What is Section 434 of Companies Act?

434. Company when deemed unable to pay its debts. (c) if it is proved to the satisfaction of the Court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the Court shall take into account the contingent and prospective liabilities of the company.

What is Schedule 4 of Companies Act?

(1) The performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. (2) On the basis of the report of performance evaluation, it shall be determined whether to extend or continue the term of appointment of the independent director.

What is Section 4 of Companies Act, 2013?

According to Section 4 of the Companies Act, 2013, the MoA is a legal document specifying information about the shareholding of the company. It also outlines the scope of the company’s business activities. Further, it is prepared for the purpose of registering the company. It is also called the charter of the company.

What is the minimum number of directors for public company?

3 directors
Section 149(1) of the Companies Act, 2013 requires that every company shall have a minimum of 3 directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person company.

Who can file petition for winding up under section 272?

(2) A contributory shall be entitled to present a petition for the winding up of a company, notwithstanding that he may be the holder of fully paid-up shares , or that the company may have no assets at all or may have no surplus assets left for distribution among the shareholders after the satisfaction of its …

What are the grounds under Section 271 of Companies Act 2013 by which tribunal may order winding up of a company?

Section 271 of Companies Act, 2013 – Circumstances in which company may be wound up by Tribunal. (e) if the Tribunal is of the opinion that it is just and equitable that the company should be wound up.] (g) if the Tribunal is of the opinion that it is just and equitable that the company should be wound up.

What is Schedule VI of Companies Act, 2013?

3.3. The Revised Schedule VI requires that except in the case of the first Financial Statements laid before the company after incorporation, the corresponding amounts for the immediately preceding period are to be disclosed in the Financial Statements including the Notes to Accounts.

Can a company have only 1 director?

The memorandum of incorporation (MOI) determines the minimum number of directors and alternate directors, which, in the case of a private company may not be less than one director.

Who is first director of a company?

The first directors of most of the companies are named in their articles. If they are not so named in the articles of a company, then subscribers to the memorandum who are individuals shall be deemed to be the first directors of the company until the directors are duly appointed.

When can a company be wound up legally?

By Special Resolution: A company may wound up voluntarily after getting 75% majority from its shareholders and board of directors. The process will only start when the special resolution has been passed.

When can a company be wound up by the court?

If the company decides by a special resolution that the company should be wound up by the court. If the company is found to be a defaulter in delivering statutory reports at the registrar’s office or holding statutory meetings or holding two annual general meetings for two consecutive years.

What are the grounds under Section 433 of Companies Act 1956 by which Tribunal may order winding up of a company?

Section 433(e) of the Companies Act, 1956 provides that in cases where the company is unable to pay its debts the court can order winding up. The expression ‘unable to pay its debts’ has to be taken in the commercial sense of being unable to meet current demands though the company may be otherwise solvent6.

When can a company be wound up by the Tribunal?

In case the company does not pay the debts, the debt of the creditor exceeding Rs 1 lakhs is due and unpaid by the company within 21 days from the due date, or any execution decree is passed in favour of the creditor or tribunal has a reason that company will not pay off any debts then company would be liable for …

Is GST applicable to Section 8 company?

Income tax :- The Company is require to follow the provisions of the Income Tax Act. GST Registration :- If Section 8 Company comes under the purview of the GST Act, it must get registered with GST.

What is the difference between schedule 3 and schedule 6?

21 April 2015 Schedule III of the Companies Act, 2013 contains a format for preparation and presentation of financial statements. . Except for addition of general instructions for preparation of Consolidated Financial Statements (CFS), the format of financial statements given in the Companies Act, 2013 is the same as …

What is schedule 3 of Companies Act?

Schedule III of the Companies Act 2013, provides the format of financial statements of companies complying with Accounting Standards (AS) and Ind AS under its Division I and Division II respectively.

Is PAS 4 required to be filed?

After the Companies (Amendment) Act, 2017 w.e.f. 07.08. 2018, Section 42 and Rule 14 have been completely substituted and there is no provision of filing of offer letter in Form PAS-4 and record of persons to whom the offer letter is issued in Form PAS-5 with ROC.