companies act sections list

7/31/2019 Companies Act Sections List

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Sections

Particulars

Part I Preliminary

1 Short title, commencement and extent.

2 Definitions.

2A Interpretation of certain words and expressions.

3Definitions of "company", "existing company", "privatecompany" and "public company".

4 Meaning of "holding company" and "subsidiary".

4A Public Financial Institutions.

5 Meaning of "officer who is in default".6 Meaning of "relative".

7Interpretation of "person in accordance with whose directionsor instructions directors are accustomed to act".

8Power of Central Government to declare an establishment notto be a branch office.

9 Act to override memorandum, articles, etc.

10 Jurisdiction of Courts.

10A Omitted.

10B Omitted.

10C Omitted.

10D Omitted.

Part I-A Board of Company Law administration.

10E Constitution of Board of Company Law Administration.

10F Appeals against the orders of the Company Law Board.

10FA Dissolution of Company Law Board.

10FB Constitution of National Company Law Tribunal

10FC Composition of Tribunal

10FD Qualifications for appointment of President and Members.

10FE Term of office of President and Members.

10FFFinancial and administrative powers of MemberAdministration.

10FG Salary, allowances and other terms and conditions of service
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thereto.

11Prohibition of associations and partnerships exceeding certainnumber.

12 Mode of forming incorporated company.

13 Requirements with respect to memorandum.

14 Form of memorandum.

15 Printing and signature of memorandum.

15ASpecial provision as to alteration of memorandum consequenton alteration of name of State of Madras.

15BSpecial provision as to alteration of memorandum consequent

on alteration of name of State of Mysore.16 Alteration of memorandum.

17Special resolution and confirmation by [Company Law Board]required for alteration of memorandum.

17A Change of registered office within a State

18 Alteration to be registered within three months.

19 Effect of failure to register.

20 Companies not to be registered with undesirable names.

21 Change of name by company.

22 Rectification of name of company.

23 Registration of change of name and effect thereof.

24 Change of name of existing private limited companies.

25Power to dispense with "Limited" in name of charitable orother company.

26 Articles prescribing regulations.

27 Regulations required in case of unlimited company, companylimited by guarantee or private company limited by shares.

28Adoption and application of Table A in the case of companieslimited by shares.

29 Form of articles in the case of other companies.

30 Form and signature of articles.

31 Alteration of articles by special resolution.

32 Registration of unlimited company as limited, etc.

33 Registration of memorandum and articles.
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34 Effect of registration.

35 Conclusiveness of certificate of incorporation.

36 Effect of memorandum and articles.

37 Provision as to companies limited by guarantee.38 Effect of alteration in memorandum or articles.

39Copies of memorandum and articles, etc., to be given tomembers.

40Alteration of memorandum or articles, etc., to be noted inevery copy.

41 Definition of "member".

42 Membership of holding company.

43Consequences of default in complying with conditionsconstituting a company a private company.

43A Private company to become public company in certain cases.

44Prospectus or statement in lieu of prospectus to be filed byprivate company on ceasing to be private company.

45Members severally liable for debts where business carried onwith fewer than seven, or in the case of a private company,two members.

46 Form of contracts.

47 Bills of exchange and promissory notes.

48 Execution of deeds.

49 Investments of company to be held in its own name.

50 Power for company to have official seal for use outside India.

51 Service of documents on company.

52 Service of documents on Registrar.

53 Service of documents on members by company.54 Authentication of documents and Proceedings.

Part IIIProspectus and Allotment, and other matters relating toissue of shares or debentures.

55 Dating of prospectus.

55A Powers of Securities and Exchange Board of India

56 Matters to be stated and reports to be set out in prospectus.
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57Expert to be unconnected with formation or management ofcompany.

58Expert's consent to issue of prospectus containing statementby him.

58A Deposits not to be invited without issuing an advertisement.

58AA Small depositors

58AAA Default in acceptance or refund of deposits to be cognizable

58B Provisions relating to prospectus to apply to advertisement.

59 Penalty and interpretation.

60 Registration of prospectus.

60A Filing of Shelf prospectus.

60B Information memorandum

61Terms of contract mentioned in prospectus or statement inlieu of prospectus, not to be varied.

62 Civil liability for misstatements in prospectus.

63 Criminal liability for misstatements in prospectus.

64Document containing offer of shares or debentures for sale tobe deemed prospectus.

