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Home Bare Acts Phrase: discount pointCompanies Act, 1956 Section 79
Title: Power to Issue Shares at a Discount
State: Central
Year: 1956
.....the issue of the shares or of so much of that discount as has not been written off at the date of the issue of the prospectus. If default is made in complying with this sub-section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to7[five hundred rupees]. ________________________ 1. Substituted by Act 41 of 1974, Section 9, for "Court" (w.e.f. 1-2-1975) and again Substituted by Act 11 of 2003, Section 12, for "Company Law Board". 2. Certain words omitted by Act 41 of 1974, Section 9 (w.e.f. 1-2-1975). 3. Added by Act 41 of 1974, Section 9 (w.e.f. 1-2-1975). 4. Substituted by Act 11 of 2003, Section 12 for "Company Law Board". 5. Substituted by Act 11 of 2003, Section 12 for "unless that board is of opinion". 6. Inserted by Act 11 of 2003, Section 12. 7. Substituted by Act 53 of 2000, Section 34, for "fifty rupees" (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionReserve Bank of India Act, 1934 (2 of 1934) Section 18
Title: Power of Direct Discount
State: Central
Year: 1934
.....not exceeding ninety days, on such terms andconditions as the Bank may consider to be sufficient.] 10 [***] 11 [***] ______________________ 1.The brackets and figure "(1)" omitted by Act 51 of 1974, section 7(w.e.f. 13-12-1974). 2.Substituted by Act 32 of 1951, section 8, for "Central Board" (w.e.f.1-1-1949). 3.Certain words omitted by Act 62 of 1948, section 7 and Schedule (w.e.f.1-1-1949). 4.Substituted by Act 51 of 1974, section 7, for "under this sub-section"(w.e.f. 13-12-1974). 5.The words "or Burma" Inserted by the India and Burma (Burma MonetaryArrangements) Order, 1937 and omitted by Act 11 of 1947, section 12 (w.e.f.1-4-1947). 6.Certain words omitted by Act 51 of 1974, section 7 (w.e.f. 13-12-1974). 7.Substituted by Act 51 of 1974, section 7, for the clause (1) (w.e.f.13-12-1974). 8.Clause (2) omitted by Act 24 of 1978, section 5 (w.e.f. 21-7-1978). 9.Substituted by Act 51 of 1974, section 7 for the clause (3) (w.e.f. 13-12-1974). 10.The proviso omitted by Act 62 of 1948, section 7 and Schedule (w.e.f. 1-1-1949). 11.Sub-section (2) omitted by Act 51 of 1974, section 7 (w.e.f. 13-12-1974).
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 53
Title: Prohibition on Issue of Shares at Discount
State: Central
Year: 2013
(1) Except as provided in section 54, a company shall not issue shares at a discount. (2) Any share issued by a company at a discounted price shall be void. (3) Where a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer 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 one lakh rupees but which may extend to five lakh rupees, or with both.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 76
Title: Power to Pay Certain Commissions and Prohibition of Payment of All Other Commissions, Discounts, Etc.
State: Central
Year: 1956
.....(a) of sub-section (1) for any shares in, or debentures of, the company and before the issue of the prospectus or statement in lieu thereof any other person or persons has or have subscribed for any or all of those shares or debentures and that fact together with the aggregate amount of commission payable under this section in respect of such subscription is disclosed in such prospectus or statement, then, the company may pay commission to the first-mentioned person in respect of such subscription.] (5) If default is made in complying with the provisions of this section, the company, and every officer of the company who is in default shall be punishable with fine which may extend to4[five thousand rupees]. _____________________ 1. The word "and" omitted by Act 31 of 1965, Section 12 (w.e.f. 15-10-1965). 2. Inserted by Act 31 of 1965, Section 12 (w.e.f. 15-10-1965). 3. Substituted by Act 65 of 1960, Section 22, for "any of its capital moneys" (w.e.f. 28-12-1960). 4. Substituted by Act 53 of 2000, Section 32, for "five hundred rupees" (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949 Section 13
Title: Restriction on Commission, Brokerage, Discount, Etc. on Sale of Shares
State: Central
Year: 1949
Notwithstanding anything to thecontrary contained in 1 [sections 76 and 79 of the Companies Act, 1956 (1 of1956)], no banking company shall pay outdirectly or indirectly by way of commission, brokerage, discount orremuneration in any form in respect of any shares issued by it, any amountexceeding in the aggregate two and one-half per cent of the paid-up value ofthe said shares. ___________________ 1. Subsituted by Act 95 of 1956, Section 14 and Schedule I, for"section 105 and 105A of the Indian Companies Act, 1913 (7 of 1913)" w.e.f.14-1-1957.
