Section 58a 9 of companies act 1956 pdf

The question for our consideration is whether the section 22 of the act extends to and attracts a proceedings under section 58a9 of the companies act, 1956. Benches of the company law board shall not accept further applications under sections 58a 9 and 58aa of the companies act, 1956. Companies act 1956 section 58a judgments legalcrystal. Save as otherwise expressly provided in the actthe provisions of this act shall have effect notwithstanding anything to the contrary contained in the memorandum or articles of a company, or in any agreement executed by it, or in any resolution passed by the. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Subject to section 292, 293, 58a, 295 and 370 of the companies act,1956 and regulation made thereunder and the direction issued by the reserve bank of india to borrow, raise or secure the payment of money or deposit at interest, for any of the. Please refer to the relevant notifications and circulars issued separately. Provisions act 1952 or employees state insurance act 1948 cannot be compounded under section 621a of companies act. This deals with length of notice and on the other hand.

Section 58a in the companies act, 1956 indian kanoon. Subject to section 58a of the companies act, 1956 and guidelines issued by reserve bank of india from time to time to borrow or raise money or to receive money on the deposit at interest or otherwise and to mortgage, pledge or charge the whole or any of the property, estates or revenue of the company, present or future by. In exceptional circumstances, board may give guarantee without being. As per the provisions of section 58a of the companies act, 1956. In exercise of the powers conferred by section 58a read with subclauses a and b of sub section 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. Application of section 295 to book debts in certain cases. Section 309 of the companies act, 1956 remuneration of directors approval of central government under section 309 not required in case of increase in remuneration of nonwhole time directors of a company solely on account of payment of service tax on commission payable to them by the company. Explore the companies act 20 and companies act 1956. The company has not accepted any deposit within the meaning of section 58a of the companies act, 1956 read with the companies acceptance of deposit rules, 1975 as modified from time to time. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956. This an act to consolidate and amend the law relating to companies. Choice by person becoming director of more than twenty companies after commencement of act. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Companies compliance certificate rules, 2001 view download.

Section 372a of the companies act, 1956 the act deals with intercorporate loan. Section 39a application of companies act to liquidators. Companies act, 1956 hereinafter the act before the additional chief. The question for our consideration is whether section 22 of the act extends to and attracts proceedings under section 58a9 of the companies act, 1956 12. Section 58a 9 in the companies act, 1956 9 2 where a company has failed to repay any deposit or part thereof in accordance with the terms and conditions of such deposit, the company law board may, if it is satisfied, either on its own motion or on the application of the depositor. Chapter xviii removal of names of companies from the register of companies.

By this proviso, legislature has secured compliance of the tricky provisions of section 58a of the act. Companies disqualification of directors under section 2741g of the companies act, 1956 rules, 2003. Companies act, 1956, together with the requisite deposit have been received from the member proposing his candidature for the office of director liable to retire by rotation. Definitions of company, existing company, private company and public company 1. Companies act, 1956 1 of 1956, and any other law for the time being in force. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956 note. The central government may, in consultation with the reserve bank of india, prescribe the limits up to which, the manner in which and the conditions subject to which deposits may be invited or accepted by a company either from the public. Expert s consent to issue of prospectus containing statement by him. Act to apply to cooperative societies in certain c ases. The impact of sections 58a, 58aa and 58aaa of the companies act, 1956.

The registered office of the company will be situated in the national capital territory of. Companies branch audit exemption rules, 1961 view download. Electrex india limited represented by its executive. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Section 58a deposits not to be invited without issuing an advertisement.

Subject to section 58a, 292 and 293 of the act and the regulations made. Filing statutory applications under section 58a8 of the companies act, 1956. Transfer and transmission of securities effective from 1st april, 20141 a company shall not register a transfer of securities of the company, or the interest of a member in the company in the case of a company having no share capital, other than the transfer between persons both of whose names are entered as holders of beneficial interest in the records of a depository, unless. Directors responsibility statement pursuant to the provisions of section 217 2m of the companies act, 1956, the board of. An application submitted under section 58a 8 of the companies act, 1956 should be in accordance with the companies application for extension of time or exemption under subsection 8 of section 58a rules, 1979 and be accompanied by the following. See gazette of india, extraordinary, 1956, part ii, section 3, p.

