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Companies Act, 1956

ature & Meaning
· An association oI like-minded persons Iormed Ior
the purpose oI carrying on some business or
undertaking.
· It denotes a ioint stock enterprise in which the
capital is contributed by a large number oI people.
· A company owes its existence either to a special
Act oI Parliament or to Company Legislation.
· A company is a legal person separate Irom and
capable oI surviving beyond the lives oI its
members.

ature & Meaning
· Company means a company Iormed and registered
under the Companies Act, 1956 or under the previous
law relating to companies. |Sec 1)ii)|
· 'An association oI many persons who contribute
money or money`s worth to a common stock and
employ it in some trade or business and who share
proIit and loss arising thereIrom.¨ Lord Justice James
· It has a distinct legal personality and is capable oI
enioying rights and is subiect to obligations diIIerent
Irom those enioyed or borne by its members.

Characteristics
· Corporate Personality
· Limited Liability
· Perpetual Succession
· Separate Property
· TransIerability oI Shares
· Common Seal
· Contractual Rights
· Capacity to sue and be sued
· Limitation oI Action
· Separate Management
· Termination oI its Existence
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Types oI Business Organisations
Non Corporate
· Proprietorship
· Collective Ownership
· HUF
· Partnership
· Partnership at Will
· Joint Ventures
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Types oI Business Organisations
Corporate
· Reg. Companies
· Unlimited Companies
· Pvt. Ltd. Companies
· Pub. Ltd. Companies
· Govt. Companies
· Corporation Statutory
· Co-op
· Trust
· Society

LiIting or piercing oI corporate veil
· Corporate personality must be used Ior legitimate
business purpose only.
· In case oI Iraudulent or dishonest use the
individual concerned is not allowed to take shelter
behind the corporate personality.
· The principle is called liIting oI the corporate veil.
· It makes the controlling person liable Ior debts and
obligations.

Corporate veil under iudicial
interpretation
· Where the corporate character is used Ior Iraud or
improper conduct.
· To escape a decree Ior speciIic perIormance.
· Where a corporate Iacade is only an agency
instrumentality.
· For determining character or status oI the company.
· Evasion oI taxes and duties .
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ClassiIication oI Companies
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On the Basis oI Incorporation
· Chartered Companies
· Statutory Companies
· Registered Companies
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On the Basis oI Liability
· Unlimited Companies
· Companies limited by Guarantee
· Companies limited by shares
· Companies limited by shares and Guarantee
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On the Basis oI Membership
· Private Company
· Public Company
· Holding Company
· Subsidiary Company
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Private Company
· A company which has a min. paid-up capital oI
Rs.100,000 and by its Articles
· a) restricts the right to transIer its shares;
· b) limits the number oI its members to IiIty;
· c) prohibits any invitation to subscribe Ior any shares
in, or debentures oI the company; and
· d) prohibits any invitation or acceptance oI deposits
Irom public. |Sec 1)iii)|
· Must necessarily have its own Articles oI Association.
· Should have at least two directors.
· The word 'Private Limited' must be added at the end oI
its name.
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Conversion oI a private company
into a public company
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Conversion by deIault
· Where a deIault is made by in complying with the
provisions oI Section 1)iii), i.e.
· restriction on transIer oI shares;
· limitation oI the number oI members to IiIty;
· prohibition oI invitation to the public to buy shares
or debentures; and
· prohibition oI invitation or acceptance oI deposits
Irom the public;
· The company ceases to enioy the privileges and
exemptions conIerred on a private company.
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Conversion by operation oI law
· Where not less than 5° oI its paid-up capital is
held by one or more bodies corporate; or
· where the annual average turnover is not less than
Rs 5 crores or more Ior three consecutive Iinancial
years; or
· where a private company holds 5° oI the paid-up
capital oI a public company; or
· where a private company accepts, or renews
deposits Irom the public.
· In case a private company becomes a public
company, it shall inIorm the RoC within three
months.
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Public Company
· A Public Company means a company which -
· is not a Private Company;
· has a minimum paid-up capital oI Rs 5 lakhs or
such higher capital as may be prescribed;
· is a private company which is a subsidiary oI a
company which is not a private company. |S. 1)
iv)|
· It consists oI not less than seven members and
three directors.
· Distinction between a public company and a
private company.
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Holding & Subsidiary Company
· A company is deemed to be the holding company oI
another iI, but only iI, that other is its subsidiary." |Sec
)|
· Where a company controls the composition oI Board oI
Directors oI another company, the latter becomes the
subsidiary oI the Iormer; or
· When a company holds more than halI oI the equity
capital oI another company, the latter becomes the
subsidiary company oI the Iormer; or
· Where a company is subsidiary oI another company
which is itselI a subsidiary oI the controlling company,
the Iormer becomes the subsidiary oI the controlling
company.
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Government Company
· A Government Company means any company in
which not less than 51 per cent oI the paid-up share
capital is held by
· a) the Central Government, or
· b) any State Government or Governments, or
· c) partly by the Central Government and partly by
one or more State Governments.
· A subsidiary oI a Government company is also
called a Government company.
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Statutory Corporations
· Formed under an Act oI Parliament or State Legislature.
· Change in its structure is possible only by a legislative
amendment.
· Immunity Irom Parliamentary scrutiny in day-today
working.
· Freedom in regard to personnel, its employees are not
civil servants.
· It is a body corporate having characteristics oI a
corporation.
· Independent Iinances- Obtains Iunds by borrowing and
through revenue derived Irom sale oI goods/services.
· Commercial Audit - audit is entrusted to CAG.
· Operation on business principles.
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Foreign Companies
· Incorporated in a country outside India and has a place
oI business in India.
· Every Ioreign company shall, within 0 days, Iile with
RoC the Iollowing documents:
· A certiIied copy oI the Charter, Statutes, Memorandum
and Articles oI the company in English.
· The Iull address oI the registered or principal oIIice oI
the company.
· A list oI the directors and secretary oI the company.
· The names and addresses oI any person/s resident in
India, authorised to accept notices.

Foreign Companies
· The Iull address oI the principal place oI business
in India.
· The documents which a Ioreign company has to
Iile with the Registrar, shall be delivered
· to the Registrar oI the state where the principal
place oI business oI the company is situated and
· also with the Registrar at ew Delhi.

