NCLT has jurisdiction over all winding up proceedings, including, inter alia, winding up on the ground of inability to pay debt, where such petition is served to a respondent after 15th December, 2016. For all other winding up petitions served before 15th December, 2016, High Court will continue to have jurisdiction.
Tag Archives: Companies Act 2013
ONE PERSON COMPANY UNDER COMPANIES ACT, 2013
ONE PERSON COMPANY UNDER COMPANIES ACT, 2013 Definition of One Person Company (“OPC”) Section 2(62) of the Companies Act, 2013 (“Act”) defines OPC as a company which has only one person as a member. Legal Nature of OPC OPC can be registered only as a private company which means that all the provisions applicable toContinue reading “ONE PERSON COMPANY UNDER COMPANIES ACT, 2013”
List of Ordinary and Special Resolutions under Companies Act, 2013
List of Ordinary and Special Resolutions under Companies Act, 2013 [Click the link above to download the PDF]
Appointment of Directors under the new Companies Act, 2013
Directors of a company hold the most crucial position in the Company. With the new Companies Act, 2013 (“New Act“) already in force, their position has become even more significant than ever before. They are now formally included within the definition of “key managerial personnel” or “KMP” under Section 2(51) of the New Act. NewContinue reading “Appointment of Directors under the new Companies Act, 2013”
Difference between Slump Sale and Asset Purchase
Definition of Slump Sale As per S. 2(42C), of Finance Act, 1999, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. As per Sect 180 of Companies Act, 2013- “180. (1) The BoardContinue reading “Difference between Slump Sale and Asset Purchase”
Time Limit for allotment of securities under the new Companies Act, 2013
As per Section 23 of the new Companies Act, 2013, a public or private company may issue securities in any of the following manner: Public Company To public through issue of Prospectus Private Placement Rights Issue or a Bonus Issue Private Company Rights or Bonus Issue Private placement Private Placement vis-a-vis Preferential Allotment Section 42Continue reading “Time Limit for allotment of securities under the new Companies Act, 2013”
New Companies Act: Useful Links
MCA Portal Tabular Comparison of provisions of Companies Act, 2013 (as notified up to date) and corresponding provisions under Companies Act, 1956 Mapping of e-forms prescribed under the Companies Act, 2013 with e-forms prescribed under Companies Act, 1956
Buy-back under the new Companies Act, 2013
Section 68(1) of the new Act, deals with the issue of ‘buy-back’. The corresponding provision in the old Act is Section 77A. After a comparison of old Act and Rules as well as new Act and Rules, it is evident that there has been no significant change in the laws regarding buy-back. The changes haveContinue reading “Buy-back under the new Companies Act, 2013”
ESOP under the new Companies Act, 2013
Can ESOPs be issued to the Promoters and Directors under the New Companies Act, 2013? What are the restrictions in terms of percentage? Section 2(37) of the new Companies Act defines employees’ stock option means (ESOP) as- “The option given to the directors, officers or employees of a company or of its holding company orContinue reading “ESOP under the new Companies Act, 2013”
Indian Case Law 