Section 234 of companies act 1956 pdf

Definition of foreign country amended by proclamation 234 of 1978. Interest penalty under section 234a, 234b and 234c of income. Section 234 of the act provides for amalgamation of a foreign company incorporated in notified jurisdiction with a company incorporated under the provisions of the act or under the provisions of the earlier companies act, including companies act, 195656 incorporated in any act and vice versa. Companies act 1956, 20 pdf bare act, bare act pdf, law. Section 263a sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. Merger or amalgamation of a company with a foreign company is notified vide notification no. Changes that have been made appear in the content and are referenced with annotations. Be it enacted by parliament in the sixth year of the republic of india as follows 1. You can also search for keywords within the sections of the act. Notification of rules for amalgamations involving foreign.

The central government may, where a report has been made by the registrar under sub section 6 of section 234, or under sub section 7 of that section, read with sub section 6 thereof, appoint one or more competent persons as inspectors to investigate the affairs of a company and to report thereon in such manner as the central government may direct. Lien is not defined in the companies act, but the contract act refers to bankers lien or general lien. Act, 20 and continuance of forms under the provisions of companies act, 1956. Companies act 2006, section 234 is up to date with all changes known to be in force on or before 16 may 2020. Statute book, section 209a was no where on the scene. The duty governed in section 75 is similar to but much wider in its application than under section 234 of the previous companies act, no. Resolved that pursuant to section 3141b read with the directors relatives office or place of profit rules, 2003 and other applicable provisions of companies act, 1956, if any, and subject to the approval of the members of the company in the general meeting and the central government, and upon the approval of the selection committee of the. Companies act, 1956 bare acts law library advocatekhoj. Section 230231 deals with compromise or arrangements. Companies act, 1882 6 of 1882, or in table a in the first schedule annexed to the. Section 25 companies under companies act 1956 legal news. Dec 16, 2010 according to me the reason being section 255 of the companies act, 1956 clearly stipulates that unless the articles provide for the retirement of all the directors, 23rd of the total number of directors shall be the one who shall be liable to retire by rotation at every agm of the company. Regarding voluntary winding up, while the companies act, 1956 distinguished between a members voluntary winding up. Section 234 1 in the companies act, 1956 1 where, on perusing any document which a company is required to submit to him under this act, the registrar is of opinion that any information or explanation is necessary 1 with respect to, any matter to which such document purports to relate, he may, by a written order, call on the company.

Damle path, off law college road, erandwane, pune 411004, maharashtra, india petitioner company transferee company notice of hearing of petition the company scheme petition under section 234 read with section 230 to 232 of the. Companies act 71 of 2008 english text signed by the president assented to. Company auditors and liquidators to be approved by minister charged with responsibility for finance. Government makes rules relating to merger or amalgamation. In this section and sections 387b, 387c, 397 and 401, unless the contrary intention appears financial statements means the financial statements of a company required to be prepared by the accounting standards and, in the case of a parent company, means the consolidated financial statements.

Section 234 of the 20 act permits a foreign company to merge with a company registered under the 20 act and vice versa. With the introduction of section 234 in the act, the government eases the operations of a foreign company by allowing crossborder mergers both ways. The provisions were omitted vide the companies second amendment act, 2002. However, section 232 of the 20 act does not contain the same clause as had been provided under the erstwhile 1956 act. Another key feature of section 234 is that the terms. Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. Sections 230233, 235240 of the act were made effective which replaced similar provisions of the companies act, 1956 1956 act. There are changes that may be brought into force at a future date. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. Section 232 deals with mergers and amalgamation including demergers.

Oct 05, 2017 higher the risk more is the profit of any concern. Section 234 deals with amalgamation with foreign company also called cross border mergers 5. The central government may, where a report has been made by the registrar under sub section 6 of section 234, or under sub section 7 of that section, read with sub section 6. However, section 234 which enables crossborder mergers was not brought into force.

Power to acquire shares of shareholders dissenting from scheme or contract approved by majority effective from 15th december, 20161 where a scheme or contract involving the transfer of shares or any class of shares in a company the transferor company to another company the transferee company has, within four months after making of an offer in that behalf by the transferee. The merger of the transferor company under this scheme of amalgamation will be effected as a scheme under sections 230 to 232 of the companies act, 20 read with section 234of t he companies act, 20and provisions of the other applicable laws. Change from public to private and from private to public company. Advance tax is usually payable when your tax liability exceeds rs. Cg may make the rules, in consultation with rbi prior approval of. Government makes rules relating to merger or amalgamation of. Dealing with the issue of public interest under section 397398 of the companies act, 1956 and the requirement on the part of the company law board to look into many issues while entertaining a petition under section 397398 of the companies act, 1956, the honble high court of bombay in bhalchandra dharmajee vs. Power of registrar to call for information or explanation.

Here is the pdf file for companies act, 20 and 1956. Omission of berhad in name of charitable and other companies. Jan 20, 2011 the advantages of section 25 companies over other companies registered under companies act are discussed below. Section 264 consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. Where, on perusing any document which a company is required to submit to him under this act.

Since merger of a foreign llp into an indian company is permitted under section 234 of the 20 act, it would not be appropriate to assume that an indian llp cannot be merged into an indian company. Section 233b of the companies act, 1956 audit of cost. The companies act, 20 ministry of corporate affairs. Analysis of section 234 of companies act, 20 taxguru. Section 233 deals with amalgamation of small companies also called fast track mergers 4. You also must pay similar penalties under section 234a and 234c. Section 253 is amended by insertion of a provision and section 266a to 266g are inserted, which provide for din to every individual. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. However, if you forget or delay the payment, you are penalized in the form of interest under section 234b of the income tax act.

The companies act, 20 rules on the companies act, 20 this feature allows you to view the companies act, 20 sectionwise or chapterwise. Various companies have been incorporated under the companies act, 1956. Part iv shares, debentures and charges sections 43. And obviously, this mode of winding up was out of the scene in the companies act, 20. Default in complying with requirements as to private companies. In case of exercise of such lien, company will have to create a charge as per section 77 of companies act 20. Section 235 of companies act, 20 corporate law reporter. Under the laws of the states of minnesota, this transaction will be characterised. Section 75 of the companies act personal financial interest. Mar 01, 2017 cross border merger under companies act, 1956 foreign company can be only transferor co. A detailed view about section 25 company has been illustrated as under a introduction. Merger or amalgamation of company with foreign company.

Section 234 in the companies act, 1956 indian kanoon. Under the companies act, 1956, cross border mergers were restricted to indian transferee companies. The mca had already notified the suite of sections relating to compromises, arrangements and amalgamations on 7 december 2016. Notification of rules for amalgamations involving foreign companies. Definitions of company, existing company, private company and public company 4. Where, on perusing any document which a company is required to. Section 75 applies to registered directors and alternate directors, i. You can view a specific section, or view all sections grouped by chapters. In exercise of the powers conferred by sub section 1 of section 233b of the companies act, 1956 1 of 1956, the central government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the companies cost accounting records rules, 2011 apply, and which are engaged in the production, processing. Section 25 companies in the companies act, 1956 advisory.