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BUSINESS LAW

BUSINESS LAW. Class 1 19 November, 2009. Corporate Law. Laws by act of the Parliament of India to govern Firms Partnership (Act of 1932), LLP Act 2008 Societies Registration (Act of 1860) Companies (Act of 1956), Amendment 2006 Trade MRTP (Act of 1969)

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BUSINESS LAW

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  1. BUSINESS LAW Class 1 19 November, 2009

  2. Corporate Law • Laws by act of the Parliament of India to govern • Firms • Partnership (Act of 1932), LLP Act 2008 • Societies Registration (Act of 1860) • Companies (Act of 1956), Amendment 2006 • Trade • MRTP (Act of 1969) • Competition (Act of 2002), Amendment 2007 • Professionals • CA, CWA, CS

  3. Companies Act, 1956 • Part I (Definitions and terms) • Sections 1 to 10 • Part II (Incorporation of Companies) • Sections 11 to 54 • Part III (Raising Capital) • Sections 55 to 81 • Part IV (Shares and Debentures) • Sections 82 to 123 • Part V (Register of Charges) • Sections 124 to 145 • Part VI (Management and Administration) • Sections 146 to 424 • Part VII (Winding Up) • Sections 425 to 560 • Part VIII (Pre-1956 Laws) • Sections 561 to 564 • Part IX (Registration) • Sections 565 to 581 • Part X (Winding Up unregd cos.) • Sections 582 to 590 • Part XI (Foreign companies) • Sections 591 to 608 • Part XII (Registrar) • Sections 609 to 614 • Part XIII (General) • XV Schedules

  4. Part I • Key definitions of Company • “Company” means company formed and registered under this Act - Section 3(i) • “Limited Company” means a company limted by shares or guarantee • “Existing company” means a company registered prior to 1956. - Section 3(ii) • “Private company” is a company that restricts the right to transfer shares, limits the members to less than 50, prohibits invitation to public to subscribe shares/debentures – Section 3(iii) • “Public company” means a company which is not a private company – Section 3(iv) • “Subsidiary company” is a company in which the other company controls the Board of Directors, holds more than half of equity shares, or is a subsidiary of another subsidiary company

  5. Group companies

  6. Part II - Incorporation • Steps to Incorporation • Registration • Memorandum • Name, liability, amount of share capital • Seal of company, registration number • Alteration, special resolution • Articles • Nature of business, rules, operations, bankers, auditors • Alteration, ordinary resolution

  7. Naming a company • Specifically include the nature of liability • Limited – companies limited by shares or guarantee • Private Limited – not a public company • India Limited – Foreign companies operating in India (example: IBM India Private Limited, Dell India Private Limited) • Exceptions to using “Limited” or “Private Limited” • Charitable institutes, companies that prohibit dividends

  8. Certificates • Certificate of Incorporation • Registration with RoC – unique number • Submitting the Memorandum and Articles • Commencement of Business • Registration of date of starting the business • Accounting and other documents • Official Seal of the company

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