Sec 58a and 58aa of companies act 1956 pdf

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. Table containing provisions of companies act, 20 as notified up to date and corresponding. Inquiry into working of sick industrial companiessections of companies act, 1956. Companies amendment act, 2000 bare acts law library. As per the provisions of section 58a of the companies act, 1956. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. On the commencement of sub section 2 of section 74 of the companies act, 20 w. Clarification on section 58a9 and section 58aa of the companies act, 1956 reg. 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. Winding up of the company section 25 company can be wound up if the objects for which it had been established are fully achieved. Provision of section 58a and applicability to private co. Omitted by the companies amendment act, 1965, act 31 of 1965, w. Section 4a2 empowers the central government to specify other institutions as a public financial institution by a gazetted notification.

Offences committed by persons other than a company or its officers like trustees, liquidators, contributories etc. Companies act 1956 section 58a judgments legalcrystal. 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. Section 58a in the companies act, 1956 indian kanoon. 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. Be it enacted by parliament in the fifty first year of the republic of india as follows. On the commencement of subsection 2 of section 74 of the companies act, 20 w. Section 58a of companies act, 1956 has put restrictions on acceptance of deposits by any company subject to rules being prescribed. 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. 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. Deposits not to be invited without issuing an advertisement 58aa.

Similarly, another type of company incorporated under the companies act, 1956 is section 25 companies. The companies act 1956 section 290 validity of acts of. Expert s consent to issue of prospectus containing statement by him. 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. Section 58a deposits not to be invited without issuing an advertisement. Indian companies act 1956 authorstream presentation. Powers of securities and exchange board of india 56. 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. Section 6 of the general clauses act, 1897 10 of 1897 to apply in. 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. According to sec 1, a company formed and registered under the act. 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. Provisions related to acceptance of deposit by companies us.

The surplus assets, if any may be given to a similar charitable concern. 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. A prospectus inviting persons to subscribe for shares in or debentures of a company and including a statement purporting to be made by. Companies act, 19561 of 1956, the central government, in consultation. Associations and partnerships to be registered as companies under act. 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. 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.

Interpretation of person in accordance with whose directions or instructions directors are accustomed to act. Section 448 of the companies act, 1956 and are attached to. Companies act 1956 section 581b citation 11595 bare. Filing statutory applications under section 58a8 of the companies act, 1956. Using an executive fiat through an administrative order issued under sec. 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. The management is grateful to the government authorities, bankers, vendors for their continued assistance and cooperation. Various companies have been incorporated under the companies act, 1956.

Icai the institute of chartered accountants of india set up by an act of parliament. The relevant provision is proviso to section 3091 of the cos. Section 416 contracts by agents of company in which company is undisclosed principal. Companies application for extension of time or exemption under sub section 8 of section 58a rules, 1979, view, download. According provisions of clause 4vb of the order are not applicable. Full text containing the act, companies amendment act, 2000, with all the sections, schedules, short title, enactment date, and footnotes. Power of central government to declare an establishment not to be a branch office. 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. Benches of the company law board shall not accept further applications under sections 58a 9 and 58aa of the companies act, 1956. After section 58a of the principal act, the following sections shall be inserted, namely. 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. View auditors report of the various companies, comments of auditors, annexure to the auditors report. The companies act 1956 indian bare acts india bare act.

Inquiry into working of sick industrial companies sections of companies act, 1956. Icai the institute of chartered accountants of india. The companies act 10fq appeal from order of tribunal. Nonbanking companies advertisement rules, 1977, made under section 58a of. Companies act, 1956 bare acts law library advocatekhoj. 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. Section 61 except proviso to clause b of subsection 1.

Default in acceptance or refund of deposits to be cognizable 58b. Section 25 companies under companies act 1956 legal. Guidance note on audit of internal financial controls over financial reporting. Employees securities to be deposited in post office savings bank or scheduled bank. Provisions act 1952 or employees state insurance act 1948 cannot be compounded under section 621a of companies act. Ca final study material,practice manual for may 2014 download new tax. The companies act 1956 section 58aa small depositors india. Deposits not to be invited without issuing an advertisement. 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. Icai is established under the chartered accountants act, 1949 act no.

Attention students applicability of companies act, 1956. In exercise of the powers conferred by section 58a, read with section 642 of the. Download annual report in pdf format 2014 20 2012 2011 2002. 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. Section 372a of the companies act legal service india. Explore the companies act 20 and companies act 1956. 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. The name of the company hereinafter called the federation is the federation of indian mineral industries. Public financial institutions under section 4a of the. Meaning of relative as per section 6 of the companies act, 1956. The company has not accepted any deposit from the public during the year with in the meaning of sec. 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.