51 List of CA Final Law Sections

7/31/2019 51 List of CA Final Law Sections

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206A

Right t o dividen d, r ights shares and b onu s shares to be held in abeyance pend ing registr at ion o ftransfer of shares.

207

Penal ty for fa i lure to d ist r ibut e d iv idends w i th in for t h-tw o days.

208Pow er of company t o p ay in terest out of capi ta l in cer ta in cases.

209

Books of account to be kept by company.

209AInspection o f boo ks of account , etc., of comp anies.

210Annu al account s and balance-sheet .

210A

Const i tu t ion of Nat ional Advisory Comm it tee on Account ing Standards

211Form and cont ent s of balance-sheet and p rof i t and loss account .

212

Balance-sheet of h olding com pany t o include certain par t iculars as to i ts subsidiar ies.

213Financial year of hold ing com pany and subsidiary.

214

Rights of holding company's representat ives and members.

215

Authenticat ion of balance-sheet and prof i t and loss account.

216Prof i t and loss account to b e annexed and auditor ' s repor t t o be att ached to balance-sheet .

217

Board's report.

218


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Penalty for im pro per issue, circulat ion or pu blicat ion of balance-sheet or pro f i t and loss

account.

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

220

Three copies of balance-sheet, et c., to be f i led w ith Registrar.

221Duty of off icer to m ake disclosure of paym ent s, etc.

222

Construct ion o f references to docum ents annexed t o account s.

223Certain com panies to pub lish statem ent in th e Form in Table F in Schedule I .

224Appo in tment and remunera t ion o f aud i to rs.

224A

Audi tor n ot t o be appointed except w i th t he approval of the comp any by specia l resolut ion incert ain cases.

225

Provisions as to resolut ions for appoint ing or rem oving audi to rs.

226Qualif icat ions and disquali f icat ions of auditors.

227

Pow ers and d ut ies of audi tors.

228

Audi t o f account s of branch of f ice of comp any.

229Signature of audit repor t, etc.

230

Reading and inspection of audit or 's report .

231


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Right of audi tor to at tend general meet ing.

232

Penalty fo r non-com pl iance by audi tor w i th sect ions 225 and 231.

233Penalty fo r non-com pl iance by audi tor w i th sect ions 227 and 229.

233A

Pow er of Cent ral Govern m ent t o direct special audit in cert ain cases.

233BAudit of cost account s in certain cases.

234

Pow er of Regist rar t o ca l l for in form at ion or explanat ion.

234A

Seiqure o f do cum ent s by Registr ar.

235Investigat ion o f th e affairs of a com pany.

236

Appl icat ion by m emb ers to b e suppor t ed by evidence and pow er t o ca ll for secur i ty .

237Investigat io n of com pany's affairs in ot her cases.

238

Firm, body corpo rate or associat ion no t t o be appoint ed as inspecto r.

239

Pow er of inspectors to carry invest igat ion in t o af fa i rs of re lated companies.

240

Product ion of do cument s and evidence.

240A

Seizure o f do cum ents by inspector.

241Inspector 's report.


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242

Prosecution.

243Appl icat ion for w inding up of com pany or an order und er sect ion 397 or 398.

244

Proceedings for r ecovery of dam ages or pr opert y.

245Expenses of in vestigat io n.

246

Inspector 's report to be evidence.

247Invest igat ion of ow nership of com pany.

248Information regarding persons having an interest in company.

249

Investigat io n of associate ship w ith m anaging agent, etc.

250Imp osit ion of restr ict ions upo n shares and debentu res and prohibit ion of tr ansfer of shares or

deb ent ures in certain cases.

250A

Voluntary w inding up of company, etc. not t o stop invest igat ion pro ceedings.

251

Saving for le gal advisers and b an ker s.

252M in imum num ber o f d irecto rs .

253

Only individuals to be directors.

254

Subscr ibers of m emo randum deem ed to be d i rectors.


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255Appointm ent of d i rectors and pro por t ion of those w ho are to ret i re by rotat ion.

256

Ascer ta inm ent of d i rectors ret i r ing by ro tat ion and f i l l ing of vacancies.

257Right of persons other than ret ir ing directors to stand for directorship.

258

Right o f comp any to increase or reduce the n um ber of d i rectors.

259Increase in num ber of d i rector s to require Government sanct ion.

260Addi t ion al d i recto rs.

261

Certain p ersons not to be appoin ted d irector s, except by special resolut ion.

262Fil l ing o f casual vacancies am ong d irector s.

263

Appointm ent of d i rectors to be voted on ind iv idual ly .

263ASections 177, 255, 256 and 263 not to app ly in relat ion to com panies not carrying on bu siness

for prof i t , e tc.

264

Consent of candidate for d i rectorship t o be f i led w i th t he comp any and consent t o act asdirector to be f i led w i th t he Regist rar .

265Opt ion to company to adopt p ropor t ional representa t ion fo r t he appo in tment o f d i recto rs.

266Restr ic t ions on appointm ent o r adver t isement of d i rector .

267

Certa in persons not t o b e appointed m anaging d i rectors.


