Act for Acts
Section 149 of Companies Act, 1956 As section 11 of the 2013 Act corresponds to s. 149 of the 1956 Act with a few modifications in commencement of business therefore the analysis and case law set out below on section 149 of the relevant in interpreting the provisions under section 11 of the 2013 Act to the extent that it […]
Continue reading »Disclosure of Interest to be made by the Directors Section 299 of the 1956 Act provided for a disclosure of interest to be made by the directors. It also provided for a general notice of interest to be directors every year. The duty to disclose interest of directors applied to the entire private companies as well as public companies. It […]
Continue reading »Meaning of ‘Control’ [Section 4(1)(a) of Companies Act, 1956] Section 4 of the 195 Act was adopted from s. 154 of the English Act, 1948 but in adopting it an important change has been made in order apparently to make the definition wider. While the wording of clause (a)(i) of sub-section (1) of the English section is “that other is […]
Continue reading »Nomination of Managing Director of the Company A managing Director is defined in Section 2 (26) of the Companies Act, 1956. It is at once clear from the definition that a managing director may be appointed in any one of five ways, namely, By virtue of a consent with the company; By virtue of a resolution passed by the company […]
Continue reading »Do you wish to lend the funds of your company or to make investments in shares of other companies? If your company, whether a private or a public company proposes to grant loans and investments or give any guarantee provide security in connection with a loan to any other body corporate or person or acquire by way of […]
Continue reading »Nomination and Remuneration Committee – Company Registration in Madurai Under Companies (Amendment) Act, 2013, the remuneration paid to a director for any services rendered in any other capacity shall not be so included if in the opinion of the Nomination and Remuneration Committee formed under section 178(1) of the 2013 Act or in the opinion of the Board of directors, […]
Continue reading »Appointment of Directors and their retirement by rotation of the company Section 255 of the 1956 Act dealt with the appointment of directors and their retirement by rotation. The amendment in section 255(1) of the 1956 Act vide Companies (Amendment) Act, 1960 (relating to retirement by rotation) was based on the recommendations of the Companies Act Amendment Committee, which stated […]
Continue reading »Appointment of independent person as liquidator An independent person or a third party cannot be appointed as an Official liquidator in liquidation proceedings under supervision of the court. But a suitable person can be appointed as an assistant or deputy liquidator for the precise purpose of functioning under control and supervision of the High Court and act for the purpose […]
Continue reading »Committee of Creditors for the Registered Company The 1956 Act and SICA did not require holding of creditors meeting for determining the possibility of revival of the sick company. Therefore, there was no provision in the 1956 Act and SICA corresponding to section 257 of the 2013 Act. While 2013 Act empowers the secured creditors to initiate an action under […]
Continue reading »Company Registration in Madurai – Convening meetings of creditors and contributors of the company is what we are going to describe below in this article. A company is a separate legal entity, which is made by some association of peoples who may be natural or legal persons for commercial and industrial purposes. Basically, the company is registered and processed under […]
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