Companies disqualification of directors under section 2741g of the companies act. Table containing provisions of companies act, 20 as. Companies act, 19561 of 1956, the central government, in consultation with the. The division bench frames a question in para4 of its order reading as follows. The name of the company is info edge india limited. Subject to the provisions of sections 58a, 292 and 293 of the companies act, 1956 and the regulations made thereunder and the directions issued by the reserve bank of india, to receive money on deposit or loan and borrow or raise money in such manner as the company shall think fit. Explanatory statement pursuant to section 1732 of the companies act, 1956 p rameshbabu mr. Companies declaration of beneficial interest in shares rules, 1975 view download. Definitions of company, existing company, private company and public company 4.

Various companies have been incorporated under the companies act, 1956. Companies act, 1956 bare acts law library advocatekhoj. On the commencement of sub section 2 of section 74 of the companies act, 20 w. Be it enacted by parliament in the sixth year of the republic of india as follows 1. Company defaulting in complying section 58a of the act, pertaining to deposit, can not entered in to, directly or indirectly, in any transaction as covered by section 372a, till such default is subsisting. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. Choice to be made by director of more than twenty companies at commencement of act. Chapter xix revival and rehabilitation of sick companies.

Exclusion of certain directorships for the purposes of sections 275, 276 and 2. Annexure referred to in paragraph 3 of the report of even. Companies act 1956, companies act 20, corporate governance, corporate social. In exercise of the powers conferred by section 58a read with subclauses a and b of subsection 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. In exercise of the powers conferred by section 58a, read with section 642 of the. Section 372a of the companies act legal service india. Deposits not to be invited without issuing an advertisement. Companies act, 1956 arrangement of sections part i preliminary sectionpage 1. Section 9 in the companies act, 1956 indian kanoon.

Provision of section 58a and applicability to private co. Offences committed by persons other than a company or its officers like trustees, liquidators, contributories etc. Provisions of section 619 to apply to certain companies620. No company, which has defaulted in complying with the provisions of section 58a, shall, directly or indirectly, a make any loan to any body corporate. Subject to provisions of the section 58a of the companies act, 1956 and the rules made thereunder, to borrow or raise or secure the payment of money in such manner and on such terms and with such power and privileges as may be thought fit and in particular by. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. We are informed that the central government has not prescribed the maintenance of cost records under section 2091d of the companies act, 1956. Clarification on section 58a9 section 58aa of companies act, 1956. Section 25 companies in the companies act, 1956 advisory. This is a ready reckoner for the information of stakeholders.

An act to consolidate and amend the law relating to companies and certain other associations. A prospectus inviting persons to subscribe for shares in or debentures of a company and including a statement purporting to be made by an expert shall not be issued, unless. Full text containing the act, companies act, 1956, with all the sections, schedules, short. The company act, 1956 the companies act, 1956 bare act 1. Government, municipality, or other public bodies, companies or associations. Section 58a9 in the companies act, 1956 indian kanoon. On the commencement of subsection 2 of section 74 of the companies act, 20 w. The information required to be given under the provisions of section 2172a of the companies act, 1956 read with the companies particulars of employees rules, 1975, is given in the annexure enclosed. Benches of the company law board shall not accept further applications under sections 58a9 and 58aa of the companies act, 1956. Special notice in terms of section 190 of the companies act, 1956 read with section 225 of the act has been received from shareholders of the company for the appointment of new explanatory statement pursuant to section 1732 of the companies act, 1956 dr. There is no employee having remuneration with the provisions of section 2172a of the companies act 1956 read with the companies particulars of employee rules, 1975 as amended. Chapter xxi part i companies authorised to register under this act.