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Company Law > Companies Act > Flashcards

Companies Act Flashcards

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1
Q

Board meetings- sec 173(3) , Sec 96, Sec 174, Sec 174(1)

A
  1. Notice-writing-sec 173 (3)- even if right is waived.
  2. Unlike Sec 96, board meeting provisions
    a) Not public holiday
    b) registered office/city,town,village
    c) only during business hours
  3. Want of quorom-adjourned-same day-next week
  4. Quorom- Higher of 2 dir or 1/3 strength- excludes vacacny- transacting every business- sec 174(1)
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2
Q

Additional Directors

A
  1. Director- Contract or Arrangement-Interested

2.

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3
Q

Loans in excess of limits u/s 186(2)

A
  1. Postal Ballot-listed- business-loans- 186(2)
  2. Notice- members-limits-company-sources
  3. Prior approval of board
  4. Fin Inst approval
  5. Interest - < yeild of Govt secutity
  6. Parituculars-register- u/s 186(9)
  7. Copy of SR with ROI
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4
Q

Directors- Sec 141(3) , Sec 2(59) , Sec 160(1), Sec 185, Sec 184, Sec 188(1), Sec 184 , Sec 202 , Sec 180(1), Sec 162, Sec 176

A
  1. Disqualified - appt or re -auditor- officer or employee
  2. Director- employee- u/s 2(59)
  3. a)Any member- Any person - proposal- dir- 160(1)
    b) Candidature- 14 days ahead
  4. Dir or Indir- Guarantee- Loan- director- 185
  5. Disclosure of Interest - Sec 184
  6. If trans value> limit - SR - Sec 188(1)
  7. Minor- not diqualified- Cant obtain DIN- Sec 184
  8. a) WTD or MD or Manager,Remuneration- unexpired period or 3 years, Fraud,breach of trust,gross neg
    b) once paid- cant be recovered -202
  9. SR- debt repayment-extension - Sec180(1)
  10. Two or more persons-director- Single resolution-162
  11. . Act not invalid untill notified by company-176
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5
Q

Dividends- Rule 3, Sec 2(35), Sec 127

Fundamental Principles- Profits, Undist, Moneys

A
  1. a). Rate of div-average - last 3 years
    b) Reserves-1/10th-agg- paid up+free res- AFS
    c) . Set of loss-balance-dividend
    d) . Balance res- <15% of P.C- AFS
    e) .Prev loss,depn-set off- current year
    f) . P&L-credit- no restriction
  2. Includes interim dividend- no revoke- bank a/c- 5 days of posting. `
  3. Paid within 30 days of posting
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6
Q

Contribution - Sec 181, 182

A
  1. Charitable - 181 - object- not- benefit for comp or employees-cont- no direct relation with business
  2. Political - 7.5% of average net profit-3 fin years- board meeting- resolution- full disclosure
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7
Q

Shares- Sec 173(3), Sec 67 , Sec 56 (4)c , Sec 62

A
  1. Oppresion-benefit one group- maintenance or acq of control- majorirty reduced to minority- sec173(3) no.
  2. Dir or Indir- Fin assistance-own shares- Public company- Exemption- Employee-6 mths- Sec 67
  3. Deliver share certificates-30days-appln- 56(4)c
  4. Fresh issue- existing shareholders
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8
Q

Foreign Company - Sec 2(42), Sec (380,381,382,384,386)

A
  1. Incorporated outside India
    a) Place of business in India- Agent or phys or elec
    b) Conducts business in any other manner
  2. Documents-ROC- inform changes- 380
  3. FS- audit- deliver-ROC- 381
  4. Display name-liab- Country of incorp- 382
  5. comply-requirements- 384
  6. share trfr office- FC - 386
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9
Q

Employee or Officer - Sec 452

A
  1. a) Wrongfully obtains property of company
    b) Possession-with holding - applies- other purpose
    c) Fine = 10,000, Court- try , refund damages
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10
Q

Investigation of affairs - Sec 210,213,216

A

Investigation of all its business affairs,profit and loss account, and assets and liabilities,contracts and transactions investments and other properties amd control of subsidiary companies

  1. Investigation of affair (210 & 213)
  2. Investigation of ownership (216)
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11
Q

Director II - Sec 168, Sec 173(3) ,Sec 167(1)b, Sec 161(2), Sec 161 (1) , Sec 166, Sec 152(6),

A
  1. Resignation- Writing- Company. Take effect- date- recvd by company or specified in notice, board- cant refuse except . no acc- AOA , Letter states clause, tenor
  2. BM- 7 days notice - hand or elec- AD also Dir-173(3)
  3. If BM not attended-12 months- vacation-167(1)b
  4. AD- 3 months dir absent- more than one dir- 161(2)
  5. AD- office - next AGM - 161(1)
  6. No dir- assign his office- void- 166
  7. Not less that 2/3rd-1/3rd liable- criteria- resolution. 152(6)
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12
Q

Audit- Sec 141(3) , Sec 139(5)

A
  1. Indebtedness > 5,00,000

2

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13
Q

Loans- Sec 186 (11) , Sec 186

A
  1. loans,investments-holding to subs- outside 186
  2. a) 60% and 100% limits
    b) R- SR- Approval- Register- Disclose-Defaults
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14
Q

General Meetings- Sec 101

A
  1. Notice- 21 days before the meetings - 101

2.

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15
Q

AoA and MoA - Sec 10

A
  1. Company-members-vice versa- no outsider- 10

2.

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16
Q

Books of accounts - Sec 128

A
  1. Right to inspection

a) Directors b) Registars c) SEBI or Govt Officer

Company Law (10 decks)

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