Can a wound up company be reinstated Malaysia?
A company which is struck off can be reinstated by the Court. Any person or business owner who is not satisfied with the decision of the Registrar to strike off the company may apply to the court to reinstate the company’s name into the Register within seven years from the date it was struck off.
Which section which provides that a director will be liable if shares are not allotted and if the company fails to refund money received from the share applicants?
Section 186(4)(b) states that if the company fails to refund the moneys as above, the directors will be jointly and severally liable to refund the moneys with interest at the rate of 10% per annum unless they can prove that the default was not due to their misconduct or negligence.
Who has more power board of directors or shareholders?
Courts have traditionally ruled that a corporate board of directors has responsibility to the corporation, not individual shareholders. However, this distinction is not always significant.
Can you sue directors of a dissolved company?
Directors of dissolved companies could be made liable for claims, Government reveals. Company directors who misuse the dissolution process could be made personally liable for claims against their former business, it has been revealed.
Can I strike off a company without filing accounts?
Company dissolutions are not always voluntary. If directors do not file their accounts and fail to reply to warnings from Companies House, businesses can be struck off the Companies House register and will cease to exist, even if they are still trading.
Who is liable for non refund of application money?
In case the company fails to repay the application money within the stated period, it would be liable to refund the money with interest at the rate of 12% per annum from the expiry of the 60th day.
Who is personally liable in case of non refund of application money on failure of allot shares?
—(1) If the stated minimum amount has not been subscribed and the sum payable on application is not received within the period specified therein, then the application money shall be repaid within a period of fifteen days from the closure of the issue and if any such money is not so repaid within such period, the …
Can a board of directors remove an owner?
Overview. If a CEO is a part-owner of a corporation, the board of directors can demand that she meet certain job expectations, and if the CEO fails to do so, the board of directors can vote to fire her. Also, a CEO who isn’t an owner can decide to terminate the founder of a company if the board of directors agrees.
How do you remove a director who is also a shareholder?
Director removal under the Companies Act Under section 168(1) of the Act, shareholders can remove a director by passing an ordinary resolution at a meeting of the company.
When can the board of directors refuse transfer of shares?
A notice of refusal of transfer is to be sent by the board to a member within 30 days from the date on which the instrument of transfer is received by the company.
Can I claim against a company director?
Common claims that can be brought against directors are: Claims under the Insolvency Act such as wrongful trading, misfeasance or fraudulent trading. Claims under the Companies Act for breach of duties. Directors Disqualification Proceedings.
What is the penalty for delay in refunding application money?
If the company fails to repay the application money within the said 60 days period, it shall be liable to repay that money with interest @ 12% p.a. from the expiry of the 60th day.
How many days minimum amount must be received?
The time limit allowed for the collection of the minimum subscription is one hundred and twenty days. The time period should be calculated from the date of opening of the issue. Also, the minimum subscription should be collected within thirty days from the date of issue of the prospectus.
What is Section 177 of the Companies Act?
Section 177: Audit Committee. *177. (1) The Board of Directors of 1[every listed public company] and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee. (2) The Audit Committee shall consist of a minimum of three directors with independent directors forming a majority:
What is registration of Businesses Act 1956?
REGISTRATION OF BUSINESSES ACT 1956 An Act to provide for the registration of businesses. [Peninsular Malaysia–1 January 1957; Federal Territory of Labuan–15 March 1996,
What is Section 177 (9) of SEBI Act 2013?
Section 177 (9) of the act, 2013 along with regulation 22 of SEBI listing Obligation Regulation, 2015 deals with whistleblowing provisions.