Bare Act Search Results

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2 of the Securities Contracts (Regulation) Act, 1956) (42 of 1956);] (13) "director" includes any person occupying the position of director, by whatever name called; (14) "District Court" means the principal Civil Court of original jurisdiction in a district, but does not include a High Court in the exercise of its ordinary original civil jurisdiction ; [(14A) "dividend" includes any interim dividend;] (15) "document" includes summons, notice, requisition, order, other legal process, and registers, whether issued, sent or kept in pursuance of this or any other Act or otherwise ; [(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price;] (16) "existing company" means an existing company as defined in (section 3); (17) "financial year" means, in relation to any body corporate, the period in respect of which.....

Companies Act, 1956 Part 7

Title: Winding Up

State: Central

Year: 1956

.....given as the1[Tribunal] thinks reasonable. _____________________ 1. Substituted Act 11 of 2003, Section 54, for "Court". 2. Substituted by Act 11 of 2003, Section 54. 3. Substituted by Act 65 of 1960, Section 162, for "clauses (b), (c) and (e)" (w.e.f. 28-12-1960). 4. Substituted by Act 11 of 2003, Section 54, for "and (f)". 5. Substituted by Act 65 of 1960, Section 162, for "an inspector" (w.e.f. 28-12-1960). Section 439A - Statement of affairs to be filed on winding up of a company 1[ 439A. Statement of affairs to be filed on winding up of a company ( 1 ) Every company shall file with the Tribunal a statement of its affairs alongwith the petition for winding up. ( 2 ) Where a company oppose a petition for its winding up, it sh all file with the Tribunal a statement of its affairs. ( 3 ) The statement of affairs referred to in sub-section ( 1 ) or sub-section ( 2 ) shall be accompanied by-- (a) the last known addresses of all directors and company, secretary of such company; (b) the details of location of assets of the company and their value; (c) the details of all debtors and creditors with their complete addresses; (d) the details of workmen.....

Companies Act, 1956 Chapter 5

Title: Provisions Applicable to Every Mode of Winding Up

State: Central

Year: 1956

.....that period; (b) the expression "accrued holiday remuneration" includes, in relation to any person, all sums which, by virtue either of his contract of employment or of any enactment (including any order made or direction given under any enactment), are payable on account of the remuneration which would, in the ordinary course, have become payable to him in respect of a period of holiday, had his employment with the company continued until he became entitled to be allowed the holiday; 5[***] 6[(bb) the expression "employees" does not include a workman; and] (c) the expression "the relevant date" means- (i) in the case of a company ordered to be wound up compulsorily, the date of the appointment (or first appointment) of a provisional liquidator, or if no such appointment was made, the date of the winding up order, unless in either case the company had commenced to be wound up voluntarily before that date; and (ii) in any case where sub-clause (i) does not apply, the date of the passing of the resolution for the voluntary winding up of the company. (9) This section shall not apply in the case of a winding up where the date referred to in sub-section (5) of section.....

Companies Act, 1956 Section 535

Title: Disclaimer of Onerous Property in Case of a Company Which is Being Wound Up

State: Central

Year: 1956

.....or assignment for the purpose: Provided that, where the property disclaimed is of a lease-hold nature the1[Tribunal] shall not make a vesting order in favour of any person claiming under the company, whether as under-lessee or as mortgage or holder of a charge by way of demise, except upon the terms of making that person-- (a) subject to the same liabilities and obligations as those to which the company was subject under the lease in respect of the property at the commencement of the winding up; or (b) if the1[Tribunal] thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date; and in either event (if the case so requires) as if the lease had comprised only the property comprised in the vesting order; and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the properly, and, if there is no person claiming under the company who is willing to accept an order upon such terms, the1[Tribunal] shall have power to vest the estate and interest of the company in the property in any person liable, either personally or in a.....

Companies Act, 1956 Section 625

Title: Payment of Compensation in Cases of Frivolous or Vexatious Prosecution

State: Central

Year: 1956

.....of any case instituted upon the complaint of a shareholder against the company or any officer thereof in pursuance of section 621, the provisions of section 250 of the Code of Criminal Procedure, 1898 (5 of 1898), shall not apply and the following provisions shall apply instead. (2) If the Magistrate by whom any such case is heard discharges or acquits all or any of the accused, and is of opinion that the accusation against them or any of them was false and either frivolous or vexatious, the Magistrate may, by his order of discharge or acquittal, if the shareholder upon whose complaint the accusation was made is present, call upon him forthwith to show cause why he should not pay compensation to such accused, or to each or any of such accused when there is more than one, or if such shareholder is not present, direct the issue of a summons to him to appear and show cause as aforesaid. (3) The Magistrate shall record and consider any cause which such shareholder may show; and if the Magistrate is satisfied that the accusation was false and other frivolous or vexatious, he may, for reasons to be recorded, direct that compensation to such amount as he may determine be paid by.....

