398, Addition of respondents to application under section 397 or 398, Application of sections 539 to 544 to proceedings under sections 397 and 398, Consequences of termination or modification of certain agreements, Powers of Government to prevent oppression or mismanagement, Power of Company Law Board to prevent change in Board of directors likely to affect company prejudiciall, Contracts by agents of company in which company is undisclosed principal.