Companies Act in Excel(5)

8/3/2019 Companies Act in Excel(5)

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Part I

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44A

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10A

10B

10C

10D

Part I-A

10E

10F

Part II

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Part III

55

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58A

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58AAA

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60A

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Part IV

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108D

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Part V

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Part VI

Chapter I

146

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153B

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187C


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187D

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204A

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205B

205C

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Chapter II

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312

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Chapter III

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Chapter IV

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Chapter

IVA

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388C


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388D

388E

Chapter V

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396A

Chapter VI

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Chapter VII

410

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Chapter

VIII

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421

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Part VII

Chapter I

425

426

427

428

429

430

431

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Chapter II

433

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Chapter III

484

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511

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512

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515

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518

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521

Chapter IV

522

523

524

525

526

527

Chapter V

528

529

530

531

531A

532

533

534

535

536

537

538

539

540

541

542

543

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546

547548

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556

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Part VIII

561

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Part IX

565

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567

568

569

570

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572

573

574

575

576

577

578

579

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Part X

582

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586

587

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589

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Part XI

591

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595

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597

598

599

600

601602

603

604

605

606

607

608

Part XII

609

610

611

612

613

614

614A

Part XIII

615

616

617

618

619

619A

619B

620

620A

620B

620C

621

621A

622

623

624

624A624B

625

626

627

628

629

629A

630


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631

632

633

634

634A

635

635A635AA

635B

636

637

637A

637AA

637B

638

639

640

640A

640B

641

642

643

644

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648

649

650

651

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SCHEDULES

Schedule I

Table A

Table B

Table C

Table D

Table E

Table F


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Schedule IA

Schedule II

Part I

Part II

Part III

Schedule

III

Part I

Part II

Part III

Schedule IV

Part I

Part II

Part III

Schedule V

Part IPart II

Schedule VI

Part I

Part II

Part III

Schedule

VIISchedule

VIII

Schedule IX

Schedule X

Schedule XISchedule

XIISchedule

XIII

Part I

Part II

Part III

Schedule

XIVSchedule

XV


19/36

Preliminary

Short title, commencement and extent.

Definitions.

Interpretation of certain words and expressions.

Definitions of "company", "existing company", "private company" and "public company".

Meaning of "holding company" and "subsidiary".Public Financial Institutions.

Meaning of "officer who is in default".

Meaning of "relative".

Interpretation of "person in accordance with whose directions or instructions directors are accustomed to act".

Power of Central Government to declare an establishment not to be a branch office.

Act to override memorandum, articles, etc.

Jurisdiction of Courts.

Omitted.

Omitted.

Omitted.

Omitted.

Board of Company Law administration.

Constitution of Board of Company Law Administration.

Appeals against the orders of the Company Law Board.

Incorporation of Company and Matters Incidental thereto.

Prohibition of associations and partnerships exceeding certain number.

Mode of forming incorporated company.

Requirements with respect to memorandum.

Form of memorandum.

Printing and signature of memorandum.

Special provision as to alteration of memorandum consequent on alteration of name of State of Madras.Special provision as to alteration of memorandum consequent on alteration of name of State of Mysore.

Alteration of memorandum.

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

Change of registered office within a State

Alteration to be registered within three months.

Effect of failure to register.

Companies not to be registered with undesirable names.

Change of name by company.

Rectification of name of company.

Registration of change of name and effect thereof.

Change of name of existing private limited companies.

Power to dispense with "Limited" in name of charitable or other company.Articles prescribing regulations.

Regulations required in case of unlimited company, company limited by guarantee or private company limited by

shares.

Adoption and application of Table A in the case of companies limited by shares.

Form of articles in the case of other companies.

Form and signature of articles.

Alteration of articles by special resolution.

Registration of unlimited company as limited, etc.
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Registration of memorandum and articles.

Effect of registration.

Conclusiveness of certificate of incorporation.

Effect of memorandum and articles.

Provision as to companies limited by guarantee.

Effect of alteration in memorandum or articles.

Copies of memorandum and articles, etc., to be given to members.Alteration of memorandum or articles, etc., to be noted in every copy.

