Section 293 of the Companies Act, 1956 Was Applicable Only To Public Companies i.e. Private Limited Companies Were Exempted from this requirement and therefore Private Limited Companies could borrow any sums of money upto any limit without the need of seeking any approval from the members of the company.
Alteration on Object of Company is Governed by Provisions of Section 13 of Companies Act, 2013 and Rule 29 of Companies (Incorporation) Rules, 2014. In this Article we have given the procedure for Alteration of Object Clause of the Company in Tabular Format and also given below the extract of Rule 29 and Section 13 for ready reference of our readers
Every company is governed in accordance with the provisions of the Companies Act, 2013, therefore, it is mandatory for all companies to keep the Registrar of Companies informed about the location of the registered office and changes. Thereto from time to time, Promoters of the Company decide the State in which the registered office shall be situated. A registered office is the official address of a company to which all official letters and reminders will be sent by any person, any government or non government or regulatory body.
Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares.
Procedure for Issue of Preference share is given under Section-62 of Companies Act, 2013. Issue of share can be in three modes: 1. Right Issue of Shares [Section- 62(1) (a)] 2. Preferential Allotment of Shares. [Section- 62(3) (c) and Section-42] 3. Private Placement of Shares. [Section-42)
b) Every other company having a paid-up share capital of Rs. 5 Crore (Five crore rupees) or more:
Every listed company shall have an internal auditor, who may be a Chartered Accountant, Cost Accountant or any other Professional (i.e. Company Secretary). The scope, functioning, periodicity and methodology for conducting the internal audit shall be decided by Audit Committee in consultation with the internal auditor.
Vide order no. WTM/PS/45/MRD/DSA/NOV/2014 dated 19th November 2014 passed Under Section 12A of the Securities Contracts (Regulation) Act, 1956 read with Section 11 of the Securities and Exchange Board of India Act, 1992 in the matter of Delhi Stock Exchange Limited SEBI
CS Divesh Goyal AMENDMENT IN MAIN OBJECTS, IF THE COMPANY IS CARRYING ANY BUSINESS COVERED UNDER OTHER OBJECTS IN THE MEMORANDUM OF ASSOCIATION. 1. PROVISIONS FOR OBJECT CLAUSE UNDER COMPANIES ACT – 1956 As per Section 13 of the Companies Act, 1956 the Object Clause of a company shall be divided into three categories:— 1. […]
Form ADT-1 for intimating appointment of Auditors, under section 139(1) of the Companies Act, 2013, by the companies is available for e-filing on the MCA website www.mca.gov.inunder company forms download with effect from 20thOctober 2014. Pursuant to this, Stakeholders are requested to file formADT-1 as a separate e-form, and not as an attachment to the […]
