The 20 act introduces significant changes in the provisions related to. Section 263a sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. A brief write up on amendments in the indian companies act of 1956 by corporate lawyers. Section 3 1 i of the companies act, 1956 defines a company as a company formed and registered under this act or an existing company. According to section 227 1 of the companies act, 1956, a company auditor has the following rights. Sections of companies act 1956 still applicable tca. Companies in accordance with section 149 of the companies act.
Amendments in the indian companies act of 1956 legal. Section 264 consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. Postindependence of india, the companies act, 1956 which contained 658 sections and 15 schedules regulated the entire gamut of activities with regard to companies, namely. Distinction between companies act 1956 and companies act 20. A comparison of the companies act, 20 and the companies act, 1956 has not been included in this book since such a comparison may result in confusion to the students. Companies act 20 consider some definitions which companies act 1956 did not considered as of. In erstwhile, companies act, 1956 it was regulated by section 25 and that is why it was popular as section 25 company. Companies act, 20 important provisions which have become effective from 12th september, 20 the ministry of corporate affairs has notified 12th septmber, 20 as effective date for 98 sections of the companies act, 20 hereinafter referred as. Register of directors and key managerial personnel and their shareholding.
This an act to consolidate and amend the law relating to companies. Companies act 1956 shall be applicable mutatis mutandis to producer companies in the manner as if the companies act 1956 has not been repealed. Aspirants can also download the companies act 20 notes pdf from the link provided in the end of the article. Co ntes 3 table of contents pension funds act, 1956 act no. These sections have come into effect from 12th september 20. Download file pdf circular resolution companies act 1956 circular resolution companies act 1956 section 175 of companies act, 20 resolution by circulation commerce news guruji hello guys, in this video well discuss the section 175 of companies act, 20 which contains the provisions relating to resolution. Section 31 ii of the act states that an existing company means a company formed and registered under any of the previous companies laws. The concept of nonprofit making company is quite old in india. Many companies primarily have charitable and nonprofit objectives.
Provisions related to producer companies under companies. We are a law firm delhi and provide all legal services in the fields of the company act, 1956, call us for any urgent requirements at our board no. The indian companies act 1956 free pdf ebook cakart. The companies act 20 is an act of the parliament of india on indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. When corporations deemed to be related to each other 6a. Be it enacted by parliament in the sixth year of the republic of india as follows. This act extends to the whole of india, and came in to force on 1st april, 1956. A producer company is a company incorporated under companies act 20 formerly the companies act 1956 and shall carry on following activities as mentioned in section 581b of companies act 1956. The companies act 1956 is administered by the government of india through the ministry of corporate affairs and the offices of registrar of companies, official liquidators, public trustee, company law board, director of inspection, etc. Section 291 of the companies act, 1956 confers general power on the board of directors. Short title, commencement and extent 1 this act may be called the companies act, 1956.
Companies act, 20 important provisions which have become. The companies act, 1956 existing act contains 658 sections and xv schedules. Companies act, 1956 1 of 1956 so repealed under section 465 of this act. Provisions of other acts referred to in companies act, 20. The pdf file you are about to download is not created by writinglaw. In this article, you can read the salient features of the companies act 20 and its comparison with the older companies act 1956, for the ias exam. You may make it a habit to read and refresh important sections every day. Incorporation of nonprofit company section 8 company.
Complete list of sections of companies act, 20 corporate. The company law, in india, is codified, and contained in the companies act, 1956. The gazette of india extraordinary part ii section i published by authority no. Section 3 1 i of the companies act, 1956 defines a company as a company. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts.
Subject to the provisions of the act, the board of directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is. Limited resources and unlimited liability of partners are two important limitations. Section 79 permitted issue of shares at a discount. The free ebook the indian companies act 1956 free pdf ebook is uploaded at. An act to consolidate and amend the law relating to companies and certain other associations. Share capital to stand increased where an order is made under section 814. Such entities are referred to as a section 8 company because they get recognition under section 8 of companies act, 20. Law pdf law study material for college and law exams. Part ixa of companies act, 1956 income tax department. Not all companies have objectives of making profits by carrying out trade and commerce. If you agree then only proceed to download companies act 20 pdf.