Definition of "member".

Membership of holding company.

Consequences of default in complying with conditions constituting a company a private company.

Private company to become public company in certain cases.

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

Members severally liable for debts where business carried on with fewer than seven, or in the case of a private

company, two members.

Form of contracts.

Bills of exchange and promissory notes.

Execution of deeds.Investments of company to be held in its own name.

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

Service of documents on company.

Service of documents on Registrar.

Service of documents on members by company.

Authentication of documents and Proceedings.

Prospectus and Allotment, and other matters relating to issue of shares or debentures.

Dating of prospectus.

Powers of Securities and Exchange Board of India

Matters to be stated and reports to be set out in prospectus.

Expert to be unconnected with formation or management of company.Expert's consent to issue of prospectus containing statement by him.

Deposits not to be invited without issuing an advertisement.

Small depositors

Default in acceptance or refund of deposits to be cognizable

Provisions relating to prospectus to apply to advertisement.

Penalty and interpretation.

Registration of prospectus.

Shelf prospectus

Information memorandum

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

Civil liability for misstatements in prospectus.

Criminal liability for misstatements in prospectus.Document containing offer of shares or debentures for sale to be deemed prospectus.

Interpretation of provisions relating to prospectuses.

Newspaper advertisement of prospectus.

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

Penalty for fraudulently inducing persons to invest money.

Personation for acquisition, etc., of shares.

Initial offer of securities to be in dematerialised form in certain cases

Prohibition of allotment unless minimum subscription received.
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iesact/s35.htmhttp://www.vakilno1.com/bareacts/companiesact/s34.htmhttp://www.vakilno1.com/bareacts/companiesact/s33.htm


21/36

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

Effect of irregular allotment.

Application for, and allotment of, shares and debentures.

Allotment of shares and debentures to be dealt in on stock exchange.

Manner of reckoning fifth, eighth and tenth days in sections 72 and 73.

Return as to allotments.

Power to pay certain commissions and prohibition of payment of all other commissions, discounts, etc.Restrictions on purchase by company, or loans by company for purchase, of its own or its holding company's

shares.

Power of company to purchase its own securities

Transfer to certain sums to capital redemption reserve account

Prohibition for buy-back in certain circumstances

Application of premiums received on issue of shares.

Power to issue shares at a discount.

Issue of Sweat equity shares

Power to issue redeemable preference shares.

Redemption of irredeemable preference share, etc.

Further issue of capital.

Share Capital and Debentures

Nature of shares.

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

Certificate of shares.

Two kinds of share capital.

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

Voting rights.

Omitted

Termination of disproportionately excessive voting rights in existing companies.

Savings.

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

Power of company to accept unpaid share capital, although not called up.Payment of dividend in proportion to amount paid-up.

Power of limited company to alter its share capital.

Share capital to stand increased where an order is made under section 81(4).

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

Effect of conversion of shares into stock.

Notice of increase of share capital or of members.

Power of unlimited company to provide for reserve share capital on re-registration.

Reserve liability of limited company.

Special resolution for reduction of share capital.

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

Order confirming reduction and powers of Court on making such order.

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

Penalty for concealing name of creditor, etc.

Alteration of rights of holders of special classes of shares.

Rights of dissentient shareholders.

Transfer not to be registered except on production of instrument of transfer.

Restriction on acquisition of certain shares.

Restriction on transfer of shares.

Restriction on the transfer of shares of foreign companies.
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eacts/companiesact/s72.htmhttp://www.vakilno1.com/bareacts/companiesact/s71.htmhttp://www.vakilno1.com/bareacts/companiesact/s70.htm


22/36

Power of Central Government to direct companies not to give effect to the transfer.

Time within which refusal to be communicated.

Nothing in sections 108A to 108D to apply to Government companies, etc.

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

Construction of certain expressions used in sections 108A to 108G.

Penalty for acquisition or transfer of share in contravention of sections 108A to 108D.

Transfer by legal representative.Nomination of shares

Transmission of shares

Application for transfer.

Power to refuse registration and appeal against refusal.

Rectification of register on transfer.

Certification of transfers.

