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19 views48 pagesCopy of Arpita Quick Revision Coprporate Law M21
The document outlines the regulations and penalties associated with foreign companies operating in India, including registration requirements and consequences for non-compliance. It details the processes for filing necessary documents with the Registrar of Companies (ROC) and the penalties for various violations. Additionally, it discusses the appeal process for orders from the National Company Law Tribunal (NCLT) and the establishment of special courts for certain offenses under the Companies Act.
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0% found this document useful (0 votes)
19 views48 pagesCopy of Arpita Quick Revision Coprporate Law M21
The document outlines the regulations and penalties associated with foreign companies operating in India, including registration requirements and consequences for non-compliance. It details the processes for filing necessary documents with the Registrar of Companies (ROC) and the penalties for various violations. Additionally, it discusses the appeal process for orders from the National Company Law Tribunal (NCLT) and the establishment of special courts for certain offenses under the Companies Act.
Uploaded by
kotexig197Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
/ 48
Commerce Eduworld
967,082 081
| corporate has been dissolves/ceased to exist under low of the country onder
| which it was incorporated.
ei co oo _
_ Role 12 of Companies (Regn, of Foreign Cos,) Rules, 2014: (Refer Qn)
| If any person/(s) trade or carry on business in_any manner_onder any name or ___
_| _title or description as a foreign co registered under the Act/Roles, that person
_ or each of those persons shall unless duly registered as foreign co. under the
Act ¢ Roles, shall be liable for i tion u/s 210_of the Act + action.
| consequent upon that investigation shall be taken against that person.
Particolars Penalties
if any person contravenes the | FC shall be punishable with fine: Rs. 100,000 ~
provisions of this Chapter, Rs. 300,000
+ in case of continving offence — an additional
fine upto Rs. 50,000/day +
Every defaviting officer of FC:
Fine: Rs. 25000 - Rs 5,00,000
~ ~~ ‘Sommary of IMP Foi ms: ~ —
L[ FormNo. | SSSSSSSSrpose SSCS
Fo-1 Application for Registering FC m india
FC-2 Alteration in any Documents.
Fo-3 List of all places of business established in India as on the B/S date _
t
1 Fe=4 ‘Annoal Return
i Commerce Edoworld
a a 9167 082.081
l Super - Quick Revision of IMP Provisions of _
| i orporated Outside Indiaz =
| [Definition of a foreign | (ctd) ~~ | Preparation —of Financial
I 2 (8 Any dates of opening / ‘Statement (FS):
company
—-| +] Means any company or body | closing place of business in FS of Indian Business
|
|
India earlier. 5 fall
UW ted Operation shal be in Sc
corporate fi pereons (g) Declaration that none of | Ait such documents relating
outside India which = « the directors are convicted/ | £4 CES of parent foreign
(a) Has a place of business in | debarred from formation of company as submitted . by
Indio, Whether by itself or | Companies inindia /abrood — | company in its country. of |.
{oj
through an agent, physically | (h) Other information , as incorporation; shall also be
H or through electronic mode. | required. filed.
AND — Above information most be | Company shall also file
i delivered to ROC within
along with FS a statement
wrt. related party
transactions, repatriation of
1) Conducts any business | 50 ays of establishment of
|] activity in India in any other | oe in india in Form FC?
manner These documents shallbe | profits ¢ transfer of funds.
[ delivered to ROC having Documents shall be filed
~~~] “) Documents to_be delivered | jurisdiction over New Delhi. | within.@ months of close of
| | to ROC by FC: “If there is any alteration, in] Fy (extension by max
__| | (@ Certified.» copy of | the documents submitted above | 3months)
Charter/Statue oF |, it shall be delivered to ROC | Provisions of Companies
MOA/AOA in English (iF not | within 30days of such | Act (Sec.128 - 142) ¢ Rules
seater in’Evalah, nenae | alteration in Form FC=2 + | sallelso aply to FC
"| | | to be submitted) Fees. Service of documents on
—— 5b) Full address of Principal / | ceounts of F EC: Shall be deemed to be
— H Reaistered office Every FC shall prepare + file | sufficiently served if
|_| (©) Foll address of FC office | with ROC aB/S4P/L ee eee con
in Indio If any docoment is not: in essed fo any perso
whose name + address was
delivered to ROC v/s 380
(authorised person in Indio) +
~ left at / by post, to
address which was delivered
(a) Nome + Address of pereon | English language , then’ a
resident in India (i.e. | certified translation copy most
authorised to accept | be annexed . Every FC shall
| documents (notices in India) | prepare a list of all places of
|() List of directors | business established in india in
secretary of company ¢ their | Form FC-3 as on the B/S
particulars. (ctd) date + must be-filed with ROC
along with B/S ¢ P/L.
