Investor education and protection under section 205c of the. Apr 24, 2010 the government has said that under the provisions of section 205c of the companies act, the following amounts are required to be credited to the investor education and protection fund by the companies. The act provides the minister of trade and industry with. Be it enacted by parliament in the sixth year of the republic of india as follows 1. Companies act, 1956 1 of 1956 so repealed under section 465 of this act. Understanding section 205 of the companies act, 20. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. Explore the companies act 20 and companies act 1956. The advantages of section 25 companies over other companies registered under companies act are discussed below. Query on section 205c of the companies act 1956 corporate law. Consequent upon the amendment to sec 205a, read with sec 205c of the companies act 1956, the amount of applications money, dividends etc remaining unclaimed for a period of seven years from the dates that they first became due for payment have been duly transferred to investor education and protection fund with department of company af fairs. Section 416 contracts by agents of company in which company is undisclosed principal. Investor means any person, who has committed money in shares, or debentures, bond or deposits under a scheme or plan of a company registered under the act.
According to sec 3 of the act, on incorporation a company becomes a body. Section 25 companies under companies act 1956 legal. Section 25 companies in the companies act, 1956 advisory. Functions of company secretary effective from 1st april, 20141 the functions of the company secretary shall include, a to report to the board about compliance with the provisions of this act, the rules made thereunder and other laws applicable to the company. Companies act, 1882 6 of 1882, or in table a in the first schedule annexed to the. Full text containing the act, companies act, 1956, with all the sections, schedules, short title. Companies act 1956 section 581b citation 11595 bare.
Sendirian or any abbreviation thereof as part of its name if it does not fulfil the requirements required by this act to be fulfilled by private companies and every corporation and every officer of a corporation who is in default shall be guilty of an offence and shall be liable on. Introduction to companies act 19561 board of directors. Associations and partnerships to be registered as companies under act. Download section 205c of the companies act, 1956 file in pdf. Dec 31, 2014 the curious case of section 4 7 of the companies act, 1956 this issue is of paramount importance for foreign companies having majority shareholding in indian companies since classification as a. Mar 16, 2015 using an executive fiat through an administrative order issued under sec. Pursuant to the provisions of sec on 205c of the companies act,1956, unpaid applica on amount, dividends which remained unpaid or unclaimed for a period of 7 years have been transferred by the company to the investor educa on and protec on fund. The companies act 1956 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the companies act 1956 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. Jan 20, 2011 what are the minimum and maximum numbers of members required for section 25 companies under companies act 1956.
The pdf file you are about to download is not created by writinglaw. Sec 25 companies can be either private public company having a limited liability. Section 263a sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. Section 372a of the companies act legal service india. The companies act audit requirement and other matters related. Companies act, 1956 bare acts law library advocatekhoj. Some of the provisions of the act have been implemented by a notification published on 12th september, 20. The companies act audit requirement and other matters. Section 205 of companies act, 20 functions of company.
According to sec 3 of the act, on incorporation a company becomes a body corporate or a corporation with a perpetual succession and a common seal. India the companies act 1956 sec 25 power to dispense with limited in name of charitable or other company. Provided that the person whose amounts referred to in clauses a to d of subsection 2 of section 205c transferred to investor education and protection fund, after the expiry of the period of seven years as per provisions of the companies act, 1956, shall be entitled to get refund out of the fund in respect of such claims in accordance. Section 205 dividend to be paid only out of profits. Introduction to companies act 1956 what is a company. A detailed view about section 25 company has been illustrated as under a introduction. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. The act consolidates and amends the law relating to companies. The companies act, 1956 section 303 to 674 the schedule. Short title, commencement and extent 1 this act may be called the companies act, 1956. Financial year ended date of declaration of dividend due date of the proposed transfer to. Various companies have been incorporated under the companies act, 1956. The curious case of section 4 7 of the companies act, 1956 this issue is of paramount importance for foreign companies having majority shareholding in indian companies since classification as a. The companies act 1956 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, the companies act 1956 national security, others, procedural and administration, property related, public utilities.