Limitation of time for issue of certificates.

Issue and effect of share warrants to bearer.

Share warrants and entries in register of members.

Penalty for personation of shareholder.

Debentures with voting rights not to be issued hereafter.

Debenture trust deedAppointment of debenture trustees and duties of debenture trustees

Liability of company to create security and debenture redemption reserve

Right to obtain copies of and inspect trust deed.

Liability of trustees for debenture-holders.

Perpetual debentures.

Power to re-issue redeemed debentures in certain cases.

Specific performance of contract to subscribe for debentures.

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

Registration of Charges.

"Charge" to include mortgage in this Part.

Certain charges to be void against liquidator or creditors unless registered.

Date of notice of charge.Registration of charges on properties acquired subject to charge.

Particulars in case of series o debentures entitling holders pari passu.

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

Register of charges to be kept by Registrar.

Index to register of charges.

Certificate of registration.

Endorsement of certificate of registration on debenture or certificate of debenture stock.

Duty of company as regards registration and right of interested party.

Provisions of Part to apply to modification of charges.

Copy of instrument creating charge to be kept by company at registered office.

Entry in register of charges of appointment of receiver or manager.

Company to report satisfaction and procedure thereafter.Power of Registrar to make entries of satisfaction and release in absence of intimation from company.

Copy of memorandum of satisfaction to be furnished to company.

Rectification by Company Law Board of register of charges.

Penalties.

Company's register of charges.

Right to inspect copies of instruments creating charges and company's register of charges.

Application of Part of charges requiring registration under it but not under previous law.
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ww.vakilno1.com/bareacts/companiesact/s108g.htmhttp://www.vakilno1.com/bareacts/companiesact/s108f.htmhttp://www.vakilno1.com/bareacts/companiesact/s108e.htmhttp://www.vakilno1.com/bareacts/companiesact/s108d.htm


23/36

Management and Administration

General Provisions.

Registered office of company.

Publication of name by company.

Publication of authorised as well as subscribed and paid-up capital.Restrictions on commencement of business.

Register of members.

Index of members.

Register and index of debenture-holders.

Register and index of beneficial owners.

Trusts not to be entered on register.

Appointment of public trustee.

Declaration as to shares and debentures held in trust.

Power to close register of members or debenture-holders.

Omitted.

Omitted.

Power for company to keep foreign register of members or debenture-holders.Provisions as to foreign registers.

Annual return to be made by company having a share capital.

Annual return to be made by company not having a share capital.

Further provisions regarding annual return and certificate to be annexed thereto.

Penalty and interpretation.

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

Registers etc., to be evidence.

Statutory meeting and statutory report of company.

Annual general meeting.

Power of Company Law Board to call annual general meeting.

Penalty for default in complying with section 166 or 167.

Calling of extraordinary general meeting on requisition.

Sections 171 to 186 to apply to meetings.Length of notice for calling meeting.

Contents and manner or service of notice and persons on whom it is to be served.

Explanatory statement to be annexed to notice.

Quorum for meeting.

Chairman of meeting.

Proxies.

Voting to be by show of hands in first instance.

Chairman's declaration of result of voting by show of hands to be conclusive.

Demand for poll.

Time of taking poll.

Restriction on exercise of voting right of members who have not paid calls, etc.

Restrictions on exercise of voting right in other cases to be void.Right of member to use his votes differently.

Scrutineers at poll.

Manner of taking poll and result thereof.

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

Representation of corporations at meetings of companies and of creditors.

Representation of the President and Governors in meetings of companies of which they are members.

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

Declaration by persons not holding beneficial interest in any share.
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24/36

Investigation of beneficial ownership of shares in certain cases.

Circulation of members' resolutions.

Ordinary and special resolutions.

Resolutions requiring special notice.

Resolutions passed at adjourned meetings.

Registration of certain resolutions and agreements.

Passing of resolutions by postal ballotMinutes of proceedings of general meetings and of Board and other meetings.

Minutes to be evidence.

Presumptions to be drawn where minutes duly drawn and signed.

Inspection of minute books of general meetings.

Publication of reports of proceedings of general meetings.

