Companies act 2006, section 296 is up to date with all changes known to be in force on or before 25 april 2020. This section gives central government, the power to grant the license directing that such an association may be registered as a company with limited liability, without the addition of the words limited or private limited to its name. Hdfc ergo hdfc general scheme of arrangement final modified. Related party transaction notified related party with reference to a company, means. Companies act, 1963, section 391 irish statute book. Introduction to companies act 19561 board of directors. May 07, 2011 main provisions of companies act 1956 presented by. Hence, sanction is hereby granted to the abovementioned scheme of arrangement under section 391 2 read with section 394 of the companies act, 1956. Where an application is made to the tribunal under section 391 for the sanctioning of a compromise or arrangement proposed between a company and any such persons as are mentioned in that section, and it is shown to the tribunal that the compromise or arrangement has. However while reading rule 6 of companies accounts rules, 2014 along with gsr 723e dated 14th october, 2014 it seems that companies that do not have subsidiaries but only associate companies are exempt from the requirement of preparing consolidated. Attention students applicability of companies act, 1956. This suggests that within the legislative scheme of the act, the section is confined to regulating the duties owed by. This suggests that within the legislative scheme of the act, the section is confined to regulating the duties owed by persons listed under section 39 to the company. Section 3994 of the companies act, 1956 guidelines for rds.
Section 390 interpretation of sections 391 and 393. Power to compromise or make arrangements with creditors. Section 562 application of act to companies registered but not formed under previous companies laws. Red herring prospectus please read section 60b of the companies. Procedure for merger and amalgamation is different from takeover. This scheme of amalgamation is presented under sections 391 to 394 of the company act, 1956 the act for amalgamation of maharashtra. Hence, sanction is hereby granted to the abovementioned scheme of arrangement under section 3912 read with section 394 of the companies act, 1956. Section 3914 of companies act 1956 free legal advice. Nothing in this section shall affect any company to which the indian railway companies act, 1895 10 of 1895, or the indian tramways act, 1902 4 of 1902 applies. The terms merger and amalgamation have not been defined in the companies act, 1956 hereinafter referred to as the act though this voluminous piece of legislation contains 69 definitions in section 2. Section 643 the companies act,1956 laws and bare acts. Companies appointment and qualifications of secretary. Section 3912 in the companies act, 1956 2 if a majority in number representing three fourths in value of the creditors, or class of creditors, or members, or class of members as the case may be, present and voting either in person or. Subsection 77 of section 2 of the companies act 20 defines relatives as below.
Consequences of noncompliance of section 31iii of the. Section 391 in the companies act, 1956 indian kanoon. If you agree then only proceed to download companies act 20 pdf. Power to compromise or make arrangements with creditors and members. Consequent upon the amalgamation of the companies, the transferor company shall stand dissolved. These provisions have been brought into force on 15th december, 2016. Section 391 2 in the companies act, 1956 2 if a majority in number representing three fourths in value of the creditors, or class of creditors, or members, or class of members as the case may be, present and voting either in person or. Procedure for mergers and amalgamations under the companies. Interpretation of person in accordance with whose directions or instructions directors are. Jul 26, 2011 guidelines for rdsrocs in the matter of scheme of arrangement amalgamation under section 3994. Nov 29, 2010 on 24th november 2010, it happened sebi, the watch dog of indian capital market did its part of research on companies act to understand the powers which are already vested with it and has come out barking. Arrangement of sections section part i preliminary 1. Section 391 of companies act, 20 application of sections. Definition of close relative as per section 277 of the companies act 20.
Apr 04, 20 the companies act 1956, indian bare acts at, a website for indian laws and bare acts, legal advice and law documents, companies act 1956. The companies act international insolvency institute. Introduction to companies act 1956 what is a company. Scheme of amalgamation should fulfill the condition of sec 391 to 394 of the companies act 1956. Provisions for facilitating reconstruction and amalgamation of companies section 394 1 of companies act. Jun 12, 2014 related party transaction notified related party with reference to a company, means. Special offer on gst package for cas as per the mou with icai.