65 Interpretation of provisions relating to prospectuses.

66 Newspaper advertisement of prospectus.

67Construction of references to offering shares or debentures tothe public, etc.

68 Penalty for fraudulently inducing persons to invest money.

68A Personation for acquisition, etc., of shares.

69Prohibition of allotment unless minimum subscriptionreceived.

70 Prohibition of allotment in certain cases unless statement inlieu of prospectus delivered to Registrar.

71 Effect of irregular allotment.

72 Application for, and allotment of, shares and debentures.

73Allotment of shares and debentures to be dealt in on stockexchange.

74Manner of reckoning fifth, eighth and tenth days in sections72 and 73.

75 Return as to allotments.
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76Power to pay certain commissions and prohibition of paymentof all other commissions, discounts, etc.

77Restrictions on purchase by company, or loans by companyfor purchase, of its own or its holding company's shares.

77A Power of company to purchase its own securities

77AATransfer of certain sums to capital redemption reserveaccount

77B Prohibition for buy-back in certain circumstances.

78 Application of premiums received on issue of shares.

79 Power to issue shares at a discount.

79A Issue of sweat equity shares

80 Power to issue redeemable preference shares.80A Redemption of irredeemable preference share, etc.

81 Further issue of capital.

Part IV Share Capital and Debentures

82 Nature of shares.

83 Numbering of shares [Omitted w.e.f. 20-9-1995]

84 Certificate of shares.

85 Two kinds of share capital.

86 New issues of share capital to be only of two kinds.

87 Voting rights.

88 Prohibition of issue of shares with disproportionate rights.

89Termination of disproportionately excessive voting rights inexisting companies.

90 Savings.

91 Calls on shares of same class to be made on uniform basis.

92Power of company to accept unpaid share capital, althoughnot called up.

93 Payment of dividend in proportion to amount paid-up.

94 Power of limited company to alter its share capital.

94AShare capital to stand increased where an order is madeunder section 81(4).

95 Notice to Registrar of consolidation of share capital,
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conversion of shares into stock, etc.

96 Effect of conversion of shares into stock.

97 Notice of increase of share capital or of members.

98 Power of unlimited company to provide for reserve sharecapital on re-registration.

99 Reserve liability of limited company.

100 Special resolution for reduction of share capital.

101Application to Court for confirming order, objections bycreditors and settlement of list of objecting creditors.

102Order confirming reduction and powers of Court on makingsuch order.

103 Registration of order and minute of reduction.104 Liability of members in respect of reduced shares.

105 Penalty for concealing name of creditor, etc.

106 Alteration of rights of holders of special classes of shares.

107 Rights of dissentient shareholders.

108Transfer not to be registered except on production ofinstrument of transfer.

108A Restriction on acquisition of certain shares.

108B Restriction on transfer of shares.

108C Restriction on the transfer of shares of foreign companies.

108DPower of Central Government to direct companies not to giveeffect to the transfer.

108E Time within which refusal to be communicated.

108FNothing in sections 108A to 108D to apply to Governmentcompanies, etc.

108G Applicability of the provisions of sections 108A to 108F.

108HConstruction of certain expressions used in sections 108A to108G.

108IPenalty for acquisition or transfer of share in contravention ofsections 108A to 108D.

109 Transfer by legal representative.

109A Nomination of shares

109B Transmission of shares

110 Application for transfer.
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111 Power to refuse registration and appeal against refusal.

111A Rectification of register on transfer.

112 Certification of transfers.

113 Limitation of time for issue of certificates.114 Issue and effect of share warrants to bearer.

115 Share warrants and entries in register of members.

116 Penalty for personation of shareholder.

117 Debentures with voting rights not to be issued hereafter.

117A Debenture trust deed

117BAppointment of debenture trustees and duties of debenturetrustees

117CLiability of company to create security and debentureredemption reserve

118 Right to obtain copies of and inspect trust deed.

119 Liability of trustees for debenture-holders.

120 Perpetual debentures.

121 Power to re-issue redeemed debentures in certain cases.

122 Specific performance of contract to subscribe for debentures.

123 Payments of certain debts out of assets subjects to floatingcharge in priority to claims under the charge.

Part V Registration of Charges.

124 "Charge" to include mortgage in this Part.