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268Amend m ent of p rovision re lat ing to m anaging, w hole t im e or non-rotat ional d i rectors to

require Governm ent approval .

269Appointm ent of m anaging or whole- t im e d irector or m anager to require Governm ent approval

on ly in cert ain cases.

270Tim e wi t h in w hich share qual if icat ion is to be ob ta ined and maximum amou nt t hereof .

271

Repealed.

272Penalty.

273Saving

274

Disquali f icat io ns of directo rs.

275No person to be a d i rector of m ore than tw enty comp anies.

276

Choice to be m ade by d i rector of m ore than tw enty companies at comm encem ent of Act .

277Choice by person becoming d i rector of m ore than t w enty comp anies af ter comm encem ent of

Act.

278

Exclusion o f certain direct orships for th e purp oses of sect ions 275, 276 and 277.

279Penalty.

280

Repealed.

281


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Repealed.

282

Repealed.

283Vacation of off ice by directors.

284

Rem oval of d i rectors.

285Board t o m eet at least o nce in every three calendar mo nths.

286

Not ice of m eet ings.

287

Quorum fo r m eet ings.

288Procedure w here meet ing adjourned for w ant of quorum .

289

Passing of resolut ion s by circulat ion.

290Validity of acts of director s.

291

General pow ers of Board.

292

Certain po w ers to b e exercised by Board only at m eeting.

292A

Aud i t Com mi t t ee

293

Restr ict ions on pow ers of Board.

293AProhibit ions and restr ict ions regarding poli t ical contr ibut ions.


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293B

Pow er of Board and ot her persons to m ake contr ibut ions to t he Nat ional Defence Fund, etc.

294Appointm ent of so le se l l ing agents to require approval of com pany in general meet ing.

294A

Prohib it ion o f paym en t o f com pensation t o sole sel l ing agent s for lo ss of of f ice in cert ain cases.

294AAPow er of Centra l Government to prohib i t the appo intm ent o f so le se l l ing agents in cer ta in

cases.

295Loans to directo rs, etc.

296Applicat ion o f sect io n 295 to b ook deb ts in cert ain cases.

297

Board 's sanct ion to be requ ired for cer ta in contracts in w hich par t icu lar d i rectors areinterested.

298

Pow er of directo rs to carry on bu siness w hen m anaging agent or secretar ies and t reasurers aredeemed to have vacated of f ice, etc.

299

Disclosure o f int erests by direct or.

300Interested d i rector not to par t ic ipate o r vot e in Board 's proceedings.

301Register of cont racts, com panies and f irm s in wh ich directo rs are interested.

302Disclosure to m em bers of d i rector 's in terest in contract appo int ing m anager , managingdirector.

303

Register of directo rs.

304


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Inspection o f t he register.

305

Dut y of directo rs, etc., to m ake disclosure.

306Register t o be kep t b y Registr ar and inspection t hereof .

307

Register of directo rs' shareho ldings, etc.

308Dut y of directo rs and persons deemed t o be directo rs to m ake disclosure of sharehold ings.

309

Remu nerat ion of d i recto rs.

310

Provision fo r increase in rem unerat ion t o r equire Government sanct ion.

311Increase in rem unerat ion of m anaging d i rector on reappointm ent or appointm ent af ter Act to

require Government sanct ion.

312Prohib it ion o f assignmen t of o ff ice by directo r.

313

Appoint m ent and term of of f ice of al ternate d i rectors.

314Director , e tc. , not to hold of f ice or p lace of p rof i t .

315Omi t ted .

316Num ber of com panies of w hich one person m ay be appointed managing d i rector .

317M anaging Director n ot t o be appointed for m ore than f ive years at a t ime.

318


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Compensation for loss of off ice not permissible except to managing or whole-t ime directors or

to d i rectors who are managers.

319Paym ent t o directo r, etc., for loss of of f ice, etc., in conn ection w ith tr ansfer of undert aking or

proper ty.

320Payment t o d i rector for loss of of f ice, etc., in connect ion w i th t ransfer of shares.

321

Provision s supplem ent ary to section s 318, 319 and 320.

322Directors, e tc., w i th u nl imi ted l iab i l i ty in l imi t ed com pany.

323Special resolut ion of l im ited com pany m aking l iabi l ity of d irectors, etc., unl im ited.

324Pow er of Cent ral Governm ent t o not i fy that com panies engaged in specif ied classes of indu stry

or b usiness shall not have m anaging agent s.

324AAbolit ion of m anaging agencies and secretar ies and treasurer s.

325

M anaging agency com pany not to h ave managing agent.

325ASubsidiary of a body corpor ate not t o be appoin ted as managing agent.

326Centra l Government to approve of appointm ent , e tc. , o f m anaging agent and c i rcum stances in

which approval may be accorded.

327Applicat ion o f sect ions 328 to 331.

328

Term of o f f ice of m anaging agent .

329


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Variat ion of m anaging agency agreement .

330

Term of o f f ice of ex ist ing m anaging agents to term inate on 15th August , 1960.

