Bare Act - 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
Chapter IV	Winding up subject to supervision of Court.

522	Power to order winding up subject to supervision.
523	Effect of petition for winding up subject to supervision.
524	Power of Court to appoint or remove liquidators.
525	Powers and obligations of liquidator appointed by Court.
526	Effect of supervision order.
527	Appointment in certain cases of voluntary liquidators to office of liquidators.

Chapter V	Provisions applicable to every mode of Winding up

528	Debts of all descriptions to be admitted to proof.
529	Application of insolvency rules in winding up of insolvent companies.
529A	Overriding preferential payments.
530	Preferential payments.
531	Fraudulent preference.
531A	Avoidance of voluntary transfer.
532	Transfers for benefit of all creditors to be void.
533	Liabilities and rights of certain fraudulently preferred persons.
534	Effect of floating charge.
535	Disclaimer of onerous property in case of a company which is being wound up.
536	Avoidance of transfers, etc., after commencement of winding up.
537	Avoidance of certain attachments, executions, etc., in winding up by or subject to supervision of Court.
538	Offences by officers of companies in liquidation.
539	Penalty for falsification of books.
540	Penalty for frauds by officers.
541	Liability where proper accounts not kept.
542	Liability for fraudulent conduct of business.
543	Power of Court to assess damages against delinquent directors, etc.
544	Liability under sections 542 and 543 to extend to partners or directors in firm or company.
545	Prosecution of delinquent officers and members of company.
546	Liquidator to exercise certain powers subject to sanction.
547	Notification that a company is in liquidation.
548	Books and papers of company to be evidence.
549	Inspection of books and papers by creditors and contributories.
550	Disposal of books and papers of company.
551	Information as to pending liquidations.
552	Official Liquidator to make payments in to the public account of India.
553	Voluntary Liquidator to make payments into Scheduled Bank.
554	Liquidator not to pay moneys into private banking account.
555	Unpaid dividends and undistributed assets to be paid into the Companies liquidation Account.
556	Enforcement of duty of liquidator to make returns, etc.
557	Meetings to ascertain wishes of creditors or contributories.
558	Court or person before whom affidavit may be sworn.
559	Power of Court to declare dissolution of company void.
560	Power of Registrar to strike defunct company off register.

Part VIII	Application of Act to companies formed or registered under previous Companies Laws.

561	Application of Act to companies formed and registered under previous companies laws.
562	Application of Act to companies registered but not formed under previous companies laws.
563	application of Acct to unlimited companies registered under previous companies laws.
564	Mode of transferring shares in the case of companies registered under Acts XIX of 1857 and VII of 1860.

Part IX	Companies Authorised to register under this Act.

565	Companies capable of being registered.
566	Definition of "Joint-stock company".
567	Requirements for registration of joint-stock companies.
568	Requirements for registration of companies not being joint stock companies.
569	Authentication of statements of existing companies.
570	Power of Registrar to require evidence as to nature of company.
571	Notice to customers on registration of banking company with limited liability.
572	Change of name for purposes of registration.
573	Addition of "Limited" or "Private Limited" to name.
574	Certificate of registration of existing companies.
575	Vesting of property on registration.
576	Saving for existing liabilities.
577	Continuation of pending legal proceedings.
578	Effect of registration under Part.
579	Power to substitute memorandum and articles for deed of settlement.
580	Power of Court to stay or restrain proceedings.
581	Suits stayed on winding up order.
581A	Definitions.
581B	Objects of Producer Company.
581C	Formation of Producer Company and its registration.
581D	Membership and voting rights of Members of Producer Company.
581E	Benefits to Members.
581F	Memorandum of Producer Company.
581G	Articles of association.
581H	Amendment of memorandum.
581I	Amendment of articles.
581J	Option to inter-State co-operative societies to become Producer Companies.
581K	Effect of incorporation of Producer Company.
581L	Vesting of undertaking in Producer Company.
581M	Concession, etc., to be deemed to have been granted to Producer Company.
581N	Provisions in respect of officers and other employees of inter-Stale co-operative society.
581O	Number of directors.
581P	Appointment of directors.
581Q	Vacation of office by directors.
581R	Powers and functions of Board.
581S	Matters to be transacted at general meeting.
581T	Liability of directors.
581U	Committee of directors.
581V	Meetings of Board and quorum.
581W	Meetings of Board and quorum.
581X	Secretary of Producer Company.
581Y	Quorum.
581Z	Voting rights.
581ZA	Annual general meetings.
581ZB	Share capital.
581ZC	Special user rights.
581ZD	Transferability of shares and attendant rights.
581ZE	Books of account.
581ZF	Internal audit.
581ZG	Duties of auditor under this Part.
581ZH	Donations or subscription by Producer Company.
581ZI	General and other reserves.
581ZJ	Issue of bonus shares.
581ZK	Loan, etc., to Members.
581ZL	Investment in other companies, formation of subsidiaries, etc.
581ZM	Penalty for contravention.
581ZN	Amalgamation, merger or division, etc., to form new Producer Companies .
581ZO	Disputes.
581ZP	Strike off name of Producer Company.
581ZQ	Provisions of this Part to override other laws.
581ZR	Application of provisions relating to private companies.
581ZS	Reconversion of Producer Company to inter-State co-operative society.
581ZT	Power to modify Act in its application to Producer Companies.

