Business Law

Introduction

• What is business?
(Business is as old as civilization. Over the
period of time it has gained enormous power
over customers/employees/shareholders)
• Environment of Business
• Factors Constituting the Business
Environment
 Meaning & Nature of Law
• What is Law? ( Legally Accepted Ways)
Law to ;
a) A Citizen
b) A Lawyer
c) A Legislator
d) A Judge

“A set of rules derived by the State to regulate the conduct of

its people, recognized by the State and enforced by it on its
people termed as Law”
“Business Law represents all those legal rules which are
connected with Trade, Industry & Commerce”

• Nature of Law -- Changing (Non Static)

• Objective – Establishing Order
 Characteristics of Law
• A body of rules
• For the guidance and conduct of persons
• Imposed
• Enforced by the executive
• Presupposes a State
• Contents are non-static
• Develop Social Order & Compel Social
Member to remain in order
• Serves Social/Political/Economic purpose
• Law & Morality
• “ignorantia juris non excusat”
 Classifications of Law

• Public Law / Private Law

• Criminal Law / Civil Law
• Substantive Law / Procedural Law
• International Law / Municipal Law
• Public International Law / Pvt. Int. Law
 Sources of Business Law

• English Mercantile Law

• Business Customs & Usages
• Statute Law
• Judicial Decisions of Higher Courts /
System of Precedents
 Law of Contract
“ The law of contract is that branch of law
which determines the circumstances in
which promises made by the parties to
a contract shall be legally binding on
them. Its rules define the remedies that
are available in court of law against a
person who fails to perform his/her
contract and conditions under which
the remedies are available”
Nature of Indian Contract Act, 1872
• Provides for remedies against failure
• The conditions under which remedies are
available
• Ensures realization of reasonable expectation of
the parties
• Not as exhaustive act (deals with the general
principles of law of contract and some special
contracts only)
• Doesn’t lay down limits & duties rather create
limiting principles
• The act is neither the whole law agreements nor
whole law of obligations
• jus in rem v/s jus in personem (privity of contract)
 Agreement & Contract

• “A contract is an agreement made

between two or parties which the law
will enforce” - Section 2 (h)
• Agreement = Offer + Acceptance >>
Promise (Promisee & Promisor)
• Consensus ad idem
• Legal Obligation should be created
 What is a Contract ?

• An Agreement
• Enforceable by law
• Made between atleast two parties
• By which rights are acquired by one, &
• Obligations are created on the part of
another
• And on failure, the other party has a remedy.
AGREEMENT & ENFORCEABILITY
Every promise and Enforce by law
very set of promises
forming
consideration for
each other.

“All agreements are not

contracts, but all
contracts are
agreements”
 Essential Elements of a Valid
Contract
• Offer & Acceptance
• Intention to create a legal relationship
• Lawful consideration – (advantage/benefits
moving to & from - between the two parties)
• Capacity (Competency) of Parties – (age/sound
mind/not disqualified to enter)
• Free & Genuine consent of the parties –
(undue influence, fraud, misrepresentation may
cause absence of free consent)
• Lawful Objects
• Must not have been expressly declared Void
• Certainty & possibility of performance
• Legal Formalities
 Classification of Contract

• Classification as per Validity

(void/voidable/illegal/unforceable)
• Void Agreement & Void Contract
• Classification as per formation
(Express/Implied/Quasi)
• Classification as per performance
(Executed/Executory/Unilateral-Executed
Consideration /Bilateral – Executory
Consideration)
 Offer & Acceptance
• “A person is said to have made an
offer/proposal, when he “signifies to
another his willingness “to do” or “not to
do” (i.e. abstain from doing) anything,
with a view to obtaining the ascent of that
other to such act or abstinence”
– Section 2 (a)

Offerer/Proposer/Promisor
Offeree/Proposee/Promisee/Acceptor
 Offer - Legal Rules
• Offer must be such that is capable to be
accepted in law and gives rise to legal
relationship
• Terms of offer must be definite, unambiguous
and not loose & vague
• Offer must be communicated
• An offer must be distinguished from
(i) an invitation to make an offer
(ii) declaration of intention to offer
• Offer must be made with a view to obtaining
the ascent
• Offer should not contain a term the non-
compliance of which may be assumed to
amount to acceptance
 Acceptance & Legal Rules
• Acceptance is the act of assenting by the
Offeree to the offeror
• Acceptance may be express OR implied
• Who can accept? (only the Offeree)
• Acceptance must be legal & unqualified
• It must be communicated to the offeror
• It must be according to the mode prescribed
• It must be given within a reasonable time
• Showing intention to fulfil the terms of promise
• It cannot be implied by silence (mere mental
acceptance is no acceptance)
• Must be given before the offer lapses
 Revocation or Lapse of Offer

