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Note 1: For the purpose of this section, “industrial undertaking” refers to any undertaking whose primary activity is the generation or distribution of electricity or any other type of power, the construction of ships, the manufacturing or processing of goods, or mining. Section 33B of the Income Tax Act, 1961 provides for rehabilitation allowance in […]
As per the provisions of Section 206 of the Companies Act, 2013, the Registrar may require any company to furnish information or explanation or produce any document, if after scrutinizing any document or receiving any information, he feels that such documents are necessary. The Registrar may also inform the company of facts, seek its reply […]
Section 52 of Companies Act. Application of premiums received on issue of shares. “(1) Where a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium received on those shares shall be transferred to a “securities premium account” and the provisions of this Act […]
A company’s Board of Directors appoints a director to manage its affairs under Section 2(34) of the Companies Act, 2013. On the other hand, Section 152 of the Companies Act 2013 governs the appointment, tenure, and eligibility of directors. Directors play a central role in corporate governance, decision-making, and strategic planning. They also ensure that […]
A Board Meeting is a formal meeting of the board of directors of an organization and any invited guests, held at definite intervals and as needed to review performance, consider policy issues, address major problems and perform the legal business of the board. Why are Board Meetings Held? The Board is also responsible for managing […]
Tribunals are special judicial bodies established to deal with matters related to company law in order to make effective and prompt decisions. Section 242 of the Companies Act 2013 relates to the powers of the Tribunal, which have been reviewed and explained for your kind review. Powers of the Tribunal The first power conferred upon […]
Section 27 of Companies Act 2013. Variation in terms of contract or objects in prospectus. (1) A company shall not, at any time, vary the terms of a contract referred to in the prospectus or objects for which the prospectus was issued, except subject to the approval of, or except subject to an authority given […]
The quorum for a board meeting under Section 174 of the Companies Act, 2013, is one-third of the total strength of directors in office, or two directors, whichever is higher. Directors attending via video conferencing or audio-visual means count toward the quorum. Without a valid quorum, any resolution passed at the meeting is legally invalid […]
Section 236 talks about the purchase of minority shareholding by the majority shareholding it says that if an acquirer has ninety percent or more of the issued equity share capital of the company, he can make an offer to the company by a notification to purchase the remaining shares. Thoroughly reading of this provision gives […]
What is a Proxy? The term ‘proxy’ is used in two ways under the Companies Act, 2013. The first refers to the individual appointed by a member to attend and vote in the meeting on his behalf as a representative. The other refers to the instrument/ document by which such an individual is appointed as […]