Bloomsbury's Company Law Manual - The Companies Act, 2013 with Rules and Ready Referencer

CONTENTS AT A GLANCE Description

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About the author. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Table of contents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii

THE COMPANIES ACT, 2013 (18 OF 2013) The Companies Act, 2013 (18 of 2013) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Schedule I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.1 Schedule II Useful Lives to Compute Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-II.1 Schedule III Financial Statements for Companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.1 Schedule IV Code for Independent Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.1 Schedule V Conditions to be fulfilled for the appointment of a managing or whole-time director or a manager without the approval of the central government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-V.1 Schedule VI Projects included under “infrastructural projects” or “infrastructural facilities”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-VI.1 Schedule VII Activities which may be included by companies in their Corporate Social Responsibility Policies. . . . . . . . . . . . . . . . . . . . . . S-VII.1 Appendix-1: Part IXA of Companies Act, 1956: Producer Companies. . . . . . . . . . . . . . . App-1.1 Appendix-2: Statement of Objects & Reasons (SOR) on The Companies Act, 2013, Amending Acts, Standing Committee on The Companies (Amdt.) Act, 2017 (1 of 2018) & the Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . App-2.1 Appendix-3: The Companies (Amendment) Second Ordinance, 2019. . . . . . . . . . . . . . . App-3.1

NOTIFIED COMPANIES RULES CHAPTER I PRELIMINARY –– Companies (Specification of Definitions Details) Rules, 2014 . . . . . . . . . . . . . . . . R1.1.1 –– Companies (Restriction on number of layers) Rules, 2017. . . . . . . . . . . . . . . . . . . R1.2.1 CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO –– Companies (Incorporation) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.1 vii

Company Law Manual

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CHAPTER III PROSPECTUS AND ALLOTMENT OF SECURITIES –– Companies (Prospectus and Allotment of Securities) Rules, 2014. . . . . . . . . . . . . R3.1.1 –– Companies (Issue of Global Depository Receipts) Rules, 2014 . . . . . . . . . . . . . . . R3.2.1 CHAPTER IV SHARE CAPITAL AND DEBENTURES –– Companies (Share Capital and Debentures) Rules, 2014. . . . . . . . . . . . . . . . . . . . R4.1.1 –– National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.2.1 CHAPTER V ACCEPTANCE OF DEPOSITS BY COMPANIES –– Companies (Acceptance of Deposits) Rules, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.1 CHAPTER VI REGISTRATION OF CHARGES –– Companies (Registration of Charges) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . R6.1.1 CHAPTER VII MANAGEMENT AND ADMINISTRATION –– Companies (Management and Administration) Rules, 2014. . . . . . . . . . . . . . . . . . R7.1.1 –– Companies (Significant Beneficial Owners) Rules, 2018 . . . . . . . . . . . . . . . . . . . . R7.2.1 CHAPTER VIII DECLARATION AND PAYMENT OF DIVIDEND –– Companies (Declaration And Payment Of Dividend) Rules, 2014. . . . . . . . . . . . . R8.1.1 –– Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, Holding of Meetings and Provision for Offices and Officers) Rules, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.1 –– Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.1 –– Investor Education and Protection Fund Authority (Form of Annual Statement of Accounts) Rules, 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.1 –– Investor Education and Protection Fund Authority (Form and Time of Preparation of Annual Report) Rules, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.5.1 –– Other Rules relating to the Investor Education and Protection Fund Authority. . . R8.6.1 viii

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CHAPTER IX ACCOUNTS OF COMPANIES –– Companies (Accounts) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.1 –– National Financial Reporting Authority Rules, 2018. . . . . . . . . . . . . . . . . . . . . . . R9.2.1 –– Other Rules relating to the National Financial Reporting Authority . . . . . . . . . . . R9.3.1 –– Companies (Corporate Social Responsibility Policy) Rules, 2014. . . . . . . . . . . . . R9.4.1 –– Companies (Indian Accounting Standards) Rules, 2015. . . . . . . . . . . . . . . . . . . . . R9.5.1 –– Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.6.1 CHAPTER X AUDIT AND AUDITORS –– Companies (Audit and Auditors) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.1 –– Companies (Cost Records and Audit) Rules, 2014 . . . . . . . . . . . . . . . . . . . . . . . . R10.2.1 –– Companies (Auditor’s Report) Order, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.3.1 –– Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.4.1 CHAPTER XI APPOINTMENT AND QUALIFICATIONS OF DIRECTORS –– Companies (Appointment and Qualification of Directors) Rules, 2014 . . . . . . . . R11.1.1 CHAPTER XII MEETINGS OF BOARD AND ITS POWERS –– Companies (Meetings of Board and its Powers) Rules, 2014. . . . . . . . . . . . . . . . R12.1.1 CHAPTER XIII APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL –– Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.1 CHAPTER XIV INSPECTION, INQUIRY AND INVESTIGATION –– Companies (Inspection, Investigation and Inquiry) Rules, 2014. . . . . . . . . . . . . R14.1.1 –– Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.2.1 –– Other Rules relating to the Serious Fraud Investigation Office . . . . . . . . . . . . . . R14.3.1 ix

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CHAPTER XV COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS –– Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 . . . R15.1.1 CHAPTER XVII REGISTERED VALUERS –– Companies (Registered Valuers and Valuation) Rules, 2017. . . . . . . . . . . . . . . . . R17.1.1 CHAPTER XVIII REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES –– Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.1 CHAPTER XXI COMPANIES AUTHORISED TO REGISTER UNDER THIS ACT –– Companies (Authorised to Register) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . R21.1.1 CHAPTER XXII COMPANIES INCORPORATED OUTSIDE INDIA –– Companies (Registration of Foreign Companies) Rules, 2014. . . . . . . . . . . . . . . R22.1.1 CHAPTER XXIV REGISTRATION OFFICES AND FEES –– Companies (Registration Offices and Fees) Rules, 2014 . . . . . . . . . . . . . . . . . . . R24.1.1 CHAPTER XXVI NIDHIS –– Nidhi Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.1 CHAPTER XXVII NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL –– National Company Law Tribunal Rules, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.1 –– National Company Law Appellate Tribunal Rules, 2016 . . . . . . . . . . . . . . . . . . . R27.2.1 –– Companies (Transfer of Pending Proceedings) Rules, 2016. . . . . . . . . . . . . . . . . R27.3.1 –– Other Rules relating to the National Company Law Tribunal and the National Company Law Appellate Tribunal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.4.1 CHAPTER XXVIII SPECIAL COURTS –– Companies (Mediation and Conciliation) Rules, 2016. . . . . . . . . . . . . . . . . . . . . R28.1.1 x

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CHAPTER XXIX MISCELLANEOUS –– Companies (Adjudication of Penalties) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . R29.1.1 –– Companies (Miscellaneous) Rules, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.1 EXEMPTION NOTIFICATIONS Private Companies Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-1.1 Government Company Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-2.1 Section 8 Companies Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-3.1 Nidhis Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-4.1 Specified IFSC Public Companies Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . E-5.1 Specified IFSC Private Companies Exemption Notification . . . . . . . . . . . . . . . . . . . . . . . . E-6.1 MCA CIRCULARS AND ORDERS Table of Circulars and Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1 Text of Circulars and Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-12 ALLIED LAWS The Insolvency and Bankruptcy Code, 2016 (31 of 2016). . . . . . . . . . . . . . . . . . . . . . . . .

