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Start Free TrialPension Fund Regulatory and Development Authority Act, 2013, Section 8
Title: Administrative Powers of Chairperson
State: Central
Year: 2013
The Chairperson shall have the powers of general superintendence and direction in respect of all administrative matters of the Authority.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 375
Title: Winding Up of Unregistered Companies
State: Central
Year: 2013
.....so due, and the company has, for three weeks after the service of the demand, neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor; (b) if any suit or other legal proceeding has been instituted against any member for any debt or demand due, or claimed to be due, from the company, or from him in his character as a member, and notice in writing of the institution of the suit or other legal proceeding having been served on the company by leaving the same at its principal place of business or by delivering it to the secretary, or some director, manager or principal officer of the company or by otherwise serving the same in such manner as the Tribunal may approve or direct, the company has not, within ten days after service of the notice,-- (i) paid, secured or compounded for the debt or demand; (ii) procured the suit or other legal proceeding to be stayed; or (iii) indemnified the defendant to his satisfaction against the suit or other legal proceeding, and against all costs, damages and expenses to be incurred by him by reason of the same; (c) if execution or other process issued on a decree or order of any Court or Tribunal in.....
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 339
Title: Liability for Fraudulent Conduct of Business
State: Central
Year: 2013
.....of a company is carried on with such intent or for such purpose as is mentioned in sub-section (1), every person who was knowingly a party to the carrying on of the business in the manner aforesaid, shall be liable for action under section 447. (4) This section shall apply, notwithstanding that the person concerned may be punishable under any other law for the time being in force in respect of the matters on the ground of which the declaration is to be made. Explanation. -- For the purposes of this section,-- (a) the expression "assignee" includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation, mortgage or charge was created, issued or transferred or the interest was created, but does not include an assignee for valuable consideration, not including consideration by way of marriage, given in good faith and without notice of any of the matters on the ground of which the declaration is made; (b) the expression "officer" includes any person in accordance with whose directions or instructions the directors of the company have been accustomed to act.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 342
Title: Prosecution of Delinquent Officers and Members of Company
State: Central
Year: 2013
.....sub-section (2), the Tribunal may, on the application of any person interested in the winding up or suo motu, direct the Company Liquidator to make such a report, and on a report being made, the provisions of this section shall have effect as though the report had been made in pursuance of the provisions of sub-section (2). (5) When any prosecution is instituted under this section, it shall be the duty of the liquidator and of every person, who is or has been an officer and agent of the company to give all assistance in connection with the prosecution which he is reasonably able to give. Explanation. -- For the purposes of this sub-section, the expression "agent", in relation to a company, shall include any banker or legal adviser of the company and any person employed by the company as auditor. (6) If a person fails or neglects to give assistance required by sub-section (5), he shall be liable to pay fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 347
Title: Disposal of Books and Papers of Company
State: Central
Year: 2013
.....to any person claiming to be interested therein. (3) The Central Government may, by rules,-- (a) prevent for such period as it thinks proper the destruction of the books and papers of a company which has been wound up and of its Company Liquidator; and (b) enable any creditor or contributory of the company to make representations to the Central Government in respect of the matters specified in clause (a) and to appeal to the Tribunal from any order which may be made by the Central Government in the matter. (4) If any person acts in contravention of any rule framed or an order made under sub-section (3), he shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees, or with both.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 353
Title: Liquidator to Make Returns, Etc.
State: Central
Year: 2013
(1) If any Company Liquidator who has made any default in filing, delivering or making any return, account or other document, or in giving any notice which he is by law required to file, deliver, make or give, fails to make good the default within fourteen days after the service on him of a notice requiring him to do so, the Tribunal may, on an application made to it by any contributory or creditor of the company or by the Registrar, make an order directing the Company Liquidator to make good the default within such time as may be specified in the order. (2) Any order under sub-section (1) may provide that all costs of, and incidental to, the application shall be borne by the Company Liquidator. (3) Nothing in this section shall prejudice the operation of any enactment imposing penalties on a Company Liquidator in respect of any such default as aforesaid.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 354
Title: Meetings to Ascertain Wishes of Creditors or Contributories
State: Central
Year: 2013
(1) In all matters relating to the winding up of a company, the Tribunal may-- (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence; (b) if it thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the Tribunal may direct; and (c) appoint a person to act as chairman of any such meeting and to report the result thereof to the Tribunal. (2) While ascertaining the wishes of creditors under sub-section (1), regard shall be had to the value of each debt of the creditor. (3) While ascertaining the wishes of contributories under sub-section (1), regard shall be had to the number of votes which may be cast by each contributory.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 357
Title: Commencement of Winding Up by Tribunal
State: Central
Year: 2013
(1) Where, before the presentation of a petition for the winding up of a company by the Tribunal, a resolution has been passed by the company for voluntary winding up, the winding up of the company shall be deemed to have commenced at the time of the passing of the resolution, and unless the Tribunal, on proof of fraud or mistake, thinks fit to direct otherwise, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken. (2) In any other case, the winding up of a company by the Tribunal shall be deemed to commence at the time of the presentation of the petition for the winding up.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 360
Title: Powers and Functions of Official Liquidator
State: Central
Year: 2013
(1) The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe. (2) Without prejudice to the provisions of sub-section (1), the Official Liquidator may-- (a) exercise all or any of the powers as may be exercised by a Company Liquidator under the provisions of this Act; and (b) conduct inquiries or investigations, if directed by the Tribunal or the Central Government, in respect of matters arising out of winding up proceedings.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 361
Title: Summary Procedure for Liquidation
State: Central
Year: 2013
.....companies as may be prescribed, the Central Government may order it to be wound up by summary procedure provided under this Part. (2) Where an order under sub-section (1) is made, the Central Government shall appoint the Official Liquidator as the liquidator of the company. (3) The Official Liquidator shall forthwith take into his custody or control all assets, effects and actionable claims to which the company is or appears to be entitled. (4) The Official Liquidator shall, within thirty days of his appointment, submit a report to the Central Government in such manner and form, as may be prescribed, including a report whether in his opinion, any fraud has been committed in promotion, formation or management of the affairs of the company or not. (5) On receipt of the report under sub-section (4), if the Central Government is satisfied that any fraud has been committed by the promoters, directors or any other officer of the company, it may direct further investigation into the affairs of the company and that a report shall be submitted within such time as may be specified. (6) After considering the investigation report under sub-section (5), the Central Government.....
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