to ROC or by electronic
mode.
| a ee
‘Wdouilube Commerce Edoworld 20 www. arpitatulsyan.com. Commerce Eduworld
9167 082 081
consent + allotment: Before issve/ distributions
No person shall | circulation of prospectus, FC | —
|| This Seotion io apelivable | isove/ciroulate/distribute in | shall:
wart any prospectus issued | India, any prospectus if: Deliver to ROC ~ certified
[| by company incorporated | Expert has not given his | copy of prospectus; States on
| outside India. or to be | written consent; Expert has | the face of it — that is has
incorporated outside india. | withdrawn his consent before | been delivered; Expert's
= No person shall | registration of prospectus; | consent (as v/s 388) is
issve/circvlate/distribute in | Prospectus does not contain | attached to prospectus ete
1 India, any prospectus toa statement that expert has | ~ Copy of prospectus shall be | ——
_ |_| subscribe for securities of a | given his consent ¢ has not | certified by Chairperson of
|
Lob
=
]
company incorporated outside | withdrawn. company ¢ 2 other directors
India, unless it is dated +| Expert Statement is deemed | of co.
signed. to be included in the -——_—___|__
= Shall contain the details, | prospectus, if it is contained | Application section
namely: in any report etc or a| 34-36 ¢ Chapter XX [
law under which company was | reference to the same is | Provisions of Section 34-36 |—
incorporated; Indian address | given. shall apply to: —
where documents can be | - Issve of prospectus by
inspected; Date ¢ Country of | Concept of IDR: company incorporated outside |
|| incorporation; Address of | Foreign co. wants to raise | india v/s 38 ¢ —
|_| Principle office in india, if any; | funds from India. Therefore it | - Issue of IOR by a foreign
| Instroment defining. the | issues it. ~— shares to | company....... 341 (1)
[7] constitution of company. Depository (in India). Such
—_ | = It should also contain the | depository keeps the shares | Subject to Section 376, the |
|_| matters as specified v/s.26. | of Foreign co. with itself ¢| provisions of Chapter XX ic.
(|= Application form will be | issues 1OR (Denominated in| Winding up shall apply for
accomparied with _the | Rs.) to Indian investors. Such | closure of a place of business
| prospectus. investors’ money is invested |, of a FC in India, as if it were a
i iin IDR, which is ultimately | company incorporated in
[ passed onto the foreignco. | India, in case such FC has
raised monies through offer
or issve of securities, which
hove not been repaid or
redeemed 31 (2)
| Cioutibe Commerce Edoworld a tonne orpitatolayan com. Commerce Edoworld
9167 082 081
Particulars Time Period
Rectification of NCLT's Order due to May be rectified within 2 years by
Mistake Apparent from Record Tribonat
Most be ithin 45, .
Appeal Against NCLT's Order before filed within 45 days
NCLAT (Extension by Max. 45 days, if
sofficient cause)
‘ lb Within 3 months.
Disposal of Appeal by NCLT/NCLAT ce on by Max. 40 days)
ppeatagninst NCLAT's Order before | (ust be edeuihn du
Supreme Court on Question of Law eg Noe eas
sofficient cause) Definition:
Chairperson: Chairperson of
NCLAT
President: President of
NCLT
Orders of Tribunal:
- After hearing & giving
ROBH, Tribunal may pass
such orders, as it thinks fit.
~ Such orders may be
"| rectified within 2 years by
Tribunal doe to any mistake
apparent from record, if the
mistake is brought to its
notice by the parties.
Appeal from orders _ of
tribonal:
~ If any party is aggrieved by
an order passed by NCLT,
then an appeal can be
preferred before NCLAT.
= Time - limit for filing
appeal: Within 45 days of
receipt of order from NCLT.
Appeat can be fited even after
45 days, if sufficient cause
(Extension — maximum by
4Sdays)
- NCLAT shall pass the final,
order, after giving ROBH
— Final order must be sent to
all parties concerned.
(© Youfbe Commerce Edoworld 24
ICLT / NCLAT: __
] Expeditious — Disposal By
Tribonal___/ Appellate
Tribunal
Matter shall be disposed of
by NCLT / NCLAT, within 3
months from the date of filing
of appeal, (Extancion of max
9Odays)
Appeal to __ Supreme
Court: If any party is
aggrieved by order passed by
NCLAT, it may prefer an
appeal before Supreme Court
within GO days of date of
receipt of NCLAT's order.
