Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. Some of the provisions of the act have been implemented by a notification. Liability of person to whom money is paid, or thing delivered, by mistake or under coercion. The companies act 20 by way of section 73 to 76 has bought many changes in respect of acceptance of deposits by company and the. Further, sections 73 to 76a of ca, provide the provisions related to acceptance of. Chapter xviii removal of names of companies from the register of companies.
The act consolidates and amends the law relating to companies. R 256 exercise of the powers conferred by clause 31 of section 2, section 73 and section 76 read with subsections l and 2 of section 469 of companies act, 20 18 of 20, and in supersession of the companies acceptance of deposits rules, 1975 or. Restriction of section 71 5 in the case of group reconstructions. All companies act, 20 companies act, 1956 securities and exchange board of india act, 1992 sebi prohibition of fraudulent and unfair trade practice relating to securities market regulation, 2003 sebi stock brokers and subbrokers regulations, 1992 sebi substantial acquisition of shares and takeovers regulations, 19941997 other acts.
The cipc released the following additional information to assist in the application and implementation of the companies act. According to section 103 of companies act, 20, in case of a private. Section 73 of companies act, 20 prohibition on acceptance of. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. Section 73 of the companies act,20, the relevant portion of which is as under. R 256 exercise of the powers conferred by clause 31 of section 2, section 73 and section 76 read with subsections l and 2 of section 469 of companies act, 20 18 of 20, and in supersession of the companies acceptance of deposits rules, 1975 or any other rules prescribed under the companies act, 1956 1 of. Currently, no company referred under section 732 of the 20 act is allowed to. Section 73 of companies act, 20 prohibition on acceptance. Section 76 of the companies act,20 the relevant provision of which is as under. Mca amends the acceptance of deposit rules corporate. Accordingly, the annual return in terms of section 92 of the companies act, 20 in form mgt. Introduction of list sections of companies act 20 with memory chart made easy.
Companies act 20 section 73 citation 62453 bare act. Punishment for contravention of section 73 or section 76. As seen above, provisions of rules 19 is not restricted to only eligible companies but also covers section 73 acceptance of deposits from members and section 74 repayments of deposits taken before the commencement of the act as the section 762of the act says the provisions of this chapter shall, mutatis mutandis, apply to the. The following section is hereby substituted for section 45 of the principal act. Illustrations a a having advanced money to his son, b, during his minority, upon bs coming of age obtains, by misuse of parental influence, a bond from b for a greater amount than the sum due in respect of the advance. 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. The cipc can issue guidance to the public by issuing explanatory notices outlining its procedures or publishing nonbinding opinions on the interpretation of any provisions of the act in terms of section 1882b of the companies act, 2008. You can view a specific section, or view all sections grouped by chapters. Prohibition on acceptance of deposits from public 1 on and after the commencement of this act, no company shall invite, accept.
Obligation of person enjoying benefit of nongratuitous act. Complete list of sections of companies act, 20 corporate. Acceptance of deposit section 73 to 76 simplified taxguru. Provided that nothing in this sub section shall apply to a banking company and nonbanking financial company as defined in the reserve bank of india act, 1934 2 of 1934 and to such other company as the central government may, after consultation with the reserve bank of india, specify in this behalf. After the commencement of present act of 20, or more correctly, on issue of notification by government of india making section 73 effective. Allotment of shares and debentures to be dealt in on stock exchange. Special measures under companies act, 20 ca 20 and limited liability partnership act, 2008 in view of covid19 outbreak.
Companies acceptance of deposit section 73 to 76 of companies. Director of the company, but money received from a member is treated as deposit. Certain provisions of the amendment act, 2017 are effective from 5 july 2018, while others are effective from 10 july 2018, 27 july 2018 and 15 august 2018 respectively. You can also search for keywords within the sections of the act. This issue of first notes aims to provide an overview of the recently notified sections of the. It replaces the decades old companies act, 1956 1 of 1956 which was.
