What are the rules under Companies Act, 2013?
The 29 chapters of the Companies Act-2013 is evolved with these rules and they are:
- Incorporation of Company and Matters Incidental Thereto.
- Prospectus and Allotment of Securities.
- Share Capital and Debentures.
- Acceptance of Deposits By Companies.
- Registration of Charges.
- Management and Administration.
What does section 159 of the Companies Act 2013 talks about?
If any individual or director of a company , contravenes any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees and where the …
What is Section 69 of Companies Act, 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 of such transfer shall be disclosed in the balance sheet.
What is Table F of Companies Act, 2013?
(i) If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest thereon from the day appointed for payment thereof to the time of actual payment at ten per cent.
What is company Act 2013 and its features?
The major highlights of the 2013 Act are given below: The maximum number of shareholders for a private company is 200 (the previous cap was at 50). The concept of a one-person company. Company Law Appellate Tribunal & Company Law Tribunal. CSR made mandatory.
What are the major changes in Companies Act, 2013?
Small Company definition and its impact (Ctd…)
- More Companies covered under the ambit of the definition.
- No cash flow statement.
- No CARO Report.
- Two Board Meetings in a year.
- Abridged version of Board’s Report.
- MGT-7A instead of MGT-7 Lesser filing fees.
- Lesser penalties for One Person Companies or small companies (446B)
What is Section 177 of Companies Act, 2013?
Section 177: Every listed company and certain classes of public companies to constitute an Audit Committee, comprising a minimum of three directors, with Independent Directors forming a majority.
What is Section 73 of Companies Act, 2013?
Furnishing of deposit receipts to depositors.-
(1) Every company shall, on the acceptance or renewal of a deposit, furnish to the depositor or his agent a receipt for the amount received by the company, within a period of twenty one days from the date of receipt of money or realisation of cheque or date of renewal.
What is Section 39 of Companies Act, 2013?
(1) No allotment of any securities of a company offered to the public for subscription shall be made unless the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on application for the amount so stated have been paid to and received by the company by cheque or other …
What is Section 11 of Companies Act, 2013?
(1) A company having a share capital shall not commence any business or exercise any borrowing powers unless- (a) a declaration is filed by a director in such form and verified in such manner as may be prescribed, with the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be …
What is Regulation 66 of Table F?
In case the articles of association of a company who wishes to appoint an additional director, it has to adopt the regulation 66 contained in Table F OF Schedule I of the Companies Act, 2013.
What are the objectives of Companies Act, 2013?
The objective of the Companies Act, 2013 is to provide business friendly corporate regulation/ pro-business initiatives; e-Governance Initiatives; good corporate governance and CSR; enhanced disclosure norms; enhanced accountability of management; stricter enforcement of laws; audit accountability; Protection for …
How many rules are there in Companies Act, 2013?
The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.
What is Section 144 of Companies Act, 2013?
Proviso to sub-section (1) of section 144 of the Act provides that an auditor or audit firm who or which has been performing any non-audit services on or before the commencement of this Act shall comply with the provisions of this section before the closure of the first financial year after the date of such …
What is Section 173 of Companies Act, 2013?
Provided further that a Specified IFSC private company shall hold the first meeting of the Board of Directors within sixty days of its incorporation and thereafter hold at least one meeting of the Board of Directors in each half of a calendar year.
What is Section 185 of Companies Act, 2013?
Under Section 185 of the Companies Act, 2013, the company cannot provide loans directly or indirectly, including any loans represented by credit cards: To any of its directors. To any other person, the director is interested in. Provide security in respect of loans taken by the director or any such person.
What is Section 8 of Companies Act, 2013?
As per Section 8(1a, 1b, 1c) of the new Companies Act, 2013, a person can establish Section 8 company for “promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object”, provided it “intends to apply its profits, if any, or other …
What is Section 10 of Companies Act?
(1) Subject to the provisions of this Act, the memorandum and articles shall, when registered, bind the Company and the members thereof to the same extent as if they respectively had been signed by the company and by each member, and contained covenants on its and his part to observe all the provisions of the …
What is Section 102 of the Companies Act 2013?
Section 102. Statement to be annexed to notice. (iii) relatives of the persons mentioned in sub-clauses (i) and (ii); (b) any other information and facts that may enable members to understand the meaning, scope and implications of the items of business and to take decision thereon.
What is Section 151 of Companies Act, 2013?
Section 151 of Companies Act, 2013 – Appointment of director elected by small shareholders. A listed company may have one director elected by such small shareholders in such manner and with such terms and conditions as may be prescribed.
What are the major reforms in Companies Act, 2013?
Major Changes brought by the. Companies Act, 2013.
What are the key features of company Act 2013?
The major highlights of the 2013 Act are given below:
- The maximum number of shareholders for a private company is 200 (the previous cap was at 50).
- The concept of a one-person company.
- Company Law Appellate Tribunal & Company Law Tribunal.
- CSR made mandatory.
What is Section 143 of Companies Act, 2013?
In accordance with the provisions of section 143(1) of CA, 2013, the auditor have right to access the books of account and vouchers of a company and the records of all its subsidiaries, if any, in relation to the Consolidation of Financial Statements (CFS).
What is Section 102 of the Companies Act, 2013?
What is Section 187 of Companies Act?
(1) Every company shall, from the date of its registration, maintain a register in Form MBP3 and enter therein, chronologically, the particulars of investments in shares or other securities beneficially held by the company but which are not held in its own name and the company shall also record the reasons for not …