Pursuant to the provisions of sec 205a and 205c of the companies act, 1956, dividend declared, which remain unclaimed for a period of seven years will be transferred by the company to the investor education and protection fund as shown here under. Fund means the iepf constituted under section 125 of the act. The central government shall establish a fund, called as investor education and protection fund. The explanatory statement pursuant to section 173 of the companies act, 1956 sec. Functions of company secretary effective from 1st april, 2014 1 the functions of the company secretary shall include, a to report to the board about compliance with the provisions of this act, the rules made thereunder and other laws applicable to the company. In this section and sections 387b, 387c, 397 and 401, unless the contrary intention appears financial statements means the financial statements of a company required to be prepared by the accounting standards and, in the case of a parent company, means the consolidated financial statements. May 09, 2012 higher the risk more is the profit of any concern. The provisions of companies act, 1956 is still in force. The fund shall be utilized for promotion of investors awareness and protection of the interests of investors in accordance with such rules as may be prescribed. The companies act 20 is an act of the parliament of india on indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. A company means a group of persons associated together for the attainment of a common end, social or economic. Pdf companies act 1956 and 20 pdf download, high quality. The government has said that under the provisions of section 205c of the companies act, the following amounts are required to be credited to the investor education and protection fund by the companies. According to sec 1, a company formed and registered under the act.
Inquiry into working of sick industrial companiessections of companies act. The companies act, 1956 section 303 to 674 the schedule, indian bare acts at, a website for indian laws and bareacts, legal advice. Investor means any person, who has committed money in shares, or debentures, bond or deposits under a scheme or plan of a. The 20 act introduces a new type of entity to the existing list i. See gazette of india, extraordinary, 1956, part ii, section 3, p. Indian companies act 1956 authorstream presentation. In terms of the new act, companies are classified as either profit companies or nonprofit companies. Section 205c of the companies act 1956 caclubindia. Omitted by the companies amendment act, 1965, act 31 of 1965, w. Companies act 1956 section 581b citation 11595 bare act. The companies act 1956 section 205c establishment of. Act iii of 1901, applies or who are assignees of land revenue whose names are recorded in the record of rights maintained under clauses a to d of section 32 of the said act, under proprietors, subproprietors, permanent tenureholders and permanent.
Companies act 1956 section 227 citation 11158 bare act. The curious case of section 4 7 of the companies act, 1956. The par culars of employees as required under sec on 2172a of the companies act, 1956, read with the companies par culars of employees rules, 1975 are not applicable, as none of employees, either employed throughout the. If you agree then only proceed to download companies act 20 pdf. Consequent upon the amendment to sec 205a, read with sec 205c of the companies act 1956, the amount of applications money. Establishment of investor education and protection fund. Nonprofit companies, which are the successors to the current.
Inquiry into working of sick industrial companiessections of companies act, 1956. Section 372a of the companies act, 1956 the act deals with intercorporate loan, investment, guarantee and securities in connection with loan. In the case of proprietors to whom section 78 of the u. Using an executive fiat through an administrative order issued under sec. Section 264 consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. Winding up of the company section 25 company can be wound up if the objects for which it had been established are fully achieved. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and. Where the whole or any part of any dividend, declared by a company before the commencement of the companies amendment act, 1974, 41 of 1974. Investor education and protection under section 205c of. The surplus assets, if any may be given to a similar charitable concern.
The company may subject to section 100 to 103 of the companies act, 1956. The companies act, 20 has been notified in the official gazette on 30th august, 20. Jul 19, 2014 query on section 205c of the companies act 1956 corporate law. Section 205 in the companies act, 1956 indian kanoon.
The companies act 1956 section 205c establishment of investor. Mca has established the investor education and protection fund. Download section 205c of the companies act, 1956 file in. Section 25 companies under companies act 1956 legal news. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. Apr 04, 20 the companies act 1956, indian bare acts at, a website for indian laws and bare acts, legal advice and law documents, companies act 1956. Pursuant to the provisions of section 205c of the companies act.
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