Company

Companies Act 2013 and Draft Rules there under – Commentary on Drafting anomalies, aberrations, contradictions et al – Urgent Need for Review

Introduction The much awaited Companies Act 2013 (hereinafter referred to as The Act) is now a valid piece of legislation having received presidential assent in August last year. The Act is now operational, albeit, partially with 98 provisions having been notified for application effective September 12,2013.The other provisions have been kept in suspended animation awaiting… Read More

Tags: Board of directorsCompanies ActCompanies Act 1956Companies Act 2013CompanyDebentureGovernmentSections

Registered Valuers Under Companies Act, 2013

Registered Valuer is one among the many new concepts introduced by the Companies Act, 2013 to provide for a proper mechanism for valuation of the various assets and liabilities related to a company and to standardize the procedure thereof. This will not only help in eliminating doubts relating to arbitrary valuation and window dressing but… Read More

Tags: Book valueCentral GovernmentCompanies ActCompanyCorporate Affairs MinistryDiscounted cash flowEmployee stock optionGovernment of IndiaIndiaReal estate appraisalValuation (finance)

Registration of One- Person Company

Draft Rules have been prepared with regard to ˜One- Person Company™ registration system for small entrepreneurs and would be notified in due course after stakeholders™ comments and legal vetting. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, however, said that the relevant provisions… Read More

Tags: BusinessCompanies ActCompanyCorporate Affairs MinistryIndiaLok SabhaMinister of Corporate AffairsSachin Pilot

Standard Operating Procedure (SOP) for stock exchanges for suspension and revocation of trading of shares of listed entities for non-compliance of certain listing conditions

For non-compliance of listing conditions, exchanges have been suspending the trading of the shares of the listed companies, which affected the interest of non-promoters much more than the promoters as the exit route used to be closed for such investors after suspension of trading. Therefore, it is now decided that the exchange in case of… Read More

Tags: CompanyListing contractRegulatory complianceSecurities & Exchange Board of IndiaStandard operating procedureStock exchangeTrading day

Draft Rules under Companies Act 2013 :: Chapter XXI :: Companies authorized to register under this Act

The Draft Rule for Chapter XXI can be  downloaded from here -------------------------------------------------------------------------------------------- DRAFT RULES UNDER COMPANIES ACT, 2013 CHAPTER XXI PART I. Companies authorized to register under this Act 21.1. (1) For the purposes of sub-section (2) of section 366, the provision of Chapter II relating to name availability and incorporation of a company shall… Read More

Tags: BusinessCompanies ActCompanies Act 1956CompanyCorporate Affairs MinistryLimited liability partnershipRegistrar of CompaniesStart Up

Commencement Notification CA2013 :: Miscellaneous :: Section 458 :: Delegation by Central Government of its powers and functions

Chapter XXIX Miscellaneous (447 - 470) Section 458- Delegation by Central Government of its powers and functions (1) The Central Government may, by notification, and subject to such conditions, limitations and restrictions as may be specified therein, delegate any of its powers or functions under this Act other than the power to make rules to… Read More

Tags: BusinessCentral GovernmentCompanyExchange BoardFeedBurnerPublic companySecurities and Exchange BoardSecurity (finance)

Commencement Notification CA2013 :: Miscellaneous :: Section 452 :: Punishment for wrongful withholding of property

Chapter XXIX Miscellaneous (447 - 470) Section 452- Punishment for wrongful withholding of property (1) If any officer or employee of a company” (a) wrongfully obtains possession of any property, including cash of the company; or (b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the… Read More

Tags: Central GovernmentCompanyDebentureFeedBurnerLawpropertyRupee

Commencement Notification CA2013 :: Miscellaneous :: Section 451 :: Punishment in case of repeated default

Chapter XXIX Miscellaneous (447 - 470) Section 451- Punishment in case of repeated default If a company or an officer of a company commits an offence punishable either with fine or with imprisonment and where the same offence is committed for the second or subsequent occasions within a period of three years, then, that company… Read More

Tags: Annual General MeetingCentral GovernmentCompanyLawPunishmentSite of Special Scientific Interest

Commencement Notification CA2013 :: Miscellaneous :: Section 450 :: Punishment where no specific penalty or punishment is provided.

Chapter XXIX Miscellaneous (447 - 470) Section 450- Punishment where no specific penalty or punishment is provided If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made there under, or any condition, limitation or restriction subject to which any approval,… Read More

Tags: Annual General MeetingCompanyCrime and JusticeFeedBurnerProspectusPunishmentSecurity (finance)

Commencement Notification CA2013 :: Miscellaneous :: Section 449 :: Punishment for false evidence.

Chapter XXIX Miscellaneous (447 - 470) Section 449- Punishment for false evidence Save as otherwise provided in this Act, if any person intentionally gives false evidence” (a) upon any examination on oath or solemn affirmation, authorised under this Act; or (b) in any affidavit, deposition or solemn affirmation, in or about the winding up of… Read More

Tags: Central GovernmentCompanyFalse evidenceFeedBurnerGovernmentLawSite of Special Scientific Interest

Commencement Notification CA2013 :: Miscellaneous :: Section 448 :: Punishment for false statements

Chapter XXIX Miscellaneous (447 - 470) Section 448- Punishment for false statements Save as otherwise provided in this Act, if in any return, report, certificate, financial statement, prospectus, statement or other document required by, or for, the purposes of any of the provisions of this Act or rules made thereunder, any person makes a statement,”… Read More

Tags: Annual General MeetingChairmanCompanyFinancial statementPublic companySecurity (finance)

Commencement Notification CA2013 :: Miscellaneous :: Section 447 :: Punishment for fraud

Chapter XXIX Miscellaneous (447 - 470) Section 447- Punishment for fraud Without prejudice to any liability including for repayment of any debt under this Act or any other law for the time being in force, any person who is found to be guilty of fraud, shall be punishable with imprisonment for a term which shall… Read More

Tags: CompanyFeedBurnerFraudLawLegal liabilityLegal personalityPunishmentSite of Special Scientific Interest

Commencement Notification CA2013 :: Special Courts :: Section 439 :: Offences to be non-cognizable

Chapter XXVIII- Special Courts (435 - 446) Section 439- Offences to be non-cognizable (1) Notwithstanding anything in the Code of Criminal Procedure, 1973, every offence under this Act except the offences referred to in sub-section (6) of section 212 shall be deemed to be non-cognizable within the meaning of the said Code. (2) No Court… Read More

Tags: Central GovernmentCode of Criminal ProcedureCompanyFeedBurnerGovernment of IndiaIndiaRegistrarsSecurities & Exchange Board of IndiaSpecial Courts

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