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The sub-section (1), states or guides every company to maintain a register for each classified member in such prescribed manners:
Register of Equity Holders and Preference Shareholders: Under Section 88(1)(a), there are equity holders as well as preference shareholders in each company. Each company shall maintain a separate register for them, whether they’re residing in India or outside India.
Register of Debenture Holders or Security Holders: Under Section 88(1)(b) and (c), every company that issues or allots debentures or securities shall maintain a separate register for the debenture holders and security holders under Form No. MGT-2 as per Rule 4 of the Companies (Management & Administration) Rules, 2014.
Register Index: The sub-section (2) states that the register that is to be maintained under sub-section (1) shall consist of an index of the names of the members contained therein, i.e., any company with not less than 50 members has to maintain the register with an index in which sufficient entries are to be made for any folio and consist of such valid data as is necessary for legal binding.
Register and index to be maintained by: Sub-section (3) talks about the fact that the register and the index shall be maintained by ‘Depository’, which is under Section 11 of the Depositories Act, 1996. A depository is an organization that keeps track of ownership of shares or other securities in a dematerialized format, eliminating the disadvantages associated with actual share certificates. The depository, which continues to be the registered owner but does not have any rights over the shares, is the name under which they are issued. The general investors are the beneficial owners. The depository is required by Section 11 of the Depositories Act, 1996, to keep the beneficial owner record up to date.
Maintenance foreign register: If permitted by its articles, a company may maintain a part of the register mentioned in sub-section (1) known as the “foreign register” in any nation outside of India in the same format as the principal or major register. Such a registry keeps track of the information about the citizens of that nation who are members, holders of debentures, holders of any other securities, or beneficial owners. Only citizens of the nation where it is kept would have their details included in this record. This register will be considered a component of the major register of the corporation to which it pertains.
Failure of maintaining the register: If the company does not maintain the register of members, debenture holders, security holders, or such beneficial owners or fails to maintain the register prescribed under sub-sections (1) and (2), then the company and such employee of the company who is in default or fails to maintain the register shall be punishable with not less than 50 thousand rupees, which may extend up to 3 lakh rupees. If the failure is a continuing failure or default, then such failure will be further punishable with one thousand rupees per day from the date on which the failure continues.
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What is an anatomization?
An anatomizer is a person who carries out bodily dissection.
To what an extend the claa changes section 288 of the companies's act of 1973?
TO WHAT AN EXTEND THE CLAA CHANGES SECTION 288 OF RHE COMPANIES' ACT OF 1973
What’s section 88 of Companies Act, 2013?
This section states that every company not having less than 50 members shall maintain a register for their members which is to hold the record and to update their members.
What do you mean by Section 201 of the Companies Act, 2013?
Forms of, and Procedure in Relation to, Certain Applications Section 201 of the Companies Act, 2013 will be applicable from the 12th of September 2018. Section 201 of the Companies Act, 2013, is as amended by the Companies (Amendment) Act, 2017. (1) Any application made to the Central Government under Section 196 of this Chapter must be made in the form prescribed in Form MR2. (a) Before making an application to the Central Government under section 196 or any of the aforementioned sections, the company shall give its members a general notice describing the nature of the application proposed to be made. (b) Such notification shall be published at least once in a newspaper circulating in the district in which the company’s registered office is located, and at least once in English in an English newspaper circulating in that district. c) Copies of the notices, along with a certificate from the company attesting to their proper publication, must be attached to the application. This section is to be read with Rule 7 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Which companies can use the word limited?
Only Public Companies as defined in Section 3(i)(iv) of companies act 1956 can use word limited in their name.Private Companies sh Only Public Companies as defined in Section 3(i)(iv) of companies act 1956 can use word limited in their name.Private Companies shall use private limited at the end of their name and it is optional for the companies registered under section 25 of the Companies act 1956 to use word limited.
How do you registerd a nidhi company under section 620-A of companies act?
In order to register as a nidhi company in India under section 620-A of companies act, you will have to apply at the Ministry of Corporate Affairs headquarters.
What is the nature of shares or debentures in Section 44 of Companies Act?
The nature of shares or debentures in section 44 of the Act is movable and transferable in accordance with the article of association.
What is an Internal Audit?
Internal audit refers to an independent service to evaluate an organisation’s internal controls, its corporate practices, processes, and methods. An internal audit helps in securing compliance with the various laws applicable to an organisation. Section 138 of the companies act deals with the same, i.e., Internal Auditing. And states about the various classes of companies where Auditing is mandatory. Section 138 of the Companies Act 2013 Internal Audit under Section 138 of Companies Act, 2013: The internal audit assesses a company’s interior control, inclusive of its corporate governance and accounting methods. These audits pledge compliance with laws and regulations and help to maintain precise and timely financial reporting and data collection.
What are the key objectives of a Section 8 Company?
The primary objectives include promoting arts, science, commerce, education, social welfare, religion, charity, or any other useful public purpose. NGOs in India can be registered under the Registrar of Societies or as a A non-profit entity under Section 8 Company of the Companies Act, 2013 Compliance with the Companies Act is compulsory for Section 8 Company, including Filing returns with the ROCs, maintaining books of accounts, & complying with GST and IT Act Regulations Section 8 Company in India cannot utilize profits for purposes other than charitable objectives & cannot distribute them among shareholders of the Company Any alterations to the Charter Documents like AoA & MOA require consent from the Government Section 8 Companies are identical to the former Section 25 Companies Under the Companies Act 1956 and now, they are recognized as such under the prevailing legislation
How many sections are there in companies act 2013?
470 sections and 7 schedule
Company Limited by Shares under Section 25 of the Companies Act 1956 its required to take certificate of commnecment of business under the Section 149 of Companies Act 1956?
No Section 25 Company need not require to take Certificate of Commencement of Business. Thanks RM Tiwari Company Secretary rmtiwarifcs@gmail.com
What Types of protection are provided under Section 47 of the companies Act?
Important Caveats: Balancing Power and Fairness The section 47 of Companies Act 2013 provides enormous flexibility to the shareholders and their rights. However, along with the flexibility the safeguarding of these rights are equally important to ensure fairness. Following protections are provided under this Act: – Protection of Minority Shareholders: The Act safeguards minority shareholders’ interests by prohibiting an undue concentration of voting power. Disclosure Requirements: To promote generosity, companies are required to reveal pertinent information regarding the voting rights associated with various share classes. Electronic Voting: To make participation easier for the shareholders, the Act compels listed firms and major companies to offer electronic voting choices.