Part X	Winding up of Unregistered companies.

582	Meaning of "unregistered company".
583	Winding up of unregistered companies.
584	Power to wind up foreign companies, although dissolved.
585	Contributories in winding up of unregistered company.
586	Power to stay or restrain proceedings.
587	Suits, etc., stayed on winding up order.
588	Directions as to property in certain cases.
589	Provisions of Part cumulative.
590	Saving and construction of enactments conferring power to wind up partnership, association or company in certain cases.

Part XI	Companies incorporated outside India

591	Application of sections 592 to 602 to foreign companies.
592	Documents etc. ,to be delivered to Registrar by foreign companies carrying on business in India.
593	Return to be delivered to Registrar by foreign company where documents, etc., altered.
594	Accounts of foreign company.
595	Obligation to state name of foreign company, whether limited, and country where incorporated.
596	Service on foreign company.
597	Office where documents to be delivered.
598	Penalties.
599	Company's failure to comply with Part not to affect its liability under contracts, etc.
600	Registration of charges, appointment of receiver and books of account.
601	Fees for registration of documents under Part.
602	Interpretation of foregoing sections of Part.
603	Dating of prospectus and particulars to be contained therein.
604	Provisions as to expert's consent and allotment.
605	Registration of prospectus.
605A	Offer of Indian Depository Receipts.
606	Penalty for contravention of sections 603, 604 and 605.
607	Civil liability for misstatements in prospectus.
608	Interpretation of provisions as to prospectuses.

Part XII	Registration offices and officers and fees

609	Registration Offices.
610	Inspection, production and evidence of documents kept by Registrar.
610A	Admissibility of micro films, facsimile copies of documents, computer printouts and documents on computer media as documents and as evidence.
611	Fees in Schedule X to be paid.
612	Fees, etc., paid to Registrar and other officers to be accounted for to Central Government.
613	Power of Central Government to reduce fees, charges, etc.
614	Enforcement of duty of company to make returns,, etc., to Registrar.
614A	Power of Court trying offences under the Act to direct the filing of documents with Registrar.

Part XIII	General

615	Power of Central Government to direct companies to furnish information or statistics.
616	Application of Act to insurance, banking, electricity supply and other companies governed by special Acts.
617	Definition of "Government Company".
618	Government Companies not to have managing agents.
619	Application of sections 224 to 233 to Government Companies.
619A	Annual reports on Government Companies.
619B	Provisions of section 619 to apply to certain companies.
620	Power to modify Act in relation to Government Companies.
620A	Power to modify Act in its application to Nidhis, etc.
620B	Special provisions as to companies in Goa, Daman and Diu.
620C	Special provisions as to companies in Jammu and Kashmir.
621	Offences against Act to be cognizable only on complaint by Registrar, shareholder or Government.
621A	Composition of certain offences.
622	Jurisdiction to try offences.
623	Certain offences triable summarily in Presidency towns.
624	Offences to be non-cognizable.
624A	Power to Central Government to appoint company prosecutors.
624B	Appeal against acquittal.
625	Payment of compensation in case of frivolous or vexatious prosecution.
626	Application of fines.
627	Production and inspection of books where offences suspected.
628	Penalty for false statements.
629	Penalty for false evidence.
629A	Penalty where no specific penalty is provided elsewhere in the Act.
630	Penalty for wrongful withholding of property.
631	Penalty for improper use of words "Limited" and "Private Limited".
632	Power to require limited company to give security for costs.
633	Power of Court to grant relief in certain cases.
634	Enforcement of orders of Courts.
634A	Enforcement of orders of Company Law Board.
635	Enforcement of orders of one Court by other Courts.
635A	Protection of acts done in good faith.
635AA	Non-disclosure of information in certain cases.
635B	Protection of employees during investigation by inspector or pendency of proceeding before Court in certain cases.
636	Reduction of fees, charges, etc., payable to company.
637	Delegation by Central Government of its powers and functions under Act.
637A	Power of Central Government or Company Law Board to accord approval, etc., subject to conditions and to prescribe fees on applications.
637AA	Power of Central Government to fix a limit with regard to remuneration.
637B	Condonation of delays in certain cases.
638	Annual report by Central Government.
639	Repealed.
640	Validation of registration of firms as members of charitable and other companies.
640A	Exclusion of tim