Company not to appoint or employ certain different categories of managerial personnel at the same time

Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of

profits.

Calculation of commission, etc. in certain cases.

Prohibition of tax-fee payments.

Avoidance of provisions relieving liability of officers and auditors of company.

Undercharged insolvent not to manage companies.Power to restrain fraudulent persons from managing companies.

Restriction on appointment of firm or body corporate to office or place of profit under a company.

Omitted

Dividend to be paid only out of profits.

Unpaid dividend to be transferred to special dividend account.

Payment of unpaid or unclaimed dividend.

Establishment of investor education and protection fund.

Dividend not to be paid except to registered shareholders or to their order ro to their bankers.

Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of

shares.

Penalty for failure to distribute dividends within forth-two days.

Power of company to pay interest out of capital in certain cases.

Books of account to be kept by company.Inspection of books of account, etc., of companies.

Annual accounts and balance-sheet.

Constitution of nation advisory committee on accounting standards.

Form and contents of balance-sheet and profit and loss account.

Balance-sheet of holding company to include certain particulars as to its subsidiaries.

Financial year of holding company and subsidiary.

Rights of holding company's representatives and members.

Authentication of balance-sheet and profit and loss account.

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

Board's report.

Penalty for improper issue, circulation or publication of balance-sheet or profit and loss account.

Right of member to copies of balance-sheet and auditors' report.Three copies of balance-sheet, etc., to be filed with Registrar.

Duty of officer to make disclosure of payments, etc.

Construction of references to documents annexed to accounts.

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

Appointment and remuneration of auditors.

Auditor not to be appointed except with the approval of the company by special resolution in certain cases.

Provisions as to resolutions for appointing or removing auditors.

Qualifications and disqualifications of auditors.
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.vakilno1.com/bareacts/companiesact/s197.htmhttp://www.vakilno1.com/bareacts/companiesact/s196.htmhttp://www.vakilno1.com/bareacts/companiesact/s195.htmhttp://www.vakilno1.com/bareacts/companiesact/s194.htmhttp://www.vakilno1.com/bareacts/companiesact/s193.htmhttp://www.vakilno1.com/bareacts/companiesact/s192a.htmhttp://www.vakilno1.com/bareacts/companiesact/s192.htmhttp://www.vakilno1.com/bareacts/companiesact/s191.htmhttp://www.vakilno1.com/bareacts/companiesact/s190.htmhttp://www.vakilno1.com/bareacts/companiesact/s189.htmhttp://www.vakilno1.com/bareacts/companiesact/s188.htmhttp://www.vakilno1.com/bareacts/companiesact/s187d.htm


25/36

Powers and duties of auditors.

Audit of accounts of branch office of company.

Signature of audit report, etc.

Reading and inspection of auditor's report.

Right of auditor to attend general meeting.

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

Penalty for non-compliance by auditor with sections 227 and 229.Power of Central Government to direct special audit in certain cases.

Audit of cost accounts in certain cases.

Power of Registrar to call for information or explanation.

Seizure of documents by Registrar.

Investigation of the affairs of a company.

Application by members to be supported by evidence and power to call for security.

Investigation of company's affairs in other cases.

Firm, body corporate or association not to be appointed as inspector.

Power of inspectors to carry investigation into affairs of related companies.

Production of documents and evidence.

Seizure of documents by inspector.

Inspector's report.Prosecution.

Application for winding up of company or an order under section 397 or 398.

Proceedings for recovery of damages or property.

Expenses of investigation.

Inspector's report to be evidence.

Investigation of ownership of company.

Omitted

Omitted

Imposition of restrictions upon shares and debentures and prohibition of transfer of shares or debentures in

certain cases.

Voluntary winding up of company, etc. not to stop investigation proceedings.

Saving for legal advisers and bankers.

Directors

Minimum number of directors.

Only individuals to be directors.

Subscribers of memorandum deemed to be directors.

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

Ascertainment of directors retiring by rotation and filling of vacancies.

Right of persons other than retiring directors to stand for directorship.

Right of company to increase or reduce the number of directors.

Increase in number of directors to require Government sanction.