Aopeal can be filed, only for
matters involving Question of
Law. Delay in filing appeat
beyond GO days is allowed, if
sufficient cause; for a period
not exceeding GO days.
Commerce Eduworld
____9167 082.081
Protection of action taken in
‘900d faith:
No suit, prosecution or legal
proceeding shall be taken
against Tribunal / President
/ Chairperson, if any act that
covsad damage was done in
good faith.
Civil_coort_not _to have
risdiction
No civil court shall have
jorisdiction in relation to suit
/ proceeding for any matter,
which is pending before
NCLT / NCLAT.
Vacancy _in_NCLT/NCLAT
not to invalidate the acts or
proceedings:
If there is any vacancy in
office of NCLT / NCLAT or
if there is any defect in
constitution of NCLT /
NCLAT, it shall not
invalidate ony act /
proceedings. Similarly, no
appointment of any member of
NCLT/ NCLAT shall be
invalid, merely by reason of
any vacancy / defect in
constitution of selection |_
committee,
«wow arpitatolsyan.com A Special Court shall
consist of : (a) a single Judge
holding office as a Session
Jodge or Additional Session
Jodge, in case of offences
punishable onder this Act,
with Imprisonment of 2 years
or more t (b). a MM / JM of
First Class, in case of other
offences, who shall be
appointed by CG in
concurrence with the Chief
Justice of HC, within whose
jorisdiction the judge to be
appointed is working
‘Summory Trial :
+ Special Court may try any
offence onder this Act —
Which “is punishable with
imprisonment of < 3 years in
2 Summary Way, * In case of
conviction in above summary
trial — no sentence of
imprisonment for a term >1
year shall be passed. + if
doring Summary Trial, it
appears that, it should not be
tried in a summary way or the
non-
cognizable:
+ Every offence under CA,
2013 except that v/s 212 (6)
= Non ~ Cognizable
(i) Cognizance of any offence
onder CA, 2013 ~
- Any Offence which is
alleged to have been
committed by any Company or
its officer thereof:
Cognizance shall be taken
only on written complaint of
ROC, A shareholder of
company or a Member, or
Person authorised by CG
(ii) Cognizance of offence
relating to issve of / transfer
of securities + non — payment
of dividend :~
Cognizance may also be
taken, on a written complaint
by a person authorised by
SEB.
Note 2: In case of a Govt.
the "ROC,
shareholders, Members’ shall
be omitted ie. Cognizance
only on written complaint by a
words
rovisions of
Commerce Edoworld
9167 082 081
+ CG shall maintain a panel of
experts to be called as |”
Mediation and Conciliation
panel
+ Any of the parties to
proceeding may apply to
authorities with fees, to refer
the matter to mediation &
conciliation panel ¢ then
authorities may appoint 1 or
more expert from panel
+ Authorities may svo-moto
also refer the matter to
panel.
+ Panel shall dispose of the
matter within 3 months of
date of such veference +
forward its recommendation
to authorities,
+ Any party to proceeding,
may file objections, against
recommendation of panel to
the authorities,
Power of CG to_appoi
company prosecutor:
CG may appoint generally or
for any case oF in any case or
person authorised byCG, | for any specified class of
final imprisonment — should cases in any local area, 1 or
exceed 1 year, then the more persons as company
Special Court shall, after prosecutor for conduct of
hearing the parties, record an prosecutions under this Act.
order, proceed with Regular They shall have all powers +
Trial. privileges of a Public
Prosecutor.
(© youlube Commerce Edoworld 42 www arpitatulsyan.com feed dL
oo
tte
ttt tt tl
LL
CG may direct any Company Prosecutor
or authorize any other person, to, present
an appeal from an order of acquittal
passed by any court, other than High
Court ¢ this appeal shall be deemed as
validly presented to an Appellate Court.
TOT
Commerce Eduworld
Notwithstanding anything contained in the Act, if
an OPC or a Small Company fails to comply with
provisions of sec. 42 (5), 117 (2) or 137 (3), then
such company ¢ officer in default of such company
shalt be liable to a penalty which shall not be more!
than ¥4 of the penalty specified in such sections,
ors
ponishmer
let
Court / Speciat Court, shall consider the
following, while determining fine /
Imprisonment
+ Size of company,
+ Nature of business of such company
+ Injury to Poblic interest
“Nature of defautt
+ Repetition of defautt
+ Amount of disproportionate gain or
unfair advantage
+ Amount of loss caused,
cor
ay
Penalty for repeated default :
Where a company / officer of a company / other
person having already subjected to penalty for
default under any provisions of this Act, again
commits soch defautt within 3 years from date of |~
order imposing such penalty passed by AC or
RD,
it shall be liable for second or subsequent
defavits for an amount = Twice the amount of
penatty provided for such default under relevant
provisions of this Act.