Section 5 Companies
· The obiect is to promote a social cause.
· May earn proIits but not allowed to distribute it as
dividend to members.
· License granted by Central Government.
· ot required to use the word Ltd. or Pvt. Ltd.
· Registered without paying stamp duty on
Memorandum and Articles.
· Cannot alter its obiect without previous approval
oI Central Government.

Incorporation oI Companies
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Steps Ior Iormation oI a company
· Types oI Company
· Availability oI ame
· The Memorandum and Articles oI Association duly
signed, and stamped.
· The agreement, iI any with any individual Ior
appointment as its Managing or whole-time director.
· Consent oI directors in Form 9.
· otice oI Registered address in Form 1 to be given
within 0 days oI the date oI incorporation.
· Particulars oI Directors in Form .
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Steps Ior Iormation oI a company
· Payment oI Registration Fees.
· Power oI attorney, to IulIill various legal and other
Iormalities.
· Statutory Declaration in Form o. 1 that all
requirements oI the Companies Act and the rules
thereunder have been complied with.
· The declaration should be made by either an advocate
oI Supreme Court / High Court, a practicing Chartered
Accountant or a director, or a manager or a secretary
named in the Articles oI the proposed company.
|Section )|

Promoters
· According to SEBI Substantial Acquisition and
Takeover) Regulations, 199 the term promoters
means:
· the person or persons who are in control oI the
company ;or
· person or persons named in any oIIer document as
promoters.
· a relative oI the promoter within the meaning oI Section
6 oI the Companies Act.
· Should be members oI HUF only;or
· Are husband or wiIe; or
· Related to other as indicated in Schedule IA.

Promoters
· in case oI a corporate body :
· i) a subsidiary or a holding company; or
· ii) any company in which the promoters hold
10° or more equity capital; or
· iii) any body corporate in which a group oI
individuals or corporate bodies or a
combination thereoI holds 0° or more oI
equity capital.
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Judicial interpretation
· Whether one is promoter or not will be determined
with reIerence to the nature oI the role he/they play
in implementing the obiectives Ior which the
company is Iormed.
· The persons who assume the primary responsibility
oI matters relating to promotion oI a company are
called Promoters.
· One who undertakes to Iorm a company with
reIerence to a given proiect and to set it going and
who takes the necessary steps to accomplish that
purpose.
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Judicial interpretation
· Promoter is a term not oI law but oI business
usually summing up in a single word a number oI
business operations Iamiliar to the commercial;
world by which a company is generally brought in
to existence. Bowen L.J., 10)
· Who constitutes a promoter in a particular case is
thereIore a question oI Iact.
· A promoter may be a natural person or a
company.
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Memorandum oI Association
· It contains the Iundamental rules regarding the
constitution oI the company.
· It lays down how the company is going to be constituted
and what work it shall undertake.
· It sets out the constitution oI the company.
· It is a Ioundation on which the structure oI the company
stands.
· Its purpose is to enable the shareholders, creditors, and
those who deal with the company to know what is the
permitted range oI its enterprise.
· It deIines as well as conIines the power oI the company.

Contents oI the Memorandum
· ame Clause
· Registered OIIice / Situation Clause
· Obiect Clause- main obiects and other obiects
· Liability Clause- limited by share or guarantee
· Capital Clause.
· Association Clause

ame Clause
· A company not to be registered under a name which is
undesirable, identical or too nearly resembles another
company. |Section 0|
· It must not be misleading or intended to deceive with
reIerence to its obiect.
· A mere similarity oI name does not give right to
iniunction, there should be likelihood oI deception or
conIusion.
· The name and address must be printed or aIIixed
outside every oIIice in English and local language.
· Inadvertent mistake in name can be changed by passing
an ordinary resolution and by obtaining written
approval oI Central Government.

Situation Clause
· Only the state in which the Registered OIIice is
situated is mentioned.
· Exact address can be Iilled with RoC separately
in Form 1 within 0 days oI incorporation.
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Obiect Clause
· Must divide obiect clause into two sub-clauses -
Main Obiects and Other Obiects.
· It determines the purpose and capacity oI the
company hence carry great importance.
· Acts beyond this ambit are ultra vires and hence
void. Even the entire body oI shareholders cannot
ratiIy such acts.
· Subscribers enioy unrestricted Ireedom to choose
the obiects.
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Doctrine oI ultra vires
· An act or transaction, which may not be illegal, is
beyond company's power by not being within the
obiect oI the Memorandum.
· An act ultra vires the company is incapable oI
ratiIication.
· Act which is intra vires the company but outside
the authority oI directors may be ratiIied by the
company in proper Iorm.
· The shareholders can ratiIy an act ultra vires the
directors.

EIIect oI ultra vires transaction
· Iniunction to restrain the company Irom doing an
ultra vires act.
· Personally liability oI the directors.
· Ultra vires contract are void ab initio.
· An ultra vires borrowing does not create a
relationship oI a debtor and creditor.

Liability Clause
· The Memorandum oI a company limited by shares
or by guarantee shall state that the liability oI its
members is limited.
· Where the liability is limited by shares, a member
can be called upon to pay only the unpaid balance
on his shares.
· In case the company is limited by guarantee the
members are liable up to the maximum amount
which they have guaranteed.
· Where the company is limited by both share and
guarantee the liability oI members is dual.
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Capital Clause
· Shares must be oI Iixed value.
· ominal, authorised or registered capital.
· ot authorised to issue capital beyond its
authorised capital unless the Memorandum is
altered.
· In case oI unlimited company having share capital,
the liability is unlimited as against creditors only
in case oI winding up.
· In case oI going concern, liability is limited to
shares subscribed.
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Association Clause
· Must be signed by each subscriber in presence oI
one witness.
· Each subscriber must take at least one share.
· A subscriber cannot, aIter registration oI company,
repudiate his liability even on the ground that he
was induced to sign by misrepresentation.
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Articles oI Association
· Articles are by-laws or rules and regulations Ior
the govern the management oI its internal aIIairs
and conduct oI business.
· It also includes regulation contained in Table A
oI Schedule I.
· Deals with the rights oI the members inter se.
· Articles are subordinate to and controlled by
Memorandum.