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Secretarial Standard–1 on Meetings of the Board of Directors . . . . . . . . . . . . . . . . . . . . .

Secretarial Standard–2 on Meetings of the Board of Directors . . . . . . . . . . . . . . . . . . . . .

AL-1.1 AL-1.1 AL-1.1 AL-2.1 AL-3.1

READY REFERENCER RR-A

Forms Referencer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-A.1

RR-1

Scheme of the Companies Act, 2013 (18 of 2013) amended upto Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019) vis-a-vis the Companies Act, 1956 (1 of 1956) . . . . . . . . . . . . . . . . . . . . . . . . . . RR-1.1

RR-2

Comparative Table/Mapping of e-Forms prescribed under Companies Act, 2013 & e-Forms under Companies Act, 1956. . . . . . . . . . . . . RR-2.1

RR-3

List of Company E-Forms on MCA21 or the Ministry of Corporate Affairs (MCA) official website. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-3.1

RR-4

Steps for registration/incorporation of companies, MCA services, ROC & RD addresses and NCLT, NCLAT & related website(s) referencer for e-filings, fees, e-stamp duty, compliances & continuing updating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-4.1 xi

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RR-4A State wise stamp duty rules/rates for eForms INC-2/ INC7/ INC‑29, Memorandum of Association (MoA), Articles of Association (AoA) [SPICe e-forms (INC-32), e-MoA (INC-33) & e-AOA (INC‑34)], eForm SH-7 & e-Form FC-1) . . . . . . . . . . . . . . . . . . . . . RR-4A.1 RR-5

List of Matters Requiring Ordinary Resolutions under the Companies Act, 2013 (18 of 2013) as amended upto Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019) . . . . . . . . . . . . . . . . . RR-5.1

RR-6

List of Matters Requiring Special Resolutions under the Companies Act, 2013 (18 of 2013) as amended upto Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019). . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-6.1

RR-7

National Company Law Tribunal (NCLT) Benches, Location & Jurisdiction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-7.1

RR-8

National Company Law Appellate Tribunal (NCLAT) Checklist for Appeals under Companies Act, 2013 & The Insolvency & Bankruptcy Code, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-8.1

RR-9

Comparative Table of provisions of The Companies Act, 2013 (18 of 2013) as amended by the Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019) vis-a-vis the Companies Act, 1956 (1 of 1956). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-9.1

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About the authors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Contents at a glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii

THE COMPANIES ACT, 2013 (18 OF 2013)

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CHAPTER I PRELIMINARY Short title, extent, commencement and application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3.

Formation of company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 3A. Members severally liable in certain cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 4. Memorandum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 5. Articles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 6.

Act to override memorandum, articles, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Incorporation of company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 7.

Formation of companies with charitable objects, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 27 8.

Effect of registration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 9.

10. Effect of memorandum and articles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 10A. Commencement of business, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 11. Commencement of business, etc. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 12. Registered office of company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 13. Alteration of memorandum.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 14. Alteration of articles.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 15. Alteration of memorandum or articles to be noted in every copy.. . . . . . . . . . . . . . . . . . 38 16. Rectification of name of company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 17. Copies of memorandum, articles, etc., to be given to members.. . . . . . . . . . . . . . . . . . . 39 18. Conversion of companies already registered. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 19. Subsidiary company not to hold shares in its holding company.. . . . . . . . . . . . . . . . . . . 40 20. Service of documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 21. Authentication of documents, proceedings and contracts. . . . . . . . . . . . . . . . . . . . . . . . 41 22. Execution of bills of exchange, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 CHAPTER III PROSPECTUS AND ALLOTMENT OF SECURITIES PART I.—Public offer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

23.

Public offer and private placement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

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Power of Securities and Exchange Board to regulate issue and transfer of securities, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Document containing offer of securities for sale to be deemed prospectus.. . . . . . . . . .

Matters to be stated in prospectus.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variation in terms of contract or objects in prospectus . . . . . . . . . . . . . . . . . . . . . . . . . .

Offer of sale of shares by certain members of company.. . . . . . . . . . . . . . . . . . . . . . . . .

Public offer of securities to be in dematerialised form.. . . . . . . . . . . . . . . . . . . . . . . . . .

Advertisement of prospectus.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shelf prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Red herring prospectus.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issue of application forms for securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Criminal liability for mis-statements in prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Civil liability for mis-statements in prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Punishment for fraudulently inducing persons to invest money.. . . . . . . . . . . . . . . . . . .

Action by affected persons.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Punishment for personation for acquisition, etc., of securities.. . . . . . . . . . . . . . . . . . . .

Allotment of securities by company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Securities to be dealt with in stock exchanges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Global depository receipt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43 44 45 48 48 49 49 49 50 51 51 51 52 53 53 53 54 55

PART II.—Private placement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

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Issue of shares on private placement basis.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

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59.

60.

CHAPTER IV SHARE CAPITAL AND DEBENTURES Kinds of share capital.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Nature of shares or debentures.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Numbering of shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Certificate of shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Voting rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Variation of shareholders’ rights.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Calls on shares of same class to be made on uniform basis.. . . . . . . . . . . . . . . . . . . . . . 64 Company to accept unpaid share capital, although not called up.. . . . . . . . . . . . . . . . . . 64 Payment of dividend in proportion to amount paid-up.. . . . . . . . . . . . . . . . . . . . . . . . . . 64 Application of premiums received on issue of shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Prohibition on issue of shares at discount.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Issue of sweat equity shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Issue and redemption of preference shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Transfer and transmission of securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Punishment for personation of shareholder.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Refusal of registration and appeal against refusal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Rectification of register of members.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Publication of authorised, subscribed and paid-up capital.. . . . . . . . . . . . . . . . . . . . . . . 72

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Description 61.

62.

63.

64.

65.

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Power of limited company to alter its share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Further issue of share capital.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Issue of bonus shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notice to be given to Registrar for alteration of share capital. . . . . . . . . . . . . . . . . . . . .

