#NCLT #NationalCompanyLawTribunal #CompanyLaw #CompaniesAct #Tribunal #CompanyTribunal #Newdelhi #bankruptcy #DRT #ConstitutionNCLT #QualificationNCLT The NCLT is a quasi-judicial authority incorporated for the purpose of dealing with corporate disputes that are of a civil nature arising under the Companies Act. It was established with the aim of regulating and resolving disputes between civil corporations. Section 409 of the Companies Act, 2013 defines the qualifications of

#NCLT #NationalCompanyLawTribunal #CompanyLaw #CompaniesAct #Tribunal #CompanyTribunal #Newdelhi #bankruptcy #DRT According to Section 408 of the Companies Act of 2013, the Central Government shall establish the National Company Law Tribunal by notification published in the Official Gazette (NCLT). The Companies Act, 2013, or any other currently in effect law, will be used by the National Company Law Tribunal to exercise and carry out the duties and powers that have been or m

#NidhiCompany #Companylaw #companiesact #corporatelaw #Sec406 #NIDHIScheme #companylawamendment #nidhi A company that is governed by the NIDHI Rules, 2014 and Section 406 of the 2013 Companies Act is referred to as a "NIDHI COMPANY." Such companies must abide by the law regulating Nidhi businesses. The Nidhi Company was only founded in India to encourage its own members to live simply and save money. A Nidhi company is a public limited company that adheres to special rules es

#NidhiCompany #Companylaw #companiesact #corporatelaw #Sec406 #NIDHIScheme #companylawamendment #nidhi A NIDHI COMPANY refers to a business that is subject to the 2014 Nidhi rules and Section 406 of the Companies Act of 2013. The law governing the regulation of Nidhi companies enforces such businesses. In India, the Nidhi Company was only established to encourage its own members to practice frugal living and save money. As per the definition of a Nidhi company, a Nidhi compan

#section33AC #incometax #reserves #shippingbusiness #companiesact Section 33AC (1) states that according to and subject to the provisions of this section, a deduction of up to 50% of profits from the business of operating ships (calculated under the head "Profits and gains of business or profession" and prior to making any deductions), debited to the profit and loss account of the previous year regarding which the deduction is allowed and credited to a reserve account, utilis

#companiesact #registeredcompanies #companyregistration #society #company #partnership #cooperativesociety The Companies (Authorized to Registered) Rules, 2014 should also be read in conjunction with this section as they provide additional procedural guidelines that every company must abide by and follow in order to register under Section 366 of the 2013 Companies Act. The steps that must be taken in order to register a company, the forms that must be filled out, and the docu

#companiesact #registeredcompanies #companyregistration #society #company #partnership #cooperativesociety Chapter XXI of the 2013 Companies Act, which addresses companies authorised to register under this act and establishes the provisions for companies capable of being registered, contains Section 366. The process and conditions for registering a company, as broadly defined in this section, under this part are laid out in this section and the corresponding rules. Any partne

#Companiesact #sec333 #windingup #windinguprules #companylaw #corporatelaw #windingup The Companies (Winding-up) Rules, 2020 were published by the Ministry of Corporate Affairs in 2020. While the Insolvency and Bankruptcy Code, 2016 covers 'voluntary winding up' and 'winding up on the grounds of inability to pay debts,' the Winding Up Rules outline the procedure for winding up following Section 271 of the Companies Act, which specifies when the NCLT may wind up a company. Rul

#Companiesact #sec333 #windingup #windinguprules #companylaw #corporatelaw #windingup The Companies (Winding-up) Rules, 2020 were published by the Ministry of Corporate Affairs in 2020. While the Insolvency and Bankruptcy Code, 2016 covers 'voluntary winding up' and 'winding up on the grounds of inability to pay debts,' the Winding Up Rules outline the procedure for winding up following Section 271 of the Companies Act, which specifies when the NCLT may wind up a company. Rul

#Companiesact #sec333 #windingup #windinguprules #companylaw #corporatelaw #windingup The Companies (Winding-up) Rules, 2020 were published by the Ministry of Corporate Affairs in 2020. While the Insolvency and Bankruptcy Code, 2016 covers 'voluntary winding up' and 'winding up on the grounds of inability to pay debts,' the Winding Up Rules outline the procedure for winding up following Section 271 of the Companies Act, which specifies when the NCLT may wind up a company. Ru

