Section 391 to 395 of companies act 1956 pdf

Procedure for mergers and amalgamations under the companies. Hdfc ergo hdfc general scheme of arrangement final. The companies amendment act and companies bill are also provided for the readers. 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. As we know that the companies act, 20 has now replaced the decades old companies act, 1956 which was amended tons of time. A company means a group of persons associated together for the attainment of a common end, social or economic. Companies act 1993 no 105 as at january 2020, public act. Power and duty to acquire shares of shareholders dissenting.

Introduction to companies act 19561 board of directors. When such an association of persons is registered under the companies act, it becomes an artificial person with perpetual succession and common seal. The word company means an association formed by a number of persons for some common object. This scheme of arrangement is presented under sections 391 to 394 of the companies act, 1956 read with section 52 of the companies act. Power to compromise or make arrangements with creditors and members. 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. Companies act 1985, section 395 is up to date with all changes known to be in force on or before 15 april 2020. Consequent upon the amalgamation of the companies, the transferor company shall stand dissolved without going through the process of winding up.

Explore the companies act 20 and companies act 1956. 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. You can also search for keywords within the sections of the act. Independent auditors report to the board of directors of. This scheme of amalgamation scheme is presented under sections 391 to 394 and other applicable provisions of the companies act, 1956. Hence, sanction is hereby granted to the abovementioned scheme of arrangement under section 3912 read with section 394 of the companies act, 1956. Where an application is made to the court 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. Section 395 of companies act, 20 annual reports where one. You can use this tool to find out which section of the companies act 1956 corresponds to the section under the new companies act 20 and vice versa, for better understanding of the new law. An act to consolidate and amend the law relating to companies and certain other associations. Get detailed information on the companies act, provided by ministry of corporate affairs.

Notice to be given to central government for applications under sections 391 and 394. Except as provided below in subsection d of this section, the name of any such corporation shall not be amended so as to include the word trust unless such corporation shall report to and be under the supervision of the commissioner, or unless it is regulated under the bank holding company act of 1956 or the savings and loan holding. The companies act, 20 rules on the companies act, 20 this feature allows you to view the companies act, 20 sectionwise or chapterwise. Calcutta under provisions of sections 391, 392, 393 and 394 of the said act are filed with the registrar of companies, west bengal, ministry of corporate affairs. Get updated database on company laws, companies act 20, sebi act and securities laws, sebi act amendment act, securities law amendment act, etc. Old sections for new sections you can use this tool to find out which section of the companies act 1956 corresponds to the section under the new companies act 20 and vice versa, for better understanding of the new law. Companies act, 1956 bare acts law library advocatekhoj. Hence, sanction is hereby granted to the abovementioned scheme of arrangement under section 391 2 read with section 394 of the companies act, 1956. Companies court rules, 1959 in exercise of the powers conferred by subsections 1 and 2 of section 643 of the companies act, 1956, and of all other powers enabling, the supreme court of india, after consulting the high courts, hereby makes the following rules. Introduction to companies act 1956 what is a company. Exemption under section 54gb of income tax act 1961.

Links are given for guidelines for setting up a new company and for information on cost audit orders. Every other company shall have at least 2 directors sec 252. In understand that once the transferor company merge with the transferee company, existence of transferor company is lost by virtue of court order. 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. The companies act 1956 indian bare acts india bare act. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. India the companies act 1956 sec 25 power to dispense with limited in name of charitable or other company. Attention students applicability of companies act, 1956 and. There are changes that may be brought into force at a future date. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. Indian companies act 1956 authorstream presentation. Modification in sections 100103, 391, 392 and 394 of the. Provisions for facilitating reconstruction and amalgamation of companies.

Attention students applicability of companies act, 1956. Section 391 to 394 of the companies act, 1956 provide provide interalia for amalgamation of companies through order of the court. Form 35apursuant to section 3954aai of the companies. Complete list of sections of companies act, 20 corporate. Ministry of corporate affairs companies act search. Under schedule xiii of the companies act, 1956, part ii, section ii relating to. Download the complete list of all sections of companies act 20 in pdf format.

