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Start Free TrialCompanies Act, 1956 Section 269
Title: Appointment of Managingor Whole-time Director or Manager to Require Government Approval Only Incertain Cases
State: Central
Year: 1956
.....been found to be in contravention of Schedule XIII, shall, if the acts so done are valid otherwise, be valid notwithstanding any order made by the3[Tribunal] under subsection ( 9 ). Explanation. In this section "appointment" includes re-appointment and "whole-time director" includes a director in the 'whole-time employment of the company'.] ______________________ 1. Section 269 substituted by Act 65 of 1960, sec. 91 (w.e.f. 28-12-1960) and again substituted by Act 31 of 1988, sec. 46 (w.e.f. 15-6-1988). 2. Substituted by Act 53 of 2000, sec. 130, for "five hundred rupees" (w.e.f. 13-12-2000). 3. Substituted by Act 11 of 2003, sec. 33, for "Company Law Board". 4. Substituted by Act 53 of 2000, sec. 130, for "five thousand rupees" (w.e.f. 13-12-2000). 5.Substituted by Act 53 of 2000, sec. 130, for "ten thousand rupees" (w.e.f. 13-12-2000). 6. Substituted by Act 53 of 2000, sec. 130, for "fifty rupees" (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionImmoral Traffic (Prevention) Act, 1956 Section 22B
Title: Power of Court to Try Cases Summarily
State: Central
Year: 1956
.....it necessary so to do, direct that offences under this Act shall be tried in a summary way by a magistrate [including the presiding officer of a court established under sub-section (1) of section 22A] and the provisions of sections 262 to 265 (both inclusive) of the said Code shall, as far as may be, apply to such trial: Provided that in the case of any conviction in a summary trial under this section it shall be lawful for the magistrate to pass a sentence of imprisonment for a term not exceeding one year: Provided further that when at the commencement of, or in the course of, a summary trial under this section, it appears to the magistrate that the nature of the case is such that a sentence of imprisonment for a term exceeding one year may have to be passed or that it is, for any other reason, undesirable to try the case summarily, the magistrate shall, after hearing the parties, record an order to that effect and thereafter recall any witness, who may have been examined and proceed to hear or re-hear the case in the manner provided by the said Code.] ________________________ 1. Inserted by Act 46 of 1978, section 17 (w.e.f. 2-10-1979).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 388B
Title: Reference to Tribunal of Cases Against Managerial Personnel
State: Central
Year: 1956
.....laid down in the Code of Civil Procedure, 1908 (5 of 1908), for the signature and verification of a plaint in a suit by the Central Government. (5) The 1 [2 [3 [Tribunal]]] may at any stage of the proceedings allow the Central Government to alter or amend the application in such manner and no such terms as may be just, and all such alterations or amendments shall be made as may be necessary for the purpose of determining the real questions in the inquiry. ___________________ 1. Substituted by Act 17 of 1967, Section 4 and Schedule, for "Tribunal' (w.e.f. 1-7-1967). 2. Substituted by Act 31 of 1988, Section 67, for "High Court" (w.e.f. 31-5-1991). 3. Substituted by Act 11 of 2003, Section 38, for "Company Law Board". 4. Substituted by Act 17 of 1967, section 4 and Schedule for "record a finding" (w.e.f. 1-7-1967).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 27
Title: Regulations Required in Case of Unlimited Company, Company Limited by Guarantee or Private Company Limited by Shares
State: Central
Year: 1956
(1) In the case of an unlimited company, the articles shall state the number of members with which the company is to be registered and, if the company has a share capital the amount of share capital with which the company is to be registered. (2) In the case of a company limited by guarantee, the articles shall state the number of members with which the company is to be registered. (3) In the case of a private company having a share capital, the articles shall contain provisions relating to the matters specified in sub-clauses (a), (b) and (c) of clause (iii) of sub-section (1) of section 3; and in the case of any other private company, the articles shall contain provisions relating to the matters specified in the said sub-clauses (b) and (c).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 43A
Title: Private Company to Become Public Company in Certain Cases
State: Central
Year: 1956
.....company has so become a public company, its articles of association may include provisions relating to the matters specified in clause (iii) of sub-section (1) of section 3 and the number of its members may be, or may at any time be reduced, below seven: Provided further that in computing the aforesaid percentage, account shall not be taken of any share in the private company held by a banking company, if, but only if, the following conditions are satisfied in respect of such share, namely: - (a) that the share - (i) forms part of the subject-matter of a trust, (ii) has not been set apart for the benefit of any body corporate, and (iii) is held by the banking company either as a trustee of that trust or in its own name on behalf of a trustee of that trust; or (b) that the share - (i) forms part of the estate of a deceased person, (ii) has not been bequeathed by the deceased person by his will to any body corporate, and (iii) is held by the banking company either as an executor or administrator of the deceased person or in its own name on behalf of an executor or administrator of the deceased person; and the registrar may, for the purpose of satisfying himself.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 250