#section457 #companiesact #companiesact2013 #nondisclosure #corporatelaw According to section 457 of the Companies Act, 2013, an officer of the Government, a Registrar, or any other person is not required to disclose to the tribunal, court, or any other authority the source from where they got the information that:- Has led the Central Government to order an investigation under section 210; or Is or has been relevant or material in connection to such investigation. This Secti

#section456 #companiesact #companiesact2013 #goodfaith #companyofficer Under the Companies Act, 2013 if an officer of the Government or the Government or any other person does anything or intends to do anything in good faith, then no prosecution, suit, or other legal proceedings would lie against such Government, an officer of the Government, or any other person. In short, this section states that when a Government or any of its officers or any other person does anything in g

#section455 #companiesact #dormantcompany #companiesact2013 Section 455 of the Companies Act, 2013 talks about the Dormant Company. This section consists of 6 subsections. As per the first subsection, a dormant company is a company that is formed and registered for some future project or to hold intellectual property or an asset. In addition to these, it also has no significant financial accounting transactions. When such a company has been formed and registered, it can apply

#section454 #companiesact #companiesact2013 #penalties #corporatelaw Section 454 of the Companies Act, 2013 states about the adjudication officers. This section of the Companies Act consists of 8 sub-sections. As per Section 454 (1) of the Companies Act, 2013, the Central Government has the power to appoint as many officers as they want as adjudicating officers. The order to appoint the officers as adjudicating officers should be published in the official gazette. The officer

#section453 #companiesact #companiesact2013 #punishmentforcompanies #privatelimited Section 453 of the Companies Act, 2013 describes the improper use of the words “Limited” and “Private Limited” by any company. According to Section 453 of the Act, the word “Limited” can be used by only those companies whose members have limited liability, or where the liability of such a company is limited. In addition to this, the section also states that the words “Private Limited” can only

#section452 #companiesact #withholdingproperty #punishmentforcompanies Section 452 of the Companies Act, 2013 talks about the punishment for an employee or an officer of the company if they are found illegally possessing or withholding any property of the company. The property of the company also includes any cash of the company. Section 452(1) of the Act says that if a person, whether an employee or an officer, is found to be illegally in possession of the property of the co

#Section449 #CompaniesAct #False #Evidence #Punishment #Affidavit #law #judicial One of the most crucial sections for those testifying under the 2013 Act, this section corresponds to Section 629 of the 1956 Act. According to Section 449, if a person knowingly provides false testimony in any of the following circumstances: (a) During an examination under oath or solemn affirmation authorized by this Act; (b) In an affidavit, deposition, or solemn affirmation related to the win

#Section448 #Punishment #False #Statement #Liable #Section447 #law #companiesact Introduction The pre-certification work and attestation/audit assignments performed by practicing professionals like CAs, CS's, and CMAs are covered by this section, which corresponds to Section 628 of the 1956 Act. Provision According to Section 448, if any person makes a statement that is either : (a) False in any material particulars, knowing it to be false, or (b) omits any material fact, kno

#Rule1&2 #CompaniesAct #Adjudication #Miscellaneous #Definition #Annexure #law #penalities #2014 Rule 1 of Companies (Adjudication of Penalties) talks about the enactment of this rule and it shall came into effect on 1st April 2014. In Rule 2 definition is given: (a) "Act" means the Companies Act, 2013 (18 of 2013); (b) "Annexure" means the Annexure to these Rules; (c) "Fees" means the fees set forth in the Companies (Registration Offices and Fees) Rules, 2014; (d) "Form" or

#companiesact #companylaw #sec215 #bodycorporate #association #inspector Section 215: Firm, body corporate or association not to be appointed as inspector. Quoting the act No firm, body corporate or other association shall be appointed as an inspector. Definations Firm A firm is a for-profit business organization—such as a corporation, limited liability company (LLC), or partnership—that provides professional services. Most firms have just one location. However, a business fi