Laws - The Companies Act, 1956

The Companies Act, 1956

(Act no. 1 of 1956)

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THE COMPANIES (AMENDMENT) ACT, 2006 | COMPANY LAW TIPS (With Case Laws) NEW

CONTENTS
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Sections	Particulars
Part V	Registration of Charges.

124	"Charge" to include mortgage in this Part.
125	Certain charges to be void against liquidator or creditors unless registered.
126	Date of notice of charge.
127	Registration of charges on properties acquired subject to charge.
128	Particulars in case of series o debentures entitling holders pari passu.
129	Particulars in case of commission, etc., on debentures.
130	Register of charges to be kept by Registrar.
131	Index to register of charges.
132	Certificate of registration.
133	Endorsement of certificate of registration on debenture or certificate of debenture stock.
134	Duty of company as regards registration and right of interested party.
135	Provisions of Part to apply to modification of charges.
136	Copy of instrument creating charge to be kept by company at registered office.
137	Entry in register of charges of appointment of receiver or manager.
138	Company to report satisfaction and procedure thereafter.
139	Power of Registrar to make entries of satisfaction and release in absence of intimation from company.
140	Copy of memorandum of satisfaction to be furnished to company.
141	Rectification by Company Law Board of register of charges.
142	Penalties.
143	Company's register of charges.
144	Right to inspect copies of instruments creating charges and company's register of charges.
145	Application of Part of charges requiring registration under it but not under previous law.

Part VI	Management and Administration

Chapter I	General Provisions.