Articles oI Association
· Unlimited companies, companies limited by
guarantee and private companies must have
their own Articles oI Associations.
· Must be printed, divided into paragraphs,
numbered consecutively, stamped adequately,
signed by each subscriber to Memorandum and
duly witnessed.

Alteration oI Articles
· Subiect to the provisions oI the Act and
Memorandum, a company, by special
resolution alter the Articles. |Section 1|
· The alteration binds members in the same way
as original Articles.
· A company cannot in any manner deprive
itselI oI the powers to alter its Articles.

Limitation on Alteration
· Must not exceed the power in the Memorandum.
· Must not be inconsistent with the provisions oI the Act.
· Must not include anything illegal or opposed to public
policy.
· Must be bona Iide Ior the beneIit oI the company.
· Must not constitute Iraud on minority.
· Cannot be altered so as to have retrospective eIIects.
· In case oI listed companies approval oI Stock
Exchange is required.
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Constructive otice
· Constructive notice seeks to protect the company
against the outsiders.
· Memorandum and Articles when registered becomes
public documents.
· Can be inspected by any one on payment oI nominal
Iees.
· Every person has the means oI ascertaining and is
consequently presumed to know the exact power, the
extant to which powers are delegated to directors and
any limitations impose thereby.
· It is regarded not only as having read the documents
but also having understood them according to their
proper meaning.
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Indoor Management
· Indoor management operates to protect the
outsider against the company.
· Person contracting with the company are
presumed to know the provisions/ contents oI
the Memorandum and Articles.
· It is no part oI the duty oI an outsider to see
that the company carries out its own internal
regulations.

Prospectus
· "Any document described or issued as a
prospectus and includes
· any notice,
· circular,
· advertisement, or
· other document
· inviting deposits Irom the public or
· Ior the subscription or purchase oI any shares in,
or debenture oI a body corporate." |Section
6)|

What constitute a Prospectus?
· An invitation to public.
· Invitation be by or on behalI oI the company.
· Invitation must be to subscribe or purchase.
· Must relate to shares / debentures or other
instrument.
· Judicial Pronouncements
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Statement in lieu oI Prospectus
· Promoters are required to prepare a draIt
prospectus known as statement in Lieu oI
Prospectus.
· A copy oI it must be Iilled with the RoC at least
three days beIore any allotment oI shares is
made.
· It contains similar particulars as are required Ior
a prospectus.
· o minimum subscription is required to be
stated.
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Statement in lieu oI Prospectus
· II the statement contains any misinIormation
or omission, the liability, civil and criminal, is
same as in case oI Prospectus - Fine up to Rs
10,000.
· The process oI issuing securities through a
statement in lieu oI prospectus is a kind oI
private placement.
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ShelI Prospectus
· Concept introduced by Amendment Act 000 by the
insertion oI Section 60A.
· A prospectus issued by any Iinancial institution or
bank Ior one or more issues oI securities.
· Public Financial Institutes, public sector banks or
scheduled banks whose main obiect is Iinancing
shall Iile a shelI prospectus.
· ot required to Iile prospectus aIresh at every stage
oI oIIer by it within the period oI validity oI such
prospectus.
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InIormation Memorandum Sec 60B)
· "InIormation Memorandum means
· a process undertaken prior to the Iilling oI a
prospectus
· by which a demand Ior the securities proposed to
be issued is elicited and
· the price and terms oI issue is assessed
· by means oI a notice, circular, advertisement or
document."
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InIormation Memorandum
· Companies intend to issue securities may
circulate InIormation Memorandum to public.
· OIIer a Red-Herring prospectus days beIore
the opening oI oIIer.
· "#ed-herring prospectus means a prospectus
which does not have complete particulars on the
price oI the securities oIIered and the quantum
oI securities oIIered."
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Abridged Prospectus
· Every application Iorm to contain a prospectus.
· The Central Govt. has prescribed that there
should be one Abridged Prospectus with every
two application Iorms,
· attached by way oI a perIorated lines
containing the inIormation under the Iollowing
points:
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Abridged Prospectus
· The inIormation in Abridged Prospectus to be given
under 9 heads:
a) General InIormation
b) Capital Structure oI the company
c) Terms oI the Present Issue
d) Particulars oI the Issue
e) Company, Management & Proiect
I) Financial PerIormance Ior last 5 years
g) Payments / ReIunds
h) Particulars oI Companies under Same Management
i) Management's perception oI Risk Factors
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Share Capital
· In relation to a company limited by share it means share
capital - in terms oI rupees divided into speciIied
number oI shares oI a Iixed amount each.
· The memorandum must state the amount oI capital and
its various division.
· a) ominal, Authorised or Registered Capital
· b) Issued Capital
· c) Subscribed Capital
· d) Called-up Capital
· e) Un-called Capital
· I) Paid-up Capital
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Meaning and ature oI Shares
· "A share means a share in the share capital oI a
company, and includes stocks except where a
distinction between stocks and shares is expressed
or implied." |Section 6)|
· "The interest oI a shareholder in a company
measured by a sum oI money, Ior the purpose oI
liability in the Iirst place and oI dividend in the
second." arewell J
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Meaning and ature oI Shares
· "An interest measured by a sum oI money and
made up oI diverse rights conIerred by Articles."
The Supreme Court oI India
· "A share is right to participate in the proIits made
by a company, while it is a going concern and
declares dividend, and in the assets when it is
wound up."
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Kinds oI Shares
· Two classes oI Shares |Sec 6 as amended in
00| -
A) 6:ity Share |Sec 5)|
· "Equity Share Capital means all share capital
which is not preIerence share capital."
· The equity shareholders receive dividend out oI
proIits declared in AGMs.
· Dividend declared only aIter depreciation
allowance and payment oI preIerence shareholders.
· Voting right is in proportion to paid-up equity
capital.
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Kinds oI Shares
B) !reference Shares |Sec 51)|
· PreIerence shares capital is that part oI share
capital which IulIills Iollowing two conditions:
· i) carries preIerential right with respect to
dividend- Iixed amount or at Iixed rate; and
· ii) carries preIerential right with respect to
repayment oI capital on winding up.
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Sweat Equity Shares
|Sec 9A, 1999)
· Sweat Equity Shares means equity shares issued to
employees or directors
· at a discount Ior consideration other than cash
· Ior providing know-how or making available rights in
the nature oI intellectual property or
· value addition by whatever name called.
· Issue must be authorised by a special resolution.
· Resolution to speciIy number, current market price and
consideration oI shares, and the class or classes oI
directors or employees.
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Sweat Equity Shares
· One years has, at the date oI the issue,
elapsed since the company was entitled to
commence business.
· II shares are listed, the issue must be in
accordance with SEBI regulations.
· All limitation, restriction and provisions oI
equity shares are applicable.
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Sources oI Capital
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From Promoters
· Private companies cannot invite general public
to subscribe its share capital.
· Public companies can raise the necessary
capital by private placement without inviting
the general public to subscribe. not made to
more than 9 persons at a time)
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From Public
· By issuing a prospectus.
· By an oIIer Ior sale or by deemed prospectus:
· a) Company oIIers/agrees to allocate shares to a
Iinancial institution or an Issue House Ior sale to
public.
· b) The issue house publishes a document called an
OIIer For Sale at a price higher than what its holder/s
had paid or at par.
· The document is deemed to be a prospectus u/s 61).
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From Public
· By placing oI shares:
· a) A broker or an underwriter Iinds
persons who wish to buy shares.
· b) The broker acts merely as an agent.
· c) o need to issue a prospectus.
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From Existing Shareholders
· By issue oI right shares to existing shareholders
|Sec 1| allotted in proportion to their existing
holding. Eg. shares Ior every lot oI 5 shares.
· Companies are required to issue Letter OI OIIer
to the existing shareholders oI the company.
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Book Building
· A process by which demand Ior proposed securities
is build up and a Iair price and quantum oI the issue
is determined.
· The Book Runner Lead Manager BRLM)
maintains a book wherein bids by individual and
institutional investors through syndicate member-
merchant banker) are recorded.
· Syndicate member have an underwriting agreement
with BRLM and BRLM in turn enter into an
underwriting agreement with the company.
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Book Building
· Two scheme oI book building process - 5° Scheme
i.e. 5° oI the issue size is oIIered by book building
process and the balance 5° by Iixed price method)
and 100° Scheme i.e. the entire issue size is oIIered
by way oI book building process).
· SEBI has allowed all companies to make issue through
Book Building earlier upwards oI Rs 5 crores issue).
· 60° oI issue size through Book Building Process be
issued to QIBs Iailing this, the company is required to
make maximum public oIIering oI 5°.
0
Issue oI Shares at a Premium
|Section |
· Companies may issue shares at premium
irrespective oI the Iact whether the shares are listed
or not.
· o restriction in Companies Act on issue at
premium, the only restriction is on the utilization
oI premium amount.
· Premium cannot be treated as proIit as such the
amount not available Ior distribution as dividend.
· Premium amount must be kept in separate account
called Securities Premium Account.
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Issue oI Shares at a Premium
· II premium is received in kind, an amount equal to
premium amount must be transIerred to Securities
Premium Account.
· Premium to be used only Ior the Iollowing purposes as
mentioned in Section ):
· i) Ior issuing Iully paid bonus shares;
· ii) Ior writing oII preliminary expenses;
· iii) Ior writing oII commission, discount expenses on
issue oI debentures; and
· iv) Ior providing Ior premium payable on redemption
oI Redeemable PreIerence Shares or debentures.