Posted in companies act tagged 1950, 1956, acts, air force act, air force act 1950, air force act of india, airforce, bare acts, indian laws, indian laws and bare acts, law, law sections, laws india, legal, rules, schedules, sections, the companies act post navigation. Section 3994 of the companies act, 1956 guidelines for. Pdf companies act 1956 and 20 pdf download, high quality. Group 1 aarti singh, azhar hussain, jyoti nawlani, nemchand meena, renuka sharma 2. Share capital to stand increased where an order is made under section 814 95. Construction of references in other acts to companies registered under the companies consolidation act, 1908. Where the provisions, under clause iii of subsection 1 of section 3 of the companies act, 1956, are required to be included in the articles of a company in order to constitute a private company, but default is made in complying with any of those provisions, the company shall cease to be entitled to the privileges and exemptions conferred. Relative means, with reference to any person, means any one who is related to another, if i they are members of a hindu undivided family. The curious case of section 4 7 of the companies act, 1956. The court noted that section 391 was placed in the section within part xii, division 1 of the companies act entitled enforcement of this act. Section 391 2 in the companies act, 1956 2 if a majority in number representing three fourths in value of the creditors, or class of creditors. Scheme of amalgamation should fulfill the condition of sec. Sub section 2 of section 391 of the companies act, 20, states that the provisions of chapter xx shall apply mutatis mutandis for closure of the place of business of a foreign company in india as if it were a company incorporated in india. Petition under sec 391 to 394 of the companies act.
There are changes that may be brought into force at a future date. View pdf convergence with ifrs view pdf naturelle llc view pdf the sick industrial companies special provisions act, 1985 view pdf insolvency law reforms report on india view pdf. Definitions of company, existing company, private company and public company. Companies act 2006, section 391 is up to date with all changes known to be in force on or before 28 april 2020. Allows you online search for pdf books ebooks for free downloads in one place. Section 643 the companies act,1956 laws and bare acts of.
Consequent upon the amalgamation of the companies, the transferor company shall stand dissolved without going through the process of winding up. Attention students applicability of companies act, 1956 and the companies act, 20 for june, 2015 examinations the question papers on the subjects of foundation new syllabus, executive new syllabus, and professional programme old and new syllabus shall carry questions from the notified sections of the. Companies act 1993 no 105 as at january 2020, public. Henceforth all jointstock companies operating without either ar oyal charter or an act of incorporation passed by parliament were illegal. Section 3914 of companies act 1956 answered by expert corporate lawyer. Where the provisions, under clause iii of sub section 1 of section 3 of the companies act, 1956, are required to be included in the articles of a company in order to constitute a private company, but default is made in complying with any of those provisions, the company shall cease to be entitled to the privileges and exemptions conferred.
This scheme of amalgamation is presented under sections 391 to 394 of the company act, 1956 the act for amalgamation of maharashtra state electric power trading company private limited mseptc or the transferor company with mseb holding company limited mhcl or the transferee company. Companies act, 1956 bare acts law library advocatekhoj. Companies act 1956 section 211 citation 11141 bare act. Independent auditors report to the board of directors of. Mergers and amalgamations are regulated under the provisions of the companies act, 1956 whereas takeovers are regulated under the sebi substantial acquisition of shares and takeovers regulations. Companies act 1993 no 105 as at january 2020, public act. Government, in exercise of its powers under section 21c of the companies act, 1956 read with sections 210 a1 and 6421a of the companies act 1956, notified the companies accounting standards rules, 2006 in the official gazette of india on 7th december 2006. Composite scheme of amalgamation and arrangement under section 391 to 394 of the companies act, 1956 among max life insurance company limited amalgamating company 1 max financial services limited amalgamated company 1 transferor company. Subsection 2 of section 391 of the companies act, 20, states that the provisions of chapter xx shall apply mutatis mutandis for closure of the place of business of a foreign company in india as if it were a company incorporated in india. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. The pdf file you are about to download is not created by writinglaw. Companies appointment and qualifications of secretary amendment rules, 2009 the central government in exercise of the powers conferred under section 642 and section 383a of the companies act, 1956 has amended the companies appointment and qualifications of secretary rules, 1988 vide notification no. The companies act,1956 private companies are subject to following restrictions under the above mentioned section.
Section 391 to 394 business tool for restructuring. Guidelines for rdsrocs in the matter of scheme of arrangement amalgamation under section 3994. Power of court to grant relief to officers of company. A company means a group of persons associated together for the attainment of a common end, social or economic. Attention students applicability of companies act, 1956 and the companies act, 20 for june, 2015 examinations the question papers on the subjects of foundation new syllabus, executive new syllabus, and professional programme old and new syllabus shall carry questions from the. Application of section 295 to book debts in certain cases. Changes that have been made appear in the content and are referenced with annotations.
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