331Appl icat ion of Act t o exist ing m anaging agents.

332

No person to be m anaging agent o f m ore t han ten companies af ter 15th August , 1960.

333Right of m anaging agent to charge on com pany's assets.

334

Vacatio n of off ice on insolvency, dissolut ion or wind ing up, etc.

335

Suspension f rom of f ice w here receiver appoint ed.

336Vacatio n of o ff ice on con vict ion in cert ain cases.

337

Remo val for f raud or breach of t rust .

338Rem oval for gross negligence or m ism anagement .

339

Pow er to cal l meet ings for t he pur poses of sect io ns 337 and 338 and pro cedure.

340

Tim e w hen cer ta in d isqual i f icat ions w i l l take ef fect .

341

Convict io n not to o perat e as disquali f icat ion i f convicted p artn er, director, etc., is expelled.

342

Resignation o f off ice by managing agent .

343Transfer of o ff ice by m anaging agent.


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344

M anaging agency not t o be her i tab le af ter comm encement of Act .

345Succession t o m anaging agency by inherit ance or device under agreem ent befo re

com m encement of Act , to be subject t o Centra l Governm ent 's approval .

346Changes in consti tut ion of m anaging agency, f irm or corpo rat ion to b e approved b y Cent ral

Government.

347Applicat io n of Schedu le VIII to cert ain m anaging agents.

348

Remun erat ion of m anaging agent ord inar i ly not to exceed 10 per cent of net p rof i ts .

349

Determ inat ion of depreciat ion.

350Ascertainment of depreciat ion.

351

Special provision w here th ere is a prof i t -shar ing arrangement betw een tw o or m ore com panies.

352Payment of addi t ional remun erat ion.

353

Time o f payment o f rem unerat ion .

354

M anaging agent not ent i t led t o of f ice a llow ance but ent i t led t o be re im bursed in respect ofexpenses.

355Saving.

356Appo int m ent o f m anaging agent o r associate as sel l ing agent o f goods produced by th e

company.

357


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Applicat ion o f sect io n 356 t o case w here bu siness of com pany consists of th e supp ly or

rend ering of any services.

358Appo intm ent o f m anaging agent o r associate as buying agent f or com pany.

359

Com m ission, etc., of m anaging agent as buying or sel l ing agent of ot her con cerns.360

Cont racts bet w een m anaging agent o r associate and com pany for t he sale or purchase of goodsor t he supply o f services, etc.

361

Exist ing contracts relat ing to m at ters dealt w i th in sect ions 356 to 360 to term inate on 1stM arch, 1958.

362Registers to be open to inspection .

363

Remun erat ion received in contravent ion of foregoing sect ions to be held in t rust for com pany.

364Company not to be bound by assignment of, or charge on, managing agent 's remuneration.

365

Prohib i t ion of payment of compensat ion for loss of of f ice in cer ta in cases.

366Limit o f com pensat ion for loss of of f ice.

367

M anaging agent 's r ights and l iabi l i t ies after t erm ination of off ice.

368

M anaging agent to be subject to con tro l of Board and t o restr ict ion s in Schedule VII.

369Loans to m anaging agent.

370

Loans, etc., to com panies und er the same m anagement .

370A


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Provisions as to certain loans wh ich could n ot have been m ade if sect ions 369 and 370 w ere in

force.

371Penalty for cont ravention o f sect ion 369, 370 or 370A.

372

Purchase by com pany of shares, etc., of oth er com panies.

373Investm ents m ade before com m encem ent of Act .

374

Penalty for contravention of sect ion 372 or 373.

375M anaging agent not to en gage in business com pet ing wit h business of m anaged com pany.

376Condi t ion prohib i t ing reconstruct ion or am algamat ion of com pany except o n cont inuance of

m anaging agent, et c., to be vo id.

377Restr ic t ions on r ight of m anaging agent to appoint d i rectors.

378

Appointm ent of secretar ies and t reasurers.

379Provisions applicable to m anaging agents to apply t o secret ar ies and t reasurers w ith t he

exception s and m odif icat ions specif ied in section s 380 to 383.

380Sections 324, 330 and 332 n ot to apply.

381

Section 348 t o apply subject t o a mod if icat ion.

382

Secretar ies and t reasurers not t o appoin t dir ector s.

383


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Secretar ies and t reasurers not to sel l goods or art i cles pro duced b y com pany, etc., unless

auth orised by Board.

383ACert ain com panies to h ave secretar ies.

384Firm or body corporate not t o be appointed m anager .

385

Certa in persons not t o b e appoint ed m anagers.

386Num ber of com panies of which a person m ay be appointed m anager .

387Remuneration of manager.

388

Applicat ion o f sect io ns 269, 310, 311, 312 and 317 to m anagers.

388ASect ions 386 to 388 not to apply to cer ta in pr ivate com panies.

388B

Reference t o Comp any Law Board of cases against m anagerial personn el.

388CInter im o rder by Company Law Board.

388DFindings of t he Comp any Law Board.

388EPow er of Cent ral Governm ent t o rem ove m anagerial personn el on the basis of Com pany LawBoard's decision.