• By Communication of Revocation
• Death of insanity of either party before
acceptance
• By lapse of time (if not accepted within the
prescribed time)
• Non fulfillment of specific condition
• If a counter offer is made
• If the acceptance is not according to the
prescribed mode and the Offeree is informed
• Revocation & Rejection
 Completion of Communication
Offer or Acceptance Revocation of Offer or
OFFER : when it comes to the Acceptance
knowledge of the Offeree
ACCEPTANCE : (i) As (i) As against the
against the offeror : when person who makes it --
putted into course of
when putted into course
transmission (out of
acceptors’ power)
of transmission.
(ii) As against the acceptor : (ii) As against the
when it comes to the person to whom it is
knowledge of the offeror made -- when it comes to
his knowledge
 Consideration
• When A promises to do ‘something’ A must get
‘something’ in return – this something is known as
‘consideration’ (Affirmative Act / Abstinence / Promise)
• It must move at the desire of the promisor
• It may move from promisee or any other person
• It may be act, abstinence, forbearance or promise
• It may be past, present, future
• Need not be adequate
• It must be real and not illusory
• It must not be something which the promisor is
not already bound to do
• It must not be illegal / immoral
• Stranger to the Contract
Contract without Consideration
(Exceptions)
• Love & Affection [Sec 25 (1)] -- A registered
agreement between near relatives based on natural
love & affection is enforceable.
• Compensation for Voluntary Services [25
(2)]
• Promise to pay a time barred debt [25 (3)]
• Completed gift [Expl. 1 to Sec. 25]
• Agency [Sec. 185]
• Charitable subscription
 Capacity to Contract
• As per Sec. 10 an agreement becomes a
contract if it is entered into between the
parties competent to contract.
• As Sec. 11 declares following persons to
be incompetent to contract;
a) Minors
b) Persons of unsound mind
c) Persons disqualified by from contracting
• Alien Enemies / Corporations / Insolvent /
Convicts
 Free Consent
• Sec. 13 “two or more persons are said
to be consented when they agree upon
the same thing in the same sense”
• A consent is said to be free when it is
not caused by;
a) coercion – sec 15;
b) undue influence – sec 16;
c) fraud – sec 17;
d) misrepresentation – sec 18;
e) mistake – sec 20, 21 & 22
 Legality of Object
• Sec 23 declares that object & consideration
of a contract should be lawful
• Consideration & object could be unlawful:-
a) If it is forbidden by law
b) If it is of such a nature that, if permitted, it
would defeat the provisions of any law
c) If it is fraudulent
d) If it involves or implies injury to the
person or property of another
e) If the court regards it as immoral
f) If the agreement opposed to public policy
 Void Agreements
The following agreements have been expressly
declared to be void by the Contract Act;
• Agreements by incompetent parties-(Sec11)
• Agreements made under a mutual mistake of fact
(Sec 20)
• Agreements, the consideration or object of
which is unlawful (Sec 24)
• Agreements made without consideration (Sec 25)
• Agreements, meaning of which is uncertain (Sec
29)
• Agreements to do impossible acts (Sec 56)
 Contingent Contracts
• Contract may be Absolute OR Contingent
• Absolute contract is one in which the promisor
binds himself to performance in any event
unconditionally
• A contingent contract is a contract to do or not
to do something, if some event, collateral to
such contract, does or does not happen (Sec 31)
• 3 essential characteristics of Contingent.
Contract;
i) Its performance depends upon happening or non-happening of
some event in future
ii) The event must be uncertain
iii) The event must be collateral, i.e. incidental to the contract
 Performance of Contract
• Sec 38 says if a promisor has made an offer to
perform as per the contract and the promisee does
not accept that, the promisor is not responsible for
non performance.
• By whom the contract must be performed;
Promisor himself, Agent, Legal Rep., Third
Person, Joint Promisors.
• Devolution of joint liabilities (Sec 42 to 44) (When 2
or more Promisors have made the promise, they are
known as the joint promisors)
All of them must fulfil the promise jointly (42),
If not, 43 comes into effect thereby;
liability of joint promisors is joint & several, a joint
promisor may claim contribution, sharing of loss
arising from default of one (43 para 1,2,3)
 Discharge of Contract
• Discharge of contact means
termination of the contractual
relationship between the parties. A
contract may be discharged by;
a) Performance
b) Agreement of Consent
c) Impossibility
d) Lapse of time
e) Operation of law
f) Breach of contract
 Remedies for
Breach of Contract
• A remedy is the means given by law for the
enforcement of right
• When a there is breach of contract, the
injured party has one or more of the
following remedies;
1. Rescission of contract
2. Suit for damages
3. Suit upon quantum meruit
4. Suit for specific performance of the
contract
5. Suit for injunction
 Quasi Contracts
Law of Quasi Contract – Law of Restitution
• As a matter of fact Quasi Contract is not a
contract at all. It is rather created by Law.
• It is an obligation which the law creates in the
absence of any agreement.
• Sec. 68 -72 deals with following kinds of quasi-
contractual obligations;
1. Supply of necessaries
2. Payment by an interested person
3. Obligation to pay for non-gratuitous
4. Responsibilities of finder of goods
5. Mistake or Coersion
6. Quantum meruit >> ‘as much as erned’
7. Compensation for failure to discharge obligation
created by quasi contracts
 Contracts of Indemnity &
Guarantee
• Chapter VIII (sec. 124- 147) of Indian Contract Act
1872 covers these provisions
• A contract by which one party promises to save
the other from loss caused to him by the conduct
fo the promisor himself, or by the conduct of any
other person, is called a ‘contract of indemnity’.
(sec 124)
• Promisor >> indemnifier & the promisee >>
indemnity holder
• Rights of indemnity holder when sued (sec 125)
(all damages/all expenses-costs/all sums)
• Rights of indemnifier (the act is silent)
 Guarantee
(Sec. 126)
• A contract of guarantee of a contract to perform