Companies act the companies act is a successor to the indian companies act of 19 and is a consolidation of many successive amendment acts, statutory rules and principles laid down in decisions of. Jun 19, 2012 hence, sanction is hereby granted to the abovementioned scheme of arrangement under section 3912 read with section 394 of the companies act, 1956. This an act to consolidate and amend the law relating to companies. Main provisions of companies act 1956 presented by. Updating and uploading of all central acts available on this web page is.

Procedure for mergers and amalgamations under the companies act, 1956. Users can access links for getting complete details on the acts. If you continue, tabs opened first shall be closed. Provisions of part ix a of the companies act, 1956 shall be applicable mutatis mutandis to a producer company in a manner as if the companies act, 1956 has not been repealed. Formation of companies with charitable objects, etc. 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. Companies act, 1956 1 of 1956 so repealed under section 465 of this act. Companies act 1993 no 105 as at january 2020, public. In this section and sections 387b, 387c, 397 and 401, unless the contrary intention appears financial statements means the financial statements of a company required to be prepared by the accounting standards and, in the case of a parent company, means the consolidated financial statements.

Be it enacted by parliament in the sixth year of the republic of india as follows 1. 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, 20 and rules made thereunder. 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. Where a scheme or contract involving the transfer of shares or any class of shares in a company in this section referred to as the transferor company to another company in this section referred to as the transferee company. Sec 397 and sec 398 of companies act corporate law forum. Section 394 of companies act, 20 annual reports on. Power and duty to acquire shares of shareholders dissenting from scheme or contract approved by majority. The curious case of section 4 7 of the companies act, 1956. It requires companies to make application to the court under section 391, which empowers the court to sanction the compromise or. These provisions have been brought into force on 15th december, 2016. Government for applications under sections 391 and 394. Companies act 2006, section 393 is up to date with all changes known to be in force on or before 22 april 2020.

Section 395 of companies act, 20 annual reports where. The law relating to reduction of share capital can be found in section 100 to 105 of the companies act, 1956. The companies act 1956 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the companies act 1956 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. Statement of affairs to be filed on winding up of a company. Annual reports on government companies effective from 12th september, 20 1 where the central government is a member of a government company, the central government shall cause an annual report on the working and affairs of that company to be a prepared within three months of its annual general meeting before which the. Service of documents on shareholders and creditors.

Companies act 1956 complete act citation 51006 bare act. Companies act 1956, india tips for lawyers and layman q1. It has been developed with an objective to enable a single window access to information and services being provided by the various indian government entities. Company under section 25 of the companies act,1956. Changes that have been made appear in the content and are referenced with annotations. As per the scheme of amalgamation, all assets, properties, agreements, rights, liabilities, debts, claim and employees of the transferors shall. These sections are updated and extracted from the ebook on the companies act 20 by aubsp. Levy and collection of cess on turnover or gross receipts of companies. Section395 power and duty to acquire shares of shareholders dissenting from. Corporate restructuring under the companies act, 20 1. Further it compares the merger provisions of companies act 1956 and. The curious case of section 4 7 of the companies act, 1956 this issue is of paramount importance for foreign companies having majority shareholding in. Competition commission of india june, 2016 notice.

You can view a specific section, or view all sections grouped by chapters. Special offer on gst package for cas as per the mou with icai. Mergers, amalgamation and demergers of companies under the companies act 1956 are governed by sections 391 to 396 companies act 1956. The courts have held that the provisions contained in section 391 are a complete code in itself. Right to present winding up petition where company is being wound up voluntarily. Sections 391 to 394 of the companies act, 1956, other applicable provisions of the companies act, 1956 and or the companies act, 20. Group 1 aarti singh, azhar hussain, jyoti nawlani, nemchand meena, renuka sharma companies act. Annual reports where one or more state governments are members of companies effective from 1st april, 20141 where the central government is not a member of a government company, every state government which is a member of that company, or where only one state government is a member of the company, that state government shall cause an annual report on. Form 35apursuant to section 395 4aai of the companies act, 1956 b address of the2. Short title, commencement and extent 1 this act may be called the companies act, 1956. Modification in sections 100103, 391, 392 and 394 of the companies act 1956. Petition under sec 391 to 394 of the companies act. Sendirian or any abbreviation thereof as part of its name if it does not fulfil the requirements required by this act to be fulfilled by private companies and every corporation and every officer of a corporation who is in default shall be guilty of an offence and shall be liable on conviction to a.

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