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Companies Act 1956.

Companies Act 1956.

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Law, Company law
Law, Company law

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Published by: Apollo Institute of Hospital Administration on Jun 29, 2009
Copyright:Public Domain

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Indian Legislation
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COMPANIES ACT 1956
 
COMPANIES ACT 1956
H! C"#$%NI!S %C& '()* %C N"+ ' "F '()*[',th -anuar.& '()*]%n %ct to consolidate and amend the la/ relating to companies and certain other associations+ 0! it enacted b. $arliament in the Si1th 2ear o3 the 4epublic o3 India as 3ollo/s555 Short title& commencement and e1tent+ '+Short title& commencement and e1tent+ 6'7 his %ct ma. be called the Companies %ct& '()*+ 687 It shall come into 3orce on such date89 as the Central :o;ernment ma.& b. noti3ication in the "33icial :a<ette& appoint+ =[6=7 It e1tends to the /hole o3 India ? 9 9 9 9 9] )[$ro;ided *9 9 9 that it shall appl. to the State o3 Nagaland sub@ect to such modi3ications& i3 an.& as the Central :o;ernment ma.& b. noti3ication in the "33icial :a<ette& speci3.+] De3initions+ 8+De3initions+In this %ct& unless the conte1t other/ise reAuires&5 6'7 BalterB and BalterationB shall include the making o3 additions and omissions 687 BarticlesB means the articles o3 association o3 a compan. as originall. 3ramed or as altered 3rom time to time in pursuance o3 an. pre;ious companies la/ or o3 this %ct& including& so 3ar as the. appl. to the compan.& the regulations contained& as the case ma.  be& in able 0 in the Schedule anne1ed to %ct No+ '( o3 ',) or in able % in the First Schedule anne1ed to the Indian Companies %ct& ',,8& 6* o3 ',,8+7 or in able % in the First 5555555555555555555555555555555555555555555555555555555555555555555555 ' his %ct has been e1tended to :oa& Daman and Diu b. 4egulation '8 o3 '(*8 6/ith modi3ications7& s+ = and Sch+ to Dadra and Nagar Ha;eli b. 4egulation * o3 '(*=& s+ 8 and Sch+ I and to $ondicherr. b. 4egulation  o3 '(*=& s+ = and Sch+ '+ he pro;isions o3 this %ct shall appl. to :oa& Daman and Diu& sub@ect to the e1ceptions& modi3ications and adaptations
 
contained in the Schedule to :+S+4+ *')& dated the 8?th %pril& '(*) 6:a<ette o3 India& $t+ II& Sec+ =6i7& p+ *E7+ %mended in its application to :oa& Daman and Diu b. 4eg+ '' o3 '(*=& s+ (+ 8 'st %pril& '()*& ;ide Noti3ication No+ S+4+"+ *'8& dated ,5=5 '()*& :a<ette o3 India& !1traordinar.& '()*& $t+ II& Sec+ =& p+ ?=+ = Subs+ b. %ct *8 o3 '()* s+ 8 and Sch+& 3or sub5section 6=7 6/+e+3+ '5''5'()*7+ ? $ro;iso omitted b. %ct 8) o3 '(*,& s+ 8 and Sch+ 6/+e+3+ ')5,5'(*,7+ ) Ins+ b. %ct =' o3 '(*)& s+ 8 6/+e+3+ ')5'E5'(*)7+ * he /ord B3urtherB omitted b. %ct 8) o3 '(*,& s+ 8 and Sch+ 6/+e+3+ ')5,5'(*,7+ )E Schedule anne1ed to the Indian Companies %ct& '('=& or in able % in Schedule I anne1ed to this %ct 6=7 BassociateB& in relation to a managing agent& means an. o3 the 3ollo/ing& and no others 5 6a7/here the managing agent is an indi;idual+ an. partner or relati;e o3 such indi;idual an. 3irm in /hich such indi;idual& partner or relati;e is a partner an. pri;ate compan. o3 /hich such indi;idual or an. such partner& relati;e or 3irm is the managing agent or secretaries and treasurers or a director or the manager  and an. bod. corporate at an. general meeting o3 /hich not less than one5 third o3 the total ;oting po/er in regard to an. matter ma. be e1ercised or controlled b. an. one or more o3 the 3ollo/ing& namel.& such indi;idual& partner or par5 tners& relati;e or relati;es& 3irm or 3irms and  pri;ate compan. or companies 6b7 /here the managing agent is a 3irm an. member o3 such 3irm an. partner or relati;e o3 an. such member and an. other 3irm in /hich an. such member& par5 tner or relati;e is a partner an. pri;ate compan. o3 /hich the 3irm 3irst mentioned& or an. such member& partner& relat5 i;e or other 3irm is the manag5 ing agent& or secretaries and treasurers& or a director& or the manager and an. bod. corporate at an. general meeting o3 /hich not less than one5third o3 the total ;oting po/er in regard to an. matter ma. be e1ercised or controlled b. an. one or more o3 the )' 3ollo/ing& namel.& the 3irm 3irstmentioned& an. such member or members& partner or part5 ners& relati;e or relati;es& other 3irm or 3irms and pri;5 ate compan. or companies 6c7 /here the managing agent is a bod. corpo5 rate 6i7an. subsidiar. or holding compan. o3 such  bod. corporate the managing agent or secretaries and treasurers& or a director& the manager or an o33icer o3+ the bod. corporate or o3 an. subsidiar. or holding compan. thereo3  an. partner or relati;e o3 an. such director or manager an. 3irm in /hich such director& manager& partner or relati;e& is a partner' 9 9 9 6ii7an. other bod. corporate at an. general meeting o3 /hich not less than one5third o3 the total ;oting po/er in regard to an. matter ma. be e1ercised or controlled b. an. one or more o3 the 3ollo/ing& namel.& the bod. corporate and the companies and other persons speci3ied in paragraph 6i7 abo;e and 8[6iii7an. subsidiar. o3 the other bod. corporate re3erred to in paragraph 6ii7 abo;e $ro;ided that /here the bod. corporate is the manag5 ing agent o3 the other  bod. corporate re3erred to in paragraph 6ii7 abo;e& a subsidiar. o3 such other bod. corporate shall not be an associate 5555555555555555555555555555555555555555555555555555555555555555555 ' he BandB omitted b. %ct *) o3 '(*E& s+ 8+ 8 Ins+ b. s+ 8& ibid+ 55555555555555555555555555555555555555555555555555555555555555555555 )8 in relation to the managing agent a3oresaid  and] 6d7 /here the managing agent is a  pri;ate compan. or a bod. corporate ha;ing not more than 3i3t. members in addition to the persons men5 tioned in sub clause 6c7& an. member o3 the pri;ate compan. or bod. corporate !1planation+5I3 one person is an associate in relation to another /ithin the
 