the promise or discharge the liability of a third
person in case of his default.
• The person who gives – ‘surety’
• Who defaults – ‘principal debtor’
• To whom it is given – ‘creditor’
• It may be oral or written; express or implied
• Essential features;
Concurrence/Primary & Secondary
liability/Essentials of a Valid Contract (in case of
principal debtor being a minor, the surety is
regarded as principal debtor)
 Contract of Indemnity
v/s
Contract of Guarantee
CoI >> CoG
Two parties >> Three Parties
Liability is Primary >> Liability is Secondary
Only one Contract >> Total three contracts
Indemnifier not to >> Surety to give guarantee
Act on the request upon debtor’s request
Of Indemnified
Liability arises only >> Debt/duty already exists the
In case of performance of which has
Contigency been guaranteed by the
surety
 A few features
• Nature of surety’s liability
(coextensive/limitation)
• Kinds of guarantee (specific / continuing)
• Revocation of Continuing Guarantee
(notice/death etc.)
• Discharge of Surety (surety’s liability
ends)
(revocation/creditor’s conduct/invalidation)
 Bailment
Ch. IX (sec 148 - 181) of Indian Contracts Act 1872
• ‘Bailment’ means ‘delivery of goods’ by one
person to another for some purpose upon a
contract, that they shall, when the purpose is
accomplished be returned or disposed off as per
the directions given by the person delivering them.
One who delivers called ‘Bailor’ and to whom
delivered called ‘Bailee’. >>> (sec. 148)
• Duties of Bailee (take care of bailed goods/not to
make unauthorise use/exclusive benefits to the
bailee/not to mix the bailed goods with his own/to
return the goods)
• Duties of Bailor (disclose known faults/bear
extraordinary expenses of the bailee/receive back
the goods/indemnify bailee in case of premature
termination)
Cntg. >>>
Law relating to lien;
Lien means right of a person to retain
possession of some goods until the claims
are satisfied. These could be of two types;
i) Particular Lien & ii) General Lien
(sec 170) (sec 171)
Only those goods All the goods which
Against which services are in possession
Have been rendered (bankers/attorneys)
 Pledge
• Bailment of goods as security for payment
of a debt for performance of a promise is
called ‘pledge’; in this case
• The bailor is called >> pledger or pawnor
• The bailee is called >> pledgee or pawnee
(sec 172)
• Pledge is bailment of goods as security,
bailment is for a purpose of any kind
• In case of default, pawnee may sell the
pledged goods, bailee may either retain the
goods or sue for his charges
• In case of pledge, the pawnee cannot use
the goods pledged, in case bailment bailee
may do so if the contract so provides
 Contract of Agency
Ch. X (sec. 182-238) of Indian Contract Act 1872
• An Agent is a person employed to do any act
for another, or to represent another in
dealings with third person(s) --- [sec. 182]
Person who represent called “Agent”
Person who is represented called “Principal”
• Essentials of Agency Relationship;
1. Agreement btn. Principal and the Agent (no
consideration is necessary to create agency)
&
2. Intention of the Agent to act on behalf of the
Principal
 A few features
• Creation of an Agency
(Express Agreement/Implied
Agreement/Ratification)
• Duties of Agent
(to carry out work undertaken as per
instructions/to carry out work with reasonable
care,skill & dilligence/to render accounts to the
Principal/not to deal on his own account/to pay
sums received for the principal/to protect &
preserve interest of the principal in case of his
death or insolvency/not to use the information
obtained in the course of agency against the
principal/not to make secret/not to delegate
authority
 Sale of Goods Act 1930
Chapter VII of the Indian Contracts Act 1872
(contained the provisions earlier)
• Sale of goods is a contract whereby the seller
transfers or agrees to transfer the property in
goods to the buyer for a price.[sec. 4 (1)].
• Sale & Agreement to Sell
• Essentials of Contract of Sale (Two parties-Buyer
& Seller, Goods, Price, Transfer of Property,
Essential elements of a valid contract)
• Sale & Hire Purchase Agreement
• Sale & barter or exchange
• Sale & bailment
• Price here means the money consideration for a
sale of goods [sec 2 (10)]
• Earnest (some tangible thing as a token)
 Negotiable Instrument Act 1881
• A negotiable instrument means a promissory note,
bill of exchange or cheque payable either to order
or to bearer. [sec 13]
• A few Characteristics;
(freely transferable, title of holder free from all
defects, recovery)
• Types;
i) negotiable by statute(promissory notes, bill of
exchange and cheques)
ii)negotiable by custom or usage (Bankers draft or
pay order, hundis, delivery orders and railway
receipt for goods)
 Notes, Bills and cheques
• A promissory note is an instrument in writing (not
being a bank note or a currency note) containing
an unconditional undertaking, signed by the
maker, to pay a certain sum of money nly to or to
the order of cerain person, or to the bearer of the
insturment [sec 4]
• Elements (Writing, promise to pay, definite &
unconditional, signed by the maker, signed by the
maker, certain parties, certain sum of money,
promise to pay money only, bank note or currency
note is not a promissory note-as those are money
itself, formalities like number, date, place etc.)
• A bill of exchange is an instrument in writing
containing and unconditional order, signed by the
 Contd….
maker, directing a certain person to pay a
certain sum of money only to, or to the
order of, a certain person or to the bearer
of the instrument [sec 5]
• Parties to the bill >>> three (drawer,
drawee, payee)
• Elements (writing, contain an order to pay,
order must be unditional, requires 3
parties, sum payable must be certain)
• A cheque is a bill of exchange drawn upon
a specified banker and payable on demand
[sec 6]
 Dishonour of a Negotiable Instrument
• A bill may dishonoured by non-acceptance(since
only bill required acceptance) or by non payment.
A promissory note or a cheque are dishonoured
by non payment only. (sec 91 & 92)
• When a negotiable instrument is dishonoured
either by non-acceptance or non-payment, the
holder of the instrument must give notice to all
