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Companies act section 180

Gaurav (ACS) (90 Points)

23 August 2014

If Company passed resolution in august 2013 for increasing the boirrowing limit under section 293(1)(d),so under new act company has to pass another resolution under section 180 (1)(c) for compliance??

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6 Replies

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 25 August 2014

Yes Gaurav, as per the clarification issued by MCA in this regard, the resolution passed under 1956 act will remain effective only for one year, whereafter, new reso u/s 180 will have to be passed....

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Gaurav (ACS) (90 Points)
Replied 25 August 2014

I really appreciate your reply,could you please resolve another query,if co. has a CS, so it is not mandatory for him to sign the balance sheet in the board meeting where it is being signed by board of directors??Can he sign at the Annual general Meeting??Or at any meeting between board meeting and AGM??

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 27 August 2014

Hi,

As per sec 134 of the CA 2013, accounts are also to be signed by the CFO and CS in addition to the BOD....Since accounts are to be approved and dispatched to the members well before the AGM, signing on the AGM day will not be applicable....

However, no where is it mentioned that the CS has to sign the same during the BM.....But practically the accounts are dispatched to the auditors for their report after being approved and signed by the Directors....so normally an auditor would require to have accounts authenticated as required u/s 134 of CA 2013....

So it is not necesary, but desirable.....

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Gaurav (ACS) (90 Points)
Replied 27 August 2014

Thanx again,,In section 74,of CA 2013 if the non eligible Company has accepted deposit from members exceeding 50% of paidup capital and free reserve and does not repay it by March 2015.The what are the penalties??

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 27 August 2014

Rule 21 of the deposits rules 2014 Punishment for contravention.- If any company referred to in sub-section (2) of section 73 or any eligible company inviting deposits or any other person contravenes any provision of these rules for which no punishment is provided in the Act, the company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first day during which the contravention continues.

Gaurav (ACS) (90 Points)
Replied 27 August 2014

Originally posted by : Vandana J Doshi
	Rule 21 of the deposits rules 2014 Punishment for contravention.- If any company referred to in sub-section (2) of section 73 or any eligible company inviting deposits or any other person contravenes any provision of these rules for which no punishment is provided in the Act, the company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first day during which the contravention continues.

But section 74 says if the co. fails to repay deposit within time specified then co. shall be punishable with fine which shall not be less than one crore which may exyend to 10 crores.