Issue oI Shares at a Discount
|Section 9|
· Must be oI a class already issued.
· At least one year must elapse Irom the receipt oI
certiIicate oI commencement oI business.
· Must be authorised by resolution in the AGM
speciIying the maximum rate oI discount.
· Resolution must be conIirmed by the CLB.
· Rate oI discount cannot exceed 10° or as
permitted by the CLB.

Issue oI Shares at a Discount
· Must be issued within months oI the
sanction by CLB.
· The prospectus must contain particulars oI
discount.
· II deIault is made, the oIIicer in deIault shall
be liable to Iine oI Rs 500.
· Partly paid IorIeited shares iI reissued as Iully
paid it amounts to issue oI shares at discount
and thereIore invalid.

Further Issue oI Shares
|Section 1|
· Called Right Shares.
· May be issued at any time aIter two years Irom
incorporation or one year Irom Iirst allotment,
whichever is earlier.
· Must be oIIered to the existing shareholders in
proportion to their holding.
· For listed company, inIormation on quantum and
proportion shall be supplied to the concerned stock
exchange.
· Company must give notice oI oIIer and the number oI
shares oIIered to existing shareholders.
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Further Issue oI Shares
· Give shareholders 15 days to decide.
· The notice must state the shareholder's right to
renounce the oIIer in whole or in part in Iavour oI some
other person.
· The board may dispose oI the shares in a manner
beneIicial to the company.
· Condition oI issue oI shares to persons other than
existing shareholders.
· |Section 1 1A)|:
· 1. Pass a special resolution in general meeting, and
· . In case oI ordinary resolution Central Govt.'s
approval must be obtained.
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Bonus Issue
· When company accumulates large distributable
proIits it convert it into capital.
· Divide the capital among the existing
shareholders in proportion to their entitlement.
· Members do not have to pay Ior such shares.
· Bonus issue is a machinery Ior capitalizing
distributable proIits.
· Bonus shares is not income and hence not
taxable.

Bonus Issue
· Paid-up capital increases.
· Conversion oI Iree reserves, like general
reserve, capital redemption reserve,
development rebate reserve, securities premium
account, etc.
· Must be authorised by the Articles.
· Must be sanctioned in the AGM on the
recommendation oI the board.
· Authorised capital must be increased wherever
necessary.