125 Certain charges to be void against liquidator or creditorsunless registered.

126 Date of notice of charge.

127Registration of charges on properties acquired subject tocharge.

128Particulars in case of series o debentures entitling holderspari passu.

129 Particulars in case of commission, etc., on debentures.

130 Register of charges to be kept by Registrar.
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131 Index to register of charges.

132 Certificate of registration.

133Endorsement of certificate of registration on debenture orcertificate of debenture stock.

134Duty of company as regards registration and right ofinterested party.

135 Provisions of Part to apply to modification of charges.

136Copy of instrument creating charge to be kept by companyat registered office.

137Entry in register of charges of appointment of receiver ormanager.

138 Company to report satisfaction and procedure thereafter.

139Power of Registrar to make entries of satisfaction andrelease in absence of intimation from company.

140Copy of memorandum of satisfaction to be furnished tocompany.

141 Rectification by Company Law Board of register of charges.

142 Penalties.

143 Company's register of charges.

144 Right to inspect copies of instruments creating charges andcompany's register of charges.

145Application of Part of charges requiring registration under itbut not under previous law.

Part VI Management and Administration

Chapter I General Provisions.

146 Registered office of company.

147 Publication of name by company.

148Publication of authorised as well as subscribed and paid-upcapital.

149 Restrictions on commencement of business.

150 Register of members.

151 Index of members.
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152 Register and index of debenture-holders.

152A Register and index of beneficial owners.

153 Trusts not to be entered on register.

153A Appointment of public trustee.153B Declaration as to shares and debentures held in trust.

154 Power to close register of members or debenture-holders.

155 Omitted.

156 Omitted.

157Power for company to keep foreign register of members ordebenture-holders.

158 Provisions as to foreign registers.

159Annual return to be made by company having a sharecapital.

160Annual return to be made by company not having a sharecapital.

161Further provisions regarding annual return and certificate tobe annexed thereto.

162 Penalty and interpretation.

163 Place of keeping, and inspection of , registers and returns.

164 Registers etc., to be evidence.

165 Statutory meeting and statutory report of company.

166 Annual general meeting.

167Power of Company Law Board to call annual generalmeeting.

168 Penalty for default in complying with section 166 or 167.

169 Calling of extraordinary general meeting on requisition.

170 Sections 171 to 186 to apply to meetings.

171 Length of notice for calling meeting.

172Contents and manner or service of notice and persons onwhom it is to be served.

173 Explanatory statement to be annexed to notice.

174 Quorum for meeting.

175 Chairman of meeting.

176 Proxies.177 Voting to be by show of hands in first instance.
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178Chairman's declaration of result of voting by show of handsto be conclusive.

179 Demand for poll.

180 Time of taking poll.

181Restriction on exercise of voting right of members whohave not paid calls, etc.

182Restrictions on exercise of voting right in other cases to bevoid.

183 Right of member to use his votes differently.

184 Scrutineers at poll.

185 Manner of taking poll and result thereof.

186 Power of Company Law Board to order meeting to be called.

187Representation of corporations at meetings of companiesand of creditors.

187ARepresentation of the President and Governors in meetingsof companies of which they are members.

187B Exercise of voting rights in respect of shares held in trust.

187CDeclaration by persons not holding beneficial interest in anyshare.

187D Investigation of beneficial ownership of shares in certaincases.

188 Circulation of members' resolutions.

189 Ordinary and special resolutions.

190 Resolutions requiring special notice.

191 Resolutions passed at adjourned meetings.

192 Registration of certain resolutions and agreements.

192A Passing of resolutions by postal ballot

193Minutes of proceedings of general meetings and of Boardand other meetings.

194 Minutes to be evidence.

195Presumptions to be drawn where minutes duly drawn andsigned.

196 Inspection of minute books of general meetings.

197 Publication of reports of proceedings of general meetings.

197A Company not to appoint or employ certain differentcategories of managerial personnel at the same time
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198Overall maximum managerial remuneration and managerialremuneration in case of absence or inadequacy of profits.

199 Calculation of commission, etc. in certain cases.

200 Prohibition of tax-fee payments.

201Avoidance of provisions relieving liability of officers andauditors of company.

202 Undercharged insolvent not to manage companies.

203Power to restrain fraudulent persons from managingcompanies.

