By when the new Companies Bill, 2008 is likely to get translated into an Act and come into force? Please suggest a probable Session of CS Examination ( i.e. June,2009 or December,2009) from which it will be applicable and help me decide as to whether I should continue studies in the existing companies Law or not.
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Companies Law for CS Exam
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I would suggest you to talk to the ICSI itself and seek clarification
It is not necessary that an act will be implemented in the year of passing. Patent Act was passed in the year 1999 but enforced in the year 2003. similarly Competition act was passed in the year 2002 but not yet been implemented to the full effect. Companies Amendment Act, 2002 has not yet been implemented completely.
Since the Companies Act is a very important piece of legislation, it would definitely take several years to get notified and would be implemented in phased manner
Whether Form 8 to be filed for providing Corporate Guarantee?
Form 8 need not be filed when any corporate guarantee is given. Form 8 is to be filed only when charge(as enumerated in section 125 of the Companies Act, 1956) is created on the assets of the Company. charge is created when security is given to creditor. The main purpose of filing Form 8/10 is maintain the pre-emptive claim over the proceeds realised from the secured assets.
if form 8 is not filed, such pre emptive claim can not be enforced at the time of liquidation
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