Employee Stock Option Scheme
· "Employee Stock Option means
· the option given to the whole-time directors,
oIIicers or employees oI a company,
· which gives such directors, oIIicers or
employees the beneIit or right to purchase or
subscribe
· at a Iuture date,
· the securities oIIered by the company at a pre-
determined price." |Section 15A)|
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Employee Stock Option Scheme
· The oIIer is subiect to approval oI shareholders
by a special resolution.
· Minimum one year period is prescribed between
the grant oI oIIer and its vesting.
· AIter the lapse oI one year the period would be
determined by the company.
· ESOP Scheme to be under the superintendence
and direction oI Compensation Committee oI the
board.
0
Surrender oI Shares
· It is a short-cut to IorIeiture. Initiative oI members.
· Surrender valid only when Articles provides Ior the
same. o provision in Companies Act, 1956.
· Surrender is permitted where IorIeiture is iustiIied.
· ForIeiture and surrender leads to termination oI
membership.
· Surrender amounts to reduction oI capital.
· But instead oI surrender, iI the shares are transIerred to
a nominee oI the company then there is no reduction.
ollector of Moradabad v. Equitv Insurance o. Ltd.
(1948)]
1
ForIeiture oI Shares
· Only when authorised by the Articles.
· For non-payment oI calls.
· Must be eIIected by a board resolution.
· The power must be used bona Iide.
· Proper notice must be given.
· ForIeiture oI Iully paid share only in case oI expulsion
oI members where Articles authorises.
· ForIeited shares may either be canceled or re-issued at
a discount not exceeding an amount already paid.
· II shares are re-issued at price more than the Iace value,
the excess shall constitute a premium and transIerred to
securities premium account.

Prohibition on Buy Back
· A company cannot buy its own shares as it
amounts to reduction oI share capital without
court's consent. |Section 1)|
· A company may not get another person to buy
its share on its behalI, indirectly.
· A public company or its subsidiary must not
Iinance the purchase, directly or indirectly, oI
its own shares or oI its holding company.

Exceptions
· Company may redeem redeemable preIerence shares
u/s 0.
· A banking company may lend money in the ordinary
course oI business to buy shares.
· Financial assistance Ior purchase oI Iully paid shares
by trustee oI or Ior share held Ior the beneIit oI
employees oI the company.
· Loan may be advanced to the bona Iide employee
other than directors, or managers to purchase Iully
paid shares Ior amount not exceeding six months'
salary / wages.
· Company may buy its share Irom a member under a
Court order under Section 0.

Buy back oI own share u/s A
· Subiect to provision oI Sub section ) oI
Section A & B a company may purchase
its own shares or other speciIied securities, out
oI:
· Its Iree reserve, securities premium account, or
proceeds oI any shares or speciIied securities.
· Buy back may be in one oI the Iollowing
modes:
· From existing security holder on proportionate
basis tender method).
5
Buy back oI own share u/s A
· From the open market through Stock
Exchanges).
· From odd lot holders.
· From employees securities issued under ESOP
or Sweat Equity.
· All shareholders must have same right oI
participating in the buy-back.
6
Conditions oI Buy-back
· Must be authorised by the Articles.
· Special resolution is AGM authorizing Buy-
back.
· Buy-back is, or less than, 5° oI paid-up capital
or Iree reserves in that Iinancial year.
· Debts owned by company is not more than
twice its capital and Iree reserves aIter such
buy-back. Central Govt. may relax the ratio)
· Buy-back should complete within 1 months
Irom passing oI special resolution.

Conditions oI Buy-back
· Declaration oI solvency Form A) signed by
the MD and one director must be Iilled with the
RoC and SEBI.
· AIter buy-back is complete the securities must
be physically destroyed within days.
· Company shall not make a Iurther issue oI
shares / securities Ior 6 months, except by way
oI bonus shares.
· Prescribed return in Form C to be Iilled with
RoC and SEBI within 0 days.