Life Insurance (Emergency Provisions) Act, 1956 [Repealed] Section 8

Title: Compensation, How to Be Paid and Distributed

State: Central

Year: 1956

(1) The amount of compensation payable under section 7 shall in the first instance be payable out of the seven and a half per cent of the surplus referred to in sub-section (1) of section 49 of the Insurance Act-earned by the insurer during the period the management of the controlled business of the insurer vests in the Central Government and where such compensation or any part there of can not be so paid out the Central Government shall make due provision for the payment of such compensation or part thereof as the case may be. (2) The compensation payable under section 7shall be distributed among the persons entitled thereto by the Central Government in such manner as may be prescribed by rules made in this behalf: Provided that in the case of an insurer who is a company the Central Government shall have due regard to the wishes of the members expressed by them at any general meeting convened for the purpose.

Companies Act, 1956 Section 294A

Title: Prohibition of Payment of Compensation Tosole Selling Agents for Loss of Office in Certain Cases

State: Central

Year: 1956

.....in bringing about, the termination of the sole selling agency. (2) The compensation which may be paid by a company to its sole selling agent for loss of office shall not exceed the remuneration which he would have earned if he had been in office for the unexpired residue of his term, or for three years, whichever is shorter, calculated on the basis of the average remuneration actually earned by him during a period of three years immediately preceding the date on which his office ceased or was terminated, or where he held his office for a lesser period than three years, during such period.] _______________________ 1. Inserted by Act 31 of 1965, Section 40 (w.e.f. 15-10-1965 ).

Life Insurance Corporation Act, 1956 Section 16

Title: Compensation for Acquisition of Controlled Business

State: Central

Year: 1956

(1) Where the controlled business of an insurer has been transferred to and vested in the Corporation under this Act, compensation shall be given by the Corporation to that insurer in accordance with the principles contained in the First Schedule. (2) The amount of the compensation to be given in accordance with the aforesaid principles shall be determined by the Corporation in the first instance, and if the amount so determined is approved by the Central Government it shall be offered to the insurer in full satisfaction of the compensation payable to him under this Act, and if, on the other hand, the amount so offered is not acceptable to the insurer he may within such time as may be prescribed for the purpose have the matter referred to the Tribunal for decision.

Life Insurance (Emergency Provisions) Act, 1956 [Repealed] Section 7

Title: Compensation for Management of Controlled Business Vesting in Central Government

State: Central

Year: 1956

The amount of compensation payable in respect of the vesting in the Central Government of the management of the controlled business of an insurer shall, for every month during which the management thereof remains vested in the Central Government, be a sum which is equivalent to one-twelfth of the annual average of the share of the surplus allocated to shareholders as disclosed in the abstracts prepared in accordance with Part II of the Fourth Schedule to the Insurance Act in respect of the last two actuarial investigations relating to the controlled business as at dates earlier than the first day of January, 1956: Provided that, if in respect of the controlled business of an insurer no such surplus as is referred to in this sub-section has been allocated to shareholders either because there are no shareholders or for any other reason, the compensation shall be payable at the rate of on rupee per month for every two thousand rupees or part thereof of the premium income of the insurer relating to his controlled business during the year 1954.

States Reorganisation Act 1956 Section 111

Title: Special Provision Relating to Retrenchment Compensation in Certain Cases

State: Central

Year: 1956

Where, on account of the reorganization of the States under this Act, any body corporate constituted under a Central Act, State Act or Provincial Act, any co-operative society registered under any law relating to co-operative societies or any commercial or industrial undertaking of an existing State, is reconstituted or reorganised in any manner whatsoever or is amalgamated with any other body corporate or undertaking, or is dissolved, and in consequence of such reconstitution, reorganization, amalgamation or dissolution any workman employed by such body corporate or in any such undertaking is transferred to, or re-employed by, any other body corporate or undertaking, then, notwithstanding anything contained in section 25-F of the Industrial Disputes Act, 1947, such transferor re-employment shall not entitle him to any compensation under that section : Provided that-- (a) the terms and conditions of service applicable to the workman after such transfer or re-employment are not less favourable to the workman than those applicable to him immediately before the transfer or re-employment; and (b) the employer, in relation to the body corporate or the undertaking where the.....