Sec 58aa small depositors 1 every company, which accepts deposits from small depositors, shall intimate to the company law board any default made by it in repayment of any such deposits or part thereof or any interest thereupon. Company under section 25 of the companies act,1956. The companies act, 1956 section 303 to 674 the schedule. Chartered accountants 6 during the year the company has not accepted any deposits to which provisions of section 58a and 58aa of the companies act, 1956 and the rules framed there under would appiy. The companies act, 1956 section 303 to 674 the schedule, indian bare acts at, a website for indian laws and bareacts, legal advice. Jul 20, 2011 implication and summary of section 58a to private companies.
Section 25 companies under companies act 1956 legal. Sudhir damodaran, director of the company, retires by rotation at the ensuing annual general meeting and. Pursuant to section 2172aa of the companies act, 1956 the directors confirm. 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. Inquiry into working of sick industrial companies sections of companies act, 1956. Companies act, 1956 arrangement of sections part i preliminary sectionpage 1. Be it enacted by parliament in the fiftythird year of the republic of india as follows. Powers of tribunal to make suitable order on completion of inquiry424d. Right to present winding up petition where company is being wound up voluntarily. Notice under section 257 of the companies act, 1956 has been received from a member signifying his intention to propose his appointment as a director. Section 212 of companies act 1956 with respect to companies. Statement pursuant to section 212 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. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Fraud under section 14312 of the companies act, 20, guidance note on reporting under section 1433f and h of the companies act, 20 and the much awaited guidance note on audit of internal financial controls over financial reporting. The company has not accepted any fixed deposits as on 31st march, 20 so as to attract the provisions of section 58a and 58aa of the companies act, 1956 read with companies acceptance of the. Amendment act, 1988 as a measure of protecting the interests of depositors.
Jul 22, 2014 on the commencement of subsection 2 of section 74 of the companies act, 20 w. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956 note. Benches of the company law board shall not accept further applications under sections 58a 9 and 58aa of the companies act, 1956. Short title and commencement 1 this act may be called the companies second amendment act, 2002. 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. Jun 08, 2011 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. Frequently asked questions on acceptance of deposits under section58a question. In our opinion and to the best of our information and according to the explanations given to us the said accounts give the information required by the companies act, 1956, in the manner so required and give a true and fair view in conformity with the accounting. But central government approval is not required uls 188 of the companies act, 20. Section 263a sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc.
Section 25 companies under companies act 1956 legal news. Directors responsibility statement pursuant to the provisions of section 217 2m of the companies act, 1956, the board of. Various companies have been incorporated under the companies act, 1956. The advantages of section 25 companies over other companies registered under companies act are discussed below. Section 4a2 empowers the central government to specify other institutions as a public financial institution by a gazetted notification. Full text containing the act, companies act, 1956, with all the sections, schedules, short. Jan 20, 2011 the advantages of section 25 companies over other companies registered under companies act are discussed below. In exercise of the powers conferred by section 58a read with subclauses a and b of subsection 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. Provisions related to acceptance of deposit by companies us. A prospectus issued by or on behalf of a company or in relation to an intended company shall be dated, and that date shall, unless the contrary is proved, be taken as the date of publication of the prospectus.
Section 25 companies in the companies act, 1956 advisory. Companies act 1956 amending act 4 citation 11777 bare. Section 212 of the companies act, 1956 impossible to comply by cs a rengarajan and cs alok rudra introduction. Deposits not to be invited without issuing an advertisement.
Section 299 applies to any contract or arrangement to which a company is party and in which a director is interested. On the commencement of subsection 2 of section 74 of the companies act, 20 w. Apr 04, 20 the companies act 1956, indian bare acts at, a website for indian laws and bare acts, legal advice and law documents, companies act 1956. Section 108 of the companies act, 1956 and statutory modifications thereof for the time being shall be duly complied with in respect of all transfer of shares and registration thereof. This section gives central government, the power to grant the license directing that such an association may be registered as a company with limited liability, without the addition of the words limited or private limited to its name.