204Restriction on appointment of firm or body corporate tooffice or place of profit under a company.

204A Restrictions on the appointment of former managing agentsor secretaries and treasurers to any office.

205 Dividend to be paid only out of profits.

205AUnpaid dividend to be transferred to special dividendaccount.

205B Payment of unpaid or unclaimed dividend.

205C Establishment of Investor Education and Protection Fund

206Dividend not to be paid except to registered shareholders

or to their order ro to their bankers.

206ARight to dividend, rights shares and bonus shares to beheld in abeyance pending registration of transfer of shares.

207Penalty for failure to distribute dividends within forth-twodays.

208Power of company to pay interest out of capital in certaincases.

209 Books of account to be kept by company.

209A Inspection of books of account, etc., of companies.210 Annual accounts and balance-sheet.

210AConstitution of National Advisory Committee on AccountingStandards

211Form and contents of balance-sheet and profit and lossaccount.

212Balance-sheet of holding company to include certainparticulars as to its subsidiaries.

213 Financial year of holding company and subsidiary.
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214 Rights of holding company's representatives and members.

215 Authentication of balance-sheet and profit and loss account.

216Profit and loss account to be annexed and auditor's reportto be attached to balance-sheet.

217 Board's report.

218Penalty for improper issue, circulation or publication ofbalance-sheet or profit and loss account.

219Right of member to copies of balance-sheet and auditors'report.

220Three copies of balance-sheet, etc., to be filed withRegistrar.

221 Duty of officer to make disclosure of payments, etc.

222Construction of references to documents annexed toaccounts.

223Certain companies to publish statement in the Form inTable F in Schedule I.

224 Appointment and remuneration of auditors.

224AAuditor not to be appointed except with the approval of thecompany by special resolution in certain cases.

225 Provisions as to resolutions for appointing or removingauditors.

226 Qualifications and disqualifications of auditors.

227 Powers and duties of auditors.

228 Audit of accounts of branch office of company.

229 Signature of audit report, etc.

230 Reading and inspection of auditor's report.

231 Right of auditor to attend general meeting.

232Penalty for non-compliance by auditor with sections 225and 231.

233Penalty for non-compliance by auditor with sections 227and 229.

233APower of Central Government to direct special audit incertain cases.

233B Audit of cost accounts in certain cases.

234 Power of Registrar to call for information or explanation.

234A Seiqure of documents by Registrar.
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235 Investigation of the affairs of a company.

236Application by members to be supported by evidence andpower to call for security.

237 Investigation of company's affairs in other cases.

238Firm, body corporate or association not to be appointed asinspector.

239Power of inspectors to carry investigation into affairs ofrelated companies.

240 Production of documents and evidence.

240A Seizure of documents by inspector.

241 Inspector's report.

242 Prosecution.

243Application for winding up of company or an order undersection 397 or 398.

244 Proceedings for recovery of damages or property.

245 Expenses of investigation.

246 Inspector's report to be evidence.

247 Investigation of ownership of company.

248Information regarding persons having an interest incompany.

249 Investigation of associate ship with managing agent, etc.

250Imposition of restrictions upon shares and debentures andprohibition of transfer of shares or debentures in certaincases.

250AVoluntary winding up of company, etc. not to stopinvestigation proceedings.

251 Saving for legal advisers and bankers.

ChapterII

Directors

252 Minimum number of directors.

253 Only individuals to be directors.

254 Subscribers of memorandum deemed to be directors.

255 Appointment of directors and proportion of those who are to
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retire by rotation.

256Ascertainment of directors retiring by rotation and filling ofvacancies.

257Right of persons other than retiring directors to stand fordirectorship.

258Right of company to increase or reduce the number ofdirectors.

259Increase in number of directors to require Governmentsanction.

260 Additional directors.

261Certain persons not to be appointed directors, except byspecial resolution.

262 Filling of casual vacancies among directors.

263 Appointment of directors to be voted on individually.

263ASections 177, 255, 256 and 263 not to apply in relation tocompanies not carrying on business for profit, etc.

264Consent of candidate for directorship to be filed with thecompany and consent to act as director to be filed with theRegistrar.

265

Option to company to adopt proportional representation for

the appointment of directors.

266 Restrictions on appointment or advertisement of director.

267 Certain persons not to be appointed managing directors.

268Amendment of provision relating to managing, whole time ornon-rotational directors to require Government approval.

