One man company under companies act 1956 pdf

Application for availability of name under which the company proposes to be incorporated is to be made to the registrar of companies in the prescribed form in the state where the registered office of. The bill for an act with this short title will usually have been known as a companies bill during its passage through parliament companies acts may be a generic name either for legislation bearing. Banking companies acquisition and transfer of undertakings act, 1980. The act has replaced the companies act, 1956 in a partial manner. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules.

When corporations deemed to be related to each other 6a. Meaning and definition a company is a voluntary association of persons formed for some common purpose with capital divisible into parts known as shares. Company formation under the companies act of 1956 mba. The registered office of the federation will be situated in.

Be it enacted by parliament in the sixth year of the republic of india as follows 1. Formation of companies under companies act, 1956 select in order of preference a few suitable names, not less than four, ensuring that the name does not resemble the name of an existing company. For instance, according to the new act a person can form as many as five opcs. Section 3 1 c of the companies act says that a single person can form a company for any lawful purpose. Under the companies act, 1956 maintenance of books of accounts is mandatory for every class of companies. It constitutes the bedrock principle upon which company is regarded as. Winding up companies act, 1956 one stop solution for. What is an unregistered company under companies act, 1956. The registered office of the company will be situated in the state of west bengal. Statement of affairs to be filed on winding up of a company. Read both companies act 201956 in a unique manner with inbuilt links to rules, sections etc. Procedure for merger and amalgamation is different from takeover. Appeals against the order of the company law board. Content introduction definition characteristics of a company types of company 2.

Opc is a legitimate way to form a company with only one member. Indian companies act 1956 authorstream presentation go premium. Companies act the companies act is a successor to the indian companies act of 19 and is a consolidation of many successive amendment acts, statutory rules and principles laid down in decisions of. Companies act 1963 act 179 section 1commencement spent. The act has 470 clauses and 7 schedules as against 658 sections and 15 schedules in the existing companies act, 1956. Number of companies of which one person may be appointed managing director. Company law lifting of corporate veil with reference to leading case shagun singh 15. Uae united arab emirates recognises the concept of one person company. Mergers and amalgamations are regulated under the provisions of the companies act, 1956 whereas takeovers are regulated under the sebi substantial acquisition of shares and takeovers regulations. The annual forms that have to be filed with the registrar of companies, including a greater description of. Here are some general features of a oneperson company. This is a company in which one man holds practically the whole of the share capital of the company and in order to meet the statutory requirement of minimum number of members, some dummy members hold one or two. Section 316 number of companies of which one person may be appointed managing director.

Companies act with its variations is a stock short title used for legislation in botswana, hong kong, india, malaysia, new zealand, south africa and the united kingdom in relation to company law. Laws of malaysia act 125 companies act 1965 arrangement of sections part i preliminary section 1. An existing company, being a subsidiary of a company incorporated outside india, registered under the 1956 act, either as a private company or a public company by virtue of section 4 7 of the. Turkey according to turkish commercial code since 2012 a joint stock company or limited liability company may be established with one or more. Books of accounts are a prime source of information through which information can be extracted about a company. The objects for which the company is established are. The it is a separate legal entity yet only one person is companies act 20 has. Earlier under the provisions of the companies act, 1956, it requires a public company to have atleast 7 members shareholders and a private company to have atleast 2 members shareholders and a producer company to have atleast 5 members shareholders. Substituted for company law board by the companies second amendment act, 2002, w. An act to consolidate and amend the law relating to companies and certain other associations. The provisions of the companies act 1956 apply to statutory companies except where the said provisions are inconsistent with the provisions of the act creating them. Companies act, 1956 bare acts law library advocatekhoj. Section 3 1 i of the companies act, 1956 defines a company as a company. But for many purposes, a company is a legal person like a natural person.