389Repealed - Pow er for Com panies to refer m at ters to arb i t rat ion.


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390

Interpretat ion of sect ions 391 and 393.

391Pow er to com prom ise or m ake arrangement s w i th credi tors and mem bers.

392

Pow er of High Cour t to enforce compro m ises and arrangemen ts.

393Inform at ion as to com prom ises or ar rangement s w i t h credi tors and m em bers.

394

Provisions for fac il i ta t ing reconstru ct ion and am algamat ion of companies.

394ANotice to be given to Central Governm ent f or applicat ions under Sections 391 and 394.

395Pow er and dut y to acquire shares of shareholders dissent ing from schem e or cont ract approved

by major i ty .

396Pow er of Centra l Governm ent t o provide for amalgam at ion of com panies in nat ional in terest .

396A

Preservation of books and papers of amalgamated company.

Chapt er VI

Prevent ion of Oppression and M ism anagem ent.

397Applicat ion t o Com pany Law Board for rel ief in cases of o ppr ession.

398

Applicat ion t o Com pany Law Board fo r rel ief in cases of m ism anagement .399Right t o apply un der section s 397 and 398.

400Not ice to be g iven to Centra l Government of appl icat ions under sect ions 397 and 398.

401Right of Cent ral Governm ent t o apply under sections 397 and 398.

402


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Pow ers of Com pany Law Board on app licat ion under section 397 or 398.

403Inter im o rder by Company Law Board.

404Effect of a l terat ion of m emo randum or ar t ic les of com pany by order under sect ion 397 or 398.

405Addi t ion of respondent s to appl icat ion under sect ion 397 or 398.

406Applicat ion o f sect io ns 539 to 544 t o pro ceedings und er section s 397 and 398.

407Consequences of term inat ion or m odi f icat ion of cer ta in agreements.

408Pow ers of Government to p revent oppression or m ism anagement .

409Pow er of Com pany Law Board t o prevent change in Board of Directors Likely to affect com pany

prejudic ia l ly .

Chapter VIIConsti tu t io n and Pow ers of Advisory Com m itt ee.

410Appointm ent of Advisory Com m it tee.

411Repealed.

412Repealed.

413Repealed.

414Repealed.

415

Repealed.

Chapter VIII M iscel laneous prov isions.

416

Cont racts by agents of com pany in w hich com pany is undisclosed pr incipal.417

Em ployees' securit ies to be d eposited in post o ff ice savings Bank or in Scheduled Bank.


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418

Provision appl icable to provident funds of em ployees.419

Right of em ployee to see bank's receipt for m oneys or securit ies referred t o in sect ion 417 or418.

420Penalty for contravention of sect ion 417, 418 and 419.

421Fil ing of account s of receivers.

422Invoices, etc., to refer t o receiver wher e there is one.

423Penalty fo r non-com pl iance w i th sect ions 421 and 422.

424Applicat ion o f sect ions 421 to 423 to receivers and m anagers appoint ed by Court and m anagers

appointed in pu rsuance of an inst rum ent . 424AReference t o Tribunal.

424BInquiry in to w ork ing of sick industr ia l companies.

424CPow ers of Tr ibunal to m ake sui table order on com plet ion of inqu iry.

424DPreparation and sanction of schemes.

424ERehabil i tat ion by giving f inancial assistance.

424FArrangem ent for cont inu ing operat ions, etc., dur ing inquiry.

424GW inding up of sick industr ia l com pany.

424HOperat ing agency t o prepare com plete inventory, e tc.

424I

Direct ion n ot to d ispose of assets.424J

Pow er of Tr ibunal to ca l l for per iodic in form at ion.

424KM isfeasance pro ceedings.424L

Penalty for certain offences.

Part VII

W inding Up


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Chapt er I

Prel iminary

425

M odes o f w ind ing up .426

Liabi li ty as cont r ibuto r ies of present and past m em bers.427

Obligation s of direct ors, m anagers w hose l iabi l i ty is unl im ited. 428

Def in i t ion of "contr ibutory" .429

Nature o f l iab i li ty of contr ibutory. 430Contr ibut or ies in case of death of m emb er.

431Cont r ibut or ies in case of insolvency of mem be r.

432Contr ibut or ies in case of w inding up of a body corporate w hich is a m emb er.

Chapt er IIW inding up by th e Cour t .

433Circum stances in w hich com pany m ay be w ound up by Cour t .

434Com pany when deemed unable to pay i ts debt s.

435

Transfer of w inding up pr oceedings to Distr ict Cour t. 436

W ithdraw al and t r ansfer of w inding up f rom o ne Dist r ic t Cour t t o another .

437Power of High Cour t to ret ain wind ing up pro ceedings in Distr ict Court .438

Jurisdict ion of High court u nder sections 435, 436 and 437 t o be exercised at any t im e and atany stage.

439Provisions as to applicat ions for w inding up.

439A


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Statem ent of a f fai rs to h e f i led on w inding up of a company.

