In addition thereto, there are various rules and regulations. In case of allegation of mismanagement, or on orders from a court under crpc, inspection of books of account can be done even without a prior notice. The erstwhile corresponding section 209 on books of accounts to be kept by company of companies act, 1956 dealt with the books of accounts required to be maintained to give a true and fair view of the state of affairs of the company or branch office and to. 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. Group 1 aarti singh, azhar hussain, jyoti nawlani, nemchand meena, renuka sharma companies act.
The act has replaced the companies act, 1956 in a partial manner. The companies act 1956 indian bare acts india bare act. A note on disqualification of a director under section 274 1. How to lodge grievances under income tax act process to submit grievances. This intimation of place of books of account will facilitate inspection referred in section 2094 and also section 209a, 234. The companies act, 1956 is150 years old and the largest act in india comprising of 658 sections and 15 schedule. C and d were independent directors and also they not participated in day to day affairs of the company. This class has been designed not only for commerce students, but also for general awareness about a company and its features for public at large.
A company means a group of persons associated together for the attainment of a common end, social or economic. Content introduction definition characteristics of a company types of company 2. The new companies act, 20 provides the central government of india, the exclusive rights to incorporate, regulate, control, and terminate all various categories of entities in diverse sectors located within the country. Section 209 of the companies act talks about maintaining books of accounts and penalties for non compliance therein. Be it enacted by parliament in the sixth year of the republic of india as follows 1. Form of annual return of a company having a share capital. The registered office of the company will be situated in the state of west bengal. In addition thereto, there are various rules and regulations notified by the government under the act.
Companies act, 1956 format of statutory registers taxguru. Appointment under previous companies laws to have effect as if made under act. Under the companies act, 1956 maintenance of books of accounts is mandatory for every class of companies. Copy of every instrument creating any charge requiring registration 3. Introduction to company under companies act, 1956 india. A company is defined as, a company formed and registered under this act or an existing company. Minutes of proceedings of general meetings and of board and other meetings. According to sec 3 of the act, on incorporation a company becomes a body corporate or a corporation with a perpetual succession and a common seal. The company shall comply with the provisions of sections 12 and. Related party transaction notified related party with reference to a company, means. A company is a legal person separate from and capable of surviving beyond the lives of its members. While the old act only referred to a company, the new act refers to a company or any body corporate incorporated outside india.
The relevant provision is proviso to section 3091 of the cos. In the first phase the ministry of corporate affairs have set up eleven benches, one principal bench at new delhi and one each regional benches at new delhi, ahmedabad, allahabad, bengaluru. Section204 restriction on appointment of firm or body corporate to office or place of profit under a company. The audit committee was constituted under section 292a of the companies act 1956 and listing agreement with stock. Maintenance of books of accounts in companies act, 1956. Funds and accounts under act to be in continuation of funds and accounts under previous companies. Introductionwhat is company a company is an artificial person created by law. Section 31i of the companies act, 1956 defines a company as. Explore them by section wise, view them or download them. Effect of voluntary winding up on status of company. Subject to section 292 and 293 of the company act, 1956, to sell, exchange, mortgage, convey, assign, manage, let on lease, royally or tribute, grant licenses, easements, options and other effects of the company for the such.
A company owes its existence either to a special act of parliament or to company legislation. The companies act 1956 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the companies act 1956 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. Reference to act shall also include the secretarial standards issued by the institute of company secretaries of india constituted under the company secretaries act, 1980. According to section 210 rw 31i of the companies act a company is defined as company is company formed and registered under this act or an exsisting company. Apr 04, 20 1a the company law board shall exercise and discharge such powers and functions as may be 3 conferred on it before the commencement of the companies second amendment act, 2002, by or under this act or any other law, and shall also exercise and discharge such other powers and functions of the central government under this act or any other.
The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. Dec 06, 2012 under the companies act, 1956 maintenance of books of accounts is mandatory for every class of companies. Registers under previous companies laws to be deemed to be part of registers under act. Minutes of the extra ordinary general meeting otr tiie. Mergers and amalgamations are regulated under the provisions of the companies act, 1956 whereas takeovers are regulated under the sebi substantial acquisition of shares and takeovers regulations. Moreover, the old definition mentioned only about a place of business. Provisions of minutes of general meeting under companies act, 1956. Super secretarial checklist under companies act, 1956 sr. Definitions of company, existing company, private company and public company 1.
Section 204 restriction on appointment of firm or body corporate to office or place of profit under a company. 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. Companies act with its variations is a stock short title used for legislation in botswana, hong kong, india, malaysia, new zealand, south africa and the united kingdom in relation to company law. The name of company is uttarakhand purv sainik kalyan nigam limited. Section549 inspection of books and papers by creditors and contributories. Books of accounts are a prime source of information through which information can be extracted about a company. Definition of a company according to sec 1, a company formed and registered under the act. The companies act, 1956 section 303 to 674 the schedule, indian bare acts at, a website for indian laws and bareacts, legal advice. Companies act, 1956 1 of 1956 1 as amended by the companies second amendment act, 2002 an act to consolidate and amend the law relating to companies and certain other associations be it enacted by parliament in the sixth year of the republic of india as follows. Companies act 1956 complete act citation 51006 bare.