Every auditor of a company has a right of access at all times to the books of accounts and vouchers of the company whether kept. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. As we know that the companies act, 20 has now replaced the decades old companies act, 1956 which was amended tons of time. Laws of malaysia act 125 companies act 1965 arrangement of sections part i preliminary section 1. Ebook on companies act 20 in pdf april 2020 edition. Ca final study material,practice manual for may 2014 download new tax. Pdf companies act 1956 and 20 pdf download, high quality. Certain important provisions which have become effective are briefly. The ministry of corporate affairs has notified 98 sections of the new companies act, 20. Satish kumar gupta vs union of india bombay high court where a director was disqualified under section 1642 of the companies act 20 for not filing financial statements and annual returns continuously for a period of three years, then, the disqualification was incurred and no interim relief was to be granted for the same as these were. Under schedule xiii of the companies act, 1956, part ii, section ii relating to. The act contains the mechanism regarding organisational, financial, managerial and all the relevant aspects of a company. Administration constituted under section 10e of the companies act, 1956 1 of 1956. Company act 1956 it is the most important piece of legislation that empowers the central government to regulate the formation, financing, functioning and winding up of companies.
The 20 act introduces a new type of entity to the existing list i. The companies act, 1956 is150 years old and the largest act in india comprising of 658 sections and 15 schedule. The passage of the bill, which is spread across nearly 30 sections and over 300 pages, was widely welcomed by stakeholders, including industry bodies, political leaders and consultants. In the new companies act, there are many new concepts introduced like definition of one person company, small company, dormant company, independent directors. Section 25 companies, under the companies act 1956, are companies formed for promoting commerce, art, science, religion, charity or any other useful object. Before and after you read a bare act pdf you can use these to revise section names daily. Subsequent to coming into effect of these sections under the new act, the corresponding sections under the companies act, 1956 automatically stand repealed.
Companies act, 20 analysis of important provisions. Also, if you are short on time for your exam preparation, you may take help from these pdfs and focus most of your time only on important sections. Presidents assent on 29 th august 20 law to be operational in phases. However in companies act 20 provisions related to nonprofit making company are given in section 8 read with rule 19 and 20 of companies incorporation rules, 2014. Companies act 20 vs companies act 1956 the companies act, 20 has been passed by lok sabha as well as rajya sabha and the president has given his consent to the same in august 20.
During preindependence era, the companies act, 19 regulated various corporate actions of joint stock companies. The existing companies act, 1956 has been amended at least 25 times in the past 57 years, with many of its provisions found to be outdated and inadequate. Also, icai has made it clear that the comparison of the companies act, 20 and companies act, 1956 would not be asked in the exams. Pension funds second act, 2001 to amend the pension funds act, 1956, so as to make new provision for the apportionment of actuarial surpluses and for minimum benefits. Difference between companies act 20 vs companies act 1956. Clause 143 of amendments in the indian companies act of 1956. Companies act in pdf is available for students and professionals. For the purpose of any provision in this act which enacts that an officer of the company who is in default shall be liable to any punishment or penalty, whether by way of imprisonment, fine or otherwise, the expression officer who is in default means all the. Provisions related to producer companies under companies act, 1956 part ixa of companies act, 1956 part ixa of the companies act, 1956 is not repealed and even though the companies act, 20 is made fully operative, the provisions of this part relating to producer companies, will continue to be operative as part of the. The companies act 10fq appeal from order of tribunal. April 2020 edition of my ebook on the companies act, 20 is available for sale from april 1, 2020. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20.
The companies act, 20 was passed by lok sabha on the 18th of december 2012 and passed by the rajya sabha on 8th august 20 and is all set to replace the 57 year old companies act, 1956. Be it enacted by parliament in the sixth year of the republic of india as follows 1. Companies must have their financial year ending on 31 mar every year. The profits accrued or any other income obtained is used in promotion of its objectives and it prohibits payment of any dividend to its members. Presidents assent on 29 th august 20 law to be operational in phases o 98 sections notified on 12 th september 20 corresponding sections of companies act, 1956 ceased to have effect from that date o no transitional provisions draft rules and corresponding forms issued.