Section 5 of companies act,1956 and form 1aa

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Sandesh (Querist)
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06 November 2012 Dear Sir,

Can you please explain the sub-section (f) and (g) of Section 5 of companies Act, 1956.

Also wanted to understand when is company required to file form 1AA and form 1AB. Upon checking MCA21 website, I could not find Form 1AB.

Appreciate you help.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 November 2012 In the absence of Mg. director, Whole -time director or Manger, the company will be required to pass necessary resolution under clause (g) so as to name a director or directors who will be officer(s) in default, for the purpose of section 5, failing which all the directors shall be treated to be officers in default.
If any Director or Directors has been so specified by the Board, then a return in form 1AA, has to be filed with the ROC.

Form 1AB is a consent from directors for the purpose of section 5(f), the format of which is available in
http://www.bcasonline.org/webadmin/drafts_forms/formfiles/38-Form_1ab.PDF