Part ix of companies act

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RACHANA DAGA (Querist)

12 July 2013 what are various proceedings to be undertaken after incorporation of part IX company.....
how is annual filing done of such company???
what is difference between normal limited company and part IX company in terms of proceedings?

Ajay Mishra

Ajay Mishra (Expert)

12 July 2013 Hi

Effect of registration under Part IX
(a) All property, movable as well as immovable belonging to or vested in the company at the time of registration shall, on such registration pass to and vest in the company as incorporated under Part IX.
(b) The Registration of a company under Part IX shall not in any manner affect its rights or liabilities in respect of any debt or obligation incurred or any contract entered into, by, to, with or on behalf of the company before registration.
(c) All suits and other legal proceedings taken by or against the company or any public officer or member thereof which where pending at the time of registration may be continued in the same manner as if registration had not taken place. However, no execution can be done against the property or person of any individual member of the company on any decree or order obtained in such suit or proceeding. If the property of the company is inadequate to satisfy the decree or order, an order for winding up the company may be obtained.
(d) All provisions of any Indian law or other instrument constituting or regulating the company shall apply to the registered company in the same manner as if the company had been formed under the Companies Act, 1956 and those conditions were required to be contained and were contained in its Memorandum and Articles of Association.
(e) All provisions of the Companies Act, 1956 relating to the company, its members, contributories and creditors shall apply in the same manner as if the company was formed under the Companies Act, 1956.

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