Title: Imposition of Restrictions Upon Shares and Debentures and Prohibition of Transfer of Shares or Debentures in Certain Cases
State: Central
Year: 1956
.....investigation under sections 247, 4 [***] or on a complaint made by any person in this behalf] that there is good reason to find out the relevant facts about any shares (whether issued or to be issued) and the 5 [Tribunal] is of the opinion that such facts cannot be found out unless the restrictions specified in subsection (2) are imposed, the 5 [Tribunal] may, by order, direct that the shares shall be subject to the restrictions imposed by sub-section (2) for such period not exceeding three years as may be specified in the order. (2) So long as any shares are directed to be subject to the restrictions imposed by this sub-section - (a) any transfer of those shares shall be void; (b) where those shares are to be issued, they shall not be issued; and any issue thereof or any transfer of the right to be issued therewith shall be void; (c) no voting right shall be exercisable in respect of those shares; (d) no further shares shall be issued in right of those shares or in pursuance of any offer made to the holder thereof; and any issue of such shares or any transfer of the right to be issued therewith, shall be void; and (e) except in a liquidation, no payment.....
View Complete Act List Judgments citing this sectionLife Insurance Corporation Act, 1956 Section 35
Title: Repatriation of Assets and Liabilities in the Case of Foreign Insurers in Certain Cases
State: Central
Year: 1956
.....be computed as at the 31st day of December, 1955,- (a) in any case where in respect of the insurer concerned an order has been made under sub-section (2), in accordance with the provisions contained in clause (b) of the Second schedule; and (b) in any other case, in accordance with method A specified in the Second Schedule. Explanation.-In computing the amount of liabilities in respect of the policies referred to in this sub-section, allowances shall be made for receipts and payments in respect of such policies from the 31st day of December, 1955, up to the date of the order. (5) Every order made by the Central Government under this section shall be carried out by the Corporation in such manner as the Central Government may direct.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 45
Title: Members Severally Liable for Debts Where Business Carried on with Fewer Than Seven, or in the Case of Aprivate Company, Two Members
State: Central
Year: 1956
Reduction of number of members below legal minimum If at any time the number of members of a company is reduced in the case of a public company, below seven, or in the case of a private company, below two, and the company carries on business for more than six months while the number is so reduced, every person who is a member of the company during the time that it so carries on business after those six months and is cognizant of the fact that it is carrying on business with fewer than seven members or two members, as the case may be, shall be severally liable for the payment of the whole debts of the company contracted during that time, and may be severally sued therefor.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 208
Title: Power of Company to Pay Interest out of Capital in Certain Cases
State: Central
Year: 1956
.....be determined by the Central Government; and that period shall in no case extend beyond the close of the half-year next after the half-year during which the work or building has been actually completed or the plant provided. (6) The rate of interest shall in no case except four per cent per annum or such other rate as the Central Government may, by notification in the Official Gazette, direct. (7) The payment of the interest shall not operate as a reduction of the amount paid up on the shares in respect of which it is paid. (8) Nothing in this section shall affect any company to which the Indian Railway Companies Act, 1895 (10 of 1895), or the Indian Tramways Act, 1902 (4 of 1902) applies .
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 488
Title: Declaration of Solvency in Case of Proposal to Wind Up Voluntarily
State: Central
Year: 1956
.....are not paid or provided for in full within the period specified in the declaration, it shall be presumed, until the contrary is shown, that the director did not have reasonable grounds for his opinion. (5) A winding up in the case of which a declaration has been made and delivered in accordance with this section is in this Act referred to as "a members' voluntary winding up"; and a winding up in the case of which a declaration has not been so made and delivered is in this Act referred to as a "a creditors' voluntary winding up". ______________________ 1. Substituted by Act 65 of 1960, Section 178, for clause (b) (w.e.f. 28-12-1960). 2. Substituted by Act 53 of 2000, Section 193, for "five thousand rupees" (w.e.f. 13-12-2000).
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