Unlimited company to provide for reserve share capital on conversion into limited company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

66. Reduction of share capital.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67. Restrictions on purchase by company or giving of loans by it for purchase of its shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

68. Power of company to purchase its own securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

69. Transfer of certain sums to capital redemption reserve account.. . . . . . . . . . . . . . . . . . .

70. Prohibition for buy-back in certain circumstances.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71. Debentures.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

72. Power to nominate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

73 74 76 77 77 78 80 82 85 85 85 87

CHAPTER V ACCEPTANCE OF DEPOSITS BY COMPANIES 73. Prohibition on acceptance of deposits from public.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 74. Repayment of deposits, etc., accepted before commencement of this Act.. . . . . . . . . . . 91 75. Damages for fraud.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 76. Acceptance of deposits from public by certain companies.. . . . . . . . . . . . . . . . . . . . . . . 92 76A. Punishment for contravention of section 73 or section 76.. . . . . . . . . . . . . . . . . . . . . . . 93

84.

85.

86.

87.

CHAPTER VI REGISTRATION OF CHARGES Duty to register charges, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Application for registration of charge.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Section 77 to apply in certain matters.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Date of notice of charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Register of charges to be kept by Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Company to report satisfaction of charge.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Power of Registrar to make entries of satisfaction and release in absence of intimation from company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Intimation of appointment of receiver or manager.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Company’s register of charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Punishment for contravention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Rectification by Central Government in register of charges.. . . . . . . . . . . . . . . . . . . . . . 99

88.

89.

90.

CHAPTER VII MANAGEMENT AND ADMINISTRATION Register of members, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Declaration in respect of beneficial interest in any share.. . . . . . . . . . . . . . . . . . . . . . . 102 Register of significant beneficial owners in a company. . . . . . . . . . . . . . . . . . . . . . . . . 103

77.

78.

79.

80.

81.

82.

83.

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91. Power to close register of members or debenture holders or other security holders. . .

92. Annual return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

93. Return to be filed with Registrar in case promoters’ stake changes. [Omitted]. . . . . . .

94. Place of keeping and inspection of registers, returns, etc.. . . . . . . . . . . . . . . . . . . . . . .

95. Registers, etc., to be evidence.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

96. Annual general meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97. Power of Tribunal to call annual general meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

98. Power of Tribunal to call meetings of members, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . .

99. Punishment for default in complying with provisions of sections 96 to 98.. . . . . . . . .

100. Calling of extraordinary general meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

101. Notice of meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

102. Statement to be annexed to notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

103. Quorum for meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

104. Chairman of meetings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

105. Proxies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

106. Restriction on voting rights.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

107. Voting by show of hands.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

108. Voting through electronic means.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

109. Demand for poll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

110. Postal ballot.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

111. Circulation of members’ resolution.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

112. Representation of President and Governors in meetings. . . . . . . . . . . . . . . . . . . . . . . .

113. Representation of corporations at meeting of companies and of creditors.. . . . . . . . . .

114. Ordinary and special resolutions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

115. Resolutions requiring special notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

116. Resolutions passed at adjourned meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

117. Resolutions and agreements to be filed.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

118. Minutes of proceedings of general meeting, meeting of Board of Directors and other meeting and resolutions passed by postal ballot.. . . . . . . . . . . . . . . . . . . . . .

119. Inspection of minute-books of general meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

120. Maintenance and inspection of documents in electronic form.. . . . . . . . . . . . . . . . . . .

121. Report on annual general meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

122. Applicability of this Chapter to One Person Company.. . . . . . . . . . . . . . . . . . . . . . . . .

123.

124.

125.

126.

127. xvi

106 106 109 109 110 110 111 112 112 113 114 115 117 117 118 120 120 121 121 122 122 123 124 124 125 125 125 128 130 130 131 132

CHAPTER VIII DECLARATION AND PAYMENT OF DIVIDEND Declaration of dividend.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 Unpaid Dividend Account.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Investor Education and Protection Fund.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Punishment for failure to distribute dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

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128.

129.

130.

131.

132.

133.

134.

135.

136.

137.

138.

CHAPTER IX ACCOUNTS OF COMPANIES Books of account, etc., to be kept by company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Financial statement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Re-opening of accounts on court’s or Tribunal’s orders.. . . . . . . . . . . . . . . . . . . . . . . . 144 Voluntary revision of financial statements or Board’s report.. . . . . . . . . . . . . . . . . . . . 145 Constitution of National Financial Reporting Authority.. . . . . . . . . . . . . . . . . . . . . . . . 146 Central Government to prescribe accounting standards.. . . . . . . . . . . . . . . . . . . . . . . . 150 Financial statement, Board’s report, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 Corporate Social Responsibility.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Right of member to copies of audited financial statement.. . . . . . . . . . . . . . . . . . . . . . 156 Copy of financial statement to be filed with Registrar. . . . . . . . . . . . . . . . . . . . . . . . . . 158 Internal audit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160

139.

140.

141.

142.

143.

144.

145.

146.

147.

148.

CHAPTER X AUDIT AND AUDITORS Appointment of auditors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 Removal, resignation of auditor and giving of special notice.. . . . . . . . . . . . . . . . . . . . 164 Eligibility, qualifications and disqualifications of auditors.. . . . . . . . . . . . . . . . . . . . . . 167 Remuneration of auditors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168 Powers and duties of auditors and auditing standards. . . . . . . . . . . . . . . . . . . . . . . . . . 169 Auditor not to render certain services.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Auditor to sign audit reports, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 Auditors to attend general meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 Punishment for contravention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 Central Government to specify audit of items of cost in respect of certain companies..176

149.

150.

151.

152.

153.

154.

155.

156.

157.

158.

159.

160.

161.

CHAPTER XI APPOINTMENT AND QUALIFICATIONS OF DIRECTORS Company to have Board of Directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 Manner of selection of independent directors and maintenance of databank of independent directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 Appointment of director elected by small shareholders.. . . . . . . . . . . . . . . . . . . . . . . . 184 Appointment of directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 Application for allotment of Director Identification Number.. . . . . . . . . . . . . . . . . . . . 187 Allotment of Director Identification Number.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Prohibition to obtain more than one Director Identification Number.. . . . . . . . . . . . . . 188 Director to intimate Director Identification Number.. . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Company to inform Director Identification Number to Registrar.. . . . . . . . . . . . . . . . . 188 Obligation to indicate Director Identification Number.. . . . . . . . . . . . . . . . . . . . . . . . . 189 Penalty for default of certain provisions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 Right of persons other than retiring directors to stand for directorship. . . . . . . . . . . . . 189 Appointment of additional director, alternate director and nominee director.. . . . . . . . 191 xvii

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162. Appointment of directors to be voted individually.. . . . . . . . . . . . . . . . . . . . . . . . . . . .

