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Companies Act, 1956 Chapter 2

Title: Directors

State: Central

Year: 1956

.....) Sub-section ( 1 ) shall not apply to a private company, unless it is a subsidiary of a public company. ______________________ 1. Inserted by Act 31 of 1988, Section 45 (w.e.f. 15-6-1988). 2. Inserted by Act 65 of 1960, Section 85 (w.e.f. 28-12-1960). Section 258 - Right of company to increase or reduce the number of directors 1[***] Subject to the provisions of sections 252 , 255 and 259 , a company in general me eting may, by ordinary resolution, increase or reduce the number of its directors within the limits fixed in that behalf by its articles. ______________________ 1. The brackets and figure "(1) omitted by Act 36 of 1957, Section 3 and Schedule II." Section 259 - Increase in number of directors to require Government sanction In the case of a public company or a private company which is a subsidiary of a public company, any increase in the number of its directors, except- (a) in the case of a company which was in existence on the 21 st day of July, 1951 , an increase which was within the permissible maximum under its articles as in force on that date, and (b) in the case of a company which came or may come into existence after that date, an.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....

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COMPANIES ACT, 1956 Section 300

Title: Interested director not to participate or vote in Board's proceedings

State: Central

Year: 1956

.....of the prohibitions contained in sub-section (1) to the company, the Central Government may, by notification in the Official Gazette, direct that that sub-section shall not apply to such company, or shall apply thereto subject to such exceptions, modifications and conditions as may be specified in the notification. (4) Every director who knowingly contravenes the provisions of this section shall be punishable with fine which may extend to2[fifty thousand rupees]. _______________________ 1. Substituted by Act 65 of 1960, Section 107, for certain words (w.e.f. 28-12-1960). 2. Substituted by The Companies (Amendment) Act, 2000, Section 145, for "five thousand rupees" (w.e.f. 13 -12-2000).

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 16

Title: No Compensation to Directors for Loss of Office

State: Central

Year: 2002

(1) Notwithstanding anything to the contrary contained in any contract or in any other law for the time being in force, no managing director or any other director or a manager or any person in charge of management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation.

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Complete Act

Title: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

State: Central

Year: 2002

.....of securitisation, reconstruction and creation of security interest Section24 - Modification of security interest registered under this Act Section25 - Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest Section26 - Right to inspect particulars of securitisation, reconstruction and security interest transactions Chapter V Section27 - Penalties Section28 - Penalties for non-compliance of direction of Reserve Bank Section29 - Offences Section30 - Cognizance of offence Chapter VI Section31 - Provisions of this Act not to apply in certain cases Section32 - Protection of action taken in good faith Section33 - Offences by companies Section34 - Civil court not to have jurisdiction Section35 - The provisions of this Act to override other laws Section36 - Limitation Section37 - Application of other laws not barred Section38 - Power of Central Government to make rules Section39 - Certain provisions of this Act to apply after Central Registry is set-up or cause to be set-up Section40 - Power to remove difficulties Section41 - Amendments of certain enactments Section42 - Repeal and saving Schedule1 -.....

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Rehabilitation Finance Administration Act, 1948 Section 7

Title: Disclosure of Interest

State: Central

Year: 1948

(1) No member of the Administration shall have any interest, direct or indirect, in any business, industry or concern to which any assistance under section 12 has been given or is to be given and if any such member acquires such interest at any time during the continuance of such assistance, he shall immediately disclose it to the Administration and shall either resign his membership or dispose of his interest in such manner and within such time as he may be directed by it. (2) Any member of the Advisory Board who has any interest, director indirect, in any business, industry or concern to which any assistance under section 12 has been given or is to be given or acquires such interest at any time during the continuance of such assistance shall immediately disclose it to the Administration and shall not participate in the proceedings of the Advisory Board relating to such assistance.

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Interest Tax Act, 1974 Section 12

Title: Interest for Default in Furnishing Return of Chargeable Interest

State: Central

Year: 1974

.....re-assessment exceeds the interest-tax on chargeable interest on the basis of earlier assessment aforesaid. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax Act, as applicable to this Act by virtue of section 21 of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 of the Income-tax Act as applicable to this Act by virtue of Section 21, and the provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent years.

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Interest Tax Act, 1974 Section 12A

Title: Interest for Default in Payment of Interest-tax in Advance

State: Central

Year: 1974

.....on the basis of assessment under sub-section (2) or, as the case may be, sub-section (3) of section 8. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax Act as applicable to this Act by virtue of section 21 of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 of the Income-tax Act as applicable to this Act by virtue of section 21 of this Act, and provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years.

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Evacuee Interest Separation Act 1951 [Repealed] Chapter II

Title: Separation of Evacuee Interest in Composite Property

State: Central

Year: 1951

.....or the claimant the amount payable under the mortgage debt and redeem the mortgaged property; or (ii) sell the mortgaged property for satisfaction of the mortgage debt and distribute the sale proceeds thereof; or (iii) partition the property between the mortgagor and the mortgagee having regard to the share to which the mortgagee would be entitled in lieu of his claim; (c) adopt a combination of all or some of the aforesaid measures: Provided that before taking any measure under this section, the competent officer shall take into account the order of preference filed by the claimant under clause (f) of sub-section (2) of section 7; and in any case where the claimant is a mortgagor and tenders the amount due, the competent officer shall accept the same in full satisfaction of the mortgage debt. Section 11 - Vesting of evacuee interest in the Custodian free from encumberances and payments, etc., to be valid discharge from all claims (1) Where in respect of any property, notice under section 6 is issued but no claim is filed or found to exist or where any claim in respect of such property is found to exist and the competent officer separates the evacuee interest.....

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Interest Tax Act, 1974 Complete Act

Title: Interest Tax Act, 1974

State: Central

Year: 1974

.....of chargeable interest Section14 - Opportunity of being heard Section15 - Appeals to the Appellate Assistant Commissioner Section15A - Omitted Section16 - Appeals to Appellate Tribunal Section17 - Rectification of mistakes Section18 - Interest-tax deductible in computing total income under, the Income-tax Act Section19 - Revision of order prejudicial to revenue Section20 - Revision of orders by Commissioner Section21 - Application of provisions of Income-tax Act Section22 - Income-tax papers to be available for the purposes of this Act Section23 - Failure to comply with notices Section24 - False statements Section25 - Willful attempt to evade tax, etc Section26 - Abetment of false returns, etc Section26A - Offences by credit institutions Section26B - Institution of proceedings and composition of offences Section26C - Power of credit institutions to vary certain agreements Section27 - Power to make rules Section28 - Power to Exempt Section29 - Power to remove difficulty Section30 - [Repealed]

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