Sec 58a and 58aa of companies act 1956 pdf

Section 416 contracts by agents of company in which company is undisclosed principal. Section 25 companies in the companies act, 1956 advisory. Readers may also note that the council of the institute had issued the illustrative formats of the audit engagement letter under the companies act, 20 and the illustrative formats of the independent auditors report under the companies act. Section 58a deposits not to be invited without issuing an advertisement. Section 25 companies under companies act 1956 legal. Section 372a of the companies act, 1956 the act deals with intercorporate loan, investment, guarantee and securities in connection with loan. In exercise of the powers conferred by section 58a read with subclauses a and b of subsection 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. Icai the institute of chartered accountants of india set up by an act of parliament. Section 58a in the companies act, 1956 indian kanoon. Public financial institutions under section 4a of the. Full text containing the act, companies amendment act, 2000, with all the sections, schedules, short title, enactment date, and footnotes. Attention students applicability of companies act, 1956 and the companies act, 20 for june, 2015 examinations the question papers on the subjects of foundation new syllabus, executive new syllabus, and professional programme old and new syllabus shall carry questions from the notified sections of the.

Companies act 1956 section 581b citation 11595 bare. Benches of the company law board shall not accept further applications under sections 58a 9 and 58aa of the companies act, 1956. Provisions related to acceptance of deposit by companies us. Section 61 except proviso to clause b of subsection 1. Icai the institute of chartered accountants of india. Default in acceptance or refund of deposits to be cognizable 58b. Winding up of the company section 25 company can be wound up if the objects for which it had been established are fully achieved. This post is contributed by vaibhav modi section 4a of the companies act, 1956 the act lays down what institutions shall be regarded as public financial institutions for the purposes of the act. The surplus assets, if any may be given to a similar charitable concern.

Expert s consent to issue of prospectus containing statement by him. Power of central government to declare an establishment not to be a branch office. Provisions act 1952 or employees state insurance act 1948 cannot be compounded under section 621a of companies act. After section 58a of the principal act, the following sections shall be inserted, namely. Once having obtained relief before clb under section 58aa read with section 58a9 of the companies act, 1956 old act, in short and got instalments fixed to repay deposits, appellant sought refixing of periods, instalments and rate of interest from. Offences committed by persons other than a company or its officers like trustees, liquidators, contributories etc. On the commencement of sub section 2 of section 74 of the companies act, 20 w. Attention students applicability of companies act, 1956. Interpretation of person in accordance with whose directions or instructions directors are accustomed to act. Brief legal background as per section 58a of the companies act 1956 no company nbnfc can accept deposits from public unless an advertisement is issued or through statement in lieu of advertisement private placement, subject to the legal requirements mentioned in the. Application of section 58a of the companies act 1956. Explore the companies act 20 and companies act 1956.

Section 448 of the companies act, 1956 and are attached to. In exercise of the powers conferred by section 58a, read with section 642 of the. Acts done by a person as a director shall be valid, notwithstanding that it may afterwards be discovered that his appointment was invalid by reason of any defect or disqualification or had terminated by virtue of any provision. The management is grateful to the government authorities, bankers, vendors for their continued assistance and cooperation. The companies act 1956 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the companies act 1956 national security, others, procedural and administration, property related, public utilities.

Inquiry into working of sick industrial companiessections of companies act, 1956. Section 6 of the general clauses act, 1897 10 of 1897 to apply in. According provisions of clause 4vb of the order are not applicable. View auditors report of the various companies, comments of auditors, annexure to the auditors report. The companies act 1956 section 290 validity of acts of. Inquiry into working of sick industrial companies sections of companies act, 1956. A prospectus inviting persons to subscribe for shares in or debentures of a company and including a statement purporting to be made by. The companies act 1956 indian bare acts india bare act. Act, 1956 provisions takes into wherein specialized professional who is a director reders certain services to the company and received an amount as professional fees. Penalties under indian companies act by navratan agrawal indian companies act 1956 provides a range of obligations to be discharged by every company registered under this act and also on the part of its directors managers secretaries, etc. Refusal of registration and appeal against refusal effective from 12th september, 20 1 if a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any securities. The central government may, in consultation with the reserve bank of india, prescribe the limits up to which, the manner in which and the conditions subject to which deposits may be invited or accepted by a company either from the public. Clarification on section 58a9 and section 58aa of the companies act, 1956 reg.

Nonbanking companies advertisement rules, 1977, made under section 58a of. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and. Associations and partnerships to be registered as companies under act. Guidance note on audit of internal financial controls over financial reporting. Table containing provisions of companies act, 20 as notified up to date and corresponding. Section 372a of the companies act legal service india. The companies act, 1956 memorandum of association of the federation of indian mineral industries new delhi limited by guarantee and not having a share capital name 1. Section 4a2 empowers the central government to specify other institutions as a public financial institution by a gazetted notification.

The name of the company hereinafter called the federation is the federation of indian mineral industries. Section 309 of the companies act, 1956 remuneration of directors approval of central government under section 309 not required in case of increase in remuneration of nonwhole time directors of a company solely on account of payment of service tax on commission payable to them by the company. The companies act 1956 section 58aa small depositors india. Powers of securities and exchange board of india 56. Filing statutory applications under section 58a8 of the companies act, 1956. Meaning of relative as per section 6 of the companies act, 1956. Companies act 1956 section 58a judgments legalcrystal. Using an executive fiat through an administrative order issued under sec. Companies act, 1956 bare acts law library advocatekhoj. Be it enacted by parliament in the fifty first year of the republic of india as follows. Download annual report in pdf format 2014 20 2012 2011 2002. Provision of section 58a and applicability to private co. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. The relevant provision is proviso to section 3091 of the cos.

According to sec 3 of the act, on incorporation a company becomes a body corporate or a corporation with a perpetual succession and a common seal. The company has not accepted any deposit from the public during the year with in the meaning of sec. As per the provisions of section 58a of the companies act, 1956. On the commencement of subsection 2 of section 74 of the companies act, 20 w. Companies amendment act, 2000 bare acts law library. Icai is established under the chartered accountants act, 1949 act no. Companies act, 19561 of 1956, the central government, in consultation.

In exercise of the powers conferred by section 58a read with subclauses a and b of sub section 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. Sec 58aa small depositors 1 every company, which accepts deposits from small depositors, shall intimate to the company law board any default made by it in repayment of any such deposits or part thereof or any interest thereupon. The companies act 1956 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the companies act 1956 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. Omitted by the companies amendment act, 1965, act 31 of 1965, w. Indian companies act 1956 authorstream presentation. Section 4 of ca 20 read with rule 8 mandates a number of disclosures such as directors accountability statement, technology absorption etc but it does not specifically contains an equivalent of 2712a of 1956 act. Various companies have been incorporated under the companies act, 1956. Where, before the commencement of the companies amendment act, 1974 41 of 1974, any deposit was received by a company in con travention any direction made under chapter iiib of the reserve bank of india act, 1934. The companies act 10fq appeal from order of tribunal. Deposits not to be invited without issuing an advertisement 58aa. Employees securities to be deposited in post office savings bank or scheduled bank. According to sec 1, a company formed and registered under the act. Ca final study material,practice manual for may 2014 download new tax.