concerned.(sec 93)
• Notice of dishonour could be oral or written and
must be sent within a reasonable time.
• A drawer of dishonoured cheque shall be deemed
to have committed an offence. For which without
prejudice to any other provision of this act, be
punished with imprisonment for a term which may
extend to one year OR with a fine which extend to
twice the amount of the cheque OR with both
 The Consumer Protection Act, 1986
• The act seeks to provide better protection to
consumers’s rights. Such as rights to;
1. Be protected against mktg. of products
hazardous to life & property
2. Be informed about the qlty, qty, ptency, purity,
standard and price of products against unfair
trade practices
3. Be assured access to products at competitive
prices
4. Be heard and to be assured that the consumers’
interest will receive due consideration
5. Seek redressal against unfair trade practices
6. Consumer education
• The act provides for establishment of quasi-
judicial machinery at district, state & centre level
for speedy & simple addressel.
 Disputes Redressal Agencies
• Consumer Disputes Redressal Forum (The
Disctrict Forum) ---- [sec 10 to 15]
• A person who is, or has been, or is qualified to be
a District Judge, shall be its President
• Two other members of proven track record (one of
whom shall be woman)
• Term of office (5 yrs or 65 yrs of age whichever is
earlier)
• Jurisdiction : To entertain complaints where the
value of the products and the compensation, if
any, claimed do not exceed Rs. 500,000/-
 Consumer Disputes Redressal
Commission
The State Commission [Sec 16 to 19]
• A person who is or has been a Judge of a High
Court, shall be its President >>State Govt.
appoints under consultation with CJ of HC
• Term is 5 yrs or 67 yrs of age, whichever is earlier
• Jurisdiction: 1. >5 lac but not more than 20 lac,
2.Appeals against the order of District Forum
National Commission [Sec 20 to 23]
• A person who is or has been a Judge of Supreme
Court, shall be its President>>Central Govt.
appoints under consultation of CJ of SC
• Term 5 yrs or 70 yrs of age, whichever is earlier
• Appeal against National Commission can be done
in SC within 30 days
 MRTP Act 1969
The act aims at;
• Preventing concentration of economic power
• Prohibiting monopolistic trade practices
• Prohibiting restrictive/unfair trade practices
Constitution of MRTP Commission:
• Sec 5 of the Act requires Central Govt. to
constitute a commission (MRTPC) act mgmt.
• The commission will have a Chairman & min. 2 or
max. 8 members
• Term is 5 yrs, can be reappointed for 2nd term only
OR 65 yrs of age whichever is earlier
 Powers of MRTPC
Powers
• Of a Civil Court
• To enquiry and pass final order
• To make enquiry & express opinion
• To grant temporary injunction
• To award compensation
• To enforce orders of MRTPC
• To investigate whether the orders are being
implemented
• To punish for contempt
• To regulate the procedure
Foreign Exchange Mgmt. Act 1999
• FEMA replaced FERA 1973 and came into being w.e.f.
June 1st, 2000
Authorized Person & its Duties:
• RBI may, on an application made in this
regard, authorize a person to deal in Forex
Duties:
• To comply with RBI direction
• To ensure compliance of FEMA
• To produce books of accounts
• RBI may issue instructions time to time
• RBI may inspect the authorized person
 FEMA
Contravention & Penalties:
• Penalties
• Enforcement of orders of Adjudicating Authority
• Power to compound contravention
Adjudication & Appeal:
• Adjudicating authority
• Appeal to Special Director
• Appeal to Appelate Tribunal
Appelate Tribunal:
Constitution/Chairperson & Members/Term
(5yrs/65+62 yrs age bar respectively)
 Powers of Tribunal and SD
• Shall not be bound by the Code of Civil
Procedure
• They will have same powers as are vested in a
Civil Court
• Their order shall have same decree as that of
a Civil Court
• All proceedings under these shall be deemed
to be judicial proceedings
• Power to inter-bench transfer
• Appeal against their decision may be filed in
HC within 60 days of the receipt of such
decision.
 Information Technology Act, 2000
• Digital Signature
• Electronic Governance
• Certifying Authorities;
1. Appointment of Controller & other officers
2. Functions of Controller
3. Controller as repository
4. Licence to issue digital signature certificates
5. Application/Renewal/Suspension of Licence
6. Power to delegate and investigate
• Penalties & Adjudication;
1. Penalty for damage,
2. Penalty for failure to furnish information,
3. Residuary Penalty,
4. Power to adjudicate
 Cyber Regulations & Tribunal
• Establishment of tribunal (by center govt.)
• Composition of tribunal (shall consist of only
one member termed as Presiding Officer)
• Qualification & Terms of Presiding Officer (a HC
Judge OR Indian Legal Service Grade I officer
for at least 3 yrs; term shall be for 5 yrs OR 65
yrs of age whichever is earlier)
• Resignation / Removal
• Procedure & Powers of the Tribunal
• Civil Court not to have jurisdiction/Appeal to HC
 The Patent Act 1957
(The act describes the procedure for grant of
patent and protect his rights against
infringement)
• Application for Patents:
A patent application can be made by-
1. Any person claiming to be the true and first inventor of the invention
2. Any person being the assignee of the above person
3. The legal rep. of any deceased person, who immediately before his
death was entitled to make such an application
• The Specification [sec 10]: A description of the invention is
called the specification.
• Examination of Applications
• Exclusive Marketing Rights (Application & Grant)
• Opposition to Grant of Patent (within 4 mnths of
ad)
• Working of Patents
 The Copyright Act, 1957
• The govt. has established a copy right office under
the control of Registrar of Copyrights.
• The govt. has also constituted a Copyright Board.
The registrar of copyrights is the Secretary of the
Board. The board shall be deemed to be a civil
court.
• The board will have a Chairman, who is or has
been a Judge of a HC or is qualified to be a Judge
of a HC.
• The copyright subsists in; a)original, literary,
dramatic, musical and artistic works;
b)cinematograph films and c) sound recordings
• Meaning of Copyright
 contg..>>>