440Right to p resent w inding up pet i t ion w here company is being wo und u p voluntar i ly or subject

to Cour t 's super vision. 441

Com m encem ent of w inding up by Cour t .441A

Levy and col lect ion of cess on t urn over o r gross receipts of com panies.441B

Credit ing pro ceeds of cess to Consolidated Fund o f India.441C

Rehabil i tat ion Fund .441D

Applicat ion of Fund.441E

Pow er to ca ll for in form at ion. 441FPenalty for n on-paym ent of cess.

441GRefun d of f und in certain cases.

442Pow er of Court t o stay or restrain pro ceedings against Com pany.

443Pow ers of Cour t on h ear ing pet i t ion.

444Order for w inding up t o b e comm unicated to Of f icia l Liquidator and Regist rar .

445Copy of w inding up order t o be f i led w i th Regist rar .

446Suits stayed on w inding up ord er.

446ARespon sibi l i ty of d ir ectors and off icers to subm it to Tr ibu nal audited bo oks and accoun ts.

447

Effect of w inding up order. 448

Appointm ent of Of f ic ia l Liquidator .

449Off icial Liquidato r to be Liquidato r. 450

Appointm ent and p ow ers of pro visional liqu idator . 451

General provision as to l iq uidat ors.452

Style et c., of l iquidator.


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453

Receiver not t o be appoint ed of assets with l iquidator. 454

Stat em ent o f affairs to b e made to Off icial Liquidato r. 455

Report by Off icial Liquidato r. 456

Custody of company's property.457

Powers of l iquidator. 458

Discret ion of l iquidator. 458A

Exclusion of cer ta in t ime in com put ing per iods of l imi tat ion. 459

Provision fo r legal assistance t o l iquidato r. 460Exercise and cont rol of l iquid ator 's pow ers.

461Books to b e kept by l iquidator.

462Audi t o f l iqu idat or 's account s.

463Cont ro l o f Centra l Governm ent over l iqu idators.

464Appointment and composi t ion of commit tee of inspect ion.

465Const i tu t ion and proceedings of comm it tee of inspect ion.

466Power o f Cour t to stay w inding up.

467Set t lement of l ist o f cont r ibuto r ies and appl icat ion of assets.

468

Del ivery of proper ty to l iqu idator . 469

Payment of debt s due by contr ibut ory and extent of set-of f .

470Pow er of Cour t t o m ake cal ls.471

Payment in to bank of mo neys due to com pany.472

M oneys and secur i t ies paid in to Bank t o be subject to order of Cour t . 473

Order on contr ibut ory t o be conclusive evidence.


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474

Pow er to exclude creditor s not proving in t im e.475

Adjustm ent of r ights of contr ibut or ies.476

Pow er to o rder costs.477

Pow er to sum m on p ersons suspected of h aving proper t y of com pany. etc.478

Pow er to o rder publ ic examinat ion of p rom ot ers, d i recto rs, e tc.479

Pow er t o arrest absconding cont r ibutory. 480

Saving of exist ing p ow ers of Court. 481

Dissolut ion o f Com pany. 482Order m ade in any Cour t to be enforced by oth er Cour ts.

483Appeals f rom orders.

Chapter IIIVoluntary w ind ing up.

484Circumstances in w hich com pany may be w ound up volunt ar i ly .

485Publ icat ion of resolut ion to w ind up volunt ar i ly .

486Com m encement of vo luntary winding up.

487

Effect of vo lunt ary winding up on status of company.488

Declarat io n of solvency in case of pro posal to w ind up vo lunt ar i ly.

489Provisions applicable to a members' voluntary winding up.490

Pow er of comp any to appoint and f ix rem unerat ion of L iquidators.491

Board 's powers to cease on appointm ent o f a l iqu idator . 492

Pow er t o f i l l vacancy in o f f ice of l iqu idator .


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493

Not ice of appointm ent o f l iqu idator t o be g iven to Regist rar . 494

Pow er of l iquidat or t o accept shares, etc., as considerat ion fo r sale of prop ert y fo com pany.495

Dut y of l iquidat or to cal l credito rs' m eeting in case of insolvency.496

Duty of l iqu idator t o call general meet ing at end o f each year. 497

Final m eeting and dissolut ion.498

Altern ative pr ovisions as to annual and f inal m eetings in case of insolvency.499

Provisions applicable to a credit ors' volunt ary w inding up. 500

M eet ing o f c red ito rs . 501Not ice of resolut io ns passed by credit ors' meet ing to b e given to Registr ar.

502Appointm ent of l iqu idator .

503Appointment of commit tee of inspect ion.

504Fixing of l iquidators' remuneration.

505Board 's pow ers to cease on appo intm ent of l iqu idator .

506Pow er t o f i l l vacancy in o f f ice of l iqu idator .

507Appl icat ion of sect ion 494 to a credi tors ' vo luntary w inding up.

508Duty of l iqu idator to cal l meet ings of com pany and of credi tors ' at t he end of each year .

509

Final m eeting and d issolut ion.510

Provisions applicable to every voluntary winding up.

