Chapter xxi part i companies authorised to register under this act. Central government to prescribe accountingstandards 4. Conversion of firm into company under part ix of the. Pursuant to a special resolution passed by the shareholders of the company at the extra ordinary general meeting held on june 05 2019, our companys name was changed to billwin industries private limited. Notice of commencement of building or other construction work chapter x penalties and procedure 47. Act, 1956 42 of 1956, any of the rules or byelaws made by a recognised stock exchange, the. Chapter ix companies act 20 accounts of companies ca. Chapter ix bonus issue chapter x issue of indian depository. Companies act, 1956, relating to winding up of companies. Reforms in insolvency law for corporate side over the last two decades, the indian financial system has undergone tremendous 1.
The companies incorporated by means of statute of special act of the parliament or any state legislative eg. Chapter viii 208 251 directors chapter ix 252 268 remedies of members chapter ixa 268a268i secretary for public companies chapter ixa inserted by s. However, irda had collaborated with apiic for establishing iirm without obtaining the approval of the ministry. Chapter xix revival and rehabilitation of sick companies. Responsibility for payment of wages and compensation. Notice of commencement of building or other construction work.
Appointment of directorgeneral, chief inspector and inspectors 43. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. Read with section 3 central government to prescribe accounting standards the companies indian accounting standards rules, 2015 as amended by the companies indian accounting standards amendments rules, 2019. Requirement cash flow statement will be required for all companies with the exception. Coupled with other statutes dealing with corporate. The companies amendment act, 2002 no 1 of 2003 31st. This section corresponds to section 295 of companies act, 1956 which. Companies act, 1956 does not amount to transfer and not subject to capital gains tax. The sick industrial companies special provisions act, 1985. Chapter ix of motor vehicles act motor vehicles temporarily leaving or visiting.
Companies indian accounting standards rules 2015 corporate. Chapter ix section 1 section 2 section 3 section 4 section 5 section 6 reportingauthority 3. Definitions of company, existing company, private company and public company 4. 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.
Construction of references in other acts to companies registered under companies consolidation act 1908 and act of 1963. Companies act means the companies act, 1956 1 of 1956. Chapter ix accounts of companies fully notified except section 2. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment. In section 2 of the companies act, 20 hereinafter referred to as the principal act. Corresponding provisions of companies act 1956 3 211 3c. Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. Part ixa of companies act, 1956 income tax department. Provisions of part ix a of the companies act, 1956 shall be applicable mutatis mutandis to a producer company in a manner as if the companies act, 1956 has not been repealed.
Companies act 20 as compared to the companies act, 1956, which is highly relevant to the a practicing chartered accountant. Responsibility for payment of wages and compensation 46. With enactment of this legislation in 1956, the companies act 19 was repealed. Modified application with respect to nonprofit companies chapter 2 formation, administration and dissolution of companies part a reservation and registration of company names 11. Chapter ix bonus issue chapter x issue of indian depository receipts chapter xa rights issue of indian depository. Amendment of application and specification or any document relating thereto before controller. Section 278 exclusion of certain directorships for the purposes of sections 275, 276 and 277. Chapter 386 companies act to regulate, in place of the commercial partnerships ordinance, limited liability companies and other commercial partnerships.
Act, 20 and continuance of forms under the provisions of companies act, 1956. Implication earlier, cash flow statement was mandatory only for listed companies and non smc companies. Mode of transferring shares in the case of companies registered under acts 19 of 1857 and 7 of 1860. The companies amendment act, 2019 an act further to.
Simultaneously, companies act, 19, then in force was repealed. Certain icdr regulations refer to the companies act, 1956. Thus the producer companies registered under part ix a of the companies act are. May 21, 2012 the firm may be converted into a company by following the provisions of part ix of the companies act, 1956 since there are many benefits which both the company and the firm stand to enjoy. Chapter ix accounts of companies keeping books of accounts of the company 1281 9 consolidated financial statements 1293 9 financial statements boards report content 4 10. Pdf companies act 1956 and 20 pdf download, high quality. Be it enacted by parliament in the sixth year of the republic of india as follows. Chapter ix frequently asked questions faqs on corporate 79 insolvency resolution process cirp under the insolvency and bankruptcy code, 2016 ibc vi v i. Section 277 choice by person becoming director of more than fifteen companies after commencement of act. Regulation act, 1951 65 of 1951, the companies act, the securities contracts regulation act, 1956 42 of 1956, any of the rules or byelaws made by a recognised stock exchange, the monopolies and restrictive trade practices act, 1969 54 of 1969, the foreign exchange. Chapter xviii removal of names of companies from the register of companies. Complete list of sections of companies act, 20 corporate law. As on december 2004, apiic was yet to transfer the land to iirm. Draft rules under companies act, 20 chapter ix accounts of companies 9.
