Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Various companies have been incorporated under the companies act, 1956. 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 bill for an act with this short title will usually have been known as a companies bill during its passage through parliament. 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.
May 09, 2012 profit and risk taking are the main elements of a company. Maintenance of books of accounts in companies act, 1956. Jun 12, 2014 related party transaction notified related party with reference to a company, means. Interpretation of person in accordance with whose directions or instructions directors are accustomed to act. The states reorganisation act, 1956 was a major reform of the boundaries of indias states and territories, organising them along linguistic lines although additional changes to indias state boundaries have been made since 1956, the states reorganisation act of 1956 remains the single most extensive change in state boundaries since the independence of india in 1947. Provisions of part ix a of the companies act, 1956 shall be applicable mutatis mutandis to a producer company in a manner as if the companies act, 1956 has not been repealed. Power of company law board to call annual general meeting. 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. The companies act 1956 indian bare acts india bare act. The name of the company hereinafter called the federation is the federation of indian mineral industries. Every company is required to follow the company law otherwise it will be treated as punishable offence under the companies act, 1956. Meaning under section 25 of the companies act, 1956 under indian law, 3 legal forms exist for non profit organizations.
When corporations deemed to be related to each other 6a. Introduction to companies act 19561 free download as powerpoint presentation. Books of accounts are a prime source of information through which information can be extracted about a company. 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. Introduction to companies act 19561 board of directors. Under the companies act, 1956 maintenance of books of accounts is mandatory for every class of companies.
This act extends to the whole of india, and came in to force on 1st april, 1956. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and. The relevant particulars of form 24aa are duly entered in the register of contracts. The companies act 20 is an act of the parliament of india on indian company law which.
In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule. 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 authorised to exercise and do. 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. Company act what is definition of company act 1956.
The companies act, 1956 section 303 to 674 the schedule. The companies act 1956 1st page repealed see the companies act 20 the companies act 1956 2nd page repealed see the companies act 20. The section 4 7 of the act was inserted by the companies amendment act, 1960 and it states as follows. Effect of voluntary winding up on status of company. Section 31i of the companies act, 1956 defines a company as. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. Section 108d power of central government to direct companies not to give effect to the transfer.
Prohibition of associations and partnerships exceeding certain number. Definitions of company, existing company, private company and public company 1. Construction of references in other acts to companies registered under the companies consolidation act, 1908. Aug 19, 2009 19 august 2009 secretarial practice check that. The companies act, 1956 memorandum of association of the federation of indian mineral industries new delhi limited by guarantee and not having a share capital name 1. 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.
Laws of malaysia act 125 companies act 1965 arrangement of sections part i preliminary section 1. To pay for any rights or property acquired by the company and. Section 291 of the companies act, 1956 confers general power on the board of directors. Companies act 1956, 20 pdf bare act, bare act pdf, law. The bill for an act with this short title will usually have been known as a companies bill during its passage through parliament companies acts may be a generic name either for legislation bearing. The indian companies act, 1956 basic concept the word company. A company owes its existence either to a special act of parliament or to company legislation. 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. Companies central governments general rules and forms, 1956. Section 372a of the companies act, 1956 the act deals with intercorporate loan, investment, guarantee and securities in connection with loan. Be it enacted by parliament in the sixth year of the republic of india as follows. Companies act, 1956 arrangement of sections part i preliminary sectionpage 1. A company means a group of persons associated together for the attainment of a common end, social or economic.
Be it enacted by parliament in the sixth year of the republic of india as follows 1. Incorporation of company and matters incidental thereto certain companies, associations and partnerships to be registered as companies under act. Prior to the coming into force of this section, acceptance of deposits by companies was regulated by the directions issued by the reserve bank of india. 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. 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.