511Dist r ibut ion of proper t y of company.511A

Appl icat ion of sect ion 454 to vo luntary w inding up.512

Pow ers and du t ies of l iqu idator in vo luntary w inding up.513

Body corporate no t t o be appoint ed as l iqu idator .


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514

Corrupt inducement af fect ing appointm ent as liqu idator . 515

Pow er of Cour t to appoint and remo ve l iqu idator in vo luntary w inding up.516

Not ice by l iqu idator of h is appointm ent .517

Arrangem ent w hen b inding on company and credi tors.518

Pow er to apply to Cour t to have quest ions determ ined or pow ers exercised.519

Appl icat ion of L iquidator t o Cour t for p ubl ic examinat ion of pr om oters, d i rectors, e tc.520

Costs of volun tary w inding up.521

Repealed.

Sections

Particulars

Chapter IV

W inding up subject to superv ision of Cour t .

522

Pow er to order w inding up subject to superv ision.523

Effect of pet i t ion for w inding up subject to superv ision.

524Pow er of Cour t to appoint or rem ove liqu idator s.

525Pow ers and o bl igat ions of l iqu idator appoint ed by Cour t .

526Effect o f supervision o rder.

527Appointm ent in cer ta in cases of vo lunt ary l iqu idators to of f ice of l iqu idators.

Chapt er VProvis ions appl icable to every m ode of W inding up


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528Debts of al l descr ip t ions to be adm it ted t o proo f .

529Applicat ion of insolvency rules in winding up of insolvent companies.

529AOverr id ing preferent ia l payment s.

530Preferent ia l p ayment s.

531Fraudulent preference.

531AAvoidance of voluntary transfer.

532Transfers for ben efit of al l credito rs to b e void.

533Liabil i t ies and r ights of certain fraud ulent ly preferr ed persons.534

Effect o f f loat ing charge.535

Disclaim er of onero us propert y in case of a com pany w hich is being wo und u p.536

Avoidance of t ransfers, e tc., a f ter comm encem ent o f w inding up.537

Avoidance of certain att achmen ts, execut ions, etc., in w inding up by or subject to supervision ofCourt.

538Offences by off icers of com panies in l iquidatio n.

539Penalty fo r falsif icat ion of b ooks.

540Penalty for fr auds by off icers.

541

Liabi l i ty w here proper accounts not kept .542

Liabi li ty f or f raudulent conduct of business.

543Pow er of Cour t t o assess damages against del inqu ent directo rs, etc.544

Liabil i ty under section s 542 and 543 to exten d to p artner s or directo rs in f irm o r comp any.545

Prosecut ion of del inquent o f f icers and m emb ers of company.546

Liquidat or t o exercise certain pow ers subject t o sanction .


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547

Not i f icat ion t hat a comp any is in l iqu idat ion.548

Books and papers of comp any to be evidence.549

Inspect ion o f bo oks and p apers by credi tors and contr ibut or ies.550

Disposal of books and papers of com pany.551

Inform at ion as to p ending l iqu idat ions.552

Off icial Liquidator to make payments in to the public account of India.553

Voluntary Liquidator to make payments into Scheduled Bank.554

Liquidator not to pay mo neys in to p r ivate banking account .555Unpaid d iv idends and undist r ibuted assets to be paid in t o t he Companies liqu idat ion Account .

556Enforcement of dut y of l iqu idator to m ake returns, etc.

557M eet ings to ascer ta in w ishes of credi tors or cont r ibuto r ies.

558Court o r person before w hom af f idavi t may be sw orn.

559Pow er of Cour t to declare d issolut ion of com pany void.

560Pow er of Registr ar to str ike defunct com pany off register.

Part VIII Appl icat ion of Act to companies form ed or registered under p revious Com panies Laws.

561

Appl icat ion o f Act t o com panies form ed and registered u nder p revious com panies laws.

562Appl icat ion of Act to companies registered bu t no t fo rm ed under p revious comp anies laws.563

appl icat ion of Acct t o un l imi ted comp anies registered u nder p revious com panies laws.564

M ode o f t ransferr ing shar es in t he case of com panies registered und er Acts XIX of 185 7 and VIIof 1860.


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Part IXCom panies Aut horised to register under th is Act.

565Com panies capable of b eing register ed.

566Def in i t ion o f " Jo int -stock com pany".

567Requirement s for regist rat ion of jo in t -sto ck com panies.

568Requirem ents for regist rat ion of com panies not being jo int s tock companies.

569Auth ent icat ion of s tatem ents of ex ist ing com panies.

570Pow er of Regist rar t o require evidence as to natur e of company.571

Not ice to custom ers on regist rat ion of banking com pany w i th l im i ted l iab i li ty .572

Change of nam e for pu rpo ses of registrat ion.573

Addi t ion of " Limi ted" or "Pr ivate Limi ted" to nam e.574

Cert i f icate of registr at ion o f exist in g com panies.575

Vesting of property on registrat ion.576

Saving fo r exist in g l iabi l i t ies.577

Cont inu at ion of pending legal proceedings.578

Effect of registrat ion u nder Part.

579Pow er to subst i tu t e mem orandum and ar t icles for deed of set t lement .