___9167 082 081. _ Commerce Edoworld
___ 9167 082 081
3. Thomas Vettom V. J.
Rubber Co.Ltd.
__| 4 Ashok Betelnut Co. Pvt.Ltd, v._M.K. Chandrakanth
| Continuous losses in the company # Oppression.
|S. Rajamondry Electric Corporation V._v. Nageswar Rao
Withdrawal of consent from petition by any SHS doring proceedings, shall have __
no effect.
|. Lalita Rajya Lakshmi_v. Indian Motor Company
|_ Mere denial of inspection of BOA to SHS ¥ Oppression ——_
|
|
i-——
Default Amount of Penalty
= Company shall be punishable with fine —
Min- Rs. 7 Lakh Max — Rs. 25 Lakh ¢ -
a Amending the MOA/AOA |. every officer (defaulting) shall be punishable with | —
—_ “Tribonal's Order Imprisonment for a term opto G months or Fine~
It onal Minimum — Rs.25,000, Maximum Rs. 1 Lakh or
Both.
Fany Director MD 7 ; -
| | ; Imprisonment - upto 6 months OR fine — upto
‘
|| 243 | Manager knowingly acts even ea 5/60,000 OR Both -
| after Termination
1 ‘Company shall be ponishable with fine = Min = Rs.
4 , borat 5 Lakhs, Max— Rs. 25 Lakhs ¢
245 Contravertion eres Every Defautting Officer of the company shall be
lI punishable with imprisonment opto 3 years ¢ with
tt fine Min - Rs. 25,000 ~ Max — Rs. 1 Lakh,
©Biobe Commerce Edoworld 54 wou arpitatolsyan.com Commerce Eduworld
9167 082 081
iL ____ Super = Quick Revision of IMP Provisions of
___ Prevention of Oppression ¢ Mismanagement
Application to tribunal _for | IMP Notes: Powers of the Tribonal_: |—
relief in cases of oppression | (1) SHS, getting reduced to | Orders may provide for
etc: Right to apply by| minority status, because | (a) Conduct of affairs in
member : Any member of a| additional shares —_ were |- future
company, who complains that | allotted + new majority was | (b) Purchase of shares by
there is - (a) Oppression or | formed; this is not covered | other meribers / co,
(b) Mismanagement may apply | onder this section, unless | (c) Reduction of share capital,
to Tribunal, provided such| there is oppression / mis ~ | if any
member has a right to apply | management done. (@) Restriction on transfer/ | —
o/s 244, for an order. CG, if](2) Failure to declare | allotment of securities
it is of the opinion that affairs | dividend, does not amount to | (e) Termination/Modification
of company are being | oppression. of agreement —_ between
conducted in a manner | (3) Legal Heir of deceased | company + director/ manager
prejudicial to public interest, it | SHS is entitled to file | or any person,
| | | may itself apply to Tribunal, | petition. (A Setting aside transfer of
— | >| for an order. (4) Continuous tosses in the} any property transaction
- | Where in opinion of CG, | company, does not amount to | done in ast 3 months
|_| there exist circumstances | oppression. (a) Removal of Managerial
suggesting that — (6) Harsh. treatment of a] Personnel
- (a) any person concerned in| member, in capacity of | (h) Recovery of ondve gains | —
| LJ conduct management ~ | director or other officer or | done by, Managerial | __
guilty of fravd, misfeasance, | employee, by BOD /| Personnel
persistent — negligence or | Management is not covered | (i) Appointment of person
defaolt in “carrying out his | v/s 24. who may report to Tribunal
obligations etc (6) Right to apply under this | from time to time
(b) business is not conducted | section, is not ‘only’ available | (j) Imposition of cost on
as per sound “business | to minority SHS; it is | company, if required
L
oy
| principles /commercial available to all those who are | Order of Tribunal should be |—
|_| practices; eligible u/s 244. filed by company to ROC
(c) a company is conducted ¢ within 30 days.
managed in a manner which is Alteration in MOA / AOA
_| causing serious injury / most be done + it should also |.
damage to interest of the be filed with ROC within 30 |_
trade, etc days.
(d) the business is been
conducted to defraud its
creditors, members ete
prejudicial to public interest.