• Registration of Copyright [sec 44-50]

• Infringement of Copyright [sec 51]
• Civil Remedies for Infringement [sec 55]
 The Companies Act, 1956
• An artificial person – has no body, no soul
• A voluntary association of persons
• It is not seen in physical form, but it exists and is
not fictitious entity
• A separate legal entity, a limited liability, can be
created & put to an end only by law
• It has its nationality and residence but is not a
cityzen
• Company v/s Partnership
• Chartered/Statutory/Registered Co.
• Private & Public Limited Cos.
• Formation of Co. (Name approval/submission of
docs.)
• Certification of Incorporation
• The Promoter
 Memorandum & Articles of Association
• Memorendum of Assoication shall consists of;
1. Name of the Co.
2. State in which the registered office of the co. is
situated
3. Object of the Co. within which the Co. shall
keeps its business
• The Articles of Association are the rules,
regulations and bye-laws for the internal
management of the affairs of a Co.
• Distinction between Memorandum & Articles of
Association
• Doctrine of Ultra Vires (Ultra-Beyond & Vires – Power)
A co. has the power to all such things as are:- 1.authorized by Co.
Act.1956, 2. essential to achieve its object given in Memorandum & 3.
Reasonably and fairly incidental to its objects. Everything else is Ultra
Vires the Co. The purpose of this doctrine is two fold; 1. To protect investors in
the company & 2. To protect creditors to ensure appropriation of funds.
 IPO
• Prospectus (Invitation to public, dating, registration)
• Contents of Prospectus
i) General Information
ii) Capital Structure
iii) Terms of the present offer (objects, project cost, means
of financing (including contribution of promoters)
iv) Co., mgmt & project
v) Particulars in regard to the co. and other listed
companies under the same mgmt
vi) Outstanding litigation
vii) Mgmt.’s perception of risk factors
• Liabilities for mis-representation in prospectus
(against the co., directors, promoters & experts)
• Underwriting Commission & Brokerage
 Contg. >>>