Conditions oI Buy-back
· The company must maintain a register oI buy-
back mentioning the consideration paid, date oI
cancellation / destruction oI securities.
· Contravention oI Section A would make the
company or oIIicer punishable with Iine up to
Rs 50,000 and /or imprisonment up to years.
· II buy-back is out oI Iree reserve, a sum equal
to the nominal value oI shares be transIerred to
securities premium account and disclose in the
balance sheet.
9
Prohibition Ior Buy-back |Sec B|
· o company shall directly or indirectly purchase its
own securities:
· Through any subsidiary including its own subsidiary
or,
· Through any investment company.
· II any deIault in repayment oI deposit, interest
thereon, redemption oI debenture / preIerence shares,
payment oI dividend, repayment oI any term loan is
subsisting.
· II company has not complied with provisions oI
Sections 159, 0 and 11 oI the Act.
90
Depository System
· The Depository Act provides Ior the establishment oI
one single or multiple depositories.
· Depository must be Iormed and registered as a
company under Companies Act.
· Must also be registered with the SEBI and obtain a
CertiIicate oI Commencement oI Business Irom SEBI.
· The investors opting to ioin depository mode are
required to enter into an agreement with depository
through a participant who acts as an agent oI the
depository.
· The companies issuing securities are also required to
have an agreement with the Depository.
91
Depository System
· Custodians, banks, Iinancial institutions, large
corporate brokerage Iirms, BFCs, etc. may acts as
participants oI depositories.
· Share certiIicate belonging to investors are
dematerialized and their names are entered in the
records oI the depository as beneIicial owner.
· The investor's names in the company's register are
replaced by the name oI depository as the registered
owner oI the securities.
· The depository does not have any voting rights or other
economic rights in respect oI dematerialized securities.
9
Depository System
· Shares in the depository mode are Iungible and do
not have distinctive numbers.
· The ownership changes are done automatically on
the basis oI delivery v. payment.
· The companies give the holder oI eligible securities
the option to avail the services oI depository.
· Investors desirous oI ioining depository are required
to surrender the share certiIicate to the issuer
company.
· The beneIicial owners also have a right to opt out oI
the depository and claim the share certiIicate.
9
Depository System
· There has to be regular, mandatory Ilow oI inIormation
about the details oI ownership in the depository record
to the company concerned.
· II the transIer oI securities is in contravention oI the
provisions oI SEBI, SICA, 195 or any law Ior the time
being in Iorce, the depository, company, investor,
participant or SEBI shall have a right to make an
application to the CLB Ior rectiIication oI register or
record.
· The Act requires the depository to indemniIy Ior loss
caused to the beneIicial owner due to negligence oI
depository or its participants.
9
Board oI Directors
· The Board oI Directors oI a company is a nucleus
selected according to the procedure prescribed in the
Act and the Articles oI Association, out oI the entire
mass oI shareholders and even non-shareholders.
· Acting collectively as a Board oI Director, they can
exercise all the powers oI the company except those,
which are prescribed by the Act to be speciIically
exercised by the company in the general meeting.
· Directors, as a body, Irame the general policy oI the
company, direct its aIIairs, appoints the company
oIIicers, ensures that they carry out their duties and
recommend to the share holders regarding distribution
oI dividend.
95
Board oI Directors
· There are mainly two types oI company directors -
Executive Directors or Whole-Time Directors MD,
Technical Directors) and, on-executive or part-time
Directors who are proIessionals and serve on the board
oI many companies.
· Executive directors have employment stake in the
company. They wield substantial power, enioy
maximum remuneration, perquisites, Iees, commission
and allowances.
· Part-time directors get only sitting Iees Ior the board
meetings attended by them and wield little or no
powers.
96
Board oI Directors
· "A director includes any person occupying
the position oI director by whatever name
called." |Section 1)|
· Only individual, and not a body corporate,
association or Iirm, shall be appointed as
director. |Section 5|
· "An individual who direct, control, manage,
superintend the aIIairs oI the company in
the Iorm oI the board oI directors."
9
Types oI Directors
· !rofessional Directors
· Specialist in diIIerent Iields oI management.
· Income derives principally Irom sitting Iees.
· Nominee Directors
· Appointed by FIs, or Banks
· PowerIul tool oI proiect supervision, monitoring and
control.
· ec:tive Directors
· Is a Iull time employee oI the company.
· May not be members oI the board, as such not a
director in strict sense.
9
Types oI Directors
· ndependent Directors
· Do not have any material pecuniary relationship or
transaction with the company.
· Entitle to receive director's remuneration.
· Government Directors Section 0)
· Appointed by the Central Government on the
recommendation oI the CLB.
· To saIeguard the interest oI the company or its
shareholder or in public interest.
· When the operations oI the company are conducted in
such a manner as to oppress any member oI the
company or in a manner preiudicial to the company.
99
Types oI Directors
· Whole-time Directors |Section 691)|
· Includes a director in the whole time employment oI the
company.
· Technical director, legal director, works director sales
director iI appointed on Iull time basis.
· A whole-time director is also a managerial person.
|Section 61)|
· They cannot accept the oIIice oI executive or whole-
time director in any other company.
· There is no restriction on the period oI appointment oI a
whole time director, he may be appointed Ior a longer
period.
100
Types oI Directors
· There are mainly two types oI company directors -
Executive Directors or Whole-Time Directors MD,
Technical Directors) and, on-executive or part-time
Directors who are proIessionals and serve on the board
oI many companies.
· Executive directors have employment stake in the
company. They wield substantial power, enioy
maximum remuneration, perquisites, Iees, commission
and allowances.
· Part-time directors get only sitting Iees Ior the board
meetings attended by them and wield little or no
powers.
101
Managing Director
· A director who, by virtue oI an agreement, or oI a
resolution passed in the general meeting or board
meeting or by virtue oI the Memorandum or Articles,
is entrusted with substantial power oI management and
includes a director occupying the position oI MD, by
whatever name called. |Section 6)|
· Powers exercised subiect to the superintendence,
control, and direction oI the company's board oI
directors.
· A person who is not a director oI the company must be
Iirst appointed as an additional director in accordance
with Section 60 to be appointed as MD.
10
Managing Director
· He must sign and Iile his consent to act as a director
pursuant to the provisions oI Section 6 and obtain
qualiIication shares u/s 0.
· He may have dual capacity that oI an employee and
agent.
· It obligatory Ior public companies having paid up
capital oI Rs 5 crore or more to appoint a MD or
whole-time director.
· Appointment oI MD or whole-time director in a
public company only with the prior approval oI the
central govt.
10
Legal Position oI Directors
· Public companies must have at least three
directors. |Section 5|
· The Act does not lay down any qualiIication,
but it lays down disqualiIications.
· Directors are the agent oI the company.
· A single director has no authority to bind the
company unless such powers are delegated to
him by the board.
· To some extent directors are also trustee oI the
company's properties.
10