580

Pow er of Cour t to stay or restra in pr oceedings.581Suits stayed on w inding up ord er.

581ADef in i t ions.

581BObjects of Produ cer Com pany.

581C


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Formation of Producer Company and its registrat ion.

581DM emb ership and vot ing r ights of M emb ers of Producer Com pany.

581EBenef i t s to M embers .

581FM emo randum of Producer Com pany.

581GArt icles of associat ion .

581HAmendment o f memorandum.

581IAmendm ent o f a r t i cles.

581JOpt ion to in ter-Stat e co-operat ive societ ies to become Producer Com panies.

581KEffect of incorporat ion of Producer Com pany.581L

Vesting of u ndert aking in Producer Com pany.581M

Concession, etc., to be deem ed to have been granted t o Producer Com pany.581N

Provisions in respect o f off icers and ot her em ployees of int er-Stale co-operat ive society.581O

Number of d i rectors.581P

Appo in tment o f d i rec to rs.581Q

Vacat ion o f o f f ice by d i rectors.581R

Pow ers and funct ions of Board.581S

M atters to be t ransacted at general m eet ing.

581TLiabil i ty of directors.

581U

Com m it tee of d i rectors. 581VM eet ings of Board and quorum .

581WM eet ings of Board and quorum .

581XSecretary of Producer Com pany.

581Y


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Quorum.

581ZVot ing r ight s.

581ZAAnnual general m eet ings.

581ZBShare capital.

581ZCSpecial u ser r ight s.

581ZDTransferabil i t y of shares and att endant r ight s.

581ZEBooks of account .

581ZFInternal audi t .

581ZGDuties of auditor un der th is Part. 581ZH

Donat ions or subscript ion b y Prod ucer Com pany.581ZI

General and ot her reserves.581ZJ

Issue of bo nus shares.581ZK

Loan, etc., to M em bers.581ZL

Investm ent in ot her com panies, form at ion o f subsid iar ies, etc.581ZM

Penal ty for contr avent ion.581ZN

Amalgam at ion, m erger o r d iv ision, etc., to form new Producer Com panies .581ZO

Disputes.

581ZPStr ike off na m e of Produ cer Com pany.

581ZQ

Provisions of this Part t o overr id e oth er laws.581ZRAppl icat ion of provisions re lat ing t o p r ivate comp anies.

581ZSReconversion of Produ cer Com pany t o int er-Stat e co-oper ative society.

581ZTPow er to m odi fy Act in i t s appl icat ion t o Producer Com panies.

Part X


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W inding up of Unregistered com panies.

582

M eaning of "u nregistered company" .583

W inding up of un registered com panies.584

Pow er to w ind up fore ign companies, a ltho ugh d issolved.585

Cont r ibuto r ies in w inding up of u nregistered com pany.586

Pow er t o stay or restra in p roceedings.587

Suits, etc., stayed o n w inding up order . 588

Direct ion s as to pro pert y in certain cases. 589Provisions of Part cum ulat ive.

590Saving and constr uct ion of enactm ents conf err ing pow er t o w ind up part nership, associat ion or

com pany in cert ain cases.

Part XICom panies incorporat ed ou tside India

591Appl icat ion of sect ions 592 to 602 to fore ign companies.

592Docum ent s etc. , to b e delivered t o Registr ar by fo reign com panies carrying on b usiness in India.

593Return t o b e del ivered to Regist rar b y fore ign com pany w here docum ents, etc. , al tered.

594

Account s of fore ign com pany.595

Obl igat ion to state name of fore ign com pany, w hether l imi t ed, and country w here

incorporated. 596Service on foreign com pany.

597Off ice w here docum ents to be del ivered.

598Penalt ies.

599


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Com pany's fa i lure t o com ply w i th Par t not to af fect i t s liab il i ty under cont racts, e tc.

600Registr at ion of charges, appoint m ent of receiver and books of account .

601Fees for registrat ion of documents under Part.

602Interpretat ion of foregoing sect ions of Par t .

603Dating of prospectus and part iculars to be contained therein.

604Provisions as to expert 's consent and al lotm ent .

605Registrat ion of prospectus.

605AOffer o f Indian Deposito ry Receipts.

606Penalty for con tr avention o f sect ions 603, 604 and 605.607

Civi l l iabi l i ty fo r m isstat em ent s in pro spectu s.608

Interpret at ion of provisions as to prospectuses.

Part XII

Registr atio n of fices and o ff icers and f ees

609

Registr at io n Off ices.610

Inspection , product ion and evidence of docum ents kept by Registrar. 610A

Adm issib i l i ty of m icro f i lms, facsimi le copies of d ocument s, com put er pr in to uts and docum ents

on computer media as documents and as evidence.611

Fees in Schedu le X to b e paid.

612Fees, etc., paid to Registr ar and oth er off icers to b e account ed for t o Cent ral Govern m ent .613

Power o f Cent ral Govern m ent t o redu ce fees, charges, etc.614

Enforcement of duty of company to make returns,, etc., to Registrar. 614A

Pow er of Cour t t ry ing of fences under t he Act to d i rect t he f i l ing of do cuments w i th Regist rar .