163. Option to adopt principle of proportional representation for appointment of directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

164. Disqualifications for appointment of director.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

165. Number of directorships.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

166. Duties of directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

167. Vacation of office of director.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

168. Resignation of director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

169. Removal of directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

170. Register of directors and key managerial personnel and their shareholding. . . . . . . . .

171. Members’ right to inspect.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

172. Punishment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

173.

174.

175.

176.

177.

178.

179.

180.

181.

182.

183.

184.

185.

186.

187.

188.

189.

190.

191.

192.

193.

194.

195. xviii

192 193 193 195 196 196 198 199 200 201 201

CHAPTER XII MEETINGS OF BOARD AND ITS POWERS Meetings of Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 Quorum for meetings of Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 Passing of resolution by circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 Defects in appointment of directors not to invalidate actions taken.. . . . . . . . . . . . . . . 205 Audit Committee.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 Nomination and Remuneration Committee and Stakeholders Relationship Committee.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 Powers of Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 Restrictions on powers of Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 Company to contribute to bona fide and charitable funds, etc.. . . . . . . . . . . . . . . . . . . 213 Prohibitions and restrictions regarding political contributions.. . . . . . . . . . . . . . . . . . . 213 Power of Board and other persons to make contributions to national defence fund, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 Disclosure of interest by director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 Loans to directors, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 Loan and investment by company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219 Investments of company to be held in its own name. . . . . . . . . . . . . . . . . . . . . . . . . . . 224 Related party transactions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 Register of contracts or arrangements in which directors are interested. . . . . . . . . . . . 227 Contract of employment with managing or whole-time directors. . . . . . . . . . . . . . . . . 228 Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 Restriction on non-cash transactions involving directors.. . . . . . . . . . . . . . . . . . . . . . . 230 Contract by One Person Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 Prohibition on forward dealings in securities of company by director or key managerial personnel. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 Prohibition on insider trading of securities. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . 232

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198.

199.

200.

201.

202.

203.

204.

205.

CHAPTER XIII APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL Appointment of managing director, whole-time director or manager.. . . . . . . . . . . . . . 233 Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 Calculation of profits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 Recovery of remuneration in certain cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 Central Government or company to fix limit with regard to remuneration. . . . . . . . . . 241 Forms of, and procedure in relation to, certain applications.. . . . . . . . . . . . . . . . . . . . . 242 Compensation for loss of office of managing or whole-time director or manager.. . . . 242 Appointment of key managerial personnel.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 Secretarial audit for bigger companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 Functions of company secretary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245

206.

207.

208.

209.

210.

211.

212.

213.

214.

215.

216.

217.

218.

219.

220.

221.

222.

223.

224.

225.

226.

227.

228.

229.

CHAPTER XIV INSPECTION, INQUIRY AND INVESTIGATION Power to call for information, inspect books and conduct inquiries.. . . . . . . . . . . . . . . 247 Conduct of inspection and inquiry. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 Report on inspection made.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 Search and seizure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 Investigation into affairs of company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 Establishment of Serious Fraud Investigation Office.. . . . . . . . . . . . . . . . . . . . . . . . . . 250 Investigation into affairs of Company by Serious Fraud Investigation Office.. . . . . . . 251 Investigation into company’s affairs in other cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 Security for payment of costs and expenses of investigation.. . . . . . . . . . . . . . . . . . . . 255 Firm, body corporate or association not to be appointed as inspector. . . . . . . . . . . . . . 256 Investigation of ownership of company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 Procedure, powers, etc., of inspectors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257 Protection of employees during investigation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 Power of inspector to conduct investigation into affairs of related companies, etc.. . . 260 Seizure of documents by inspector.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261 Freezing of assets of company on inquiry and investigation. . . . . . . . . . . . . . . . . . . . . 262 Imposition of restrictions upon securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262 Inspector’s report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 Actions to be taken in pursuance of inspector’s report.. . . . . . . . . . . . . . . . . . . . . . . . . 263 Expenses of investigation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 Voluntary winding up of company, etc., not to stop investigation proceedings.. . . . . . 265 Legal advisers and bankers not to disclose certain information.. . . . . . . . . . . . . . . . . . 266 Investigation, etc., of foreign companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 Penalty for furnishing false statement, mutilation, destruction of documents.. . . . . . . 266

196.

197.

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Description

230.

231.

232.

233.

234.

235.

236.

237.

238.

239.

240.

241.

242.

243.

244.

245.

246.

Page no.

CHAPTER XV COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS Power to compromise or make arrangements with creditors and members.. . . . . . . . . 267 Power of Tribunal to enforce compromise or arrangement. . . . . . . . . . . . . . . . . . . . . . 270 Merger and amalgamation of companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271 Merger or amalgamation of certain companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274 Merger or amalgamation of company with foreign company.. . . . . . . . . . . . . . . . . . . . 277 Power to acquire shares of shareholders dissenting from scheme or contract approved by majority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 Purchase of minority shareholding.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 Power of Central Government to provide for amalgamation of companies in public interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 Registration of offer of schemes involving transfer of shares. . . . . . . . . . . . . . . . . . . . 282 Preservation of books and papers of amalgamated companies.. . . . . . . . . . . . . . . . . . . 283 Liability of officers in respect of offences committed prior to merger, amalgamation, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 CHAPTER XVI PREVENTION OF OPPRESSION AND MISMANAGEMENT Application to Tribunal for relief in cases of oppression, etc.. . . . . . . . . . . . . . . . . . . . 273 Powers of Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 Consequence of termination or modification of certain agreements.. . . . . . . . . . . . . . . 275 Right to apply under section 241. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 Class action.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 Application of certain provisions to proceedings under section 241 or section 245.. . . . 279

CHAPTER XVII REGISTERED VALUERS 247. Valuation by registered valuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 CHAPTER XVIII REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES 248. Power of Registrar to remove name of company from register of companies.. . . . . . . 293 249. Restrictions on making application under section 248 in certain situations.. . . . . . . . . 295 250. Effect of company notified as dissolved.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295 251. Fraudulent application for removal of name.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 252. Appeal to Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 CHAPTER XIX REVIVAL AND REHABILITATION OF SICK COMPANIES [OMITTED] 253. Determination of sickness. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298 254. Application for revival and rehabilitation. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . 298 xx

Table of contents

Description 255.

256.

257.

258.

259.

260.

261.

262.

263.

264.

265.

266.

267.

268.

269.

Page no.

Exclusion of certain time in computing period of limitation. [Omitted]. . . . . . . . . . . .

Appointment of interim administrator. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Committee of creditors. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Order of Tribunal. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appointment of administrator. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Powers and duties of company administrator. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . .

Scheme of revival and rehabilitation. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sanction of scheme. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scheme to be binding. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Implementation of scheme. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Winding up of company on report of company administrator. [Omitted]. . . . . . . . . . .