Additional directors.

Certain persons not to be appointed directors, except by special resolution.

Filling of casual vacancies among directors.Appointment of directors to be voted on individually.

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

Consent of candidate for directorship to be filed with the company and consent to act as director to be filed with

the Registrar.

Option to company to adopt proportional representation for the appointment of directors.

Restrictions on appointment or advertisement of director.

Certain persons not to be appointed managing directors.
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com/bareacts/companiesact/s232.htmhttp://www.vakilno1.com/bareacts/companiesact/s231.htmhttp://www.vakilno1.com/bareacts/companiesact/s230.htmhttp://www.vakilno1.com/bareacts/companiesact/s229.htmhttp://www.vakilno1.com/bareacts/companiesact/s228.htmhttp://www.vakilno1.com/bareacts/companiesact/s227.htm


26/36

Amendment of provision relating to managing, whole time or non-rotational directors to require Government

approval.

Appointment of managing or whole-time director or manager to require Government approval only in certain

cases.

Time within which share qualification is to be obtained and maximum amount thereof.

Repealed.

Penalty.Saving

Disqualifications of directors.

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

Choice to be made by director of more than twenty companies at commencement of Act.

Choice by person becoming director of more than twenty companies after commencement of Act.

Exclusion of certain directorships for the purposes of sections 275, 276 and 277.

Penalty.

Repealed.

Repealed.

Repealed.

Vacation of office by directors.

Removal of directors.Board to meet at least once in every three calendar months.

Notice of meetings.

Quorum for meetings.

Procedure where meeting adjourned for want of quorum.

Passing of resolutions by circulation.

Validity of acts of directors.

General powers of Board.

Certain powers to be exercised by Board only at meeting.

Restrictions on powers of Board.

Prohibitions and restrictions regarding political contributions.

Power of Board and other persons to make contributions to the National Defence Fund, etc.

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

Prohibition of payment of compensation to sole selling agents for loss of office in certain cases.Power of Central Government to prohibit the appointment of sole selling agents in certain cases.

Loans to directors, etc.

Application of section 295 to book debts in certain cases.

Board's sanction to be required for certain contracts in which particular directors are interested.

Power of directors to carry on business when managing agent or secretaries and treasurers are deemed to have

vacated office, etc.

Disclosure of interests by director.

Interested director not to participate or vote in Board's proceedings.

Register of contracts, companies and firms in which directors are interested.

Disclosure to members of director's interest in contract appointing manager, managing director.

Register of directors.

Inspection of the register.Duty of directors, etc., to make disclosure.

Register to be kept by Registrar and inspection thereof.

Register of directors' shareholdings, etc.

Duty of directors and persons deemed to be directors to make disclosure of shareholdings.

Remuneration of directors.

Provision for increase in remuneration to require Government sanction.

Increase in remuneration of managing director on reappointment or appointment after Act to require Government

sanction.
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m/bareacts/companiesact/s277.htmhttp://www.vakilno1.com/bareacts/companiesact/s276.htmhttp://www.vakilno1.com/bareacts/companiesact/s275.htmhttp://www.vakilno1.com/bareacts/companiesact/s274.htmhttp://www.vakilno1.com/bareacts/companiesact/s273.htmhttp://www.vakilno1.com/bareacts/companiesact/s272.htmhttp://www.vakilno1.com/bareacts/companiesact/s271.htmhttp://www.vakilno1.com/bareacts/companiesact/s270.htmhttp://www.vakilno1.com/bareacts/companiesact/s269.htmhttp://www.vakilno1.com/bareacts/companiesact/s269.htmhttp://www.vakilno1.com/bareacts/companiesact/s268.htmhttp://www.vakilno1.com/bareacts/companiesact/s268.htm


27/36

Prohibition of assignment of office by director.

Appointment and term of office of alternate directors.

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

Omitted.

Number of companies of which one person may be appointed managing director.

Managing Director not to be appointed for more than five years at a time.

Compensation for loss of office not permissible except to managing or whole-time directors or to directors whoare managers.

Payment to director, etc., for loss of office, etc., in connection with transfer of undertaking or property.