(Ed YouTube Commerce Edoworld 5S Commerce Edoworld
Where an order made v/s
242, terminates or modifies
LJ an agreement, then :
(a) Soch order shall not give
vise to any claims /
compensation of office. loss
ete,
() Such MD / Manager /
Director, whose agreement is
L set aside, shall not act as
MD/ Manager/Director of
company for 5 years of the
company, from the date of
order. (without the leave of
Right To Apply_v/s 241:
() Members having right to
apply :
Company having Share
capital :
Not less than 100 members
of company OR Not less than
V0" of total no. of
members; whichever is less
OR Members/(s) holding not
less than 1/10" of Issued
Share Capital of company,
(b)_Comoany not having
‘Share Capital :
Not less than 1/5" of the
total no. of members
Tribunal)
The person who is not a fit +
person as ‘per point (4) of
Sec. 242, shalt not hold office
of director or any other office
connected with conduct ¢
[-| management of affairs of any
company for S years from
date of said decision,
(CG may permit to hold any
| office before said S years,
with leave of Tribunal)
Members or Depositors, can
file petition for relief, if they
are of the opinion that affairs
of the “company are being
managed or conducted in a
manner prejudiciat to the
interest. of company, its
members or depositors,
iling of lication before
Tribonal on behalf of
members / depositors :
Such no. of members /
depositors, moy file an
application before Tribunal,
for seeking all or any of the
following orders i.e.
To restrain the company from
various Acts; To declare a
resolution as void; To claim
damages / compensation
against various persons,
9167 082. 081
Required _Nomber _of
Mer ositors :
) Members.
() In case of a company
having a share copital
Not less than 100 members.
of company OR
Not less than 5% of total
number of members OR
Any member “/ members
holding not less than 5 % of
Issued Share Capital of
company (In Case of on
Unlisted Company)
Any member / members
holding not less than 2% of
Issued Share Copital of
company (In Case of a Listed
Company)
(0) In case of a company not
having a share capital
Not less than 1/5" of Total
Nomber of Members.
Gi) Depositors :
Not less than 100 depositors
oR
Not less than 5 % of total no.
of depositors
Whichever is less,
on
Any depositor / depositors to
whom the company owes 5 %
of total deposits of the
company,
(EB YouTube Commerce Eduworld Commerce Eduworld
9167 082 081
of
Section Contravention
No.
206 | if a company fails. td fornish any | Company ¢ every officer (defaulting),
information / explanation/ document | shall be punishable with :
as required Fine upto Rs. 1 Lakh ¢ additional fine upto
Rs. 500 / day in case of a continuing
failure.
27 If any director / officer of company, | Imprisonment upto 7 year ¢
disobeys the directions issued by | Fine : Min — Rs. 25,000 , Max — Rs.
ROC / Inspector 1,00,000
Zi? | TFany person fails to: Imprisonment upto G months ¢
= Produce required information w.r.t. | Fine : Min — Rs, 25,000, Max — Rs.
books / papers 1,00,000 ¢ further fine of Rs. 2000 / | ~
+to furnish any other information | day for continuing failure.
+ to appear before Inspector / to
answer any question
+ to sign the examination notes
221 | Tribunal's order for Freezing of | On company — fine - Min Rs. 7,00,000
Assets Max: Rs. 25,00,000
‘On defaulting officer : Imprisonment upto
3 years or Fine : Min Rs, 50,000; Max
Rs, 5,00,000 or both.
222 |Imposition of Restriction on |- On company ~ Fine — Min Rs,
Securities 1,00,000 - Max Rs. 25,00,000
+ On defauiting officer : Fine — Min Rs.
25000 ; Max Rs. 500000 or|
imprisonment upto 6 months or both.