Legal Position oI Directors
· Barring directors in the whole time employment,
directors are not in the employment oI the
company and are not entitled to any
remuneration beyond what is allowed by the Act,
i.e. sitting Iees.
· They are not also required to hold any shares in
the company on whose board they serve.
· A director can hold an oIIice or place oI proIit in
the company in addition to his usual directorship.
|Section 1|
105
QualiIication oI Directors
· According to Sec a person shall not be
capable oI being appointed as director iI:
· Iound to be oI unsound mind;
· an un-discharged insolvent;
· applied to be adiudicated as an insolvent;
· convicted oI any oIIence involving moral
turpitude and sentenced Ior not less than six
months and a period oI 5 years has not elapsed;
106
QualiIication oI Directors
· has not paid any call in respect oI shares and six
months have elapsed;
· an order u/s 0 is passed by a court disqualiIying
him;
· is already a director oI a public company which -
· has not Iilled annual returns Ior three years, or
· has Iailed to repay the deposits or interest thereon
or redeemed its debentures.
· Only individuals can be a director. |Sec 5|
10
Appointment oI Directors
· First directors may be named in the Articles or
subscriber to the memorandum shall be Iirst directors.
· One third oI the total directors are liable to retire by
rotation every year and are eligible Ior re-appointment
in the General Meeting. |Section 56|
· Directors who have been longest in the oIIice to retire
Iirst.
· Directors nominated by Iinancial institutions or by the
Central Govt. u/s 0 are not liable to retirement.
· MD and Whole-time director shall not be liable to retire
by rotation.
10
Appointment oI Directors
· A retiring director may be re appointed at the same
AGM, some other person may also be appointed in
his place. |Section 56)|
· At the adiourn meeting, iI the vacancy is not Iilled
and it was not expressly resolved not to Iill the
vacancy, the retiring director shall be deemed to
have been reappointed, provided:
· a resolution in the previous meeting to reappoint the
retiring director has not been lost;
· the retiring director has not expressed his
unwillingness to be reappointed; or
109
Appointment oI Directors
· he is disqualiIied Ior appointment.
· II the vacancy is not Iilled at the AGM or the director
is not automatically reappointed, the vacancy may be
Iilled by the board.
· Any person other than the retiring director may give a
notice not less than 1 days beIore an AGM about his
candidature as a director or any member may give
such notice signiIying his intention to propose him as a
candidate Ior that oIIice.
· Two or more directors should not be appointed en bloc
or by single resolution. |Sec 61)| unless a
resolution to do so has Iirst been agreed by the meeting
without any vote given against it.
110
Small Shareholder's Director
· A public company having a paid up capital oI
Rs.5 crore or above may have a director Irom
amongst small shareholders.
· Shareholders not less than 1/10th or 100) oI the
total shareholders may elect suo-moto or upon a
notice served at least 1 days beIore the AGM.
· Listed company shall elect small shareholder's
director through postal ballot while an unlisted
company on the recommendation oI the maiority
oI small shareholders.
111
Small Shareholder's Director
· Hold oIIice Ior a maximum period oI three years.
· Same person may be reappointed Ior another
term iI so decided.
· He is treated as director Ior all purposes but
cannot be appointed as MD or whole-time
director.
· o individual can hold oIIice oI Small
Shareholder's Director at the same time in more
than companies.
11
Removal, Retirement and Resignation
· A director may be removed Irom his oIIice
beIore the expiry oI his term by:
· Shareholders u/s .
· Central Government u/s B - E.
· Company Law Board u/s 9 & 9
· A director ceases to hold oIIice iI he retires by
rotation at an AGM, unless reappointed.
11
Removal, Retirement and Resignation
· o provisions in Companies Act Ior
resignation by director.
· May resign any time by giving reasonable
notice to the company.
· Oral resignation at an AGM, iI accepted,
becomes eIIective.
· Resignation is irrevocable without the consent
oI AGM.
11
Managerial Remuneration
· ot deIined in the Act but reIerence to be Iound in
Sections 19, 09, 11 and suggesting that
director and managerial personnel are entitled to
receive managerial remuneration.
· Managerial Remuneration may take the Iorm oI
monthly payment, say, salary or a speciIied
percentage oI net proIits or a commission and /or by
way oI a Iee Ior each meeting oI the board, besides
any or all oI the Iollowing:
· Rent Iree accommodation;
· Any other amenity provided Iree oI charge or at
concessional rate; and
115
Managerial Remuneration
· Any insurance, annuity, or gratuity.
· Payment received Ior holding an oIIice/place
oI proIit is not managerial remuneration.
|Section 091)|
· The overall Managerial Remuneration payable
not to exceed 11° oI the net proIit. |Section
19 1)|
· MD and Whole-time directors may be paid a
monthly salary or speciIied percentage oI net
proIit. |Section 09 )|
116
Remuneration to on-Exe Directors
· on-executive directors may be paid
remuneration either:
· Monthly, quarterly or annual payment with
approval oI Central Govt.;
· By way oI commission authorised by special
resolution.
· In either case remuneration shall not exceed:
· 1° oI net proIit iI company has MD or whole-
time director;
· ° oI net proIit in any other case.
11
Remuneration to on-Exe Directors
· The company with the approval oI Central Govt. in
an AGM authorise a higher commission than 1° or
°.
· Such resolution shall remain in operation Ior Iive
years, though renewable.
· II a director is paid sitting Iees Ior attending board
meeting it shall not be considered Ior computing
overall Managerial Remuneration u/s 19
· Provisions oI Sections 09 and 19 shall not apply
to a private company.
11
Co. having no or Inadequate ProIits
· Capital of company
· Less than 1 crore
· B/w
n
Rs 1 and Rs 5 cr
· B/w Rs 5 and Rs 5 cr
· B/w Rs. 5 and Rs 100
cr
· Above Rs 100 crore
· Monthly #em:neration
· 5,000
· 1,00,000
· 1,5,000
· 1,50,000
· ,00,000
119
Managerial Remuneration
· In addition, the managerial personnel shall also
be eligible Ior:
· Contribution to PF, Superannuation Fund or
annuity Iund to the extent not taxable under
Income Tax Act, 1961;
· Gratuity ( not exceeding halI a month's salary
Ior each completed year;
· Encashment oI leave at the end oI tenure.
· In case oI an expatriate managerial person:
10
Managerial Remuneration
· Children education allowance - maximum Rs
5000 per month per child;
· Holiday passage Ior children, spouse and
members oI Iamily; and
· Leave travel concession.
· All remuneration payable aIoresaid shall be
subiect to approval by a resolution in AGM.
11
Powers and Duties oI Directors
1
Only At Board Meetings |Sec 91)|
· The Iollowing powers can be exercised by the
directors at the Board meetings:
· Powers to make calls on shareholders Ior
unpaid money.
· Power to issue debenture.
· Power to borrow otherwise than debentures.
· Power to invest the Iunds oI the company.
· Power to make loans.
· Power to print Share CertiIicate.
1
Other Powers exercised at Board Meeting
· Power to Iill casual vacancy in the oIIice oI
directors.
· Power to make donation to political parties. |Sec
9A)|
· Power to accord sanction Ior contracts in which one
or more directors are interested. |Sec 9)|
· Disclosure oI interest by an interested director. |Sec
991)|
· Power to receive notice oI disclosure oI director's
shareholding. |Sec 0)|
1
Other Powers
· Power to appoint a person MD iI he is MD oI
one and not more than one company. |Sec
16)|
· Power to make a declaration oI solvency in
voluntary winding up and in respect oI buy
back. |Sec 1) & A)
· Power to constitute audit committee and
speciIy terms oI reIerence thereoI. |Sec 9A|
15
Power exercisable with approval oI AGM
|Sec 9 1)|
