Books of accounts are a prime source of information through which information can be extracted about a company. The act has replaced the companies act, 1956 in a partial manner. Manner of reporting on section 2273bb of the companies act, 1956. 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. All about minutes under section 118 of companies act 20. Companies declaration of beneficial interest in shares rules, 1975 view download. Aug, 2012 meetings under companies act of 1956 share holders meetings1 statutory meeting as per section 165 of the act2 annual general meeting as per section 166 of the act3 extraordinary general meetings.
Substituted for twenty by the companies amendment act, 2000, w. In this blogpost, divyaish kumar srivastava, student, shri harish chandra p. Introduction to companies act 19561 board of directors. Act means the companies act, 1956 1 of 1956, or any statutory. Chief executive officer, manager, company secretary or chief financial. College, varanasi, writes about the various registers required to be maintained under companies act, 20. 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. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Minutes help in understanding the deliberations and decisions taken at the meeting. Dec 06, 2012 under the companies act, 1956 maintenance of books of accounts is mandatory for every class of companies. Every company shall keep minutes of all board and committee meetings in a minutes book. Oct 16, 2012 list of schedules under companies act 1956.
Jan 20, 2011 step 7 registration under section 80g. Minutes kept in accordance with the provisions of the act evidence the proceedings recorded therein. Dec 18, 2012 the board was informed that in accordance with the provisions contained in section 254 of the companies act, 1956, the subscribers to the memorandum of association shall be deemed to be the directors of the company. Report us 394a of the companies act, 1956 taking accounts of commentsinputs from income tax department and other sectoral regulators while filing reports by rds. Minutes of proceedings of meetings and directors 120. The companies act, 20 the act and the rules made thereunder the rules lays down that every company incorporated under the act has to maintain statutory registers the registers the registers need to maintained and updated eventually and should be kept at the registered office of the company. Table b memorandum of association of a company limited by shares. Which registers does a company need to maintain under. The companies act 1956 1st page repealed see the companies act 20 the companies act 1956 2nd page repealed see the companies act 20.
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. Section 260 of the companies act, 1956 and in respect of whom the company has received a notice in writing from a member under the provisions of section 257 of the companies act 1956 proposing his candidature for the office of a director be and is hereby appointed as a director to retire by rotation. Preference share capital means, with reference to any company limited by shares, whether formed before or after the commencement of this act, that part of the share capital of the company which fulfils both the following requirements, namely. Further this category of company is required to maintain book of accounts relating to a period of four years only instead of eight years stipulated for other companies under the companies act 1956. Companies act 1956 all sections list linkedin slideshare. Substituted for company law board by the companies second amendment act, 2002, w. Commencement and applicability of companies act, 20 aubsp.
Feb 06, 2014 section 16 is brought to force from april 01, 2014. Corresponding provisions of the companies act, 1956. Sep 15, 2015 the companies act, 20 the act and the rules made thereunder the rules lays down that every company incorporated under the act has to maintain statutory registers the registers the registers need to maintained and updated eventually and should be kept at the registered office of the company. For this chapter, the companies incorporation rules, 2014 the rules are notified with effect from april 01, 2014. Section 209 of the companies act talks about maintaining books of accounts and penalties for non compliance therein. Section 243 application for winding up of company or an order under section 397 or 398. Provided that nothing contained in this subsection shall apply in a case where the offer or invitation to subscribe for shares or debentures is made to 50 persons or more. Provisions applicable on investigation under section 5i. Date of registrationdate of filling of the particulars with the registrar of companies. Now, the secretarial standards have been revised by the icsi and approval of the central government, as required, under section 11810 of the companies act, 20 has been obtained for the revised ssl and ss2 vide ministry of corporate affairs letter no. Provided that in the case of existing companies, registered under the companies act, 1956, particulars shall be compiled within six months from the date of commencement of these rules.
Addition of respondents to application under section 397 or 398. Schedules under companies act 1956 corporate law forum. Some of the registers are required to be kept open for inspection by. Procedure for merger and amalgamation is different from takeover. Section 25 companies under companies act 1956 legal news. All 438 sections of companies act are notified by the ministry of corporate affairs mca and majority of the rules to the various chapterssections of the companies act, 20. For a company to function smoothly and comply with the statutory requirements, it is required to maintained certain registers and records in order to fulfill the statutory, statistical, disclosure, mis1. Companies act, 1956 bare acts law library advocatekhoj. The companies act 20 contains 470 sections under 29 chapters with seven schedules. Companies act, 1956 x x x x extracts x x x x notification no. The minutes are to be signed in accordance with the provisions of section 193 of the companies act. If a section 25 company gets itself registered under section 80g then the person or the organization making a donation to the ngo will get a deduction of 50% from hisits taxable income. Earlier the quoted words were substituted for court by the companies amendment act, 1988, w. Accordingly, clause iv of section 229, section 435, section 436, section 437, section 438 and section 440 of the companies act 20 are notified vide notification no.