©B YouTube Commerce Edoworld 7 www.arpitatulsyan.com lI Commerce Edoworld
| — a . _ a 9167 082 081
|
|
___Inspection, Inquiry ¢ Investigation co
call_for | Report on inspecti Investigation into affairs of
information, inspect books_¢| After Inspection / Inquiry | company:
conduct inquiries: o/s 206 ¢ other Books + | On Following Basis:
“ROC may reavire the | Papers of company v/s 207, | On receipt of ROC's Report;
—{ company to Furnish Info ¢ to | ROC / Inspector shall submit | On SR passed by company;
Produce BOA/Documents | 4 report in writing to CG| In Public Interest; On
i along with such documents, as | Court/Tribunal’s Order
[FP ROC may exercise such) inks fit + After Inspection | —
|_| power either on receipt of
| | info or scrutiny of any] / Maviry v/s 206 ¢ other | Investigation into affairs of a
document filed with OC | Books + Papers of company | company by SFIO:
- v/s 207, ROC / Inspector | If CG is of the opinion, that it
| | Duty of Company; shail submit a report in| is necessary to investigate
To furnish such document/ | writing to CG* along with| into affairs of the company by
info / explanation within) i documents, as it thinks | SFIO on the basis of :
specified / extended time
fit. On receipt of ROC's Report;
Doty of Past Officers : If info |] On SR passed by company;
— 7} / explanation relates to a past | Search t Seizure: In Public Interest; On request
| -| period, then the officers who | (1) If ROC / Inspector has | from any department of
| |_| had been in employment for) reasonable grounds to believe | CG/SG
7
|
|
|
such period (if so called by] that books 4 papers of a
| ROC), shall be liable to
| fornish i, to the best of their | COMPANY are likely to be| Offence covered v/s 447
knowledge. destroyed, mutilated, altered, | shall be cognizable and no
falsified or secreted, he may: | P2FS0R accused of any
offence under those sections
shall be released on bail or on
his own bond unless—
LI additional written notice by | Enter + Search any place
| Rae after approval of Special
| | IF No info was furnished to| Coors) + Seize them
ROC; If Additional info is
|| reagoired: IF -oncatisfactory 2) Books / Papers must be | + Public prosecutor has been
|
(_| state of affairs exist. vetumed as soon as may be, | given an opportunity to
- bot not later than 10 days. | pPese the application of
i Can be called for for further | Telease ¢
a period of 180 days (if needed)
| by an order in writing, (ea)
@Youtube Commerce Edoworld 80 www, arpitatulsyan.com (etd)
+ Where he opposes the
application, the Special Court
is satisfied that there are
reasonable grounds to believe
that he is not guilty of such
offence + that he is not likely
to commit any offence, while
‘on bail. However a Person :
+ Who is onder the age of 16
years or + is a woman or + is
sick or infirm, may be released
on boil, if Special Court, so
directs,
Person arrested above shall
within 24 hours (excl. travel
time) be taken to Judicial or
Metropolitan Magistrate or
security fe Sf
expenses of investigation:
~ If investigation is ordered
by CG v/s 210 (in case,
where SR is passed by the
company) OR. where order is
made by Tribunal v/s 213,
then this section becomes
applicable.
= CG will require the
applicant to give security for
payment of costs + expenses
of investigation, maximum
upto Rs. 25000 ¢ this can be
demanded before appointing
inspector,
~ This shall be refunded back
to applicant, if it results in
prosecution.
Commerce Edoworld
9167 982 081_
Protection of _ employees
ing investigatic
+ If during any investigation or
pendency of proceeding v/s
210 or 212 or 213 or 216 or
219, If any company proposes
- to discharge / suspend any
employee or
|- to punish him (by dismissal,
removal, reduction in rank)
or
- to change his employment
(to his disadvantage),
then the company shall obtain
approval of Tribunal
+ If approval is not received
within 30 days of making the
Speciat Court having
jurisdiction,
Investigation into affairs
of a company on an_order
made by tribunal:
-If application is made before
Tribonal by certain number of
members, supported by such
documents / evidence or on
an application made by any
other person or suo-moto,
the Tribunal may order
Investigation if; Business is
being conducted to defraud
creditors / members ete;
Company was formed for
fraudolent purposes;
Promoter has been guilty of
fraud ete; Members are not
given all the required info.
Investigation of ownership
of company:
CG may appoint 1 or more
inspector to investigate +
report on matters relating to
company & membership for
datarmining the tree persons,
if it appears to CG, that
there is a reason to do so
Who has been interested in
success or failure of
company; who have been able
to influence the policy of
company; who are beneficial
owners of company
above application, then ¢ only
then, company may proceed
to take action against the
employee.
+ If company or employee is
not satisfied with the
objections raised by Tribunal,
it may within 30 days of
receipt of objection notice,
prefer an appeal to Appellate
Tribunal, with prescribed
fees.
+ Decision of Appellate
Tribunal (NCLAT) shall. be
final & binding on NCLT ¢
company,
Important Note : If Tribonat
does not reply within 30 days,
then no remedy is available to
the employee,
(Ea Youfube Commerce Edvworld
«oww0.arpitatolsyan.com Commerce Edoworld
9167 082 081
into affairs of related companies _etc.: If
inspector appointed v/s 210 or 212 or 213,
considers it necessary for the purpose of
investigation, to investigate also the affairs of:
(a) any other body corporate, which is / has
been a subsidiary company or holding company
or sobsidiary company of its holding company,
(0) any other body corporate, which is / has
been managed by any person as MO /
Manager, who is / was the MO / Manager of
this company,
(c) any other body corporate, whose BOD is
accustomed, to act as per this Directors of
this company,
(d) Any person, who is or has been, the
company's MD or manager or employee.
shall after obtaining prior approvat of CG,
investigate all or any above.