269Appointment of managing or whole-time director or managerto require Government approval only in certain cases.

270Time within which share qualification is to be obtained andmaximum amount thereof.

271 Repealed.

272 Penalty.

273 Saving

274 Disqualifications of directors.

275 No person to be a director of more than twenty companies.

276Choice to be made by director of more than twenty

companies at commencement of Act.
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277Choice by person becoming director of more than twentycompanies after commencement of Act.

278Exclusion of certain directorships for the purposes of sections275, 276 and 277.

279 Penalty.

280 Repealed.

281 Repealed.

282 Repealed.

283 Vacation of office by directors.

284 Removal of directors.

285 Board to meet at least once in every three calendar months.

286 Notice of meetings.

287 Quorum for meetings.

288 Procedure where meeting adjourned for want of quorum.

289 Passing of resolutions by circulation.

290 Validity of acts of directors.

291 General powers of Board.

292 Certain powers to be exercised by Board only at meeting.

292A Audit Committee

293 Restrictions on powers of Board.

293A Prohibitions and restrictions regarding political contributions.

293BPower of Board and other persons to make contributions tothe National Defence Fund, etc.

294Appointment of sole selling agents to require approval ofcompany in general meeting.

294A

Prohibition of payment of compensation to sole selling agents

for loss of office in certain cases.

294AAPower of Central Government to prohibit the appointment ofsole selling agents in certain cases.

295 Loans to directors, etc.

296 Application of section 295 to book debts in certain cases.

297Board's sanction to be required for certain contracts in whichparticular directors are interested.

298 Power of directors to carry on business when managing

agent or secretaries and treasurers are deemed to have
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vacated office, etc.

299 Disclosure of interests by director.

300Interested director not to participate or vote in Board'sproceedings.

301Register of contracts, companies and firms in whichdirectors are interested.

302Disclosure to members of director's interest in contractappointing manager, managing director.

303 Register of directors.

304 Inspection of the register.

305 Duty of directors, etc., to make disclosure.

306 Register to be kept by Registrar and inspection thereof.307 Register of directors' shareholdings, etc.

308Duty of directors and persons deemed to be directors tomake disclosure of shareholdings.

309 Remuneration of directors.

310Provision for increase in remuneration to require Governmentsanction.

311

Increase in remuneration of managing director on

reappointment or appointment after Act to requireGovernment sanction.

312 Prohibition of assignment of office by director.

313 Appointment and term of office of alternate directors.

314 Director, etc., not to hold office or place of profit.

315 Omitted.

316Number of companies of which one person may be appointedmanaging director.

317Managing Director not to be appointed for more than fiveyears at a time.

318Compensation for loss of office not permissible except tomanaging or whole-time directors or to directors who aremanagers.

319Payment to director, etc., for loss of office, etc., inconnection with transfer of undertaking or property.

320Payment to director for loss of office, etc., in connection

with transfer of shares.
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321 Provisions supplementary to sections 318, 319 and 320.

322 Directors, etc., with unlimited liability in limited company.

323Special resolution of limited company making liability ofdirectors, etc., unlimited.

ChapterIII

Managing Agents

324Power of Central Government to notify that companiesengaged in specified classes of industry or business shall nothave managing agents.

324A Abolition of managing agencies and secretaries andtreasurers.

325 Managing agency company not to have managing agent.

325ASubsidiary of a body corporate not to be appointed asmanaging agent.

326Central Government to approve of appointment, etc., ofmanaging agent and circumstances in which approval maybe accorded.

327 Application of sections 328 to 331.

328 Term of office of managing agent.

329 Variation of managing agency agreement.

330Term of office of existing managing agents to terminate on15th August, 1960.

331 Application of Act to existing managing agents.

332No person to be managing agent of more than tencompanies after 15th August, 1960.

333 Right of managing agent to charge on company's assets.

334Vacation of office on insolvency, dissolution or winding up,etc.

335 Suspension from office where receiver appointed.

336 Vacation of office on conviction in certain cases.

337 Removal for fraud or breach of trust.

338 Removal for gross negligence or mismanagement.

339

Power to call meetings for the purposes of sections 337 and

338 and procedure.
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19/37

340 Time when certain disqualifications will take effect.

companies act sections list

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