Companies disqualification of directors under section 2741g of the companies act. The companies registered under the companies act, 1956 or the earlier companies. 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. Board, to be kept by making within 2 thirty days of the conclusion of every such meeting concerned, entries thereof in books kept for that purpose with their pages consecutively numbered. Companies disqualification of directors under section 2741g of the companies act, 1956 rules, 2003. Section 291 of the companies act, 1956 confers general power on the board of directors. Each page of every such book shall be initialled or signed and the last page of the record of proceedings of each meeting in such books shall be dated and signed. The list of section 25 companies may be viewed at the following. Table a regulations for management of a company limited by shares. The central government has constituted national company law tribunal nclt under section 408 of the companies act, 20 18 of 20 w. The companies act, 1956 section 303 to 674 the schedule.
Notice to registrar of consolidation of share capital, conversion of shares into stock, etc. The board was informed that in accordance with the provisions contained in section 254 of the companies act, 1956, the subscribers to the memorandum of association shall be deemed to be the directors of the company. These are created by special act of the legislature e. Date of creation of original charge and amount secured. The curious case of section 4 7 of the companies act, 1956. Under the companies act, 1956, a company is required to maintain certain registers and records. Section 88 prohibition of issue of shares with disproportionate rights. The companies registered under the companies act, 1956 or the earlier companies act. The companies incorporated by means of statute of special act of the parliament or any state legislative eg. Complete list of sections of companies act, 20 corporate. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules.
The companies amendment act, 2000 with effect from. Section 25 companies under companies act 1956 legal. It is important to keep in mind that the items contained under section 316 and section 386 of the companies act, 1956 requires a specific notice and cannot be discussed under any other business. Section 16 is brought to force from april 01, 2014. Maintenance of books of accounts in companies act, 1956. Section 25 company formation procedure, fees and checklist. A in this connection the following resolution was passed.
Convened by directors on the requisition of the shareholders as per section 169 of the act. There are some other registers and records, the maintenance of which is not statutorily required but is essential for the smooth, efficient and systematic functioning of the company. Secretarial standard on minutes the institute of company secretaries of india. Share capital to stand increased where an order is made under section 814 95. Whether shares allotted to 50 persons or more in a year. Laws of brunei chapter 39 companies act enactment no. Section 8 company is also termed as the nonprofit organizationnpo which is established to promote art, science, commerce, religion, charity or any other advantageous object, provided the profits if any. These are the companies which are formed and registered under the companies act, 1956 or were registered under any of the earlier companies act. Corresponding provisions of the english companies act, 2006. Standard format and contents of minutes of the first board.
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. Memorandum and articles of association of a company limited by guarantee and not having. Jan 20, 2014 the companies amendment act, 2000 with effect from. Part i prescribes host of acts under which the appointee as a managing or whole time director or as a manager should not be convicted of an offence and sentenced to imprisonment for any period or with a fine exceeding rupees one thousand the indian stamp act, 1899, the central excise and salt act,1944. Companies branch audit exemption rules, 1961 view download. A company registered under the companies act, 1956 the act with liability of its members limited by guarantee and the one licensed under. India the companies act 1956 sec 25 power to dispense with limited in name of charitable or other company. Copy of every instrument creating any charge requiring registration 3. Under section 47 of the companies act, 1956 1956 act, following conditions were required to be fulfilled for a private company to be deemed to be a subsidiary of a public company. Section 88 of companies act, 20 register of members. The indian companies act, 1956 basic concept the word. In other words, all these 5 sections of the companies act 20 are applicable from 18th may, 2016. Explore the companies act 20 and companies act 1956. Companies compliance certificate rules, 2001 view download.
Formation of an ngo as a section 25 company statutory provisions ngos can be registered as limited companies under section 25 of the companies act, 1956 for carrying out charitable and promotional activities. 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. Application of section 295 to book debts in certain cases. Meetings under companies act of 1956 share holders meetings1 statutory meeting as per section 165 of the act2 annual general meeting as per section 166 of the act3 extraordinary general meetings. However a section 25 company is not required to have any minimum paid up capital. Under the companies act, 1956 maintenance of books of accounts is mandatory for every class of companies. Preference share capital means, with reference to any company limited by shares, whether formed before or after the commencement of this act, that part of the share capital of the company which fulfils.
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