Imposition of restrictions upon securities:
Tribunal has the power to impose restrictions
on securities for such period as it deems fit, but.
maximom 3 years, if itis satisfied that there is a
good reason to find out facts about securities
of company ¢ these cannot be found out, unless
restrictions are imposed,
‘Seizure of documents by inspector:
+ If doring investigation under this chapter,
inspector has reasonable grounds to believe that
Books + Papers of, or relating to company /
other body corporate / MD or manager of such.
company are likely to be destroyed mutilated,
altered, falsified or secreted, the Inspector may :
Enter such places + Seize
+ These shall be kept in custody of inspector
maximum till conclusion of Investigation ¢ there —
after it shall be returned.
Freezing of
+ Tribunal-has the power to impose restrictions
on the assets of the company ie. freeze them,
Therefore Tribunal has the power of making such
an order /s 221,
However this period of freeze shall be specified
in the order t shall not exceed 3 years,
+ Tribunal may make such order v/s 221 if it has.
reason to believe that such transfer of assets is
likely to take place in such a manner, which will
be prejudicial to the interest of company / SHS/
Creditors or in public interest.
«euow arpitatolsyan.com Commerce Edoworld
___ 9167 082 081_
Various Forms used for Dormant Companies:
MSC .-1- | Application to ROC for getting status of Dormant Company
MSC - 2 | Certificate of Dormant Company ~
MSC-3 | Return of Dormant Company —
MSC-4 | Application to ROC for getting status of Active Company
MSC -5 | Certificate of Active Company ~ _
‘Summary of IMP Penalties:
Section | Contravention Penalty
-[No. L
| 1447 Ponishment For Any person who is found guilty of fraod involving an
Fraod amount of atleast Rs, 10 lakhs or 1% of turnover of
| company, whichever is tower, shall be punishable :
Imprisonment: Gmonths — 10years
Fine: Amount involved in Fraud — 3 times the amount
involved in fraud
If involves Public Interest: Then Minimum Imprisonment
= 3 years.
If Fraud Involved is tess than the above limits + does not
involve public interest, any person guilty of such fraud,
shall be punishable with imprisonment for a term upto S
id years OR fine upto Rs. SO lakhs or BOTH.
450, Ponishment Where | Company ¢ every officer of the company (defaulting) shall |
No Specific Penalty / | be punishable with — Fine : upto Rs. 10,000 ¢ when
= Ponishment Is contravention is a continuing one, then further fine upto |
L Provided Re. 1000 / day after the first during which the
contravention continues,
|| [Role 24 | Contravenes any of | Company # every officer of company, who is in default, |
— -| of Nidhi | the provisions of shall be ponishable with fine, which may extend to Rs. | —
_| Roles prescribed rules 5000 ¢ where the contravention is a continuing one, |__
with a forther fine which may extend to Rs. 500 / day
after the first day doring which the contravention
continues
LL} 247 Contravention of Sec. | Valver shall be punishable with fine : [-
| 247 Minimum — Rs. 25,000 ; Maimom Rs. 1,00,000
However if contravened with the intention to defraud |
the company/members, he shall be punishable with :
Imprisonment — Upto 1 year ¢ Fine — Minimom — Rs.
400,000 ; Maximum — Rs. 5,00,000
“fa Wrongful Application | Fine upto Rs, 7,00,000
| Ed YouTube Commerce Eduworld 107 wuw.arpitatulsyan.com. | affairs of that Government
-| both CG ¢ SG are members —
| Audit report t comments upon
innval orts of
Government Company:
IF CG is a member of
Government Company or If
CG as well as SG is a
member of Government
Company, then CG shall
cause to be prepared an
anneal report on working /
Company.
When only CG is a member ~
it shall tay before both the
Houses of Parliament + when
then CG shall lay before both
the Houses of
Parliament + SG shall lay
report prepared u/s 3441)
before the Houses or both
the houses of State
Legislature,
wan ve)
z lembers of
‘Companies:
Where any SG or SG's are
member, then that SG shall
couse an annual report on
working and affairs of
company to be prepared
aaithin 3 months of AGM of
that Govt. Co. + shall lay
before the House or both
Houses of State Legislature
= Copy of Annoal report,
or supplement to the avdit
report, made by CAG, os
soon as it is prepared
NouTuhe Commerce Edoworld
ication. t for
obtaining status of dormant
company
+ It was formed ¢ registered
onder Comganies Act, 2013
for a future project or to hold
an asset or intellectual
property tit has no significant
accounting transaction.