Power of Tribunal to assess damages against delinquent directors, etc. [Omitted]. . . .

Punishment for certain offences. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bar of jurisdiction. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rehabilitation and Insolvency Fund. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

298 298 298 298 298 298 298 298 298 298 298 298 298 298 298

CHAPTER XX WINDING UP 270. Winding up by Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 PART I.—Winding up by the Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305

271.

272.

273.

274.

275.

276.

277.

278.

279.

280.

281.

282.

283.

284.

285.

286.

287.

288.

289.

290.

291.

292.

Circumstances in which company may be wound up by Tribunal.. . . . . . . . . . . . . . . .

Petition for winding up.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Powers of Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directions for filing statement of affairs.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Company Liquidators and their appointments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Removal and replacement of liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Intimation to Company Liquidator, provisional liquidator and Registrar.. . . . . . . . . . .

Effect of winding up order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Stay of suits, etc., on winding up order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Jurisdiction of Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Submission of report by Company Liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directions of Tribunal on report of Company Liquidator.. . . . . . . . . . . . . . . . . . . . . . .

Custody of company’s properties.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Promoters, directors, etc., to cooperate with Company Liquidator.. . . . . . . . . . . . . . . .

Settlement of list of contributories and application of assets.. . . . . . . . . . . . . . . . . . . .

Obligations of directors and managers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Advisory committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Submission of periodical reports to Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power of Tribunal on application for stay of winding up. [Omitted]. . . . . . . . . . . . . . .

Powers and duties of Company Liquidator.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision for professional assistance to Company Liquidator.. . . . . . . . . . . . . . . . . . .

Exercise and control of Company Liquidator’s powers.. . . . . . . . . . . . . . . . . . . . . . . .

305 306 308 309 309 310 311 312 312 313 313 314 315 316 316 317 317 318 318 319 320 320

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294.

295.

296.

297.

298.

299.

300.

301.

302.

303.

Page no.

Books to be kept by Company Liquidator.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Audit of Company Liquidator’s accounts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payment of debts by contributory and extent of set-off. . . . . . . . . . . . . . . . . . . . . . . . .

Power of Tribunal to make calls.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustment of rights of contributories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to order costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to summon persons suspected of having property of company, etc.. . . . . . . . . .

Power to order examination of promoters, directors, etc. . . . . . . . . . . . . . . . . . . . . . . .

Arrest of person trying to leave India or abscond.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dissolution of company by Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appeals from orders made before commencement of Act.. . . . . . . . . . . . . . . . . . . . . .

321 321 322 322 323 323 323 324 325 325 326

PART II.—Voluntary winding up [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326

304.

305.

306.

307.

308.

309.

310.

311.

312.

313.

314.

315.

316.

317.

318.

319.

320.

321.

322.

323.

Circumstances in which company may be wound up voluntarily. [Omitted] . . . . . . . .

Declaration of solvency in case of proposal to wind up voluntarily. [Omitted] . . . . . .

Meeting of creditors. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Publication of resolution to wind up voluntarily. [Omitted] . . . . . . . . . . . . . . . . . . . . .

Commencement of voluntary winding up. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of voluntary winding up. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appointment of Company Liquidator. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to remove and fill vacancy of Company Liquidator. [Omitted] . . . . . . . . . . . . .

Notice of appointment of Company Liquidator to be given to Registrar. [Omitted]. . .

Cesser of Board’s powers on appointment of Company Liquidator. [Omitted]. . . . . . .

Powers and duties of Company Liquidator in voluntary winding up. [Omitted]. . . . . .

Appointment of committees. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Company Liquidator to submit report on progress of winding up. [Omitted]. . . . . . . .

Report of Company Liquidator to Tribunal for examination of persons. [Omitted]. . .

Final meeting and dissolution of company. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . .

Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Distribution of property of company. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Arrangement when binding on company and creditors. [Omitted]. . . . . . . . . . . . . . . .

Power to apply to Tribunal to have questions determined, etc. [Omitted]. . . . . . . . . . .

Costs of voluntary winding up. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

326 326 326 326 326 326 326 326 326 326 326 326 326 327 327

327 327 327 327 327

PART III.—Provisions applicable to every mode of winding up. . . . . . . . . . . . . . . . . . . . . . . . 331

324.

325.

326.

327.

328.

329.

330.

331. xxii

Debts of all descriptions to be admitted to proof. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of insolvency rules in winding up of insolvent companies. [Omitted]. . . .

Overriding preferential payments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Preferential payments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fraudulent preference.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfers not in good faith to be void.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Certain transfers to be void.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liabilities and rights of certain persons fraudulently preferred. . . . . . . . . . . . . . . . . . .

332 332 333 335 337 337 338 338

Table of contents

Description 332.

333.

334.

335.

336.

337.

338.

339.

340.

341.

342.

343.

344.

345.

346.

347.

348.

349.

350.

351.

352.

353.

354.

355.

356.

357.

358.

Page no.

Effect of floating charge.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclaimer of onerous property.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfers, etc., after commencement of winding up to be void. . . . . . . . . . . . . . . . . . .

Certain attachments, executions, etc., in winding up by Tribunal to be void.. . . . . . . .

Offences by officers of companies in liquidation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Penalty for frauds by officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liability where proper accounts not kept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liability for fraudulent conduct of business.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power of Tribunal to assess damages against delinquent directors, etc.. . . . . . . . . . . .

Liability under sections 339 and 340 to extend to partners or directors in firms or companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prosecution of delinquent officers and members of company. . . . . . . . . . . . . . . . . . . .

Company Liquidator to exercise certain powers subject to sanction.. . . . . . . . . . . . . .

Statement that company is in liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Books and papers of company to be evidence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspection of books and papers by creditors and contributories.. . . . . . . . . . . . . . . . . .

Disposal of books and papers of company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information as to pending liquidations.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Official Liquidator to make payments into public account of India.. . . . . . . . . . . . . . .

Company Liquidator to deposit monies into scheduled bank.. . . . . . . . . . . . . . . . . . . .

Liquidator not to deposit monies into private banking account.. . . . . . . . . . . . . . . . . .

Company Liquidation Dividend and Undistributed Assets Account. . . . . . . . . . . . . . .

Liquidator to make returns, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Meetings to ascertain wishes of creditors or contributories.. . . . . . . . . . . . . . . . . . . . .

Court, tribunal or person, etc., before whom affidavit may be sworn.. . . . . . . . . . . . . .

Powers of Tribunal to declare dissolution of company void.. . . . . . . . . . . . . . . . . . . . .

Commencement of winding up by Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exclusion of certain time in computing period of limitation. . . . . . . . . . . . . . . . . . . . .