Payment to director for loss of office, etc., in connection with transfer of shares.

Provisions supplementary to sections 318, 319 and 320.

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

Special resolution of limited company making liability of directors, etc., unlimited.

Managing Agents

Power of Central Government to notify that companies engaged in specified classes of industry or business shall

not have managing agents.

Abolition of managing agencies and secretaries and treasurers.Managing agency company not to have managing agent.

Subsidiary of a body corporate not to be appointed as managing agent.

Central Government to approve of appointment, etc., of managing agent and circumstances in which approval

may be accorded.

Application of sections 328 to 331.

Term of office of managing agent.

Variation of managing agency agreement.

Term of office of existing managing agents to terminate on 15th August, 1960.

Application of Act to existing managing agents.

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

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

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

Suspension from office where receiver appointed.Vacation of office on conviction in certain cases.

Removal for fraud or breach of trust.

Removal for gross negligence or mismanagement.

Power to call meetings for the purposes of sections 337 and 338 and procedure.

Time when certain disqualifications will take effect.

Conviction not to operate as disqualification if convicted partner, director, etc., is expelled.

Resignation of office by managing agent.

Transfer of office by managing agent.

Managing agency not to be heritable after commencement of Act.

Succession to managing agency by inheritance or device under agreement before commencement of Act, to be

subject to Central Government's approval.

Changes in constitution of managing agency, firm or corporation to be approved by Central Government.Application of Schedule VIII to certain managing agents.

Remuneration of managing agent ordinarily not to exceed 10 per cent of net profits.

Determination of depreciation.

Ascertainment of depreciation.

Special provision where there is a profit-sharing arrangement between two or more companies.

Payment of additional remuneration.

Time of payment of remuneration.

Managing agent not entitled to office allowance but entitled to be reimbursed in respect of expenses.
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28/36

Saving.

Appointment of managing agent or associate as selling agent of goods produced by the company.

Application of section 356 to case where business of company consists of the supply or rendering of any services.

Appointment of managing agent or associate as buying agent for company.

Commission, etc., of managing agent as buying or selling agent of other concerns.

Contracts between managing agent or associate and company for the sale or purchase of goods or the supply ofservices, etc.

Existing contracts relating to matters dealt with in sections 356 to 360 to terminate on 1st March, 1958.

Registers to be open to inspection.

Remuneration received in contravention of foregoing sections to be held in trust for company.

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

Prohibition of payment of compensation for loss of office in certain cases.

Limit of compensation for loss of office.

Managing agent's rights and liabilities after termination of office.

Managing agent to be subject to control of Board and to restrictions in Schedule VII.

Loans to managing agent.

Loans, etc., to companies under the same management.

Provisions as to certain loans which could not have been made if sections 369 and 370 were in force.Penalty for contravention of section 369, 370 or 370A.

Purchase by company of shares, etc., of other companies.

Investments made before commencement of Act.

Penalty for contravention of section 372 or 373.

Managing agent not to engage in business competing with business of managed company.

Condition prohibiting reconstruction or amalgamation of company except on continuance of managing agent, etc.,

to be void.

Restrictions on right of managing agent to appoint directors.

A. Secretaries and Treasurers.

Appointment of secretaries and treasurers.

Provisions applicable to managing agents to apply to secretaries and treasurers with the exceptions and

modifications specified in sections 380 to 383.Sections 324, 330 and 332 not to apply.

Section 348 to apply subject to a modification.

Secretaries and treasurers not to appoint directors.

Secretaries and treasurers not to sell goods or articles produced by company, etc., unless authorised by Board.

Certain companies to have secretaries.

B. Managers

Firm or body corporate not to be appointed manager.

Certain persons not to be appointed managers.

Number of companies of which a person may be appointed manager.

Remuneration of manager.Application of sections 269, 310, 311, 312 and 317 to managers.

Sections 386 to 388 not to apply to certain private companies.

Powers of Central Government to Remove Managerial Personnel from Office on the

Recommendation of the Company Law Board.

Reference to Company Law Board of cases against managerial personnel.

Interim order by Company Law Board.
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