Sec 58a and 58aa of companies act 1956 pdf

Inquiry into working of sick industrial companiessections of companies act, 1956. Table containing provisions of companies act, 20 as notified up to date and corresponding. The companies act 1956 section 58aa small depositors india. On the commencement of subsection 2 of section 74 of the companies act, 20 w. Default in acceptance or refund of deposits to be cognizable 58b. The companies act, 1956 memorandum of association of the federation of indian mineral industries new delhi limited by guarantee and not having a share capital name 1.

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. The name of the company hereinafter called the federation is the federation of indian mineral industries. Section 58a deposits not to be invited without issuing an advertisement. In exercise of the powers conferred by section 58a read with subclauses a and b of subsection 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. Icai the institute of chartered accountants of india set up by an act of parliament. Once having obtained relief before clb under section 58aa read with section 58a9 of the companies act, 1956 old act, in short and got instalments fixed to repay deposits, appellant sought refixing of periods, instalments and rate of interest from. The relevant provision is proviso to section 3091 of the cos. 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. On the commencement of sub section 2 of section 74 of the companies act, 20 w. Indian companies act 1956 authorstream presentation. Nonbanking companies advertisement rules, 1977, made under section 58a of. Interpretation of person in accordance with whose directions or instructions directors are accustomed to act.

Employees securities to be deposited in post office savings bank or scheduled bank. Companies act, 19561 of 1956, the central government, in consultation. Refusal of registration and appeal against refusal effective from 12th september, 20 1 if a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any securities. Section 309 of the companies act, 1956 remuneration of directors approval of central government under section 309 not required in case of increase in remuneration of nonwhole time directors of a company solely on account of payment of service tax on commission payable to them by the company. The surplus assets, if any may be given to a similar charitable concern.

Section 448 of the companies act, 1956 and are attached to. 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. Icai is established under the chartered accountants act, 1949 act no. The companies act 10fq appeal from order of tribunal. Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. Expert s consent to issue of prospectus containing statement by him. A prospectus inviting persons to subscribe for shares in or debentures of a company and including a statement purporting to be made by. Section 6 of the general clauses act, 1897 10 of 1897 to apply in. The company has not accepted any deposit from the public during the year with in the meaning of sec. Clarification on section 58a9 and section 58aa of the companies act, 1956 reg. Companies application for extension of time or exemption under sub section 8 of section 58a rules, 1979, view, download. Attention students applicability of companies act, 1956.

The companies act 1956 section 290 validity of acts of. Companies amendment act, 2000 bare acts law library. Using an executive fiat through an administrative order issued under sec. Where, before the commencement of the companies amendment act, 1974 41 of 1974, any deposit was received by a company in con travention any direction made under chapter iiib of the reserve bank of india act, 1934. Section 372a of the companies act, 1956 the act deals with intercorporate loan, investment, guarantee and securities in connection with loan. Icai the institute of chartered accountants of india. Companies act 1956 section 581b citation 11595 bare. The management is grateful to the government authorities, bankers, vendors for their continued assistance and cooperation. Winding up of the company section 25 company can be wound up if the objects for which it had been established are fully achieved.

Filing statutory applications under section 58a8 of the companies act, 1956. Brief legal background as per section 58a of the companies act 1956 no company nbnfc can accept deposits from public unless an advertisement is issued or through statement in lieu of advertisement private placement, subject to the legal requirements mentioned in the. Application of section 58a of the companies act 1956. 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. Offences committed by persons other than a company or its officers like trustees, liquidators, contributories etc. Companies act 1956 section 58a judgments legalcrystal. Omitted by the companies amendment act, 1965, act 31 of 1965, w. Power of central government to declare an establishment not to be a branch office. Powers of securities and exchange board of india 56.

Section 58a in the companies act, 1956 indian kanoon. Penalties under indian companies act by navratan agrawal indian companies act 1956 provides a range of obligations to be discharged by every company registered under this act and also on the part of its directors managers secretaries, etc. Acts done by a person as a director shall be valid, notwithstanding that it may afterwards be discovered that his appointment was invalid by reason of any defect or disqualification or had terminated by virtue of any provision. View auditors report of the various companies, comments of auditors, annexure to the auditors report. This post is contributed by vaibhav modi section 4a of the companies act, 1956 the act lays down what institutions shall be regarded as public financial institutions for the purposes of the act. Deposits not to be invited without issuing an advertisement. Section 25 companies under companies act 1956 legal. Benches of the company law board shall not accept further applications under sections 58a 9 and 58aa of the companies act, 1956. Guidance note on audit of internal financial controls over financial reporting. Ca final study material,practice manual for may 2014 download new tax.

Various companies have been incorporated under the companies act, 1956. Section 58a of companies act, 1956 has put restrictions on acceptance of deposits by any company subject to rules being prescribed. Provisions act 1952 or employees state insurance act 1948 cannot be compounded under section 621a of companies act. After section 58a of the principal act, the following sections shall be inserted, namely. Inquiry into working of sick industrial companies sections of companies act, 1956. In exercise of the powers conferred by section 58a read with subclauses a and b of sub section 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely.

Attention students applicability of companies act, 1956 and the companies act, 20 for june, 2015 examinations the question papers on the subjects of foundation new syllabus, executive new syllabus, and professional programme old and new syllabus shall carry questions from the notified sections of the. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Section 4a2 empowers the central government to specify other institutions as a public financial institution by a gazetted notification. As per the provisions of section 58a of the companies act, 1956. Act, 1956 provisions takes into wherein specialized professional who is a director reders certain services to the company and received an amount as professional fees. Section 416 contracts by agents of company in which company is undisclosed principal. Sec 58aa small depositors 1 every company, which accepts deposits from small depositors, shall intimate to the company law board any default made by it in repayment of any such deposits or part thereof or any interest thereupon. Section 25 companies in the companies act, 1956 advisory. Download annual report in pdf format 2014 20 2012 2011 2002.

An application submitted under section 58a 8 of the companies act, 1956 should be in accordance with the companies application for extension of time or exemption under subsection 8 of section 58a rules, 1979 and be accompanied by the following. Full text containing the act, companies amendment act, 2000, with all the sections, schedules, short title, enactment date, and footnotes. Public financial institutions under section 4a of the. Section 4 of ca 20 read with rule 8 mandates a number of disclosures such as directors accountability statement, technology absorption etc but it does not specifically contains an equivalent of 2712a of 1956 act. Readers may also note that the council of the institute had issued the illustrative formats of the audit engagement letter under the companies act, 20 and the illustrative formats of the independent auditors report under the companies act. Be it enacted by parliament in the fifty first year of the republic of india as follows. In exercise of the powers conferred by section 58a, read with section 642 of the. Associations and partnerships to be registered as companies under act. Section 61 except proviso to clause b of subsection 1. Provision of section 58a and applicability to private co. Explore the companies act 20 and companies act 1956. The companies act 1956 indian bare acts india bare act. Deposits not to be invited without issuing an advertisement 58aa.

According provisions of clause 4vb of the order are not applicable. The central government may, in consultation with the reserve bank of india, prescribe the limits up to which, the manner in which and the conditions subject to which deposits may be invited or accepted by a company either from the public. Provisions related to acceptance of deposit by companies us. Companies act, 1956 bare acts law library advocatekhoj.