How many Schedules are there in Companies Act 1956?

7 schedules
The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.

What is Section 25 of Companies Act 1956?

Under the Companies Act (“Act”), 1956, Section 25 company can be defined as a limited company formed for the sole object of “promoting commerce, art, science, religion, charity, or any other useful object, and intends to apply its profits, if any, or other income in promoting its objects, and to prohibit the payment of …

What is Companies Act 1956 explain?

The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.

What steps must be taken to form a company under the Companies Act, 1956?

Get the Memorandum and Articles of Association signed by, at least 2 persons in case of Private Limited Company, at least 7 persons in case of Public Limited Company, each shall also write in his own hand his fathers name, occupation and address and number of shares subscribed for, and duly witnessed by at least one …

What are the restrictions of the Companies Act 1956?

Section 77 Restrictions on purchase by company , or loans by company for purchase, of its own or its holding company’s shares. Section 77A Power of company to purchase its own securities. Section 77AA Transfer of certain sums to capital redmeption reserve account. Section 77B Prohibition for buy-back in certain circumstances.

What is the procedure for dissolution of a company?

Dissolution of a company by Tribunal states the procedure for dissolution of a company by the Tribunal which is discussed below: After winding up of a company, the company liquidator filed an application to the Tribunal for the dissolution of a company.

What is winding up procedure under Companies Act, 1956?

WINDING UP- PROCEDURE UNDER COMPANIES ACT, 1956 ? Winding up is the process by which the normal activities of the corporation or association of person is stopped and the assets and liabilities of the association is assessed and distributed among the shareholders as per the existing agreement.

What is Section 43 of the Companies Act?

Section 43 Consequences of default in complying with conditions constituting a company a private company. Section 43A Private company to become public company in certain cases. Section 44 Prospectus or statement in lieu of Prospectus to be filed by private company on ceasing to be provide company.