339 339 341 341 341 343 344 344 345 346 346 347 348 349 349 349 350 351 351 352 352 353 354 354 355 355 355

PART IV.—Official Liquidators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356

359.

360.

361.

362.

363.

364.

365.

Appointment of Official Liquidator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Powers and functions of Official Liquidator.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Summary procedure for liquidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sale of assets and recovery of debts due to company.. . . . . . . . . . . . . . . . . . . . . . . . . .

Settlement of claims of creditors by Official Liquidator.. . . . . . . . . . . . . . . . . . . . . . . .

Appeal by creditor.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Order of dissolution of company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

356 356 356 357 357 358 358

CHAPTER XXI COMPANIES AUTHORISED TO REGISTER UNDER THIS ACT Part I.— Companies Authorised to Register under this Act. . . . . . . . . . . . . . . . . . . . . . . . . . . . 359

366. Companies capable of being registered.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359 367. Certificate of registration of existing companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360

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Description 368.

369.

370.

371.

372.

373.

374.

Page no.

Vesting of property on registration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Saving of existing liabilities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Continuation of pending legal proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of registration under this Part.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power of Court to stay or restrain proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Suits stayed on winding up order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Obligations of companies registering under this Part.. . . . . . . . . . . . . . . . . . . . . . . . . .

360 361 361 361 362 363 363

Part II.—Winding up of unregistered companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364

375.

376.

377.

378.

Winding up of unregistered companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to wind up foreign companies, although dissolved.. . . . . . . . . . . . . . . . . . . . . .

Provisions of Chapter cumulative.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Saving and construction of enactments conferring power to wind up partnership firm, association or company, etc., in certain cases.. . . . . . . . . . . . . . . . . .

364 365 365

366

CHAPTER XXII COMPANIES INCORPORATED OUTSIDE INDIA 379. Application of Act to foreign companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 380. Documents, etc., to be delivered to Registrar by foreign companies.. . . . . . . . . . . . . . 367 381. Accounts of foreign company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368 382. Display of name, etc., of foreign company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 383. Service on foreign company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 384. Debentures, annual return, registration of charges, books of account and their inspection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 385. Fee for registration of documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 386. Interpretation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 387. Dating of prospectus and particulars to be contained therein.. . . . . . . . . . . . . . . . . . . . 371 388. Provisions as to expert’s consent and allotment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 389. Registration of prospectus.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 390. Offer of Indian Depository Receipts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 391. Application of sections 34 to 36 and Chapter XX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 392. Punishment for contravention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 393. Company’s failure to comply with provisions of this Chapter not to affect validity of contracts, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 CHAPTER XXIII GOVERNMENT COMPANIES 394. Annual reports on Government companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 395. Annual reports where one or more State Governments are members of companies. . . 375

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397.

398.

399.

400.

401.

402.

403.

404.

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CHAPTER XXIV REGISTRATION OFFICES AND FEES Registration offices.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376 Admissibility of certain documents as evidence.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376 Provisions relating to filing of applications, documents, inspection, etc., in electronic form. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377 Inspection, production and evidence of documents kept by Registrar.. . . . . . . . . . . . . 378 Electronic form to be exclusive, alternative or in addition to physical form.. . . . . . . . 379 Provision of value added services through electronic form. . . . . . . . . . . . . . . . . . . . . . 379 Application of provisions of Information Technology Act, 2000.. . . . . . . . . . . . . . . . . 379 Fee for filing, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379 Fees, etc., to be credited into public account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381

CHAPTER XXV COMPANIES TO FURNISH INFORMATION OR STATISTICS 405. Power of Central Government to direct companies to furnish information or statistics.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382 CHAPTER XXVI NIDHIS 406. Provision relating to Nidhis and its application, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 383 CHAPTER XXVII NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL 407. Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384 408. Constitution of National Company Law Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384 409. Qualification of President and Members of Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . 384 410. Constitution of Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 411. Qualifications of chairperson and Members of Appellate Tribunal. . . . . . . . . . . . . . . . 386 412. Selection of Members of Tribunal and Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . . 386 413. Term of office of President, chairperson and other Members.. . . . . . . . . . . . . . . . . . . . 387 414. Salary, allowances and other terms and conditions of service of Members.. . . . . . . . . 388 415. Acting President and Chairperson of Tribunal or Appellate Tribunal.. . . . . . . . . . . . . 388 416. Resignation of Members.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388 417. Removal of Members.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388 417A. Qualifications, terms and conditions of service of Chairperson and Member. . . . . . . . 389 418. Staff of Tribunal and Appellate Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 389 419. Benches of Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 420. Orders of Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 421. Appeal from orders of Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 422. Expeditious disposal by Tribunal and Appellate Tribunal. . . . . . . . . . . . . . . . . . . . . . . 392 423. Appeal to Supreme Court.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392 xxv

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424. Procedure before Tribunal and Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . .

425. Power to punish for contempt.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

426. Delegation of powers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

427. President, Members, officers, etc., to be public servants. . . . . . . . . . . . . . . . . . . . . . . .

428. Protection of action taken in good faith. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

429. Power to seek assistance of Chief Metropolitan Magistrate, etc. . . . . . . . . . . . . . . . . .

430. Civil court not to have jurisdiction.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

431. Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings. . . . .

432. Right to legal representation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

433. Limitation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

434. Transfer of certain pending proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

393 394 394 394 395 395 396 396 396 396 396

CHAPTER XXVIII SPECIAL COURTS 435. Establishment of Special Courts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399 436. Offences triable by Special Courts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399 437. Appeal and revision.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401 438. Application of Code to proceedings before Special Court.. . . . . . . . . . . . . . . . . . . . . . 401 439. Offences to be non-cognizable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401 440. Transitional provisions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402 441. Compounding of certain offences.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402 442. Mediation and Conciliation Panel.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 443. Power of Central Government to appoint company prosecutors. . . . . . . . . . . . . . . . . . 405 444. Appeal against acquittal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 445. Compensation for accusation without reasonable cause.. . . . . . . . . . . . . . . . . . . . . . . . 406 446. Application of fines.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406 446A. Factors for determining level of punishment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406 446B. Lesser penalties for One Person Companies or small companies.. . . . . . . . . . . . . . . . . 406 CHAPTER XXIX MISCELLANEOUS 447. Punishment for fraud.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 448. Punishment for false statement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 449. Punishment for false evidence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 450. Punishment where no specific penalty or punishment is provided.. . . . . . . . . . . . . . . . 408 451. Punishment in case of repeated default.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 452. Punishment for wrongful withholding of property.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 453. Punishment for improper use of “Limited” or “Private Limited”.. . . . . . . . . . . . . . . . . 409 454. Adjudication of penalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 454A. Penalty for repeated default. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411 455. Dormant company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411 456. Protection of action taken in good faith. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412 457. Non-disclosure of information in certain cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412 xxvi

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458. Delegation by Central Government of its powers and functions. . . . . . . . . . . . . . . . . .

459. Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications.. . . . . . . . . . . . . . . . . . . . . . . . . . . .

460. Condonation of delay in certain cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

461. Annual report by Central Government.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

462. Power to exempt class or classes of companies from provisions of this Act.. . . . . . . .

463. Power of court to grant relief in certain cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

464. Prohibition of association or partnership of persons exceeding certain number.. . . . . .

465. Repeal of certain enactments and savings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

466. Dissolution of Company Law Board and consequential provisions.. . . . . . . . . . . . . . .

467. Power of Central Government to amend Schedules.. . . . . . . . . . . . . . . . . . . . . . . . . . .

468. Powers of Central Government to make rules relating to winding up.. . . . . . . . . . . . .

469. Power of Central Government to make rules.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

470. Power to remove difficulties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Table – A Table – B Table – C Table – D Table – E Table – F Table – G Table – H Table – I Table – J

413 413 414 414 414 415 416 416 418 419 420 421 422

SCHEDULE I Memorandum of association of a company limited by shares. . . . . . . . . . . S-I.1 Memorandum of association of a company limited by guarantee and not having a share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.2 Memorandum of association of a company limited by guarantee and having a share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.3 Memorandum of association of an unlimited company and not having share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.5 Memorandum of association of an unlimited company and having share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.6 Articles of association of acompany limited by shares. . . . . . . . . . . . . . . . S-I.7 Articles of association of a company limited by guarantee and having a share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.23 Articles of association of a company limited by guarantee and not having share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.23 Articles of association of an unlimited company and having a share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.28 Articles of association of an unlimited company and not having share capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-I.28

SCHEDULE II USEFUL LIVES TO COMPUTE DEPRECIATION Part ‘A’ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-II.1 Part ‘B’. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-II.3 Part ‘C’. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-II.3

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SCHEDULE III FINANCIAL STATEMENTS FOR COMPANIES Division I

Financial Statements for a company whose Financial Statements are required to comply with the Companies (Accounting Standards) Rules, 2006.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.1

General Instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.1 Part I — Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.2 Part II – Statement of Profit and Loss. . . . . . . . . . . . . . . . . . . . . . . . . . S-III.14 – General instructions for preparation of statement of profit and loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.16 – General instructions for the preparation of consolidated financial statements. . . . . . . . . . . . . . . . . . . . S-III.19 Division II

Financial Statements for a company whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.21

Part I – Balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.22 Part II – Statement of profit and loss. . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.37 – General instructions for preparation of statement of profit and loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.39 Part III - General instructions for the preparation of consolidated financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.40 Division III

Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.. . . . . . . . . S-III.43

Part I –Balance Sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.45 – Statement of Changes in Equity. . . . . . . . . . . . . . . . . . . . . S-III.47 Part II – Statement of Profit and Loss. . . . . . . . . . . . . . . . . . . . . . . . . . S-III.59 Part III – General instructions for the preparation of consolidated financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-III.65

SCHEDULE IV CODE FOR INDEPENDENT DIRECTORS I. Guidelines of professional conduct:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.1 II. Role and functions:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.1 III. Duties:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.2 IV. Manner of appointment:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.3 V. Re-appointment:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.3 VI. Resignation or removal:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.3 VII. Separate meetings: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.4 VIII. Evaluation mechanism:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-IV.4 xxviii

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SCHEDULE V CONDITIONS TO BE FULFILLED FOR THE APPOINTMENT OF A MANAGING OR WHOLE-TIME DIRECTOR OR A MANAGER WITHOUT THE APPROVAL OF THE CENTRAL GOVERNMENT Part I Appointments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-V.1 Part II Remuneration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-V.2 Part III Provisions Applicable to Parts I and II of this Schedule . . . . . . . . . . . . . . . . . . . S-V.9 Part IV Power to Exempt any Class of Companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-V.9 SCHEDULE VI PROJECTS INCLUDED UNDER “INFRASTRUCTURAL PROJECTS” OR “INFRASTRUCTURAL FACILITIES” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-VI.1 SCHEDULE VII ACTIVITIES WHICH MAY BE INCLUDED BY COMPANIES IN THEIR CORPORATE SOCIAL RESPONSIBILITY POLICIES. . . . . . . . . . . . . . . . . . . . . . . . . . S-VII.1 APPENDIX Appendix-1: Part IXA of Companies Act, 1956: Producer Companies. . . . . . . . . . . . . . . App-1.1 Appendix-2: Statement of Objects & Reasons (SOR) on The Companies Act, 2013, Amending Acts, Standing Committee on The Companies (Amdt.) Act, 2017 (1 of 2018) & the Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . App-2.1 Appendix-3: The Companies (Amendment) Second Ordinance, 2019. . . . . . . . . . . . . . . App-3.1

NOTIFIED COMPANIES RULES CHAPTER I PRELIMINARY 1.

2.

3.

4.

Companies (Specification of Definitions Details) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R1.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R1.1.1 Related party.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R1.1.3 List of relatives in terms of clause (77) of section 2.. . . . . . . . . . . . . . . . . . . . . . . . R1.1.3

1.

2.

Companies (Restriction on number of layers) Rules, 2017 Short title and Commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R1.2.1 Restriction on number of layers for certain classes of holding companies.. . . . . . . R1.2.1

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CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO Companies (Incorporation) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.1 One Person Company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.2 Nomination by the subscriber or member of One Person Company.. . . . . . . . . . . . R2.1.2 Penalty [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.3 One Person Company to convert itself into a public company or a private company in certain cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.4 Conversion of private company into One Person Company.. . . . . . . . . . . . . . . . . . R2.1.4 7.

7A. Penalty.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.5 Undesirable names. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.5 8.