· The board oI directors shall not except with the consent
in the general meeting:
· Sell, lease or otherwise dispose oII the whole or
substantially the whole oI the undertaking oI the
company.
· Remit or give time Ior any repayment oI any debt due
by a director.
· Borrow money in excess oI the aggregate oI the paid-
up capital and its Iree reserve.
· Contribute to charitable and other Iunds not directly
relating to the business oI the company, any amount
exceeding Rs. 50,000.
16
Statutory Duties
· Duty to attend board meetings. |Section 1)g)|
· II the director Iails to attend three consecutive
meetings or all meetings Ior a period oI three
months, without obtaining leave oI absence Irom
the board his oIIice shall be automatically Iall
vacant.
· Duty not to contract without board's consent.
· Duty to disclose interest. |Section 99-00|
· Duty to make disclosure. |Section 05|
· OI his appointment or relinquishing oI oIIice
within 0 days to the company.
1
Statutory Duties
· Duty to make disclosure oI shareholding. |Sec
0|
· Duty to convene Statutory Meeting, AGMs and
EGMs. |Sec 165, 166 & 169|
· To disclose receipt Irom transIer oI property. |Sec
19|
· To disclose receipt oI compensation Irom
transIeree oI shares. |Sec 0|
· Duty to Iile declaration oI solvency buyback &
voluntary winding up). |Sec A & |
· To Iile return oI allotments. |Sec 5|
1
Company Meetings
· A company being an artiIicial person expresses its will
or takes its decision through resolutions passed at
regularly convened meeting oI the general body oI the
shareholders, and the directors.
· The companies Act provide the shareholders a Iorum
oI selI-protection, which is general meeting oI
shareholders.
· The shareholders can use the Iorum to appoint
directors as well as auditors oI their own choice who
may saIeguard them Irom the possible manipulation.
· The business oI the meeting is conducted in the Iorm
oI resolutions proposed and passed.
19
Types oI Company Meetings
· Shareholders Meetings:
Statutory Meeting under Section 165;
Annual General Meetings under Section 166;
Extraordinary General Meetings:
Convened by directors suo moto between
two AGMs.
Convened by directors on requisition under
Sec 169.
10
Types oI Meetings.
· Meetings oI the Board oI Directors.
· Meetings oI the Board Committee.
· Class Meetings oI Shareholders.
· Meetings oI the Debenture holders.
· Meetings oI the Creditors.
· Meetings oI the Contributories in winding up.
11
Statutory Meetings |Section 165|
· Companies limited by guarantee and share shall, within
one month and not more than six months Irom the date
oI commencement oI business, hold a general meeting
oI the members to be called the Statutory Meeting.
· Failure to hold Statutory Meeting renders the company
liable to be wound up u/s b).
· This provision is not applicable to a private company.
|Section 16510)|
· The board shall, at least 1 days beIore the day on
which the meeting is held, Iorward a report to every
member oI the company called Statutory Report.
1
Annual General Meeting |Section 166|
· Every company must, in each calendar year, hold an
annual general meeting so speciIied in the notice
calling it, provided that not more than 15 months
shall elapse between two AGMs.
· First AGM may be held within 1 months Irom the
date its incorporation.
· Subsequent AGM should be held on the earliest oI
the Iollowing: |Sec 166 & 10|
· 15 months Irom the last AGM;
· The last day oI the calendar year; or
· 6 months Irom the close oI the Iinancial year.
1
AGM.
· In case oI diIIiculty in holding meeting the
Registrar may extend time by not more than
months.
· Application Ior extension oI time should be made
beIore the due date oI holding AGM.
· Any delay including extension by RoC, shall make
the oIIicer in deIault punishable with Iine extending
up to Rs 50,000 and Rs ,500 Ior every day oI the
deIault.
· Delay in completion oI audit or annual accounts do
not constitute a special reason iustiIying extension
oI time Ior holding oI AGM.
1
Time and Place oI holding AGM
· Every AGM called aIter giving 1 days notice must be
held on a day other than a public holiday.
· Should be held on a working day, during business
hours, at the Registered OIIice oI the company, or
· a place within the city, town, or village in which
registered oIIice is situated.
· An adiourned meeting accidentally comes to be held on
a public holiday does not contravenes the provisions oI
Section 166 ).
· Time oI subsequent AGMs may be Iixed by the Article
or by a resolution in the AGM.
15
Business Transacted at an AGM
|Section 1|
· Ordinary business relating to:
· Consideration oI accounts, Balance Sheet and
report oI board and auditor;
· Declaration oI dividend;
· Appointment oI director in place oI those
retiring; and
· Appointment and Iixing oI remuneration oI the
auditors.
· Every other business is a special business.
16
EGM |Sec 169|
· Every general meeting oI company with exception to
Statutory Meeting and AGM is called an EGM.
· Every business at an EGM is a special business, which
arises between two AGMs being urgent, and cannot
be deIerred to the next AGM.
· Usually the Articles contain provisions empowering
the board Ior calling an EGM.
· II there are not within India directors capable who are
not suIIicient in number to Iorm a quorum any
director or two members may call an EGM.
1
Calling oI EGM on Requisition
· The board shall on requisition oI members holding
1/10th oI the paid up capital or voting right, Iorthwith
call an EGM.
· The requisition shall set the matters Ior consideration,
duly signed and deposited at the registered oIIice oI the
company.
· II the EGM is not called within 1 days oI the
requisition the meeting may be called on a day not later
than 5 days Irom the date oI deposit oI requisition:
By requisitionists themselves; or
By 1/10th oI the shareholders or members holding
1/10th oI voting right.
1
Calling oI EGM by CLB |Sec16|
· II, Ior any reason it is impracticable to call an EGM,
the CLB may, either oI its own or on an application oI
any director ort member:
· order a meeting oI the company;
· and give such ancillary or consequential directions as
the CLB thinks expedient.
· A meeting so called shall be deemed to be a meting oI
the company duly called, held and conducted.
· The CLB will interIere very sparingly, and only when
the application oI a meeting is made bona Iide in the
larger interest oI the company.
19
Meeting oI Board oI Directors
· A meeting oI the Board oI directors shall be held at
least once in every three months and at least Iour such
meetings shall be held in one year.
· As long as Iour meetings are held in a calendar year, the
interval between two meetings may be more than three
months.
· Listed companies are required to hold at least Iour
board meetings in a year with a maximum time gap oI
Iour months between two meetings. LA - Clause 9)
· otice oI every meeting oI the board shall be given in
writing to every director Ior the time being in India, and
at his usual address in India to every director.
10
Board Meetings.
· Failure would make the oIIicer in deIault punishable
with a Iine extending up to Rs 1000.
· The notice should contain the time date and place oI
meeting.
· There is no provision Ior minimum days Ior giving
notice. It is generally prescribed by the Articles.
· II the notice oI the meeting is not given to even one
director the meeting and any resolution passed thereat
would be invalid.
· otice oI the adiourned meeting should be given to the
directors who did not attend the original meeting.
11
Board Meetings.
· For sine die adiournment and to transact new
business a Iresh notice would be required.
· The meeting oI the director may be held at any
time and place convenient to directors, outside the
business hours and even on public holiday unless
Articles provides otherwise.
· Good practice demands that the agenda containing
business to be transacted is circulated preIerably
along with the notice at least a week beIore the
date oI meeting.

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