Chapter 4 - Corporate Law Reporter

Section 69 of Companies Act, 2013 – Transfer of Certain Sums to Capital Redemption Reserve Account

SECTION 69. TRANSFER OF CERTAIN SUMS TO CAPITAL REDEMPTION RESERVE ACCOUNT [Effective from 12th September, 2013] (1) Where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to the capital redemption reserve account and details… Read More

Section 68 of Companies Act, 2013 – Power of Company to Purchase its own Securities

SECTION 68. POWER OF COMPANY TO PURCHASE ITS OWN SECURITIES [Effective from 1st April, 2014] (1) Notwithstanding anything contained in this Act, but subject to the provisions of sub-section (2), a company may purchase its own shares or other specified securities (hereinafter referred to as buy-back) out of— (a) its free reserves; (b) the securities… Read More

Section 67 of Companies Act, 2013 – Restrictions on Purchase by Company or Giving of Loans by It for Purchase of Its Shares

SECTION 67. RESTRICTIONS ON PURCHASE BY COMPANY OR GIVING OF LOANS BY IT FOR PURCHASE OF ITS SHARES [Effective from 1st April, 2014] (1) No company limited by shares or by guarantee and having a share capital shall have power to buy its own shares unless the consequent reduction of share capital is effected under… Read More

Section 66 of Companies Act, 2013 – Reduction of Share Capital

SECTION 66. REDUCTION OF SHARE CAPITAL [Effective from 15th December, 2016] (1) Subject to confirmation by the Tribunal on an application by the company, a company limited by shares or limited by guarantee and having a share capital may, by a special resolution, reduce the share capital in any manner and in particular, may— (a)… Read More

Section 65 of Companies Act, 2013 – Unlimited Company to Provide for Reserve Share Capital on Conversion into Limited Company

SECTION 65. UNLIMITED COMPANY TO PROVIDE FOR RESERVE SHARE CAPITAL ON CONVERSION INTO LIMITED COMPANY [Effective from 12th September, 2013] An unlimited company having a share capital may, by a resolution for registration as a limited company under this Act, do either or both of the following things, namely— (a) increase the nominal amount of… Read More

Section 64 of Companies Act, 2013 – Notice to be given to Registrar for Alteration of Share Capital

SECTION 64. NOTICE TO BE GIVEN TO REGISTRAR FOR ALTERATION OF SHARE CAPITAL [Effective from 1st April, 2014] (1) Where— (a) a company alters its share capital in any manner specified in sub-section (1) of section 61; (b) an order made by the Government under sub-section (4) read with sub-section (6) of section 62 has… Read More

Section 63 of Companies Act, 2013 – Issue of Bonus Shares

SECTION 63. ISSUE OF BONUS SHARES [Effective from 1st April, 2014] (1) A company may issue fully paid-up bonus shares to its members, in any manner whatsoever, out of— (i) its free reserves; (ii) the securities premium account; or (iii) the capital redemption reserve account: Provided that no issue of bonus shares shall be made… Read More

Section 62 of Companies Act, 2013 – Further Issue of Share Capital

SECTION 62. FURTHER ISSUE OF SHARE CAPITAL [Effective from 1st April, 2014, except sub-sections (4) to (6) which is effective from 1st June, 2016] EXEMPTIONS Section 62 shall not apply to a Nidhi Company vide Notification No. G.S.R. 465 (E) dated 5th June, 2015. (1) Where at any time, a company having a share capital proposes… Read More

Section 61 of Companies Act, 2013 – Power of Limited Company to Alter Its Share Capital

SECTION 61. POWER OF LIMITED COMPANY TO ALTER ITS SHARE CAPITAL [Effective from 1st April, 2014, except proviso to clause (b) of sub-section (1) which is effective from 1st June, 2016] (1) A limited company having a share capital may, if so authorised by its articles, alter its memorandum in its general meeting to— (a) increase… Read More

Section 60 of Companies Act, 2013 – Publication of Authorised, Subscribed and Paid-Up Capital

SECTION 60. PUBLICATION OF AUTHORISED, SUBSCRIBED AND PAID-UP CAPITAL [Effective from 12th September, 2013] (1) Where any notice, advertisement or other official publication, or any business letter, billhead or letter paper of a company contains a statement of the amount of the authorised capital of the company, such notice, advertisement or other official publication, or… Read More

Section 59 of Companies Act, 2013 – Rectification of Register of Members

SECTION 59. RECTIFICATION OF REGISTER OF MEMBERS [Effective from 12th September, 2013] (1) If the name of any person is, without sufficient cause, entered in the register of members of a company, or after having been entered in the register, is, without sufficient cause, omitted therefrom, or if a default is made, or unnecessary delay… Read More

Section 58 of Companies Act, 2013 – Refusal of Registration and Appeal against Refusal

SECTION 58. REFUSAL OF REGISTRATION AND APPEAL AGAINST REFUSAL [Effective from 12th September, 2013] (1) If a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any securities… Read More

Section 57 of Companies Act, 2013 – Punishment for Personation of Shareholder

SECTION 57. PUNISHMENT FOR PERSONATION OF SHAREHOLDER [Effective from 12th September, 2013] If any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of this Act, and thereby obtains or attempts to obtain any such security or interest or any… Read More