The companies act, 20 rules on the companies act, 20 this feature allows you to view the companies act, 20 sectionwise or chapterwise. To elucidate, this would mean that if anywhere else, i. For guidance, the developers looked to south african company law for the 21st century. The companies act 20 by way of section 73 to 76 has bought many changes in respect of acceptance of deposits by company and the changes are applicable are on private limited companies also. The companies act, 20 18 of 20 is a modern, forward looking and international level corporate law in india.
The minister may, after consulting the commission, make regula. Nothing in the subsection shall affect the provisions of section 111 of the indian evidence act, 1872 1 of 1872. Updated guidance and frequently asked questions on section 90 2 of the companies act, 2008. 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. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. List sections of companies act 20 with memory chart made easy is available for download at the excellent download file is in the format of doc. Companies declaration and payment of dividend rules, 2014. In this article i will present the brief discussion on the roc filing, time limits of filing and consequences.
First notes mca notified certain provisions of the. The companies act 20 contains 470 sections under 29 chapters with seven schedules. Companies acceptance of deposit section 73 to 76 of. Acceptance of deposit section 73 to 76 companies act 20. List of sections as per companies act 20 companies act 20, rules, circulars, notifications as notified by the ministry of corporate affairs. Memorandum of incorporation, shareholder agreements and rules of company. Damages for fraud effective from 1st june, 2016 1 where a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in subsection 1 of that section or such further time as may be allowed by the tribunal under subsection 2 of that section, and it is proved that the deposits had been accepted with intent.
Exemption from preparation of cash flow statement has also been extended to startup companies i. Acceptance of deposits by companies sections 73 to 76 for this chapter, the companies acceptance of deposit rules, 2014 the rules are notified with effect from april 01, 2014. The words save as otherwise provided in this act is to be noticed. Damages for fraud effective from 1st june, 2016 1 where a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in subsection 1 of that section or such further time as may be allowed by the tribunal under subsection 2. To understand the ambit of section 73 to 76 we first need to know the definition of deposits under old companies act wiz a wiz to new companies act, 20. The companies act, 20 ministry of corporate affairs. Section i on 15th september, 2015 all other provisions.
Section 73 to 76 of the companies act 20 herein after called the act read with rules made under chapter v of the companies act, 20 regulate the invitation and acceptance of deposits. Companies act regulations 2011 under companies regulations 2011. Companies act 2006, section 73 is up to date with all changes known to be in force on or before 12 may 2020. In exercise of the powers conferred by sub section 1 of section 470 of the companies act, 20 18 of 20, the central government hereby makes the following order to remove certain difficulties that have arisen in giving effect to the provisions of section 73 of the said act, namely. In exercise of the powers conferred by subsection 1 of section 470 of the companies act, 20 18 of 20, the central government hereby makes the following order to remove certain difficulties that have arisen in giving effect to the provisions of section 73 of the said act, namely. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Section 73 of the companies act, 20 the act, read with companies acceptance of deposit rules, 2014 the.
Companies act 20 section 166 citation 62552 bare act. Companies act 71 of 2008 english text signed by the president assented to. Special measures under companies act, 20 ca20 and limited liability partnership act, 2008 in view of covid19 outbreak. Every company intending to offer shares or debentures to the public for subscription by the issue of a prospectus shall, before such issue, make an application to one or more recognised stock exchanges for permission for the. All 438 sections of companies act are notified by the ministry of corporate affairs mca and majority of the rules to the various chapterssections of the companies act, 20. The mandatory requirement of holding meetings of the board of the companies within the intervals provided in section 173 of the companies act, 20 120 days stands extended by a period of 60 days till next two quarters i. This an act to consolidate and amend the law relating to companies. Substituted by the companies amendment act, 2017 amendment effective from 5th july 2018. Summary of relief measures relating to statutory and. Chapter xix revival and rehabilitation of sick companies. Along with downloading list of sections as per companies act 20 scroll down and download check list for annual compliance calendar under companies act.
411 1531 375 509 1432 1416 899 1427 334 898 1204 442 627 1144 1289 935 1342 435 1084 739 871 1370 405 1082 8 1555 1475 215 934 856 1291 1234 1458 20 435 1136 1316