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Companies Act, 1956 Amending Act 4

Title: Companies (Second Amendment) Act, 2002

State: Central

Year: 1956

THE COMPANIES (SECOND AMENDMENT) ACT, 2002 [Act, No. 11 of 2003] [13th January 2003] PREAMBLE An Act further to amend the Companies Act, 1956. BE it enacted by Parliament in the Fifty-Third Year of the Republic of India as follows:-- Section1. Short title and commencement (1) This Act may be called the Companies (Second Amendment) Act, 2002. (2) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision. Section2. Amendment of section 2 In section 2 of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as the principal Act),-- (a) after clause (1a), the following clause shall be inserted, namely:-- '(1B) "Appellate Tribunal" means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR;'; (b) after clause (19A), the following clauses shall be inserted, namely:-- '(19AA) "industrial company" means a company which owns one.....

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 Section 10FH

Title: Vacancy in Tribunal

State: Central

Year: 1956

(1) In the event of the occurrence of any vacancy in the office of the President of the Tribunal by reason of his death, resignation or otherwise, the senior-most Member shall act as the President of the Tribunal until the date on which a new President, appointed in accordance with the provisions of this Act to fill such vacancy, enters upon his office. (2) When the President is unable to discharge his functions owing to absence, illness or any other cause, the senior-most Member or, as the case may be, such one of the Members of the Tribunal, as the Central Government, may, by notification, authorise in this behalf, shall discharge the functions of the President until the date on which the President resumes his duties. (3) If, for reason other than temporary absence, any vacancy occurs in the office of the President or a Member, the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Tribunal from the stage at which the vacancy is filled.

Companies Act, 1956 Part 1C

Title: Appellate Tribunal

State: Central

Year: 1956

.....the Code of Civil Procedure, 1908 (5 of 1908), but shall be guided by the principles of natural justice and, subject to the other provisions of this Act and of any rules made by the Central Government, the Tribunal and the Appellate Tribunal shall have power to regulate their own procedure. (2) The Tribunal and the Appellate Tribunal shall have, for the purposes of discharging its functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908)while trying a suit in respect of the following matters, namely:-- (a) summoning and enforcing the attendance of any person and examining him on oath; (b) requiring the discovery and production of documents; (c) receiving evidence on affidavits; (d) subject to the provisions of sections 123 and 124 of the Indian Evidence Act, 1872 (1 of 1872), requisitioning any public record or document or copy of such record or document from any office; (e) issuing commissions for the examination of witnesses or documents; (f) reviewing its decisions; (g) dismissing a representation for default or deciding it ex parte; (h) setting aside any order of dismissal of any.....

Companies Act, 1956 Section 10FS

Title: Vacancy in Appellate Tribunal, Etc.

State: Central

Year: 1956

(1) In the event of the occurrence of any vacancy in the office of the Chairperson of the Appellate Tribunal by reason of his death, resignation or otherwise, the senior-most Member of the Appellate Tribunal shall act as the Chairperson of the Appellate Tribunal until the date on which a new Chairperson appointed in accordance with the provisions of this Act to fill such vacancy enters upon his office. (2) When the Chairperson of the Appellate Tribunal is unable to discharge his functions owing to absence, illness or any other cause, the senior-most Member or, as the case may be, such one of the Member of the Appellate Tribunal, as the Central Government may, by notification, authorise in this behalf, shall discharge the functions of the Chairperson until the date on which the Chairperson resumes his duties. (3) If, for reason other than temporary absence, any vacancy occurs in the office of the Chairperson or a Member, the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Appellate Tribunal from the stage at which the vacancy is filled.

Companies Act, 1956 Part 3

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

State: Central

Year: 1956

.....1934), repayment of such deposit shall be made in full on or before the 1st day of April, 1975, and such repayment shall be without prejudice to any action that may be taken under the Reserve Bank of India Act, 1934 for the acceptance of such deposit in contravention of such direction. 6[(3A) Every deposit accepted by a company after the commencement of the Companies (Amendment) Act, 1998, shall, unless renewed in accordance with the rules made under sub-section (1), be repaid in accordance with the terms and conditions of such deposit.] (4) Where any deposit is accepted by a company after the commencement of the Companies (Amendment) Act, 1974, in contravention of the rules made under sub­section (1), repayment of such deposit shall be made by the company within thirty days from the date of acceptance of such deposit or within such further time, not exceeding thirty days, as the Central Government may, on sufficient cause being shown by the company, allow. (5) Where a company omits or fails to make repayment of a deposit in accordance with the provisions of clause (c) of sub-section (3), or in the case of a deposit referred to in sub-section (4), within the time.....

