Chapter xxi part i companies authorised to register under this act. Power of company to purchase its own securities effective from 1st april, 2014 1 notwithstanding anything contained in this act, but subject to the provisions of subsection 2, a company may purchase its own shares or other. Section 101 of companies act, 20 notice of meeting. The companies act, 20 has been enacted to consolidate and amend the law relating to the companies. Publication in newspaper, section 91 read with rule 10 of. Companies act, 20 has mandated that every listed company or a. Format of article of association aoa as per company act 20. Companies act, 20 mandates providing 21 days clear days notice to. Notice of appointment of company liquidator to be given to registrar. The time period when a company will not handle adjustments to the register, or requests to transfer shares. Publishing the notice of the aforesaid resolution stating the justification of variation in two newspapers. Corresponding provisions of the companies act, 1956. Following is the format of the article of association for company limited by shares as per the table f in the first schedule of the company act 20. Under the existing company law framework, a private limited company is required to have a minimum of two shareholders and two directors.
The book closure period typically coincides with the agm date. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. A company may close its register of members or debenture holders and other security holders according to section 91 of the companies act, 20. All 438 sections are notified by the ministry of corporate affairs mca and majority of the rules to the various chapterssections of the companies act, 20. The notified sections will be effective from 15 december, 2016, and are likely to bring a. This an act to consolidate and amend the law relating to companies. The ministry of corporate affairs has notified additional provisions of the companies act, 2014 to be effective form 1 st april 2014 i here list out sections not yet notified as on 26 th day march of 2014 clause 23, sub clause iv of clause 29, sub clause. Ans section 160 of companies act 20 which has come into force from 1. For example if the period of book closure is 24 th to 30 th of june then record date will be 23 rd of june.
The indian parliament has passed the companies bill, 20 on 8 th august 20. Amendment rules, circulars notifications and orders under. As per the companies act, 20 the shareholders are to be notified of the agm 21 days in advance unless it is convened on short notice. Compliances to be ensured while determining recordcut off dates at ensuing agm. Compliances to do while determining recordcutoff dates. Notice under section 91 of the companies act, 20 30th agm. Under companies act 20, chapter viii containing sections, which. Section 1 was notified on august 29, 20, 98 sections on september 12, 20 and 183 sections on april 01, 2014. Power to close register of members or debentureholders or other security holders effective from 12th september, 20 1 a company may close the register of members or the register of debentureholders or the register of other security holders for any period or periods not exceeding in the aggregate fortyfive days in each year, but not exceeding thirty days at any one time. Statutory registers and other records to be prepared or maintained under companies act, 20.
The companies act 20 contains 470 sections under 29 chapters with seven schedules. Draft notice of book closure, section 91, companies act 20, notice, book closure, how to, what is, procedure, process, draft, format, sample, specimen, unlisted company, listed company, board resolution, record date, news paper, advertisement. There is nothing in the law to require book closure to coincide with the date of agm. Should book closure dates coincide with the date of agm. Clarification on passing of ordinary and special resolutions by companies under the companies act. Section 20 is brought to force from april 01, 2014. Corresponding provisions of the english companies act. Complete list of sections of companies act, 20 corporate. Winding up or closure of company under companies act, 20. Indias ministry of corporate affairs mca issued a notification on december 7 notification announcing that certain provisions of the companies act, 20 act, which are currently not in effect, will come into force on december 15, 2016. Moreover, section 91 of the act 20 corresponding to section 154 of the erstwhile companies act 1956 will apply which stipulates powers of. Section 154 of the companies act, 1956 deals with closure of register of members or debenture holders but the section does not elaborate the object and purpose of such closure. The following sections have yet to be notified as appointed date.
The 20 act introduces a new type of entity to the existing list i. Section 271 272 273 of companies act 20 circumstances. Companies removal of names of companies from the register of companies rules, 2016 on 27th december 2016 prescribing rule for winding up or closure of private limited company under companies act 20 following are the few important rules of such notified rules. Right of persons other than retiring directors to stand for directorship. Presentation on companies act 20 by ca authorstream. Book users register scratch code submit article corporate law reporter icon section 91 of companies act, 20 power to close register of members or.