Part ii, incorporation of company and matters incidental thereto certain comp. 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. The chairman of irda was also appointed chairman of the iirm. Modified application with respect to stateowned companies 10. Chapter ix sections 128 to 8 of the companies act, 20 deals with the provisions related to accounts of companies. The companies act 1956 was enacted on the recommendations of the bhaba committee set up in 1950 with the object to consolidate the existing corporate laws and to provide a new basis for corporate operation in independent india. The companies registered under the companies act, 1956 or the earlier companies act. Infrastructure projects are notified vide schedule vi to the 20 act. Central government or company to fix limit with regard to remuneration. Companies act, 1956 with the registrar of companies, mumbai. Companies act, 1956 bare acts law library advocatekhoj. The indian companies act, 1956 basic concept the word company. Companies act, 20 national foundation for corporate governance.
The proviso clearly provides that the provisions of part ix a of the companies act, 1956 shall be applicable mutatis mutandis to a producer company in a manner as if the companies act, 1956 has not been repealed until a special act is enacted for producer companies. Electricity act, 1910 ix of 1910, the central electricity board hereby makes the following rules, the same having been previously published as required by subsection 1 of section 38 of the said act, namely. Chapter ix chapter x chapter xi chapter xii chapter xiii chapter xiv chapter xv chapter xvi chapter xvii chapter xviii page 2 contents description preliminary. The companies act, 1956 was enacted with the object to amend and consolidate the law relating to companies and certain other associations following the recommendations of the company law committee, known as the bhaba committee, set up in 1950. Transfer of assets and liabilities of the dissolved company to the institute 32. The companies act, 20 is divided into 29 chapters, 470 sections and 7 schedules. Act structured to facilitate its use in relation to most common type of company. The companies act 20 has also introduced new concepts such as a one man company, class action suits etc.
This is the basic law which governs the creation, continuation, the winding up of companies and also the relationships between the shareholders, the company, the public and the government. In this part, unless the context otherwise requires. Download the complete list of all sections of companies act 20 in pdf format. Provisions respecting employees of the dissolved company chapter ix miscellaneous 33. The companies act, 20 replaced six decade old companies act, 1956, bringing the corporate legislation in india to be par with modern legislations elsewhere in the globe. The new companies act seeks to rectify various defects in the existing law governing companies and has brought about radical changes in the indian corporate law regime. Companies act, 1956 corresponding provisions of companies act, 1956. I hope that the members will be immensely benefited by the book. Returns by prescribed authority to central government. General provisions wtth respect to memorandum and articles. Insertion of new part ixa in the companies act, 1956, after part ix, the following part shall be inserted namely.
B e it enacted by parliament in the twentyfirst year of the republic of india as follows. Company is governed by provisions of part ixa of the companies act, 1956. Reference section 581 of companies act 1956 provisions of part ix a of the. The patents act, 1970 39 of 1970 19th september, 1970 an act to amend and consolidate the law relating to patents. Everything about companies act 20, rules, notification. Certain icdr regulations refer to the companies act, 1956 but in these checklists we have updated those references to the 20 act. Companies appointment of the small shareholders director rules, 2001.
Chapter ix of motor vehicles act motor vehicles temporarily leaving or visiting india section 9. Chapter v acceptance of deposit by companies section 73, 741 and 76 provisions related to acceptance of deposits. Dissolution of the institute of cost and works accountants registered under the companies act, 1956 31. Powers of inspectors chapter ix special provisions 44. Read with section 3 central government to prescribe accounting standards. Sections 565 to 581 prescribes the law and procedure for companies authorised to register under part ix of the companies act, 1956. Affiliation bye laws word final for uploading on the website.
The companies act 20 contains 470 sections under 29 chapters with seven sc. Highlights of 98 sections of companies act, 20 notified on 12. This section required that provisions of part ixa of the companies act, 1956 would be applicable to a producer company. Definitions of holding company, wholly owned subsidiary and group of companies 9. Chapter iv opinion on financial statements when there is substantial interest 4. Chapter vi miscellaneous provisions about shares and debentures 117127 chapter vii meetings and resolutions 1285 chapter viii management and administration 6150 chapter ix auditors 151162 chapter x accounts, audit and annual return 163191 chapter xi distribution of profits and assets 192208 chapter xii private company 2092. Conversion of firm into company under part ix of the companies act. The companies indian accounting standards rules, 2015 as amended by the companies indian accounting standards amendments rules, 2019. Chapter ix bonus issue chapter x issue of indian depository receipts. New delhi, the 31st july, 2019shravana 9, 1941 saka. The ca 1956 had been in existence for over 50 years, and was proving to be ineffective while handling complex issues in the context of the evolving requirements of india inc.
Application of act to unlimited companies registered under previous companies laws. Commissions for protection of child rights act, 2005. Further, consequent to introduction of new chapter xxia on producer companies, provision under section 4651 have been omitted. Act, 20 has now replaced the decades old companies act, 1956 which was. The assessing officer ao held that shopping centre introduced into the firm by way of revaluation of assets, was nothing but the income of the taxpayer in the form of an asset and this income is chargeable to tax under section 28iv of the act.
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