Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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Section 26. There may be in the case of public company limited by shares and there shall in the case of an unlimited company or a company limited by guarantee or a private company limited by shares, be registered with the memorandum, articles of association signed by the subscribers of the memorandum, prescribing regulations for the Company.
The government plans to introduce a bill to amend the Companies Act in the budget session of parliament to enable convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS). “The ministry will carry out the exercise for necessary amendments in the Companies Act in the forthcoming budget session of parliament,” said a statement from the corporate affairs ministry.
Explore the complexities of corporate filing in India, revealing potential pitfalls and complications. Learn how internal filing mechanisms and misuse of authority can lead to legal disputes, hindering a companys progress. Legal expert V. Durga Rao provides insights and advice for effective corporate governance.
The Section indicates that where any appeal from an original or appellate decree or order is heard and decided by the learned Single Judge of the High Court no further appeal shall lie notwithstanding the above three situations mentioned.
Yes, it is also true that just because an opposite party has not appeared in the matter, a suit or a petition need not be allowed where there is no merit in the case. But, to be frank, there exist a prima facie case for the Petitioner in the above case. The Petitioner alleges a due, sent a notice, the notice has not been replied and the Petitioner approaches the Court for winding-up of the Company. The result of the judgment makes it clear that the Court will never favour winding-up of a Company or trouble the Company, unless there exist a strong case or there exist no option except to wind-up the Company if it is a winding-up Petition.
One of the unkindest cuts is that the auditor of a company, necessarily a CA, shall not render such services as accounting and book-keeping, internal audit, design and implementation of any financial information system, actuarial, investment advisory, investment banking, rendering of outsourced financial services, and management services.
Various kind of meetings are conducted in a Company as required under the provisions of Companies Act, 1956 and other corporate regulations, and it is also not a difficult issue to deal with the various kinds of meetings too. A new Company may have to conduct a statutory meeting and every company may have conduct Board Meetings, Annual General Body Meeting and Extraordinary General Body Meeting. Besides these meetings as specifically referred to in the Companies Act, 1956, a Company may have to conduct meetings upon the orders of Company Law Board and the Company Court at times.
an effective enforcement of provisions like 397/398 of the Act and the protection of rights of all shareholders without any scope for misuse or abuse is very important for the growth of industry or the corporate world. It is true that we have good regulations regulating the functioning of listed public companies, but, a good focus also to be made on the regulations governing private limited companies and especially the rights of shareholders in a private limited companies and unlisted public companies.
Company Law is very complicated and interesting subject. If we look at all the corporate regulations or law, it is very clear that it focuses mainly on the interests of the shareholders. The liability of the members is limited in limited companies and as such the shareholders will be clueless often when their investment in the Company is not properly managed.
The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously entering into and bringing new activities into the fold of the Indian economy as well as Internationally.
