The directors of the organization are in charge of running the business on a daily basis. As the company's ultimate owners, the shareholders who made the investment have complete authority to choose and fire the company's directors. Important Prov…
Continue ReadingTable of Contents Provision for Issuance of Bonus Shares under Companies Act, 2013 Section 63. (1) A company may issue fully paid-up bonus shares to its members, in any manner whatsoever, out of— ( i ) its free reserves; ( ii )…
Continue Reading367. Certificate of registration of existing companies.— On compliance with the requirements of this Chapter with respect to registration, and on payment of such fees, if any, as are payable under section 403, the Registrar shall certify under his hand tha…
Continue Reading373. Suits stayed on winding up order.— Where an order has been made for winding up, or a provisional liquidator has been appointed for, a company registered in pursuance of this Part, no suit or other legal proceeding shall be proceeded with or commenced …
Continue Reading366. Companies capable of being registered.— (1) For the purposes of this Part, the word “company” includes any partnership firm, limited liability partnership, cooperative society, society or any other business entity formed under any other law for the ti…
Continue Reading372. Power of Court to stay or restrain proceedings.— The provisions of this Act or of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as the case may be, with respect to staying and restraining suits and other legal proceedings against a company at…
Continue Reading371. Effect of registration under this Part.— (1) When a company is registered in pursuance of this Part, sub-sections (2) to (7) shall apply. (2) All provisions contained in any Act of Parliament or any other law for the time being in force, or other in…
Continue Reading370. Continuation of pending legal proceedings.— All suits and other legal proceedings taken by or against the company, or any public officer or member thereof, which are pending at the time of the registration of a company in pursuance of this Part, may b…
Continue Reading369. Saving of existing liabilities.— The registration of a company in pursuance of this Part shall not affect its rights or liabilities in respect of any debt or obligation incurred, or any contract entered into, by, to, with, or on behalf of, the company…
Continue Reading368. Vesting of property on registration.— All property, movable and immovable (including actionable claims), belonging to or vested in a company at the date of its registration in pursuance of this Part, shall, on such registration, pass to and vest in th…
Continue Reading365. Order of dissolution of company.— (1) The Official Liquidator shall, if he is satisfied that the company is finally wound up, submit a final report to— (i) the Central Government, in case no reference was made to the Tribunal under sub-section (4) o…
Continue Reading364. Appeal by creditor.— (1) Any creditor aggrieved by the decision of the Official Liquidator under section 363 may file an appeal before the Central Government within thirty days of such decision. (2) The Central Government may after calling the repor…
Continue Reading363. Settlement of claims of creditors by Official Liquidator.— (1) The Official Liquidator within thirty days of his appointment shall call upon the creditors of the company to prove their claims in such manner as may be prescribed, within thirty days of …
Continue Reading362. Sale of assets and recovery of debts due to company.— (1) The Official Liquidator shall expeditiously dispose of all the assets whether movable or immovable within sixty days of his appointment. (2) The Official Liquidator shall serve a notice withi…
Continue Reading361. Summary procedure for liquidation.— (1) Where the company to be wound up under this Chapter, — (i) has assets of book value not exceeding one crore rupees; and (ii) belongs to such class or classes of companies as may be prescribed, the Central Go…
Continue Reading360. Powers and functions of Official Liquidator.— (1) The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe. (2) Without prejudice to the provisions of sub-section (1), the Official Liquidator…
Continue Reading359. Appointment of Official Liquidator.— (1) For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidator…
Continue Reading358. Exclusion of certain time in computing period of limitation.— Notwithstanding anything in the Limitation Act, 1963 (36 of 1963), or in any other law for the time being in force, in computing the period of limitation specified for any suit or applicati…
Continue Reading356. Powers of Tribunal to declare dissolution of company void.— (1) Where a company has been dissolved, whether in pursuance of this Chapter or of section 232 or otherwise, the Tribunal may at any time within two years of the date of the dissolution, on a…
Continue Reading355. Court, tribunal or person, etc., before whom affidavit may be sworn.— (1) Any affidavit required to be sworn under the provisions, or for the purposes, of this Chapter may be sworn— (a) in India before any court, tribunal, judge or person lawfully a…
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