146	Registered office of company.
147	Publication of name by company.
148	Publication of authorised as well as subscribed and paid-up capital.
149	Restrictions on commencement of business.
150	Register of members.
151	Index of members.
152	Register and index of debenture-holders.
152A	Register and index of beneficial owners.
153	Trusts not to be entered on register.
153A	Appointment of public trustee.
153B	Declaration as to shares and debentures held in trust.
154	Power to close register of members or debenture-holders.
155	Omitted.
156	Omitted.
157	Power for company to keep foreign register of members or debenture-holders.
158	Provisions as to foreign registers.
159	Annual return to be made by company having a share capital.
160	Annual return to be made by company not having a share capital.
161	Further provisions regarding annual return and certificate to be annexed thereto.
162	Penalty and interpretation.
163	Place of keeping, and inspection of , registers and returns.
164	Registers etc., to be evidence.
165	Statutory meeting and statutory report of company.
166	Annual general meeting.
167	Power of Company Law Board to call annual general meeting.
168	Penalty for default in complying with section 166 or 167.
169	Calling of extraordinary general meeting on requisition.
170	Sections 171 to 186 to apply to meetings.
171	Length of notice for calling meeting.
172	Contents and manner or service of notice and persons on whom it is to be served.
173	Explanatory statement to be annexed to notice.
174	Quorum for meeting.
175	Chairman of meeting.
176	Proxies.
177	Voting to be by show of hands in first instance.
178	Chairman's declaration of result of voting by show of hands to be conclusive.
179	Demand for poll.
180	Time of taking poll.
181	Restriction on exercise of voting right of members who have not paid calls, etc.
182	Restrictions on exercise of voting right in other cases to be void.
183	Right of member to use his votes differently.
184	Scrutineers at poll.
185	Manner of taking poll and result thereof.
186	Power of Company Law Board to order meeting to be called.
187	Representation of corporations at meetings of companies and of creditors.
187A	Representation of the President and Governors in meetings of companies of which they are members.
187B	Exercise of voting rights in respect of shares held in trust.
187C	Declaration by persons not holding beneficial interest in any share.
187D	Investigation of beneficial ownership of shares in certain cases.
188	Circulation of members' resolutions.
189	Ordinary and special resolutions.
190	Resolutions requiring special notice.
191	Resolutions passed at adjourned meetings.
192	Registration of certain resolutions and agreements.
192A	Passing of resolutions by postal ballot
193	Minutes of proceedings of general meetings and of Board and other meetings.
194	Minutes to be evidence.
195	Presumptions to be drawn where minutes duly drawn and signed.
196	Inspection of minute books of general meetings.
197	Publication of reports of proceedings of general meetings.
197A	Company not to appoint or employ certain different categories of managerial personnel at the same time
198	Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.
199	Calculation of commission, etc. in certain cases.
200	Prohibition of tax-fee payments.
201	Avoidance of provisions relieving liability of officers and auditors of company.
202	Undercharged insolvent not to manage companies.
203	Power to restrain fraudulent persons from managing companies.
204	Restriction on appointment of firm or body corporate to office or place of profit under a company.
204A	Restrictions on the appointment of former managing agents or secretaries and treasurers to any office.
205	Dividend to be paid only out of profits.
205A	Unpaid dividend to be transferred to special dividend account.
205B	Payment of unpaid or unclaimed dividend.
205C	Establishment of Investor Education and Protection Fund
206	Dividend not to be paid except to registered shareholders or to their order ro to their bankers.
206A	Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares.
207	Penalty for failure to distribute dividends within forth-two days.
208	Power of company to pay interest out of capital in certain cases.
209	Books of account to be kept by company.
209A	Inspection of books of account, etc., of companies.
210	Annual accounts and balance-sheet.
210A	Constitution of National Advisory Committee on Accounting Standards
211	Form and contents of balance-sheet and profit and loss account.
212	Balance-sheet of holding company to include certain particulars as to its subsidiaries.
213	Financial year of holding company and subsidiary.
214	Rights of holding company's representatives and members.
215	Authentication of balance-sheet and profit and loss account.
216	Profit and loss account to be annexed and auditor's report to be attached to balance-sheet.
217	Board's report.
218	Penalty for improper issue, circulation or publication of balance-sheet or profit and loss account.
219	Right of member to copies of balance-sheet and auditors' report.
220	Three copies of balance-sheet, etc., to be filed with Registrar.
221	Duty of officer to make disclosure of payments, etc.
222	Construction of references to documents annexed to accounts.
223	Certain companies to publish statement in the Form in Table F in Schedule I.
224	Appointment and remuneration of auditors.
224A	Auditor not to be appointed except with the approval of the company by special resolution in certain cases.
225	Provisions as to resolutions for appointing or removing auditors.
226	Qualifications and disqualifications of auditors.
227	Powers and duties of auditors.
228	Audit of accounts of branch office of company.
229	Signature of audit report, etc.
230	Reading and inspection of auditor's report.
231	Right of auditor to attend general meeting.
232	Penalty for non-compliance by auditor with sections 225 and 231.
233	Penalty for non-compliance by auditor with sections 227 and 229.
233A	Power of Central Government to direct special audit in certain cases.
233B	Audit of cost accounts in certain cases.
234	Power of Registrar to call for information or explanation.
234A	Seiqure of documents by Registrar.
235	Investigation of the affairs of a company.
236	Application by members to be supported by evidence and power to call for security.
237	Investigation of company's affairs in other cases.
238	Firm, body corporate or association not to be appointed as inspector.
239	Power of inspectors to carry investigation into affairs of related companies.
240	Production of documents and evidence.
240A	Seizure of documents by inspector.
241	Inspector's report.
242	Prosecution.
243	Application for winding up of company or an order under section 397 or 398.
244	Proceedings for recovery of damages or property.
245	Expenses of investigation.
246	Inspector's report to be evidence.
247	Investigation of ownership of company.
248	Information regarding persons having an interest in company.
249	Investigation of associate ship with managing agent, etc.
250	Imposition of restrictions upon shares and debentures and prohibition of transfer of shares or debentures in certain cases.
250A	Voluntary winding up of company, etc. not to stop investigation proceedings.
251	Saving for legal advisers and bankers.

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