What is compulsory as per Indian company Act 1956?
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries….
|Companies Act 1956|
|Enacted||18 January 1956|
|Commenced||1 April 1956 and amendment 2015|
What is Section 293 of the companies Act?
(1) The Company Liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and of such other matters as may be prescribed.
How do you registered a company under Companies Act 1956?
Registration of a Private Limited Company The applicant is required to file e form- I A with the Ministry of Corporate Affairs to check the availability of name. This name should end with suffix “Pvt Ltd”. In case of rejection of the proposed name then fresh application is required to be made.
What are the special provision related to private company?
Features of Private Companies
- No minimum capital required: There was a minimum paid-up share capital requirement of Rs.
- Minimum 2 and maximum 200 members: A private company can have a minimum of just two members (but just one is enough if it a One Person Company), and a maximum of up to 200 members.
When the Companies Act, 1956 was repealed?
Companies Act, 1956 stands Repealed from 30 January 2019: MCA Notification. MCA has notified that provisions of Section 465 of the Companies Act, 2013 would partially come into force with effect from 30 Jan.
What is objectives of Companies Act 1956?
The basic objectives underlying the law are: A minimum standard of good behaviour and business honesty in company promotion and management. Due recognition of the legitimate interest of shareholders and creditors and of the duty of managements not to prejudice to jeopardize those interests.
What is Section 295 of Companies Act 1956?
As per section 295 of Companies Act 1956, previous approval of Central Government is required, if any company directly or indirectly-. 1. Gives loan to any person specified u/s 195(1). 2. Gives guarantee in connection with any loan made-. (i). By any person to any person specified u/s 195(1) OR. (ii).
Does Section 295 apply if loan is given to a company?
For Example, if loan has been given to Mr. A in 2012 for a term of 5 years. And in 2014 A becomes director of the company, then section 295 will not apply in this case, as A has taken loan in a capacity of other than the director.
Which transactions are completely exempted from Section 295 (2)?
As per section 295 (2), following transactions are completely exempted from section 295- Any loan made by a HOLDING COMPANY TO ITS SUBSIDIARY. Similarly, any security provided or guarantee given by a HOLDING COMPANY for any loan made to its subsidiary. Any loan provided, guarantee given and security provided by a PRIVATE COMPANY.
What is Section 295 (4) of IPC?
Section 295 (4) deals with the penalty section of any such transaction which falls under section 295 and require approval of Central Government. If any person, either directly or indirectly, contravenes section 295, he is penalized as per section 295 (4).