Title : Misfeasance Proceedings
State : Central
Year : 1956
(1) If, in the course of scrutiny or implementation of any scheme or proposal, it appears to the Tribunal that any person who has taken part in the promotion, formation or management of the sick industrial company or its undertaking, including any past or present director, manager or officer or employee of the sick industrial company-- (a) has misapplied or retained, or become liable or accountable for, any money or property of the sick industrial company; or (b) has been guilty of any misfeasance, malfeasance or non-feasance of breach of trust in relation to the sick industrial company, the Tribunal may, by order, direct him to repay or restore the money or property or any part thereof, with or without interest, as it thinks just, or to contribute such sum to the assets of the..... View Complete Act List Judgments citing this sectionTitle : 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 sectionTitle : Penalty for Contravention
State : Central
Year : 1956
(1) If any person, other than a Producer Company registered under this Part, carries on business under any name which contains the words "Producer Company Limited", he shall be punishable with fine which may extend to ten thousand rupees for every day during which such name has been used by him. (2) If a director or an officer of a Producer Company, who wilfully fails to furnish any information relating to the affairs of the Producer Company required by a Member or a person duly authorised in this behalf, he shall be liable to imprisonment for a term which may extend to six months and with fine equivalent to five per cent. of the turnover of that company during preceding financial year. (3) If a director or officer of a Producer Company (a) makes a default in handling over the..... View Complete Act List Judgments citing this sectionTitle : Service on Foreign Company
State : Central
Year : 1956
Any process, notice, or other document required to be served on a foreign company shall be deemed to be sufficiently served, if addressed to any person whose name has been delivered to the Registrar under the foregoing provisions of this Part and left at, or sent by post to, the address which has been so delivered: Provided that (a) where any such company makes default in delivering to the Registrar the name and address of a person resident in India who is authorised to accept on behalf of the company service of process, notices or other documents; or (b) if at any time all the persons whose names and addresses have been so delivered are dead or have ceased so to reside, or refuse to accept service on behalf of the company, or for any reason, cannot be served, a document may be..... View Complete Act List Judgments citing this sectionTitle : Companies (Second Amendment) Act, 2002
State : Central
Year : 1956
THE COMPANIES (SECOND AMENDMENT) ACT, 2002 [Act, No. 11 of 2003] [13th January 2003] PREAMBLE An Act further to amend the Companies Act, 1956. BE it enacted by Parliament in the Fifty-Third Year of the Republic of India as follows:-- Section1. Short title and commencement (1) This Act may be called the Companies (Second Amendment) Act, 2002. (2) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision. Section2. Amendment of section 2 In section 2 of the Companies Act, 1956 (1 of..... View Complete Act List Judgments citing this sectionState : Central
Year : 1956
COMPANIES ACT, 1956 COMPANIES ACT, 1956 1 of 1956 An Act to consolidate and amend the law relating to companies and certain other associations BE it enacted by Parliament in the Sixth Year of the Republic of India as follows PART 1: Preliminary: SECTION 1: Short title, commencement and extent: (1) This Act may be called the (Companies Act, 1956) (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. [(3) It extends to the whole of India :] [***] part [Provided [***] that it shall apply to the State of Nagaland subject to such modifications, if any, as the Central Government may, by notification in the Official Gazette, specify.] SECTION 2: Definitions: In this Act, unless the context..... List Judgments citing this sectionTitle : Articles Prescribing Regulations
State : Central
Year : 1956
There may in the case of a public company limited by shares, and there shall in the case of an unlimited company or a company limited by guarantee or a private company limited by shares, be registered with the memorandum, articles of association signed by the subscribers of the memorandum, prescribing regulations for the company. View Complete Act List Judgments citing this sectionTitle : Execution of Deeds
State : Central
Year : 1956
(1) A company may, by writing under its common seal, empower any person, either generally or in respect of any specified matters, as its attorney, to execute deeds on its behalf in any place either in or outside India. (2) A deed signed by such an attorney on behalf of the company and under his seal where sealing is required, shall bind the company and have the same effect as if it were under its common seal. View Complete Act List Judgments citing this sectionTitle : Expert to Be Unconnected with Formation or Management of Company
State : Central
Year : 1956
A prospectus inviting persons to subscribe for shares in or debentures of a company shall not include a statement purporting to be made by an expert, unless the expert is a person who is not, and has not been, engaged or interested in the formation or promotion, or in the management, of the company. View Complete Act List Judgments citing this sectionTitle : Power of Company to Accept Unpaid Share Capital, Although Not Called Up
State : Central
Year : 1956
(1) A company may, if so authorised by its articles accept from any member the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up. (2) The member shall not however be entitled, where the company is one limited by shares, to any voting rights in respect of the moneys so paid by him until the same would, but for such payment, become presently payable. View Complete Act List Judgments citing this section