However, under the slightly modified definition of a public company under section 271 of the 20 act. The companies act 20 is an act of the parliament of india on indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. The objects for which the company is established are. Hence, other foreign entities can also be treated as a foreign company under the new act, subject to the other conditions. A shall be officer in default under section 5 of the companies act 1956. Act, 1956 provisions takes into wherein specialized professional who is a director reders certain services to the company and received an amount as professional fees. The definition given by the companies act does not define the company clearly as to. Declaration of solvency in case of proposal to windup voluntarily. The indian companies act, 1956 basic concept the word company. Subjects to the provisions of the companies act, 1956 to invest, apply for and acquire or otherwise invest moneys belonging to, entrusted to or at the disposal of the company upon such terms as may be thought proper and from time to time vary such transaction, in such manner as the company may think fit. All information on free downloadable ebook the indian companies act 1956 free pdf ebook cakart free book section, click on image to see the detail. Company law 1956 is the law which applies to all type companies whether it is public or private company.
Under the companies act 1956 company limited by shares memorandum of association of uttarakhand purv sainik kalyan nigam limited a government of uttarakhand company within the meaning of section 617 of the companies act 1956 1. Super secretarial checklist under companies act, 1956. The provisions of section 297, 299, 300 of the companies act, 1956 the act are invariably taken into consideration when there are transactions between group companies or companies under same. Provisions applicable to a members voluntary winding up. Sep 15, 2016 company law 1956 is the law which applies to all type companies whether it is public or private company. An act to consolidate and amend the law relating to companies and certain other associations. Section 3 in the companies act, 1956 indian kanoon. This intimation of place of books of account will facilitate inspection referred in section 2094 and also section 209a, 234 and 235 of the companies act, 1956. Companies act, 1956 board of directors share repurchase. Explore the companies act 20 and companies act 1956.
Sep 20, 2010 introduction to company under companies act, 1956 is an introductory level class that will cover the fundamental concepts of what a company is. The 20 act removed the extant deeming provision under section 4 7 of the 1956 act. A company is defined as a voluntary association of persons formed for the purpose of doing business, having a distinct name and limited liability. The companies act, 1956 section 303 to 674 the schedule. Companies act 1956 complete act citation 51006 bare act. Application of section 295 to book debts in certain cases. The annual forms that have to be filed with the registrar of companies, including a greater description of. Procedure for merger and amalgamation is different from takeover. Definitions of company, existing company, private company and public company 4.
The regulations contained in table a in the first schedule to the companies act, 1956 or table f in the first schedule to the companies act, 20 shall not apply to this company, but the. Provisions on books of accounts under companies act 20. Section 128 of the companies act, 20 provides for maintenance of books of accounts under the new companies act. Company act what is definition of company act 1956. The bill for an act with this short title will usually have been known as a companies bill during its passage through parliament. Inspection of minute books of general meetings companies act, 1956. An existing company means a company formed and registered under any of the previous company laws. Section 193 in the companies act, 1956 indian kanoon. Companies act 1956 explains about the whole procedure of the how to form a company, its fees procedure, name, constitution, its members, and the motive behind the company, its share capital, about its general board meetings, management and administration of the company including an important part which is the directors as they are the decision.
Subject to which property has been acquired by company registered in india. Introduction to company under companies act, 1956 is an introductory level class that will cover the fundamental concepts of what a company is. Companies act, 1956 arrangement of sections part i preliminary sectionpage 1. Companv be and is hereby accorded to create, offer, issue and allot in. Under section 293 of the companies act, 1956, a company is empowered to make donations for charitable purposes up to five per cent of its average net profits during the preceding three years or up to rs.
Funds and accounts under act to be in continuation of funds and accounts. You can find many more books for competitive exam or ca cs cma exam, click here to view details. Power of company to appoint and fix remuneration of liquidators. Apr 17, 2012 the department of company affairs vide its general circular no. Indian companies act 1956 authorstream presentation go premium. The central government has constituted national company law tribunal nclt under section 408 of the companies act, 20 18 of 20 w.
Section 145 application of part to charges requiring registration under it but not under previous law. This act extends to the whole of india, and came in to force on 1st april, 1956. The indian companies act 1956 free pdf ebook cakart. The company is a private limited company within the meaning of section 235 and 3 1 iii of the companies act, 1956 and accordingly the minimum paid capital of the company will be rs. Voluntary insolvencyan insolvent debtor owing debts exceeding in amount in the sum of p, may apply to be discharged from his debts and liabilities by petition to the rtc of the province or city in which he has resided for 6 months next preceding the filing of the petition. Inspection of minute books of general meetings of the act, companies act, 1956. Section 209 books of account to be kept by company. Application for availability of name under which the company proposes to be incorporated is to be made to the registrar of companies in the prescribed form in the state where the registered office of. The name of the company is great eastern energy corporation limited. List of statutory registers under companies act, 1956. Every company is required to follow the company law otherwise it will be treated as punishable offence under the companies act, 1956. Section 195 of companies act, 1956 says that where minutes of the. The curious case of section 4 7 of the companies act, 1956. V, clarifies that the provisions of section 274 of the companies act, 1956 were amended through companies amendment act, 2000, w.
564 935 287 372 1195 1027 1184 285 698 192 1386 14 1364 1278 1197 1468 1091 1344 731 1074 747 1319 682 1550 1209 1560 65 1619 1070 661 1096 1536 697 1126 1224 1420 1139 755 982 407 917 52 678