• Register of Members [sec 150] (Index, Place of

keeping the register, Power to close)
• Annual Return (Every co. having sharing capital
shall file this within 60 days of AGM)
• Authorized, Registered or Nominal Capital
• Issued & Subscribed Capital
• Called-up Capital
• Paid-up Capital
• Uncalled Capital
• Reserve Capital
• Reduction of Share Capital (Under sec 100 a co.
may do so subject to confirmation by the court)
 Contg. >>>

• Procedure of reduction fo share capital;

1. Special Resolution [sec 100]
2. Application to the court
3. Registration of court-order with Registrar
• Conversion of debentures or loan into shares
• Stock & Shares (Distinction)
• Application & Allotment of Shares
• Share Certificate
• Share Warrant
• Distinction between Share Warrant & Share
Certificate
• Buy Back of Securities
• Transfer of Shares
 Contg. >>>

• Surrender of Shares (Sec 77 prohibits)

• Forfeiture of Shares
• Purchase by Co. of its own shares
• Dividends
• Debentures
• Appointment of Directors;
1. First Directors, 2.Appointment by Co., 3.By the Board,
4.By third parites, 5.By proportional representation, 6.By
the Central Govt.
• Removal of Directors;
1. Shareholders[284], 2.Central Govt., 3.Co. Law Board
• Reconstruction & Amalgamation [394]
Contg. >>>

• Winding up OR Liquidation >>Last stage

in a Co.’s life
• A Process in which the Co. is dissolved
• Official Liquidator & His Duties
• Dissolution of Company [481]
• Defunct Company [560]
• Restoration