Clause 16 of the equity listing agreement deal with closure of transfer book and fixing of record date and the purpose for which such book will be closed. It may be either compulsory winding up or voluntary winding up. Section 271 of indian companies act 20 circumstances in which company may be wound up by tribunal 1 a company may, on a petition under section 272, be wound up by the tribunal, a if the company is unable to pay its debts. Power to close register of members or debentureholders or other security holders effective from 12th september, 201 a company may close the register of members or the register of debentureholders or the register of other security holders for any period or periods not exceeding in the aggregate fortyfive days in each year, but not exceeding thirty days at any. Section content effective date some of the subsections of these sections have been notified on different dates. Click here to download dhfls intimation of book closure notices.
Section 91 of companies act, 20 power to close register of. Moreover, section 91 of the act 20 corresponding to section 154 of the erstwhile companies act 1956 will apply which stipulates powers of a company to close its register of security holders. The companies act, 20 got the assent of the president on 20. The relative explanatory statement pursuant to section 102 of the companies act, 20 the act, in respect of the business as set out in item nos. Draft ordinary resolutions under companies act 201. Book closure under companies act 20 include all kind of. Section 1 of the companies act, 20 18 of 20 came into force with effect from 29 august, 20, the date of receipt of assent of the president of india. The agm must be held within six months from the closing date of fina. For this chapter, the companies incorporation rules, 2014 the rules are notified with effect from april 01, 2014. Statutory registers and other records to be prepared or. The ministry of corporate affairs showing its aggressiveness towards the implementation of the companies act 20 has today notified 98 sections of the companies act 20 by way of notification dated 12th september 20 and the rest of the sections would be enforced in phases. Rule 10 of the companies management and administration rules. Mca notifies rules related to removal of names of companies from the register of companies.
The book closure date is often used to identify the cutoff date. How to close a registered company under companies act 20. Notification of various sections under the companies act, 20 1. But the companies act, 20 passed by the lok sabha provides for the concept of a one person company opc in india. Supplementary on the notified sections of the companies act, 20 introduction need for the new legislation. What are the salient features of the buyback of shares.
The act now allows issuance shares at a discount to creditors under a resolution plan. 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. Notification of provisions under the companies act, 20. How to close a registered company under indian companies act 20 closure procedure to close non functioning companies. Declaration and payment of dividend under companies act 20. Holding of agms by companies whose financial year ended on 31st december, 2019. Closure of register of members debentureholdersbook. The above document has been prepared containing notified 98 sections of the companies act, 20.
If it does coincide with the agm date, then the difficulty arises particularly with electronic voting evoting as explained hereunder. Every officer of the company whose duty is to give notice under this section who fails to do so shall be liable to a. Notification of various under the companies act, 20 sections. The institute as part of its capacity building initiatives under the companies act, 20 thought it fit to bring out ready reckoner on one person. Chapter xix revival and rehabilitation of sick companies. One person company opc under new companies act, 20. The last date of the book closure period used to be the date of agm mostly. Supplementary on the notified sections of the companies. Notification of various sections under the companies act, 20 introduction on 7th december, 2016, the ministry of corporate affairs mca has notified, vide notification no. The sectionsrules under companies act 20 is being notified in phases. Annual general meeting agm under companies act, 20 linkedin.
Company secretary support ascertain shareholder rights. Compliances to do while determining recordcutoff dates of agm. During the book closure period, the company does not take any further transfers. Notice of candidature of a person for directorship section 160. Book closure notices dhfl a housing finance company. Cut off date for annual reports, notice dispatches, instructions of evoting.
1525 615 1318 264 1278 1499 656 683 1482 1477 1491 828 900 365 588 1603 1374 504 1065 637 1451 1308 257 1652 196 201 1511 1449 1408 1098 1469 1547 329 1550 517 148 390 635 1402 332 581 341 168 883 523 113