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Start Free TrialCompanies Act, 1956 Section 269
Title: Appointment of Managingor Whole-time Director or Manager to Require Government Approval Only Incertain Cases
State: Central
Year: 1956
.....been found to be in contravention of Schedule XIII, shall, if the acts so done are valid otherwise, be valid notwithstanding any order made by the3[Tribunal] under subsection ( 9 ). Explanation. In this section "appointment" includes re-appointment and "whole-time director" includes a director in the 'whole-time employment of the company'.] ______________________ 1. Section 269 substituted by Act 65 of 1960, sec. 91 (w.e.f. 28-12-1960) and again substituted by Act 31 of 1988, sec. 46 (w.e.f. 15-6-1988). 2. Substituted by Act 53 of 2000, sec. 130, for "five hundred rupees" (w.e.f. 13-12-2000). 3. Substituted by Act 11 of 2003, sec. 33, for "Company Law Board". 4. Substituted by Act 53 of 2000, sec. 130, for "five thousand rupees" (w.e.f. 13-12-2000). 5.Substituted by Act 53 of 2000, sec. 130, for "ten thousand rupees" (w.e.f. 13-12-2000). 6. Substituted by Act 53 of 2000, sec. 130, for "fifty rupees" (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 640A
Title: Exclusion of Time Required in Obtaining Copies of Order of Court or Tribunal
State: Central
Year: 1956
Computation of time for filing orders of Exclusion of Court or the Tribunal 1 [Computation of time for filing orders of 2 [3 [Court or the Tribunal]] 4 [640A. Exclusion of time required in obtaining copies of order of Court or Tribunal Except as expressly provided in this behalf elsewhere in this Act, where by any provision of this Act, any order of the Court or Tribunal is required to be filed with the Registrar, or a company or any other person within a period specified therein, then, in computing that period, the time taken in drawing up the order and in obtaining a copy thereof shall be excluded.] _________________________ 1. Inserted by Act 65 of 1960, Section 209 (w.e.f. 28-12-1960). 2. Substituted by Act 31 of 1988, Section 64, for "Court" (w.e.f. 31-5-1991). 3. Substituted by Act 11 of 2003, Section 128, for "Court or the Company Law Board". 4. Substituted by Act 11 of 2003, Section 129, for Section 640A (See Annexe).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 197A
Title: Company Not to Appoint or Employ Certain Different Categories of Managerial Personnel at the Same Time
State: Central
Year: 1956
1 [Prohibition of simultaneous appointment of different categories of managerial personnel __________________ 197A. Company not to appoint or employ certain different categories of managerial personnel at the same time Notwithstanding anything contained in this Act or any other law or any agreement or instrument, no company shall, after the commencement of the Companies (Amendment) Act, 1960 (65 of 1960), appoint or employ at the same time, or after the expiry of six months from such commencement, continue the appointment or employment at the same time, of more than one of the following categories of managerial personnel, namely: - (a) managing director. 2 [***] (d) manager.] ____________________ 1. Inserted by Act 65 of 1960, Section 55 (w.e.f. 28-12-1960). 2. Clauses (b) and (c) omitted by Act 53 of 2000, Section 84 (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 180
Title: Time of Taking Poll
State: Central
Year: 1956
(1) A poll demanded on a question of adjournment shall be taken forthwith. (2) A poll demanded on any other question (not being a question relating to the election of a chairman which is provided for in section 175) shall be taken at such time not being later than forty-eight hours from the time when the demand was made, as the chairman may direct.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 318
Title: Compensation for Loss of Office Not Permissible Except to Managing or Whole-time Directors or to Directors Who Aremanagers
State: Central
Year: 1956
.....as aforesaid; (c) where the office of the director is vacated by virtue of section 203, 3 [***] or any of the clauses (a) to 4 [(1)], of sub-section (1) of section 283; (d) where the company is being wound up, whether by 5 [order of the Tribunal] or voluntarily, provided the winding up was due to the negligence or default of the director; (e) where the director has been guilty of fraud or breach of trust in relation to, or of gross negligence in or gross mismanagement of, the conduct of the affairs of the company or any subsidiary or holding company thereof; (f) where the director has instigated, or has taken part directly or indirectly in bringing about, the termination of his office. (4) Any payment made to a managing or other director in pursuance of sub-section (1) 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 he ceased to hold the office, or where he held that office for a lesser period than three.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 458A
Title: Exclusion of Certain Time in Computing Periods of Limitation
State: Central
Year: 1956
1 [458A. Exclusion of certain time in computing periods of limitation Notwithstanding anything in the Indian Limitation Act, 1908 (9 of 1908) or in any other law for the time being in force, in computing the period of limitation prescribed for any suit or application in the name and on behalf of a company which is being wound up by the 2 [Tribunal], the period from the date of commencement of the winding up of the company to the date on which the winding up order is made (both inclusive) and a period of one year immediately following the date of the winding up order shall be excluded.] _____________________ 1. Inserted by Act 65 of 1960, Section 171 (w.e.f. 28-12-1960). 2. Substituted by Act 11 of 2003, Section 68, for "Court".
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 474
Title: Power to Exclude Creditors Not Proving in Time
State: Central
Year: 1956
The1[Tribunal] may fix a time or times within which creditors are to prove their debts or claims, or to be excluded from the benefit of any distribution made before those debts or claims are proved. _____________________ 1. Substituted by Act 11 of 2003, Section 77, for "Court".
View Complete Act List Judgments citing this sectionLife Insurance (Emergency Provisions) Act, 1956 [Repealed] Section 11
Title: Exclusion of Time of Act for Computing Period of Limitation
State: Central
Year: 1956
In computing the period of limitation prescribed by any law for the time being in force for any suit or application against any person by an insurer in respect of any matter arising out of his controlled business, the time during which the Life Insurance (Emergency Provisions) Ordinance, 1956, and this Act have been in force shall be excluded.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 270
Title: Time Within Which Share Qualification is to Beobtained and Maximum Amount Thereof
State: Central
Year: 1956
(1) Without prejudice to the restrictions imposed by section 266, it shall be the duly of every director who is required by the articles of the company to hold a specified share qualification and who is not already qualified in that respect, to obtain his qualification within two months after his appointment as director. (2) Any provision in the articles of the company (whether made before or after the commencement of this Act) shall be void insofar as it requires a person to hold the qualification shares before his appointment as a director or to obtain them within a shorter time than two months after his appointment as such. (3) The nominal value of the qualification shares shall not exceed five thousand rupees, or the nominal value of one share where it exceeds five thousand rupees. (4) For the purpose of any provision in the articles requiring a director to hold a specified share qualification, the bearer of a share warrant shall not be deemed to be the holder of the shares specified in the warrant.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 317
Title: Managing Director Not to Be Appointed for More Thanfive Years at a Time
State: Central
Year: 1956
(1) No company shall after, the commencement of this Act, appoint or employ any individual as its managing director for a term exceeding five years at a time. (2) Any individual holding at the commencement of this Act the office of managing director is a company shall unless his term expires earlier, be deemed to have vacated his office immediately on the expiry of five years from the commencement of this Act. (3) Nothing contained in sub-section (1) shall be deemed to prohibit the re-appointment, re-employment, or the extension of the term of office, of any person by further periods not exceeding five years on each occasion: Provided that any such re-appointment, re-employment or extension shall not be sanctioned earlier than two years from the date on which it is to come into force. 1[(4) This section shall not apply to a private company unless it is a subsidiary of a public company.] _______________________ 1 . Inserted by Act 65 of 1960, Section 119 ( w.e.f. 28-12-1960).
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