Bare Act Search Results

Companies 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).

Reserve 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).

Companies 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.

Companies 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).

Banking 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.

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....the same activity as that carried on by the head office of the company; or (c) any establishment engaged in any production, processing or manufacture, but does not include any establishment specified in any order made by the Central Government under (section 8);] (10) "company" means a company as defined in (section 3); [(10A) "Company Law Board" means the Board of Company Law Administration constituted under (section 10E);] [(11) "the Court" means,- (a) with respect to any matter relating to a company (other than any offence against this Act), the Court having jurisdiction under this Act with respect to that matter relating to that company, as provided in (section 10) ; (b) with respect to any offence against this Act, the Court of a Magistrate of the First Class or, as the case may be, a Presidency Magistrate, having jurisdiction to try such offence ;] (12) "debenture" includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not; [(12A) "depository" has the same meaning as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2.....

Companies Act, 1913 Complete Act

State: Central

Year: 1913

.....either his consent to the alteration has been obtained or bis debt or claim has been discharged or has determined, or has been secured to the satisfaction of the Court: Provided that the Court may, in the case of any person or class, for special reasons, dispense with the notice required by this section. SECTION 13: Power of Court when confirming alteration: The Court may make an order confirming the alteration either wholly or in part, and on such terms and conditions as it thinks fit, and may make such order as to costs as it thinks proper. SECTION 14: Exercise of discretion by Court: The Court shall, in exercising its discretion under sections 12 and 13, have regard to the rights and interests of the members of the company or of any class of them, as well as to the rights and interests of the creditors, and may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of dissentient members ; and may give such directions and make such orders as it may think expedient for facilitating or carrying into effect any such arrangement; Provided that no part of the capital of the.....

Companies Act, 1956 Part 3

Title: Prospectus and Allotment, and Other Matters Relating to Issue of Shares or Debentures

State: Central

Year: 1956

.....disclosed, he proves that he had no knowledge thereof; or (b) he proves that the non-compliance or contravention arose from an honest mistake of fact on his part; or (c) the non-compliance or contravention was in respect of matters which, in the opinion of the Court dealing with the case4[were immaterial] or was otherwise such as ought, in the opinion of that court, having regard to all the circumstances of the case, reasonably to be excused: Provided that no director or other person shall incur any liability in respect of the failure to include in a prospectus a statement with respect to the matters specified in clause 18 of Schedule II, unless it is proved that he had knowledge of the matters not disclosed. (5) This section shall not apply - (a) to the issue to existing members or debenture-holders of a company of a prospectus or form of application relating to shares in or debentures of the company whether an applicant for shares or debentures will or will not have the right to renounce in favour of other persons; or (b) to the issue of a prospectus or form of application relating to shares or debentures which are, or are to be, in all respects uniform with.....

Chit Funds Act, 1982 Complete Act

State: Central

Year: 1982

.....the foreman; (b) his methods of operation; (c) the interest of prospective subscribers; (d) the requirement as to security; and (e) such other factors as the circumstances of the case may require. (3) The amount of discount referred to in clause (f) of sub-section (1) shall not exceed 2["forty per cent."]. of the chit amount. (4) Where the prized subscriber at any instalment of the chit is required to be determined by auction and more than one person offer the maximum discount, the prized subscriber shall be determined by lot. Clause 6.- While the various particulars which are required to be specified in every chit agreement and the other formalities to be complied with have been specified in sub-clause (1) of this clause, it has been provided in sub-clause (2) that the duration of a chit shall not extend beyond a period of five years from the date of its commencement. However, the State Government concerned has been empowered to permit the duration of a chit up to a period of ten years on the existence of certain conditions specified in that sub-clause. Sub-clause (3) provides that the amount of discount in any chit shall not exceed thirty per cent. of the chit amount.....

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....in recent years in banking, especially the rapid growth of banking resources and of the number of banks and branches. Regard must also be had to the fact that the banking system is likely in the post-war period to be more vulnerable by reason of the great expansion, both quantitatively and relatively that has taken place in demand deposits, as compared with time deposits, during the war years. The enactment of a separate comprehensive measure has in consequence now become imperative. 2. With this object in view. a Bill to amend the law relating to Banking Companies was introduced in the Legislative Assembly in November. 1944 and was subsequently circulated for eliciting public opinion through the Provincial Governments, In the ensuing Budget Session of the Assembly the Bill was referred to a Select Committee which was due to meet in October, 1945. but it lapsed before its consideration by the Committee. A fresh Bill with certain modifications which suggested themselves on consideration of the opinions and criticisms received on the 1944 Bill was introduced in the Legislative Assembly in March 1946 and was referred to a Select Committee in April 1946. The report of the Select.....