Articles of association as per companies act 2013
This query is : Resolved
11 November 2013
what is private co. clause. my company is not being incorporated due to this.
pl. advise me.
pl. advise me.
11 November 2013
As per new Act:
Section 2(68) “private company” means a company having a minimum paid-up share
capital of one lakh rupees or such higher paid-up share capital as may be prescribed,
and which by its articles,—
(i) restricts the right to transfer its shares;
(ii) except in case of One Person Company, limits the number of its
members to two hundred:
Provided that where two or more persons hold one or more shares in a
company jointly, they shall, for the purposes of this clause, be treated as a single
member:
Provided further that—
(A) persons who are in the employment of the company; and
(B) persons who, having been formerly in the employment of the company,
were members of the company while in that employment and have continued to
be members after the employment ceased,
shall not be included in the number of members; and
(iii) prohibits any invitation to the public to subscribe for any securities of
the company;
Section 2(68) “private company” means a company having a minimum paid-up share
capital of one lakh rupees or such higher paid-up share capital as may be prescribed,
and which by its articles,—
(i) restricts the right to transfer its shares;
(ii) except in case of One Person Company, limits the number of its
members to two hundred:
Provided that where two or more persons hold one or more shares in a
company jointly, they shall, for the purposes of this clause, be treated as a single
member:
Provided further that—
(A) persons who are in the employment of the company; and
(B) persons who, having been formerly in the employment of the company,
were members of the company while in that employment and have continued to
be members after the employment ceased,
shall not be included in the number of members; and
(iii) prohibits any invitation to the public to subscribe for any securities of
the company;
11 November 2013
You also read general circular no 15/2013 issued by MCA on 13.09.2013.
11 November 2013
My Pleasure...........
11 November 2013
In the place of section 3(i)(iii) definition of Companies Act,1956 definition u/s 2(68) of Companies Act,2013 has to be substituted in the AOA.
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