meaning o3 this clause& the latter shall also be deemed to be an associate in relation to the 3ormer /ithin its meaning 6?7 B associate B& in relation to an. secretaries and treasurers& means an. o3 the 3ollo/ing& and no others5 6a7 /here the secretaries and treasurers are a 3irm an. member o3 such 3irm  an. partner or relati;e o3 an. such member and an. other 3irm in /hich an. such member& part5 ner or relati;e is a partner  an. pri;ate compan. o3 /hich the 3irm 3irst5mentioned& or an. such member& partner& relat5 i;e or other 3irm is the manag5 ing agent& or secretaries and treasurers& or a director& or the manager  and an. bod. corporate at an. gene5 ral meeting o3 /hich not less than one5third o3 the total ;ot5 ing po/er in regard to an. matter ma. be e1ercised or controlled b. an. one or more o3 the 3ollo/ing& namel.& the 3irm 3irst5mentioned& an. such member or members& partner or partners& relati;e or relati;es& other 3irm or 3irms& and pri;ate compan. or companies )= 6b7 /here the secretaries and treasurers are a bod. corporate 6i7 an. subsidiar. or hold5 ing compan. o3 such bod. corpo5 rate the managing agent or secretaries and treasurers& or a director& the manager or an o33icer o3 the bod. corporate or o3 an. subsidiar. or hold5 ing compan. thereo3  an. part5 ner or relati;e o3 an. such director or manager an. 3irm in /hich such director or manager& partner or relati;e& is a partner ' 9 9 9 6ii7 an. other bod. corporate at an. general meeting o3 /hich not less than one5third o3 the total ;oting po/er in regard to an. matter ma. be e1ercised or controlled b. an. one or more o3 the 3ollo/ing& namel.& the bod. corporate and the com5 panies and other persons speci5 3ied in  paragraph 6i7 abo;e and 8 [ 6iii7 an. subsidiar. o3 the other bod. corporate re3e5 rred to in paragraph 6ii7 abo;e $ro;ided that /here the bod. corporate is the secretar5 ies and treasurers o3 the other bod. corporate re3erred to in paragraph 6ii7 abo;e& a subsidiar. o3 such other bod. corporate shall not be an associate in relation to the secretaries and treasurers a3oresaid and] 555555555555555555555555555555555555555555555555555555555555555555 ' he /ord BandB omitted b. %ct *) o3 '(*E& s+ 8+ 8 Ins+ b. s+ 8& ibid+ 5555555555555555555555555555555555555555555555555555555555555555555 )? 6c7 /here the secretaries and treasurers are a pri;ate compan. or a bod. corporate ha;ing not more than 3i3t. members in addition to the persons mentioned in sub5clause 6b7& an. member o3 the pri;ate com5  pan. or bod. corporate  !1planation+5I3 one person is an associate in relation to another /ithin the meaning o3 this clause& the latter shall also be deemed to be an associate in relation to the 3ormer /ithin its meaning 6)7 Bbanking compan.B has the same meaning as in the 0anking Companies %ct& '(?( 6'E o3 '(?(7 6*7 B0oard o3 directors B or B 0oard B& in relation to a compan.& means the 0oard o3 directors o3 the compan. 67 Bbod. corporate B or B corporation includes a compan. incorporated outside India but '[does not include5 6a7 a corporation sole  6b7 a co5operati;e societ. registered under an. la/ relating to co5operati;e societies  and 6c7an. other bod. corporate 6not being a compan. as de3ined in this %ct7 /hich the Central :o;ernment ma.& b. noti3ication in the "33icial :a<ette& speci3. in this behal3 ]

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