Every company is required to follow the company law otherwise it will be treated as punishable offence under the companies act, 1956. Main provisions of companies act 1956 presented by. One lakh or such other higher amount as may be decided from time to time by the company. This was a hindrance to the entrepreneurs who wanted to go solo. Under the companies act 1956 company limited by shares memorandum of association of uttarakhand purv sainik kalyan nigam limited a government of uttarakhand company within the meaning of section 617 of the companies act 1956 1. The name of company is uttarakhand purv sainik kalyan nigam limited. Section 204 restriction on appointment of firm or body corporate to office or place of profit under a company. The companies act, 20 completely revolutionized corporate laws in india by introducing several new concepts that did not exist previously. This led to the recognition of a completely new way of starting businesses that accorded flexibility which a company form of entity. Apply to the jurisdictional registrar of companies to ascertain the availability of name in form 1a along with mentioned fee. Section 209 of the companies act talks about maintaining books of accounts and penalties for non compliance therein. Companies registered under the companies act 1956, or earlier companies acts are called registered companies. Definitions of company, existing company, private company and public company 4.

Procedure of opc one person company formation, in india. Lifting of corporate veil with reference to leading cases. Singapore permits one person company under companies amendment act of 2004. A company means a group of persons associated together for the attainment of a common end, social or economic. The regulations contained in table a in the first schedule to the companies act, 1956 or table f in the first schedule to the companies act, 20 shall not apply to this company, but the. Company law 1956 is the law which applies to all type companies whether it is public or private company. As per section 295 of companies act 1956, previous approval of central government is required, if any company directly or indirectly1.

Introduction to companies act 19561 board of directors. Power of company law board to call annual general meeting. On such gamechanger was the introduction of one person company concept. Section 31 ii of the act states that an existing company means a company formed and. A public limited company has wider membership and the number of shareholders is unlimited. Compare section find out what has changed by comparing corresponding section of. A company may be formed for any lawful purpose by one person, where the company to be formed is to be one person company that is to say, a private company, by subscribing their names or his name to a memorandum and complying with the requirements of this act in respect of registration. In india law relating to companies are contained in the companies act 1956. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Various types of companies under companies act, 195611.

Company incorporation under the indian companies act, 1956 the following kinds of company can be registered under the companies act. An existing company means a company formed and registered under any of the previous company laws. The companies act 20 is an act of the parliament of india on indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. It also covers the security or guarantee provided for the same. One person company opc companies act, 20 passed in lok sabha on 18th december, 2012 passed in rajya sabha on 8th august, 20 received ascent of president 29th august, 20. Let us see in each detail, all the aspects of this section. Companies act, 1956 and a body corporate formed under different legislations viz. One person company has been defined under section 2 62 of the companies. Group 1 aarti singh, azhar hussain, jyoti nawlani, nemchand meena, renuka sharma companies act. The companies act, 1956 memorandum of association of the federation of indian mineral industries new delhi limited by guarantee and not having a share capital name 1. Procedures for incorporation and registration of companies. Pdf relevance of one person company international journal of. D government company section 617 of the companies act of 1956 defines government company as follows i for the purpose of this act government company means any company in which more than fifty one percent of the paid up share capital is held by the central government, or by any state government, or governments or partly by others. These are the companies which are formed and registered under the companies act, 1956 or were registered under any of the earlier companies act.

Section 31i of the companies act, 1956 defines a company as. Section 295 of company law deals with the loan given to directors of the company. The definition given by the companies act does not define the company clearly as to. Right to present winding up petition where company is being wound up voluntarily. The name of the company hereinafter called the federation is the federation of indian mineral industries. The 20 act introduces a new type of entity to the existing list. The central government has constituted national company law tribunal nclt under section 408 of the companies act, 20 18 of 20 w. The name of the company is great eastern energy corporation limited. Explore the companies act 20 and companies act 1956. Under the old companies act, 1956 minimum two members were required for formation of a private limited company. Law relating to cross border mergers under companies act, 1956. Maintenance of books of accounts in companies act, 1956. Introductionwhat is company a company is an artificial person created by law. Company incorporation under the indian companies act, 1956.

Such companies are called statutory companies, instances of statutory companies in india are reserve bank of india, the life insurance corporation of india, the food corporation of india etc. Section 8right to form a company any one or more persons may form an incorporated company by complying with the. A company is defined as, a company formed and registered under this act or an existing company. In the first phase the ministry of corporate affairs have set up eleven benches, one principal bench at new delhi and one each regional benches at new delhi, ahmedabad, allahabad, bengaluru. As per the companies incorporation rules, 2014, following. In its application to government companies section 23 shall be read along with the following sub section. Under such circumstances, the one man may avoid liability by setting up numerous one man companies, and transfer the property belonging to a problematic company to another company quickly as the companies are under the control of a single person.

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