Companies act, 1956 board of directors share repurchase. 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. Company law 1956 is the law which applies to all type companies whether it is public or private company. For the purpose of any provision in this act which enacts that an officer of the company who is in default shall be liable to any punishment or penalty, whether by way of imprisonment, fine or otherwise, the expression officer who is in default means all the following officers of the company, namely. 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. Section 108e time within which refusal to he communicated. Companies act 1963 act 179 section 1commencement spent. Definitions of company, existing company, private company and public company 4. The relevant provision is proviso to section 3091 of the cos. Companies issue of share capital with differential voting rights rules, 2001 view.
In the companies act, 1956, section 58a relating to acceptance of deposits was inserted by the companies amendment act, 1974, which came into force on the 1st february, 1975. Companies act 1956 preamble 1 citation 10827 bare act. May 29, 2008 section 291 of the companies act, 1956 confers general power on the board of directors. The central government has constituted national company law tribunal nclt under section 408 of the companies act, 20 18 of 20 w. It has been developed with an objective to enable a single window access to information and services being provided by the various indian government entities. Companies act, 1956 bare acts law library advocatekhoj. Indian companies act 1956 was an act of the parliament of india, enacted in 1956, which enabled companies to be. Companies disqualification of directors under section 2741g of the companies act, 1956 rules, 2003 view download. Section 209 of the companies act talks about maintaining books of accounts and penalties for non compliance therein. Power of central government to declare an establishment not to be a branch office. The companies act, 1956 is150 years old and the largest act in india comprising of 658 sections and 15 schedule. Section 108c restriction on the transfer of shares of foreign companies. Section 277 choice by person becoming director of more than fifteen companies after commencement of act.
Provisions applicable to a members voluntary winding up. Companys act 1956 free download as powerpoint presentation. For the purpose of any provision in this act which enacts that an officer of the company who is in default shall be liable to any punishment or penalty, whether by way of imprisonment, fine or otherwise, the expression officer who is in default means all the. It confers right on companies to convert itself into any other class of company.
The act has replaced the companies act, 1956 in a partial manner. Section 25 companies in the companies act, 1956 advisory. Declaration of solvency in case of proposal to windup voluntarily. This can also be accessed via cakart android app and can be read on move using your android mobile phones. The company law, in india, is codified, and contained in the companies act, 1956. Related party transaction notified related party with reference to a company, means. Content introduction definition characteristics of a company types of company 2. When such an association of persons is registered under the companies act, it becomes an artificial person with perpetual succession and common seal. The free ebook the indian companies act 1956 free pdf ebook is uploaded at. For this provision, no rules are prescribed the companies rules, 20.
Section 278 exclusion of certain directorships for the purposes of sections 275, 276 and 277. Corresponding provisions of the companies act, 1956. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. A company is defined as, a company formed and registered under this act or an existing company.
Profit and risk taking are the main elements of a company. Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. 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. Pdf companies act 1956 and 20 pdf download, high quality. It denotes a joint stock enterprise in which the capital is contributed by a large number of people.
The companies act, 1956 memorandum of association of the. Sep 15, 2016 company law 1956 is the law which applies to all type companies whether it is public or private company. The indian companies act 1956 free pdf ebook cakart. Subjects to the applicable provisions of the companies act, 1956, to distribute among the members in specie any property of the company, or any proceeds of sale or disposal of any property of the capital be made except with the sanction if any for the time being required by law. Section 372a of the companies act legal service india. Introductionwhat is company a company is an artificial person created by law. Arrangement of sections section part i preliminary 1. The relevant particulars of all contracts or arrangements to which section 297 or section 299 applies including the amount of loan given or taken by the company and other transactions as may be, are entered in the register of contracts. India the companies act 1956 sec 25 power to dispense with limited in name of charitable or other company. Section 108f nothing in sections 108a to 108d to apply to government companies, etc. The companies act, 1956 section 303 to 674 the schedule, indian bare acts at, a website for indian laws and bareacts, legal advice. 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. Notifications 0 circulars 0 orders 0 news 0 queries 0 no updates found in last 7 days.
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