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Where at any time, a company having a share capital proposes to increase its subscribed capital by the issue of further shares, such shares shall be offered— (a) to persons who, at the date of the offer, are holders of equity shares of the company in proportion, as nearly as circumstances admit, to the paid-up […]
Transfer of shares means the voluntary handing over of the rights and possibly, the duties of a member (as represented in a share of the company) from a shareholder who wishes to not be a member in the company any more to a person who wishes of becoming a member. Thus, shares in a company […]
Section 10A of the Companies(Amendment) Act 2013, the Companies Act, Certificate of Incorporation, Erstwhile Companies Act 1956 A company having a share capital shall not commence any business or exercise any borrowing power unless – (a) A director files a declaration with the Registrar in such form and in such manner as may be prescribed, […]
The Income Tax Law does acknowledge the necessity of offsetting a loss from one year against income from another year before determining the assessor’s “total income,” on which tax is due. However, subject to meeting certain requirements and restrictions as laid down in the Act, such losses are permitted to be carried forward and set […]
THE COMPANIES ACT 2013: SECTION 74 & SECTION 75 Preface: In this article we are going to build understanding about Section 74 i.e. Repayment of Deposits and Section 75 i.e. Damages for Fraud. While section 74 of the Companies Act 2013 deals with the repayment of deposits accepted by a company before the commencement of […]
According to Section 430 of the Act, No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Tribunal or the Appellate Tribunal is empowered to determine by or under this Act or any other law currently in force. No injunction shall be granted by any court […]
Section 77 – Duty to Register Charges Registration of charges under the Companies Act has a broad concept. It is important to understand the definition of charges under the act to know the same. Charges are defined as an interest or lien issued on the property or assets of a business or any of its […]
Winding up is a method to put a company to an end. It is a process where the life of a company comes to an end and its property is administered for the benefit of its creditors and its members. The winding-up of a company differs from the insolvency of an individual. According to section […]
Winding up is a process of putting an end to the life of a company. It is a proceeding by means of which a company is dissolved and in the course of such a dissolution its assets are collected. Its debts are paid off out of the assets of company or from the contributions of […]
One of the most important aspects of corporate governance is contracts with directors. Many corporate failures can be traced back to contracts involving directors that are inconsistent with directors’ fiduciary responsibilities. Payment to directors for loss of office (section 191) – No director of a company shall, in connection with— (a) the transfer of the […]