Companies Act, 1956 Section 81

Title: Further Issue of Capital

State: Central

Year: 1956

.....the company, the company may, within thirty days from the date of communication to it of such order or within such further time as may be granted by the court prefer an appeal to the court in regard to such terms and conditions and the decision of the court on such appeal and, subject only to such decision, the order of the Central Government under sub-section (4) shall be final and conclusive.] _______________________ 1. Substituted by Act 65 of 1960, Section 24, for certain words (w.e.f. 28-12-1960). 2. Substituted by Act 65 of 1960, Section 24, for "new" (w.e.f. 28-12-1960). 3. Inserted by Act 65 of 1960, Section 24 (w.e.f. 28-12-1960). 4. Substituted by Act 65 of 1960, Section 24, for sub-section (3) (w.e.f. 28-12-1960). 5. Substituted by Act 53 of 1963, Section 5, for the proviso (w.e.f. 1-1-1964). 6. Inserted by Act 53 of 1963, Section 5 (w.e.f. 1-1-1964).

Companies Act, 1956 Schedule 6

Title: Schedule 6

State: Central

Year: 1956

.....the account; and (b) shall disclose every material feature, including credits or receipts and debts or expenses in respect of non-recurring transactions or transactions of an exceptional nature. 3.The profit and loss account shall set out the various items relating to the income and expenditure of the company arranged under the most convenient heads; and in particular, shall disclose the following information in respect of the period covered by the account: - 17[(i) (a) The turnover, that is, the aggregate amount for which sales are effected by the company, giving the amount of sales in respect of each class of goods dealt with by the company, and indicating the quantities of such sales for each class separately.] 18[(b) Commission paid to sole selling agents within the meaning of section 294 of the Act. (c) Commission paid to other selling agents. (d) Brokerage and discount on sales, other than the usual trade discount.] 17[(ii) (a) In the case of manufacturing companies, - (1) The value of the raw material consumed, giving item wise break-up and indicating the quantities thereof. In this break-up, as far as possible, all important basic raw materials shall be.....

Hindu Adoptions and Maintenance Act, 1956 Complete Act

State: Central

Year: 1956

.....a person who, though not a Hindu by religion is, nevertheless, a person to whom this Act applies by virtue of the provisions contained in this section. SECTION 03: DEFINITIONS In this Act, unless the context otherwise requires,- (a) the expressions "custom" and "usage" signify any rule which, having been continuously and uniformly observed for a long time, has obtained the force of law among Hindus in any local area, tribe, community, group or family: Provided that the rule is certain and not unreasonable or opposed to public policy: Provided further that, in the case of a rule applicable only to a family, it has not been discontinued by the family; (b) "maintenance" includes- (i) in all cases, provision for food, clothing, residence, education and medical attendance and treatment; (ii) in the case of an unmarried daughter, also the reasonable expenses of and incidents to her marriage; (c) "minor" means a person who has not completed his or her age of eighteen years. SECTION 04: OVERRIDING EFFECT OF ACT Save as otherwise expressly provided in this Act,- (a) any text, rule or interpretation of Hindu law or any custom or usage as part of that law in force immediately before.....

Khadi and Village Industries Commission Act, 1956 Complete Act

State: Central

Year: 1956

.....for the production and development of Khadi and Village Industries and to deal with other matters incidental thereto. It has, however, been found in actual practice that the work of the Board has been hampered by certain procedural and financial difficulties, difficulties which would be removed if a Commission were set up by law. It is, therefore, proposed to set up a Commission, called the All India Khadi and Village Industries Commission, which will be vested with powers, executive as well as administrative, for the proper development of khadi and village industries. The Bill also provides for the All India Khadi and Village Industries Board functioning as an advisory body which will advise the Commission generally in the discharge of all its duties". -Gazette of India, 1955, Extra., Pt. II, Section 2, p. 212, Amending Act 32 of 1961.- Experience of the administration of the Khadi and Village Industries Commission Act, 1956, has disclosed certain difficulties in its working. The object of the present Bill is to remove such difficulties. Opportunity has been taken to make certain other minor and formal amendments in the Act. The notes on clauses explain in detail the important.....