View Complete Act List Judgments citing this sectionPension Fund Regulatory and Development Authority Act, 2013, Section 27
Title: Registration of Central Recordkeeping Agency, Pension Fund, Point of Presence, Etc.
State: Central
Year: 2013
.....of a certificate of registration under this Act shall be in such form and manner and shall be accompanied by such fees as may be determined by regulations. (3) The Authority may, after considering the application and subject to such terms and conditions as it may specify, grant a certificate of registration as a central recordkeeping agency, point of presence, pension fund or such other intermediary, as the case may be. (4) The Authority may, by order, suspend or cancel a certificate of registration granted under sub-section (3) in such manner as may be determined by regulations: Provided that no order under this sub-section shall be made unless the person concerned has been given a reasonable opportunity of being heard.
View Complete Act List Judgments citing this sectionIndian Electricity Act, 1910 [Repealed] Section 19A
Title: Point Where Supply is Delivered
State: Central
Year: 1910
1[19A. Point where supply is delivered Forthe purposes of this Act, the point at which the supply of energy by a licenseeto a consumer shall be deemed to commence shall be determined in such manner asmay be prescribed.] _____________________________ 1. Inserted by Act 1 of 1922, Section 6.
View Complete Act List Judgments citing this sectionPension Fund Regulatory and Development Authority Act, 2013, Section 22
Title: Point of Presence
State: Central
Year: 2013
(1) The Authority may, by granting a certificate of registration under sub-section (3) of section 27, permit one or more persons to act as a point of presence for the purpose of receiving contributions and instructions, transmitting them to the Trustee Bank or the central recordkeeping agency, as the case may be, and paying out benefits to subscribers in accordance with the regulations made by the Authority from time to time in this regard. (2) A point of presence shall function in accordance with the terms of its certificate of registration and the regulations made under this Act.
View Complete Act List Judgments citing this sectionBombay Industrial Relations Act, 1946, (Maharashtra) Section 90
Title: Reference on Point of Law
State: Maharashtra
Year: 1946
.....to an industrial dispute to the Industrial Court for its decision. Any order passed by such Court in such suit, prosecution or legal proceeding shall be in accordance with such decision. (3) The3[State] Government may refer to the Industrial Court any point of law arising in any proceedings held under this Act. The Industrial Court shall not decide any such reference save in open Court and with the concurrence of a majority of the members of the Court present at the hearing of the reference.] _____________________ 1. This sub-section was inserted by Bom. 43 of 1948, s. 18(1). 2. The original sub-sections (1) and (2) were re-numbered as (2) and (3), respectively, Bom. 43 of 1948, s. 18(2). 3. This word was substituted for the word "provincial" by the Adaptation of Laws Order, 1950.
View Complete Act List Judgments citing this sectionMajor Port Trusts Act, 1963 Section 104
Title: Board to Remedy Defects and Irregularities Pointed out in Audit Report
State: Central
Year: 1963
Every Board shall forthwith take into consideration any defects or irregularities that may be pointed out by the Comptroller and Auditor-General of India in the audit report on the income and expenditure of the Board and shall take such action thereon as the Board may think fit and shall also send a report of the action so taken to the Central Government.
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