East India Company formed by the Royal Charter of Great Britain. This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. 9.

The head Office and its business operations are conducted within the country. The term “Key Managerial Personnel” and “Promoter” has been defined to affix the responsibility on main functionaries of the company. Contents of constitution 42. "Complete list of Sections of Companies Act, 2013", "Commencement Notification Of Companies Act 2013", "India: New Companies Act, 2013 – The Cat Is Finally Out", "MCA notifies 183 sections of Companies Act 2013", http://www.companiesact.in/Companies-Act-2013/News-Details/545/%20MCA%20lays%20draft%20notification%20us%20462%20for%20Private%20Companies%20in%20Parliament, "Business Portal of India : Starting a Business : Regulatory Requirements : Companies Act", https://web.archive.org/web/20180321063535/https://nclt.gov.in/content/organisation, "Cabinet To Notify Audit Regulator NFRA, Approves Draft Rules", http://www.mca.gov.in/Ministry/pdf/Companies_Cost_Records_and_Audit_%20amdt_Rules_2015.pdf, http://www.mca.gov.in/Ministry/pdf/General_Circular_8-2015.pdf, http://www.mca.gov.in/Ministry/pdf/Exemptions_to_private_companies_05062015.pdf, http://www.mca.gov.in/Ministry/pdf/Exemptions_to_Section8_companies_05062015.pdf, Real Estate (Regulation and Development) Act, 2016, Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, Benami Transactions (Prohibition) Act, 1988, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Mines and Minerals (Development and Regulation) Act, Cigarettes and Other Tobacco Products Act, Commission of Sati (Prevention) Act, 1987, Juvenile Justice (Care and Protection of Children) Act, 2015, Protection of Women from Domestic Violence Act, 2005, Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Act, 1989, Indian Institutes of Management Act, 2017, National Institutes of Technology Act, 2007, Right of Children to Free and Compulsory Education Act, 2009, Air (Prevention and Control of Pollution) Act, Compensatory Afforestation Fund Act, 2016, Protection of Plant Varieties and Farmers' Rights Act, 2001, Aadhaar (Targeted Delivery of Financial and other Subsidies, benefits and services) Act, 2016, Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974, Fiscal Responsibility and Budget Management Act, 2003, Foreign Contribution (Regulation) Act, 2010, Geographical Indications of Goods (Registration and Protection) Act, 1999, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, The High Denomination Bank Notes (Demonetisation) Act, 1978, Urban Land (Ceiling and Regulation) Act, 1976, Clinical Establishments (Registration and Regulation) Act, 2010, Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, Narcotic Drugs and Psychotropic Substances Act, 1985, Transplantation of Human Organs and Tissues Act, 1994, Bonded Labor System (Abolition) Act, 1976, National Rural Employment Guarantee Act, 2005, Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, Unorganised Workers' Social Security Act 2008, Hindu Adoptions and Maintenance Act, 1956, The Hindu Succession (Amendment) Act, 2005, Dissolution of Muslim Marriages Act, 1939, The Muslim Women (Protection of Rights on Divorce) Act 1986, The Muslim Women (Protection of Rights on Marriage) Act, 2019, The Prohibition of Child Marriage Act, 2006, Rights of Persons with Disabilities Act, 2016, Child Labour (Prohibition and Regulation) Act, Indecent Representation of Women (Prohibition) Act, Pre-Conception and Pre-Natal Diagnostic Techniques Act, 1994, The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006, Transgender Persons (Protection of Rights) Act, 2019, Bombay Prohibition (Gujarat Amendment) Act, 2009, Karnataka Control of Organised Crimes Act, Maharashtra Control of Organised Crime Act, Nagaland Liquor Total Prohibition Act, 1989, The Gujarat Local Authorities Laws (Amendment) Act, 2009, Puducherry Prevention of Anti-Social Activities Act, Jammu and Kashmir Public Safety Act, 1978, Uttar Pradesh Recovery of Damages to Public and Private Property Ordinance, 2020, Jammu and Kashmir Reorganisation Act, 2019, Micro, Small and Medium Enterprises Development Act, 2006, Panchayats (Extension to Scheduled Areas) Act, 1996, The Limited Liability Partnership Act, 2008, Repealing and Amending (Second) Act, 2015, Repealing and Amending (Second) Act, 2017, Prevention of Insults to National Honour Act, 1971, Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, State Emblem of India (Prohibition of Improper Use) Act, 2005, Prevention of Seditious Meetings Act, 1907, Illegal Migrants (Determination by Tribunal) Act, 1983, Juvenile Justice (Care and Protection of Children) Act, 2000, Terrorist and Disruptive Activities (Prevention) Act, Information Technology Intermediary Guidelines Amendment Bill, https://en.wikipedia.org/w/index.php?title=Companies_Act_2013&oldid=984099371, Pages using collapsible list with both background and text-align in titlestyle, Pages using a deprecated parameter in the legislation infobox, Articles with sections that need to be turned into prose from May 2018, Creative Commons Attribution-ShareAlike License, This page was last edited on 18 October 2020, at 04:59.

0000006540 00000 n This position of a corporation is similar since the decision of the, An incorporated company never dies, as it is an entity with, National Bank v Lakshmi Industrial & Trading co ltd, . Companies intended to carry on some business of national importance are formed this way to provide a service to its citizens. 0000047240 00000 n Following are the grounds for making the classification of companies. Form of constitution 41. 0000043270 00000 n 0000045511 00000 n The unpaid amount can be called upon any time during the life time or winding up of the company. A company’s right to sue arises when some loss is caused to the company i.e. Cloudflare Ray ID: 5e65811b7b33c7ea The Companies Act, 2013 provides more opportunities for new entrepreneurs and enables wide application of information technology in the conduct of the affairs by the corporate world. [6], Section 135 of the Companies Act introduces mandatory Corporate social responsibility (CSR) contributions for large companies, making it the only mandatory CSR law in the world. Holds more than half of nominal value of equity share capital.

