Title : Punishment for Contravention
State : Central
Year : 2013
If any company contravenes any provision of this Chapter, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees, or with both. View Complete Act List Judgments citing this sectionTitle : Resolutions Passed at Adjourned Meeting
State : Central
Year : 2013
Where a resolution is passed at an adjourned meeting of-- (a) a company; or (b) the holders of any class of shares in a company; or (c) the Board of Directors of a company, the resolution shall, for all purposes, be treated as having been passed on the date on which it was in fact passed, and shall not be deemed to have been passed on any earlier date. View Complete Act List Judgments citing this sectionTitle : Punishment
State : Central
Year : 2013
If a company contravenes any of the provisions of this Chapter and for which no specific punishment is provided therein, the company and every officer of the company who is in default shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees. View Complete Act List Judgments citing this sectionTitle : Company to Contribute to Bona Fide and Charitable Funds, Etc.
State : Central
Year : 2013
The Board of Directors of a company may contribute to bona fide charitable and other funds: Provided that prior permission of the company in general meeting shall be required for such contribution in case any amount the aggregate of which, in any financial year, exceed five per cent. of its average net profits for the three immediately preceding financial years. View Complete Act List Judgments citing this sectionTitle : Investigation into company's affairs in other cases
State : Central
Year : 2013
The Tribunal may,-- (a) on an application made by-- (i) not less than one hundred members or members holding not less than one-tenth of the total voting power, in the case of a company having a share capital; or (ii) not less than one-fifth of the persons on the company's register of members, in the case of a company having no share capital, and supported by such evidence as may be necessary for the purpose of showing that the applicants have good reasons for seeking an order for conducting an investigation into the affairs of the company; or (b) on an application made to it by any other person or otherwise, if it is satisfied that there are circumstances suggesting that-- (i) the business of the company is being conducted with intent to defraud its creditors, members or any..... View Complete Act List Judgments citing this sectionTitle : Preservation of Books and Papers of Amalgamated Companies
State : Central
Year : 2013
The books and papers of a company which has been amalgamated with, or whose shares have been acquired by, another company under this Chapter shall not be disposed of without the prior permission of the Central Government and before granting such permission, that Government may appoint a person to examine the books and papers or any of them for the purpose of ascertaining whether they contain any evidence of the commission of an offence in connection with the promotion or formation, or the management of the affairs, of the transferor company or its amalgamation or the acquisition of its shares. View Complete Act List Judgments citing this sectionTitle : Scheme to Be Binding
State : Central
Year : 2013
On and from the date of the coming into operation of the sanctioned scheme or any provision thereof, the scheme or such provision shall be binding on the sick company and the transferee company or, as the case may be, the other company and also on the employees, shareholders, creditors and guarantors of the said companies. View Complete Act List Judgments citing this sectionTitle : Submission of Report by Company Liquidator
State : Central
Year : 2013
(1) Where the Tribunal has made a winding up order or appointed a Company Liquidator, such liquidator shall, within sixty days from the order, submit to the Tribunal, a report containing the following particulars, namely:-- (a) the nature and details of the assets of the company including their location and value, stating separately the cash balance in hand and in the bank, if any, and the negotiable securities, if any, held by the company: Provided that the valuation of the assets shall be obtained from registered valuers for this purpose; (b) amount of capital issued, subscribed and paid-up; (c) the existing and contingent liabilities of the company including names, addresses and occupations of its creditors, stating separately the amount of secured and unsecured debts, and in..... View Complete Act List Judgments citing this sectionTitle : Custody of company's properties
State : Central
Year : 2013
(1) Where a winding up order has been made or where a provisional liquidator has been appointed, the Company Liquidator or the provisional liquidator, as the case may be, shall, on the order of the Tribunal, forthwith take into his or its custody or control all the property, effects and actionable claims to which the company is or appears to be entitled to and take such steps and measures, as may be necessary, to protect and preserve the properties of the company. (2) Notwithstanding anything contained in sub-section (1), all the property and effects of the company shall be deemed to be in the custody of the Tribunal from the date of the order for the winding up of the company. (3) On an application by the Company Liquidator or otherwise, the Tribunal may, at any time after the..... View Complete Act List Judgments citing this sectionTitle : Submission of Periodical Reports to Tribunal
State : Central
Year : 2013
(1) The Company Liquidator shall make periodical reports to the Tribunal and in any case make a report at the end of each quarter with respect to the progress of the winding up of the company in such form and manner as may be prescribed. (2) The Tribunal may, on an application by the Company Liquidator, review the orders made by it and make such modifications as it thinks fit. View Complete Act List Judgments citing this section