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Part XIII

General

615

Pow er of Centra l Governm ent t o d i rect companies to fu rn ish in form at ion or stat is t ics.616

Applicat ion o f Act to in surance, banking, electr ici ty supply and ot her com panies governed b yspecial Acts.

617Def in it ion of "Governm ent Com pany".

618Government Com panies not to have managing agents.

619Appl icat ion of sect ions 224 to 233 to Government Com panies.619A

Annual repor t s on Governm ent Companies.619B

Provisions of sect ion 619 to apply to certain com panies.620

Pow er to m odi fy Act in re lat ion to Government Com panies.620A

Pow er to m odi fy Act in i t s appl icat ion t o Nidhis, e tc.620B

Special provisions as to com panies in Goa, Dam an and Diu.620C

Special provisions as to companies in Jammu and Kashmir. 621

Offences against Act to be cognizable on ly on comp laint by Registr ar, sharehold er orGovernment.

621A

Com posi t ion of cer ta in of fences.622

Jurisdict ion t o t ry of fen ces.

623Cert ain offen ces tr iable sum m ari ly in Presidency to w ns.624

Offences to be non -cognizable.624A

Pow er to Centra l Government to appo int com pany prosecutors.624B

Appeal against acquit tal.


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625

Paymen t of com pensation in case of fr ivolou s or vexatious prosecut ion. 626

Appl icat ion of f in es.627

Production and inspection of books where offences suspected. 628

Penal ty fo r fa lse statem ents.629

Penalty for f alse evidence.629A

Penalty w here no specif ic penalty is provided elsew here in t he Act.630

Penal ty for wrongfu l w i thhold ing of proper ty.631

Penal ty for imp roper use of w ords "Limi ted" and "Pr ivate Limi ted" .632Pow er to require l imi ted company t o g ive secur i ty for costs.

633Power o f Cour t t o grant rel ief in certain cases.

634Enforcem ent of o rders of Cour t s.

634AEnfor cement of ord ers of Com pany Law Board.

635Enforcement of ord ers of on e Cour t by oth er Cour t s.

635AProtect ion of acts done in good fa i th .

635AANon-disclosure of information in certain cases.

635BProtect ion of em ployees dur ing invest igat ion by inspector or p endency of proceeding before

Cour t in cert ain cases.

636Reductio n o f fees, charges, etc., payable t o com pany.

637

Delegat ion by Centra l Government of i t s pow ers and f unct ions under Act .637APow er of Cent ral Governm ent o r Com pany Law Board t o accord app roval, etc., subject t o

condi t ion s and t o p rescr ibe fees on appl icat ions.637AA

Pow er of Centra l Governm ent t o f ix a l imi t w i th regard to r emu nerat ion.637B

Cond onat ion o f delays in certain cases.


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638

Annual repor t by Centra l Governm ent.639

Repealed.640

Validat ion of regist rat ion of f i rm s as mem bers of char itab le and ot her com panies.640A

Exclusion of t ime requ ired in o bt aining copies of order of Court or t he Com pany Law Board. 640B

Form s of , and procedure in re lat ion to cer ta in appl icat ions.641

Pow er to alt er Schedules.642

Pow er of Centra l Government to m ake ru les.643

Pow er of Suprem e Cour t to m ake ru les. 644Repeal of Act s specified in Schedu le XII.

645Saving of order s, rules, etc., in for ce at com m encemen t o f Act.

646Saving of operat io n of sect ion 138 o f Act 7of 1913.

647Saving of pending pr oceedings for w inding up.

647ATransfer of w inding up pr oceedings to Tribun al.

648Saving of pro secution s inst i tut ed by l iquidato r or Cour t un der sectio n 237 of Act 7 of 1913.

649Construct ion of references to f orm er enactm ents in document s.

650Repealed.

651

Construct ion of references to extraordinary resolut ion in art icles, etc. 652

Appointm ent un der previous com panies laws to have ef fect as if m ade under Act .

653Form er r egist rat ion of f ices cont inued.654

Register s und er previou s com panies laws to be d eem ed to be part o f register s und er Act.655

Fund s and accoun ts under Act to be in continu ation o f fund s and accoun ts under previou scomp anies law.

656


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Saving of incorporat ion under repealed Acts.

657Saving of certain Tables under p revious com panies law s.

658Section 6 o f th e General Clauses Act, 1897 to app ly in addit io n t o section s 645 to 657 of Act.

SCHEDULES

659.SCHEDU LE I

660.SCHEDU LE IA

661.SCHEDULE II

662.SCHEDULE III663.

SCHEDU LE IV664.

SCHEDU LE V665.

SCHEDULE VI666.

SCHEDULE VII & VIII667.

SCHEDULE IX668.

SCHEDU LE X669.

SCHEDULE XI670.

SCHEDULE XII

671.SCHEDULEXIII

672.

SCHEDULE XIV 673.SCHEDULE XV

Documents

51 List of CA Final Law Sections