Companies act 1956, companies act 20, corporate governance, corporate social. India the companies act 1956 sec 25 power to dispense with limited in name of charitable or other company. Benches of the company law board shall not accept further applications under sections 58a9 and 58aa of the companies act, 1956. The provisions of this act relating to a prospectus shall, so far as may be, apply to an advertisement referred to in section 58a. 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. A new section 68b has been introduced in the act to the effect that every listed public company making initial public offer of any security for a sum of rupees ten crores or more should issue the same only in dematerialised form by complying with the. Companies act 1956 amending act 4 citation 11777 bare act. May 09, 2012 higher the risk more is the profit of any concern. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies.
Special offer on gst package for cas as per the mou with icai. Clarification on section 58a9 section 58aa of companies. Expert s consent to issue of prospectus containing statement by him. Definitions of company, existing company, private company and public company 4. Companies act 1956 section 266a citation 11205 bare. As per the provisions of section 260 of the companies act, 1956, he holds office upto the date of this annual general meeting. Where any deposit is accepted by a company after the com mencement of the companies amendment act, 1974 41 of 1974, in cont ravention of the rules made under sub section 1, repayment of such deposit shall be made by the company within thirty days from the date of acceptance of such deposit or within such further time, not excee ding thirty days, as the central government may, on. Objects of producer companies section 581b of the companies act, 1956 either itself or through any other producer institution, produce, harvest, procure, grade, pool, handle, market, sell, export of primary produce of the members or import of goods or services for their benefit. We are informed that no order has been passed by the company law board.
In 19 act, the corresponding section will be 2a and it is based on section 150, 151 and 152 of english act. Inquiry into working of sick industrial companiessections of companies act, 1956. The company has not accepted any deposit from the public under section 58a and 58aa of the companies act, 1956 during the year. Levy and collection of cess on turnover or gross receipts of companies. Table containing provisions of companies act, 20 as notified up to 28. Section 291 of the companies act, 1956 confers general power on the board of directors. Subject to the provisions of section 111a of the act, the board. 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. Statement of affairs to be filed on winding up of a company.
Meaning of relative as per section 6 of the companies act. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. Application of section 295 to book debts in certain cases. Section 58a, 58aa or any relevant provisions of the companies act 1956 and rules framed there under. A prospectus inviting persons to subscribe for shares in or debentures of a company and including a statement purporting to be made by an expert shall not be issued, unless. Section 25 companies, under the companies act 1956, are companies formed for promoting commerce, art, science, religion, charity or any other useful object. Book companies act 1956 pdf download book companies act 1956 by pdf download author written the book namely companies act 1956 author pdf download study material of companies act 1956 pdf download lacture notes of companies act 1956 pdf.
Companies act 1956 section 58a judgments legalcrystal. Where a company changes its name in pursuance of section 21 or 22. Companies act 1956 by study material lecturing notes pdf. The central government may, in consultation with the reserve bank of india, prescribe the limits up to which, the manner in which and the conditions subject to which deposits may be invited or accepted by a company either from the public. Section 25 company is one of the popular forms of non profit organisation in india. Meeting in terms of section 260 of the companies act, 1956 and in respect of whom notice under section. Table containing provisions of companies act, 20 as. As per the auditors report, the company has entered into certain related party transactions and consequently entries have been made in the register maintained under section 301 of the act. Sep 30, 2010 section 299 does not apply to companies incorporated under section 25 of the companies act, 1956, in respect of the cases to which subsections 1 and 3 of the section 297 applies. A detailed view about section 25 company has been illustrated as under a introduction. This is a ready reckoner for the information of stakeholders.
As per the provisions of section 58a of the companies act, 1956. Dec 31, 2014 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. Public financial institutions under section 4a of the. Companies act, 1956 bare acts law library advocatekhoj. Provision of section 58a and applicability to private co. Limited company is prohibited from inviting or accepting deposits from persons other then its members, directors or their relatives. We are informed that the central government has not prescribed the maintenance of cost records under section 2091d of the companies act, 1956.
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 curious case of section 4 7 of the companies act, 1956. Provisions related to producer companies under companies. Jun 28, 20 in exercise of the powers conferred by section 58a read with subclauses a and b of sub section 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. 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. Section 58a of companies act, 1956 has put restrictions on acceptance of deposits by any company subject to rules being prescribed. Section 6 of the general clauses act, 1897 10 of 1897 to apply in. The companies act 1956 indian bare acts india bare act. Penalty for acquisition or transfer of share in contravention of sections 108a to 108d 109. Construction of certain expressions used in section 108a to 108g 108i.
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