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THE COMPANIES ACT 1956

THE COMPANIES ACT 1956. AS AMENDED UP-TO-DATE IMPORTANT SECTIONS IN THIS ACT. SECTIONS TO BE REMEMBER. Sec 75 : Return of allotments Sec 76: Power to pay certain commissions and prohibition of payment of all other commissions discounts, etc.

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THE COMPANIES ACT 1956

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  1. THE COMPANIES ACT1956 AS AMENDED UP-TO-DATE IMPORTANT SECTIONS IN THIS ACT

  2. SECTIONS TO BE REMEMBER • Sec 75 : Return of allotments • Sec 76: Power to pay certain commissions and prohibition of payment of all other commissions discounts, etc. • Sec 77: restrictions on purchase by company or loans by company for purchase of it’s own or its holding company’s shares . • Sec 77A: power of company to purchase its own securities. • Sec 77AA: transfer of certain sums to capital redemption reserve account.

  3. Coned….. • Sec 77B: prohibition for buy-back in certain circumstances. • Sec78: application of premiums received on issue of shares. • Sec79: power to issue shares at a discount. • sec79A: issue of sweat equity shares. • Sec80: power to issue redeemable preference shares. • Sec81: further issue of capital.

  4. Contd… • Sec94: power of limited company to alter its share capital. • Sec99: reserve liability of limited company. • Sec100: special resolution for reduction of share capital. • Sec101: application to tribunal for confirming order, objectives by creditors, and settlement of list of objective creditors. • Sec102: order confirming reduction and powers of tribunal on making such order.

  5. Contd…. • Sec103: registration of order and minute of reduction. • Sec104: liability of members in respect of reduced shares. • Sec105: penalty for concealing name of creditor, etc. • Sec108: transfer not to be registered except on production of instrument of transfer. • Sec109: transfer by legal representative. • Sec110: application of transfer. • Sec111: power to refuse registration and appeal against refusal.

  6. Contd…. • Sec113: limitation of time for issue of certificate. • Sec114: issue and effect of share warrants to bearer. • sec117A: debenture trust deed. • sec117B: appointment of debenture trustees and duties of debenture trustees. • Sec125: certain charges to be void against liquidator or creditors unless registered. • Sec143: company’s register of charges. • Sec159: annual return to be made by company having a share capital.

  7. Contd…. • Sec193: minutes of proceedings of general meetings and of board and other meetings. • Sec209: books of account to be kept by company. • Sec224: appointment and remuneration of auditors. • Sec226: qualifications and disqualifications of auditors. • Sec227: power and duties of auditors. • Sec228: audit of accounts of branch office of company. • sec233: power of central government to direct special

  8. contd…. • Audit in certain cases. • sec233B: audit of cost accounts in certain cases. • Sec349: determination of net profits.

  9. These are the important sections to remember required for c.law(ipcc) • Prepared by giridhar(ipcc) • But these are important.

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