#companiesact2013 #custody #tribunal #properties The Companies Act, 2013 Chapter– XX Winding Up Part I- Winding up by the Tribunal Section 283: Custody of company’s properties. *283. (1) Where a winding up order has been made or where a provisional liquidator has been appointed, the Company Liquidator or the provisional liquidator, as the case may be, shall, on the order of the Tribunal, forthwith take into his or its custody or control all the property, effects and actionabl

#companiesact2013 #imposition #restrictions #llbnotes #securities Chapter-XIV Inspection, Inquiry and Investigation Section 222: Imposition of restrictions upon securities. (1) Where it appears to the Tribunal, in connection with any investigation under section 216 or on a complaint made by any person in this behalf, that there is good reason to find out the relevant facts about any securities issued or to be issued by a company and the Tribunal is of the opinion that such fa

#rules #companiesact2013 #rule2 #rule3 Section 212 of CA, 2013- Investigation into affairs of company by Serious Fraud Investigation Office is covered by Rules 2, 3, 4, 5, 6, 7, and 8 of the Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017. Rule 2:- The following two clauses are included in Rule 2 of this Act:- (1) When the Director, Additional Director, or Assistant Director of the Serious Fraud Investigation office (here

#section212 #companiesact2013 #investigation #fraud Section 212 specifies the process for the SFIO's investigation. There are 17 clauses and their supporting sentences in this section. Without limiting the requirements of Section 210, Section 212(1) states that the Central Government may, by order, designate the SFIO to conduct an investigation into the operations of a company where it "is of the opinion" that doing so is essential due to the reasons listed in Section 212(1).

#section211 #companiesact2013 #SFIO #fraud SFIO is an organization in India that investigates significant fraud cases. The Ministry of Corporate Affairs of the Government of India is in charge of it. It is a multidisciplinary organization with professionals from the financial sector, capital market, accounting, forensic audit, taxation, law, information technology, business law, customs, and investigation to prosecute white-collar crimes and frauds under the company's law. Th

#companiesact2013, #section274, #directions, #statement, #windingup, #rules, #sections, #business , #law This article talks about the directions for filing the statement of affairs which is laid down under section 274 of the companies act 2013. In section 274 if the tribunal has prima facie reason to pass an order for winding up of a company then it can do so and further the objection can be raised within 30 days of the order. The directors have to submit the books of accoun

#section210 #companiesact2013 #investigation #company The investigation's primary goal is to gather evidence, identify any illegal acts or infractions, and then determine the appropriate course of action. The act's Section 210 stipulates: (a)Investigation according to the central government's assessment Where the central government is of the opinion, that it is necessary to investigate the affairs of a company: 1) On the receipt of a report of the Registrar or inspector under

#companiesact2013, #section335, #attachments, #executions, #windingup, #tribunal, #void #rules, #sections, #business , #law This article talks about the activities or tasks which are done by the company such as Certain attachments, executions, etc., without the leave of the court was held to be void which is laid down under Section 335 of the Companies Act 2013. Section 335 lays down the rule that : (1) Where any company is being wound up by the Tribunal,— (a) any attachment,

#section208 #companiesact2013 #report #inspection Section 208 of the Companies Act of 2013 requires the submission of the inspection report. This section states that: After inspecting the books of account or conducting an inquiry under section 206(Power of ROC to call for information and Inspect documents) and other books and papers of the company under section 207(Conduct of Inspection and Inquiry), the Registrar or inspector shall submit a report in writing to the Central G

#company #companylaw #companiesact2013 #liquidation #law #windingup To understand this Section, let us just understand a few terms and their definitions as per The Companies Act, 2013. Who is a Contributory? A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up

#companiesact2013, #windingup, #liability, #fraudulent, #rules, #law, #sections, #business This article talks about the fraudulent conduct of business in the course of the business period which is laid down under section 339 of the Companies Act 2013. Section 339(1) of the Act says that “If in the course of the winding-up of a company, it appears that any business of the company has been carried on with intent to defraud creditors of the company or any other persons or for an

#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

#section295 #company #companylaw #companiesact2013 #windingup #liquidation #law According to Section 295 of The Companies Act, 2013, (1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the esta

#section296 #companiesact2013 #company #liquidator #liquidation #law #windingup #rules On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Calls in Winding Up by Tribunal Rule 131- Calls by Company Liquidator Su

#section205 #companiesact2013 #functions #cs A company secretary is an officer of the company who is in charge of ensuring that the terms of the Companies Act, 2013 and other corporate, tax, industrial, and economic laws that apply to enterprises, in general, are followed. The company secretary's functions shall include the following: 1. a) to report to the Board about compliance with the provisions of this Act, the rules made thereunder, and other laws applicable to the comp

#section296 #companiesact2013 #company #liquidator #liquidation #law #windingup According to Section 296 of The Companies Act, 2013, The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,— (a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal

#section297 #companiesact2013 #company #liquidator #liquidation #law #windingup #contributories To understand this Section, let us go through a few terms. A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up of a company. Unless the court allocates with the li

#companiesact2013, #liability, #accounts, #records #punishments, #law, #rules, #sections, This article talks about the liability involved for those officers, for not keeping proper records of those accounts of the business which play a crucial part in the profitability and the day-to-day working of the organization. Not keeping such records make them liable and hence guilty of such acts. Analysis Maintaining regular books of accounts gives you your financial status at a glanc