Such companies must be registered under this act as a limited company. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Limited liability is a desirable option by the members but is not a necessary adjunct to incorporation.

Stringent norms made for the accepting the deposits from the public. 0000046203 00000 n 10. For understanding this point more clearly let’s assume M, N, and O are the only members of a company, holding all its shares. CTET & TET 2020 Validity Extended by NCTE: Teacher Eligibility Test Certificate now valid for lifetime, CBSE 10th & 12th Board Exams 2021: No Decision To Further Reduce CBSE Syllabus To 50%. Their shares may be transferred to or inherited by P, Q, or R who may, therefore, become the new members and members of the company as they are now the shareholders of the company. Such alteration will have no effect without the approval of the Central Government in writing. In the question of property and capacity of acts done and rights acquired or, liability assumed thereby the personality of the company corporators are being ignored. <<193D11DFCCCD5B4F85008C46F5A56236>]/Prev 437751/XRefStm 3294>> apart from forming a public or private limited company, the 2013 Act enables the formation of a new entity a ‘one-person company’ (OPC). 0000000016 00000 n Such a company derives its nature on the basis of the charter under which they are formed. RBI formed under RBI Act 1934. UPSC IAS 2020 Exam: Click here to get the Complete 30 Days Study Plan to score high in Prelims. It is considered as the official signature of a company. The Companies Act, 2013 passed by the Parliament has received the approval of the President of India on 29th August, 2013. Liability of its members is either limited to the share bought by them or limited to the amount each member consented to contribute to the assets of the company at it’s winding up. 0000003545 00000 n SSC JE 2020 Exam Begins from 27th October: Download PDF Files of SSC Junior Engineer Previous Year Papers (Civil/Electrical/ Mechanical Engineering) for free here! According to the bill, all firms with net worth above 5 billion rupees or ₹5 billion (approx.

0000008848 00000 n Jobs for Clerk, Asst Managers, Engineers, Banking. I found the required information in detail manner for further steps in your post. The key features of the Companies Act, 2013 are as follows; 1. A public company may be formed by seven or more person, whereas, a private company can be formulated by two or more people and one person company can be incorporated by one person only. 0000042145 00000 n Specific grounds on which a court can lift the corporate veil are as follows. 6. Hey, 45. Company is an association of person who takes their meals together. They are formed promoting art, science, commerce, sports etc. 0000044551 00000 n Find a reliable collection of Management Notes, Ebooks, Projects, Presentations, Video Tutorials and lot more, compiled from a variety of books, case studies, guidance from management teachers and of course the internet to make your management studies a joyride. Correspondence address of company till its registration must be established. Then as the name clearly suggests that the liability of its members will be unlimited. the max limit of members in pvt company is 50 and in public company its 200 and you have mentioned it vice versa.

… Required documents are as follows. Government can revoke license any time by giving a notice, Discipline, Indiscipline & Disciplinary Procedure, Investment Analysis & Portfolio Management, Mutual Fund – Meaning, Types, Advantages, Mutual Funds in India, Merchant Banking – Meaning, Significance, Functions, Bank Mandate, Power of Attorney, Banker`s Lien, Right to Set-off, Garnishee Order and Attachment order, Banking Instruments & Banking Transactions, Corporate Banking – Services, Clientele, Products & Pricing, KYC – Know Your Customer – Meaning, Objectives, Norms. For example-  Tata, Reliance, Infosys etc. Hence they do not find any opportunity to raise funds. It is worthy to mention that the provisions of Companies Act, 1956 is still in force. A company also has a right to sue whenever any defamatory material published about it that may affect its business. Indian company law make it mandatory for every Indian listed, and every other entity having more than rupees ten crore (100 million) paid up capital, to have a whole time company secretary. 18.

There are many other miscellaneous Category of companies, those are not being discussed in the given article. Adoption, alteration and revocation of constitution 44. 1 lakh and which provides the following restrictions through its Articles of Association and Memorandum –, Public company – The term ‘public company’ has been defined under section 2(71)of Companies act 2013. As per section 75(1), when a company fails to repay the deposit or part thereof or any interest referred under section 74 within specified time and it is proved that deposit is accepted with the intent to defraud the depositors or for any fraudulent purpose, every officer of the company who was responsible acceptance of those deposits shall be liable of all or any of the losses or damages that may have been incurred by depositors.

The outstanding feature of a company is its independent corporate existence. According to section 22, a company may, under its common seal can authorise any person generally or in respect of any specified matters, to act as an attorney to execute other deeds on behalf of the company, such deeds can be in or outside India. Domestic company – A company which is based in India registered under the Companies Act 2013. 0000043020 00000 n This position of a corporation is similar since the decision of the Salomon case. There are certain exceptions when the curtain of corporate personality can be lifted by the court. 0000009121 00000 n Its creditors cannot obtain satisfaction from the assets of its member’s liability of the shareholders and members is limited to the amount invested by them in the company; similarly, creditors have no to the assets of the corporation. However, currently there are only 438 (470-39+7) sections remains in this Act. Freezing assets or disgorgement of illegal gains of company under investigation. 0000046972 00000 n If the shares of a member are fully paid up then his liability will be nil. Voluntary Association: A company is a voluntary association of two or more persons.