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companies act 2013

Section 162 of the Companies Act, 2013- Appointment of Directors to be voted individually

SECTION 162 OF THE COMPANIES ACT, 2013 Appointment of Directors to be voted individually In General, the appointment of directors is done in the General meeting of the Company by passing Ordinary Resolution. If a company wants to appoint 5 directors in the general meeting, it has to pass 5 ordinary resolutions for their appointment i.e. one resolution for the appointment of one director. Let us discuss a scenario: ABC Ltd. wants to appoint Mr. Rahul, Mrs. Pri..

Posted in articles |   4 comments |   900 Views

Procedure to Alter Object Clause of Company

Whenever a company incorporate, they have to prepare MOA (Memorandum of Association) where they have to mention all the objectives for which they want to be formed. After incorporation there may come certain situations where the company has to add/delete some objectives, mainly for expansion of business. Thus, there are few steps which need to be followed in case of any change made in Objective Clause of MOA (also refer section 13 of Companies Act, 2013). We will discuss ..

Posted in articles |   1 comments |   516 Views

Section 161 of the Companies Act, 2013- Additional Director

Generally, the director is appointed in the General Meeting of the Company. But sometimes the situation may require to appoint a director on an urgent basis and in that case, the Board cannot wait to convey the general meeting and appoint the director, as it requires lots of formality and hence, the decision may get delayed. ADDITIONAL DIRECTOR {Section 161(1)} As per section 149(1) of the Companies Act, 2013 only an individual can be a Director of the Company. If the Bo..

Posted in articles |   2 comments |   480 Views

Section 163 of the Companies Act, 2013

Option to adopt Principle of Proportional Representation for Appointment of Directors in the General Meeting of the Company The appointment of directors is normally done through a simple majority in the general meeting of the company. As such, majority shareholders are in a position to select all the directors and a significant minority shareholder as large as 49 percent may not be able to appoint even a single director. To mitigate this disadvantage of the minority shareholders, ..

Posted in articles |   2 comments |   1394 Views

Section 185 of the Companies Act, 2013

To understand this Section properly we can divide it into three parts: Part 1. Will describe that Loan or Advance cannot be given to individuals or Director. Part 2. Will talk about Loans to Private Company and Body Corporates subject to fulfilment of certain conditions. Part 3. Will describe about the relaxation that are given to some individual and Company subject to certain conditions. ..

Posted in articles |   965 Views

Section 160 of the Companies Act, 2013

This section basically deals with the rights of person other than retiring director under Section 152 of the Companies Act, 2013 INTENTION BEHIND THIS PROVISION? Section 160 provides for right of any person (including Member or Non-Member of the company) to stand for the position of a director in a general meeting of the company. The intent of the section is to deter frivolous proposals for candidature because of which the law include deposit of Rs. 1,00,000. B..

Posted in articles |   520 Views

Matters requiring Special Resolution Under Companies Act, 2013

What is a special resolution? As per section 114(2), a resolution is considered as a special resolution when three conditions are satisfied. The three conditions are: (a) the intention to propose the resolution as a special resolution has been duly specified in the notice calling the general meeting or other intimation given to the members of the resolution; (b) the notice required under this Act has been duly given; and (c) the votes cast i..

Posted in articles |   1 comments |   986 Views

Analysis of Buy Back of shares

BUY BACK OF SHARE Restriction on purchase [Section 67]     Restriction on purchase of own shares (Nov. 2015) Penalty Exceptions to this Provision i.e. When company can purchase its own share No company Limited by Shares o..

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Amendment in Schedule VII of Companies Act, 2013

The MCA recently announced an amendment in Schedule VII of the Companies Axt 2013. Along with the National Relief Fund, now PM CARES Fund will also come under Schedule VII..

Posted in articles |   904 Views

Meaning of Undertaking| Section 180 of the Companies Act

For interpreting the term ‘undertaking’, we shall look into the case laws under the erstwhile section 293 (1)(a) of the Companies Act 1956 [Section 180 (1)(a) of the Companies Act 2013]..

Posted in articles |   686 Views

The concept of Chairman as per the Companies Act 2013

The term Chairman is not defined under the Companies Act, 2013 (Act). As per the relevant regulations of Article of Association (AOA) of the Company and relevant Sections casts various powers, obligation and functions for the chairman...

Posted in articles |   491 Views

Removal of Auditor and Director- Sec 140 and 169 of Companies Act

The provisions relating removal of auditor and director are contained respectively under Sections 140 and 169 of the companies Act, 2013 (hereinafter referred to as 'The Act'). While Section 140 corresponds to Section 225 of the previous Act, Section 169 replicates substantially the provisions of Section 284 of the 1956 Act..

Posted in articles |   1607 Views

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