+ Itis an inactive company
After considering the
application made by the
company, ROC shall allow
the status of /— dormant
company to the applicant
company,
- Ifa company does not file
FS or Annual Returns for 2
consecutive FY, the ROC
shall issue a notice to that
company ¢ enter the name of
such company in the register
maintained for dormant
companies.
- Provision for rotation of
directors is not applicable to
dormant companies,
Nidhi: means a company,
which has been incorporated
as a Nidhi’ with the abjact af:
~ Cultivating the habit of
thrift + savings amongst its
members; - receiving
deposits from ¢ lending to
members, only for their
mutual benefit; ~ which shall
comply with roles prescribed
by CG for regulation of soch
class of companies.
108
Other Points of Nidhi:
= Should be incorporated as a
Poblic Company with.
Minimum paid op equity share
capital of Rs. 5 Lakhs
— Nidhi Co. cannot. issve
preference shares.
It may also provide locker on
rent — facility to its members
(Rental income should be <
20% of gross income)
~ Name of such Nidhi, shall
have the last words, “Nidhi |*
Limited” as part of its name.
Nidhi shall have:
(anot less
members;
(0) Net owned fonds of Rs. 10
lakhs or more;
(c) Unemcumbered Term
Deposits of not less than
10% of Outstanding Deposits
(d) Ratio of Net Ovmed
Fonds to Deposits of not
more than 1: 20.
Directors
+ Director shall be a member
of Nidhi; « He shall hold office
for a term upto 10
consecutive years; + He shall
be eligible for re-appointment
only after expiration of 2
years of ceasing to be a
director,
Auditor: Individual Auditor —
1 term of 5 years; Firm of
Auditor ~ 2 terms of 5 years
each; Re-appointment, only
after cooling period of 2
years,
than 200
«ow arpitatolsyan.com Commerce Eduworld
____ 9167 082 081
Dividend: A Nidhi shatl not
declare dividend exceeding
25% or such higher amount
(as approved by Regional
Director for reasons to be
recorded in writing) ¢ further
subject to conditions - An
equal Amount is transferred
to General Reserve ; There
has been no default in
repayment of + matured
deposits ¢ interest; + It has
complied with all Nidhi roles.
Registered Valuer:
() If valuation is required to
be done of any property,
stock, shares, debentures,
secvrities or goodwill or any
other assets or Net ~ worth
of a company or its liabilities,
vader the provisions of Act, it
shall be valued by Regd
Valver + appointed by Audit
Committee, or in its absence,
by the BOD.
2) Valver appointed above
shall = + Make an impartial,
true + fal valuation of any
assts, which may be required
to be valued; + Exercise due
diligence while performing
fonctions + Make valuations
as per prescribed roles ¢
+ Not undertake valuation. of
any assets in which he has a
direct’ / indirect interest or
becomes so interested at any
time doring 3 years prior to
his appointment as valver or 3
years after valuation of
assets was conducted by him.
ower
Remove __Name __From
ister ies:
Cases where ROC _ ma
remove the Name:
If ROC has reasonable cause
to believe that :
+ Company has failed to
commence business within 7
year of its incorporation or
+ Company is not carrying on
any business or operation for
2 immediately preceding
financial year & has riot
applied for status of dormant
company v/s 455 or it shalt
send a notice to company ¢ all
directors of company; of its
intention to remove the name
from Register ¢ requesting
them to send their
representations along with
copies of relevant documents
within 30 days from date of
notice,
+ Subscribers to MOA have
not paid the subscription,
which they had undertaken to
pay at the time of
incorporation of company ¢
declaration to this effect has
not been filed within 180 days
of incorporation or
+ Company is not carrying on
any business /operations as
revealed after —_ physical
verification carried out.
OR By Passing SR
Restrictions on making
Application v/s 248 In
Certain. Sitoation:
- An application v/s 248, |
cannot be made by a company,
if at any time, doring the
previous 3 months, the
company
+ Change of Name / Change
in RO address from 1 state to
another
+ has disposed off its
property/ rights, for disposal
of gain in ordinary course of
business
+ engaged in any other
activity
+ has made an application to
Tribunal for sanctioning of a
Compromise / Arrangement
+ is being wound up onder this
Act or IBC, 2016
—_
Appeal To Tribunal:
Any person aggrieved by an
orders of ROC, may, file an
appeal to Tribunal within 3
uears from date of ROC's
order. -Company / Members
J Creditor / Workmen
aggrieved by Struck off of
name from Register, may
apply to Tribunal before |
expiry of 20 years from
publication in OG in section |_
248 (5) & Tribunal if satisfied,
that the company was |”
carrying on business ‘was in
operation ¢ that it is just ¢ fair
then name be restored in
register.
Ea Youlube Commerce Edoworld
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