Chapter xix revival and rehabilitation of sick companies. Central government or company to fix limit with regard to remuneration. This act extends to the whole of india, and came in to force on 1st april, 1956. The assessing officer ao held that shopping centre introduced into the firm by way of revaluation of assets, was nothing but the income of the taxpayer in the form of an asset and this income is chargeable to tax under section 28iv of the act. Compensation for occupational injuries and diseases act, state presidents office no. Conversion of firm into company under part ix of the. The notes below are prepared based on the provisions of the act. Securities and exchange board of india mutual funds regulations, 1996 in exercise of the powers conferred by section 30, read with clause c of subsection 2 of section 11 of the securities and exchange board of india act, 1992 15 of 1992, the securities and exchange board of india hereby makes the following regulations. The companies act, 1956 was enacted with the object to amend and consolidate the law relating to companies and certain other associations following the recommendations of the company law committee, known as the bhaba committee, set up in 1950. Chapter v acceptance of deposit by companies section 73, 741 and 76 provisions related to acceptance of deposits. Companies winding up section part i company voluntary arrangements the proposal 1. Short title, commencement and extent 1 this act may be called the companies act, 1956.
Chapter xxi part i companies authorised to register under this act. This is a ready reckoner for the information of stakeholders. Table containing provisions of companies act, 20 as notified up to 28. The airports authority of india acting through its chairman hereinafter. The word company means an association formed by a number of persons for some common object. A brief description of amendment acts are given below. Affiliation bye laws word final for uploading on the website.
A copy of prospectus will be delivered for registration to the registrar of companies as required under section 26 of the companies act, 20 the face value of the equity shares is. Chapter viii the companies declaration and payment of dividend rules, 2014. The company law, in india, is codified, and contained in the companies act, 1956. Securities and exchange board of india mutual funds regu. Companies act, 1956 1 of 1956 so repealed under section 465 of this act. The companies significant beneficial owners rules,20l8. If the order has been passed under a section other than the listed down sections then select others and specify. Select the section of the companies act, 1956 or of companies act, 20 under which the order has been passed. Tracking changes companies act, 20 grant thornton india. Part ix of the companies act, 1956 permits companies, associations, societies or partnership firms constituted in pursuance of any other law in force in india to register themselves as companies and avail the facilities under the act. Infrastructure projects are notified vide schedule vi to the 20 act.
Companies act, 1956 bare acts law library advocatekhoj. Certain icdr regulations refer to the companies act, 1956 but in these checklists we have updated those references to the 20 act. Procedure where nominee is not the liquidator or adminis trator. Incorporation of company and matters incidental thereto certain. Appointment of officers to assist the inspectors 4b. When such an association of persons is registered under the companies act, it becomes an artificial person with perpetual succession and common seal. Operation, management and development agreement 5 operation, management and development agreement this operation, management and development agreement the agreement or omda made on this 4th day of april, 2006, by and between. Full text containing the act, companies act, 1956, with all the sections, schedules, short. Parta introduction 1 partb substantive additions in sebi lodr regulations, 2015 in 880 comparison to companies act, 20 chapter i preliminary 8 chapter ii principles governing disclosures and obligations of listed 15 entity chapter iii common obligations of listed entities 16 chapter iv obligation of listed entity which has listed its. Certain icdr regulations refer to the companies act, 1956 but in these checklists we have updated those references to.
The companies act 20 has 464 sections and 7 schedules. The firm may be converted into a company by following the provisions of part ix of the companies act, 1956 since there are many benefits which both the company and the firm stand to enjoy. The act, has lesser sections as the companies will be governed more through the rules which are yet to be prescribed. Qualification of officers appointed to assist the inspectors 5. With enactment of this legislation in 1956, the companies act 19 was repealed. The companies act, 1956 existing act contains 658 sections and xv schedules. Conversion of firm into company under part ix of the companies act. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956. Companies act, 1956 does not amount to transfer and not subject to capital gains tax. Companies act, 1956 based on the recommendations of h. Insolvency act 1986 chapter 45 arrangement of sections the first group of parts company insolvency. The companies corporate social responsibility policy.
Compensation for occupational injuries and diseases act. In a company, the minimum number of members required to form a. Unless the articles of the company otherwise provide, the members personally present at the meeting shall elect one of themselves to be the chairman thereof on a show of hands. The companies act 1956 was enacted on the recommendations of the bhaba committee set up in 1950 with the object to consolidate the existing corporate laws and to provide a new basis for corporate operation in independent india. Chapter ix of the sebi icdr regulations companies act unless specified otherwise, this would imply to the provisions of the companies act, 20 and or provisions of the companies act, 1956 depositories act the depositories act, 1996 as amended from time to time cin corporate identification number din directors identification number. Part ixa of companies act, 1956 income tax department. Companies act, 1956 repealed all earlier companies acts. Presently, a bill to further amend the companies act is pending in the parliament. It is hereby notified that the acting state president has assented to the following act which is hereby published for general information. Producers companies registered under part ixa of the. Simultaneously, companies act, 19, then in force was repealed. Please read section 26 of the companies act, 20 fixed price issue. General provisions wtth respect to memorandum and articles.
Under this section, we have made comparison between the companies act 20 and companies act 1956 on various topics under different chapters of the act. The investor education and protection fund authority appointment of chairperson and members, holding meetings and provision for offices and officers rules 2016. Communication, acceptance and revocation of proposals. Inclusive of exemption to private companies, nidhis, govt. About the sebi icdr and listing regulations checklists the checklists. Section 581aj of the companies act, 1956 primary produce means. The incorporation birth and winding up and dissolution death. Procedures for incorporation and registration of companies. Provisions related to producer companies under companies. Acceptance by performing conditions, or receiving consideration. Sections 565 to 581 prescribes the law and procedure for companies authorised to register under part ix of the companies act, 1956.
Bhaba committee the biggest of all procedural laws in country was enacted on april 1. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. Thus the producer companies registered under part ix a of the companies act are. Section 581a k of the companies act, 1956 producer means any person engaged in any activity connected with or relatable to any primary produce. Chapter ix bonus issue chapter x issue of indian depository receipts.