The Companies Act is a legislation that governs the formation, functioning, and management of companies. Explore the key provisions, compliance requirements, and legal framework under the Companies Act.
Company Law : Learn how director retirement by rotation works in public companies under Section 152(6) of the Companies Act, including rules, ex...
Company Law : Know who can be appointed as an auditor under Section 141 of the Companies Act 2013, including qualifications and disqualification...
Company Law : A detailed guide to converting a partnership firm into a private limited company under Section 366 of the Companies Act, 2013....
Company Law : Learn the legal process and key steps to convert an LLP into a private limited company under Section 366 of the Companies Act, 201...
Company Law : Understand the mandatory timelines for issuing share certificates in India, even without subscription money, and the consequences ...
Company Law : Government penalized companies for CSR non-compliance under the Companies Act. Details of penalties, CSR spending, and fund transf...
Company Law : NFRA's 2023 inspection of Deloitte Haskins & Sells LLP finds improvements but notes ongoing issues in key audit areas....
Company Law : NFRA highlights auditor responsibilities in related party transactions, emphasizing compliance with Ind AS 24, SEBI regulations, a...
Company Law : NFRA outlines audit strategy and planning requirements, emphasizing auditor communication with audit committees and compliance wit...
Company Law : NFRA's 2023 inspection of Walker Chandiok & Co. LLP reveals ongoing issues in independence and audit procedures....
Income Tax : ITAT Delhi rules in favor of Schenker India, allowing CSR donations under Section 80G despite mandatory nature. Read key takeaways...
Corporate Law : CCI dismisses allegations of bid rigging in GMDA and FMDA tenders against HP India and others, citing lack of evidence under Secti...
Company Law : NCLAT Delhi held that in case there is fraudulent and malicious initiation of Corporate Insolvency Resolution Proceedings [CIRP], ...
Corporate Law : NCLAT rules that appeals under Section 61 of IBC are invalid after corporate debtor dissolution. Explore the judgment on corporate...
Company Law : NCLAT Delhi held that the commercial wisdom of the Committee of Creditors [CoC] in rejecting resolution plan and opting for liquid...
Company Law : Caparo Maruti penalized for failing to appoint a woman director as per Section 149(1) of the Companies Act. Penalties imposed on c...
Company Law : ROC Ahmedabad penalises Divyam Infracon and its directors Rs. 4 lakh for failure to file e-Form ACTIVE as per Section 12 of Compan...
Company Law : MCA seeks comments on draft rules widening fast-track mergers scope under Section 233 of Companies Act, 2013. Suggestions due by M...
Company Law : Summary of the appeal by Aaryak Jewellery Pvt Ltd against penalties under Sections 42, 55, and 62 of Companies Act, 2013. Decision...
Company Law : The appeal by Maptech Poly Products Pvt Ltd against a penalty for non-maintenance of its registered office was dismissed by the Re...
I personally feel that an application under section 397/398 of the Companies Act, 1956 is a serious thing exposing serious misunderstandings between majority and minority group in the Company. We see this groupism in private limited companies and closely held public companies too at times.
Company Law is very interesting and complicated. A shareholder having a substantial stake in the Company should be very careful as to how the Company functions and as to whether there is any chance for oppression and mismanagement. A substantial shareholder in a Company should always have an eye on the functioning of the Company and should keep track of all the transactions or the business.
Risk Revisited :-When you invested, you did so with certain expectations about the performance of the company, the prospects of income from and/or the capital growth of the securities that you now hold, the corporate benefits that may accrue to you etc. While making that investment decision, you should have, obviously, taken note of and duly evaluated the attendant risks that go with such expectations.
The new Companies Bill with stricter corporate governance norms is expected to be enacted by the end of this year, Corporate Affairs Minister Salman Khurshid said today. Companies Bill 2009, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced in the Lok Sabha in August last year.
The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders in the changing national and global business environment. The Ministry is constantly working towards improvement in the legislative framework and administrative set up to enable easy incorporation and exit of the companies, convenient compliance of regulations with transparency and accountability in corporate governance.
We all aware that there is no express provision barring the Civil Courts to entertain certain company disputes under the Companies Act, 1956. We have been seeing the cases where the Civil Court entertains Company disputes if there is no specific remedial measure before the Company Law Board or the Company Court.
To prevent misuse of class action suits, the new Companies Act may specify a minimum number of shareholders or creditors of companies for exercising the right to file such cases, the Corporate Affairs Minister, Mr Salman Khurshid, has said. This is a major change from the current position on class action suits as mentioned in the Companies Bill, 2009, which is now before the Parliamentary Standing Committee on Finance.
We all know about the dispute resolution mechanism under the provisions of Companies Act, 1956. Till 2002 amendments to the Companies Act, 1956, significantly, the dispute resolution mechanism was vested with the Company Court and the Company Law Board. Company Court is nothing but High Court having jurisdiction to entertain certain company matters like winding-up and amalgamation petitions etc.
Through the Notification No. G.S.R.6(E) dated 6th January, 2010, the Central Government in exercise of powers conferred by sub-section (1) of section 67 of Limited Liability Partnership Act 2008 (6 of 2009), made applicable the provisions of sections 441, 443, 445, 446, 448, 450, 451, 453, 454, 455, 456, 457, 458, 458A, 460, 463, 464, 465, 466, 467, 468, 471, 474, 476, 477, 478, 479, 481, 482, 483, 484, 486, 487, 488, 494, 497, 511, 511A, 512, 514, 515, 517, 518, 519, 528, 529, 529A, 530, 531, 531A, 532, 533, 534, 535, 536, 537, 538, 539, 540, 541, 542, 543, 544, 545, 546, 547, 548, 549, 550, 551, 552, 553, 554, 555, 556, 558, 559, 560 and 584 of the Companies Act, 1956 to a limited liability partnership, except where the context otherwise requires, with certain modifications.
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.