[9. Reservation of name.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.10 10. Notice to Registrar regarding provisions for entrenchment in the articles.. . . . . . R2.1.10 11. Adoption of model articles.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.11 12. Application for incorporation of companies.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.11 13. Signing of memorandum and articles.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.11 14. Declaration by professionals.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.12 15. Declaration from Subscribers and First Directors.-. . . . . . . . . . . . . . . . . . . . . . . . R2.1.13 16. Particulars of every subscriber to be filed with the Registrar at the time of incorporation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.13 17. Particulars of first directors of the company and their consent to act as such. . . . R2.1.15 18. Certificate of Incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.15 19. License under section 8 for new companies with charitable objects etc.. . . . . . . . R2.1.15 20. License for existing companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.16 21. Conditions for conversion of a company registered under Section 8 into a company of any other kind.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.17 22. Other conditions to be complied with by companies registered under section 8 seeking conversion into any other kind.. . . . . . . . . . . . . . . . . . . . . . . . . R2.1.18 23. Intimation to Registrar of revocation of licence issued under section 8.. . . . . . . . R2.1.20 23A. Declaration at the time of commencement of business.-. . . . . . . . . . . . . . . . . . . . R2.1.20 24. Declaration at the time of commencement of business. [Omitted] . . . . . . . . . . . . R2.1.20 25. Verification of registered office.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.20 25A. Active Company Tagging Identities and Verification (Active).-. . . . . . . . . . . . . . R2.1.20 26. Publication of name by company.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.21 27. Notice and verification of change of situation of the registered office.-. . . . . . . . R2.1.21 28. Shifting of registered office within the same State.. . . . . . . . . . . . . . . . . . . . . . . . R2.1.22 29. Alteration of Memorandum by change of name.. . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.22 30. Shifting of Registered Office from one State or Union territory to another State.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.23 31. Filing of central government approval order for transfer of registered office.

[Rule heading provided by editor]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.26

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Change of objects for which money is raised through prospectus.. . . . . . . . . . . . R2.1.26 Alteration of articles.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.27 Copies of memorandum and articles, etc. to be given to members on request being made by them. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.27 35. Service of documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.27 36. Integrated Process for Incorporation. [Omitted] . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.28 37. Conversion of unlimited liability company into a limited liability company by shares or guarantee.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.29 38. Simplified Proforma for Incorporating Company Electronically (SPICE) . . . . . . R2.1.32 38A. Application for registration of the Goods and Service Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration and Employees’ Provident Fund Organisation (EPFO) registration. . . . . . . . . . . . . . . . . R2.1.33 39. Conversion of a company limited by guarantee into a company limited by shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.34 40. Application under sub-section (41) of section 2 for change in financial year. . . . R2.1.34 41. Application under section 14 for conversion of public company into private company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R2.1.35

CHAPTER III PROSPECTUS AND ALLOTMENT OF SECURITIES Companies (Prospectus and Allotment of Securities) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.1 Definitions.—. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.1 Information to be stated in the prospectus. [Omitted, See footnote against Rule 6 below]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.1 Reports to be set out in the Prospectus. [Omitted, See footnote against Rule 4.

6 below]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.1 Other matters and reports to be stated in the prospectus. [Omitted, See 5. footnote against Rule 6 below] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.1 Period for which information to be provided in certain cases. [Omitted]. . . . . . . . R3.1.2 6.

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Variation in terms of contracts referred to in the prospectus or objects for which prospectus was issued.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.5 8.

Offer of Sale by Members.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.6 Dematerialisation of securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.7 9.

9A. Issue of securities in dematerialised form by unlisted public companies.-. . . . . . . R3.1.7 10. Shelf prospectus and Information Memorandum.. . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.8 11. Refund of Application Money.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.8 12. Return of Allotment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.9 13. Payment of commission. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.9 14. Private Placement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.1.10

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Companies (Issue of Global Depository Receipts) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.1 Eligibility to issue depository receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.1 Conditions for issue of depository receipts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.1 Manner and form of depository receipts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.2 Voting rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.2 Proceeds of issue.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.2 Depository receipts prior to commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.2 Non applicability of certain provisions of the Act. . . . . . . . . . . . . . . . . . . . . . . . . . R3.2.3

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CHAPTER IV SHARE CAPITAL AND DEBENTURES Companies (Share Capital and Debentures) Rules, 2014 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.1 2.

3. Application.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.2 Equity shares with differential rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.2 4.

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Certificate of shares (where shares are not in demat form).. . . . . . . . . . . . . . . . . . . R4.1.4 Issue of renewed or duplicate share certificate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.6 6.

Maintenance of share certificate forms and related books and documents.. . . . . . . R4.1.7 7.

Issue of sweat equity shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.8 8.

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Issue and redemption of preference shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.11 10. Issue and redemption of preference shares by company in infrastructural projects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.12 11. Instrument of transfer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.12 12. Issue of employee stock options.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.13 13. Issue of shares on preferential basis.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.16 14. Issue of Bonus Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.19 15. Notice to Registrar for alteration of share capital. . . . . . . . . . . . . . . . . . . . . . . . . R4.1.19 16. Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees.. . . . . . . . . . . . . . . . . . . . . R4.1.19 17. Buy-back of shares or other securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.21 18. Debentures.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.24 19. Nomination by securities holders.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.1.29

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National Company Law Tribunal (Procedure for Reduction of Share Capital of Company) Rules, 2016 Short title and Commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.2.1 Form of application or petition for Reduction of share capital under section 66.. . R4.2.1 Issue of notice and directions by the National Company Law Tribunal.. . . . . . . . . R4.2.2 Representation by Central Government, Registrar etc. under sub-section (2) of section 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.2.3

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Procedure with regard to representations and objections received.. . . . . . . . . . . . . R4.2.3 Order on application and Minute thereof. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.2.3 Schedule of Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R4.2.3

CHAPTER V ACCEPTANCE OF DEPOSITS BY COMPANIES Companies (Acceptance of Deposits) Rules, 2014 Short title, commencement and application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.1 Terms and conditions of acceptance of deposits by companies.. . . . . . . . . . . . . . . R5.1.7 Form and particulars of advertisements or circulars.. . . . . . . . . . . . . . . . . . . . . . . . R5.1.9 Manner and extent of deposit insurance. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . R5.1.11 Creation of security.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.11 Appointment of trustee for depositors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.12 Duties of trustees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.13 Meeting of depositors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.13 Form of application for deposits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.13 Power to nominate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.13 Furnishing of deposit receipts to depositors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.13 Maintenance of liquid assets and creation of deposit repayment reserve account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.14 14. Registers of deposits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.14 15. General provisions regarding premature repayment of deposits.. . . . . . . . . . . . . . R5.1.15 16. Return of deposits to be filed with the Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.15 16A. Disclosures in the financial statement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.15 17. Penal rate of interest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.16 18. Power of Central Government to decide certain questions.. . . . . . . . . . . . . . . . . . R5.1.16 19. Applicability of sections 73 and 74 to eligible companies.. . . . . . . . . . . . . . . . . . R5.1.16 20. Statement regarding deposits existing as on the date of commencement of the Act.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.16 21. Punishment for contravention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R5.1.17

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CHAPTER VI REGISTRATION OF CHARGES 1.

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Companies (Registration of Charges) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.1 Registration of creation or modification of charge.. . . . . . . . . . . . . . . . . . . . . . . . . R6.1.1 Condonation of delay by Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.2 Application of rules in certain matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.2 Certificate of registration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.3 Register of charges to be kept by the Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.3 xxxiii

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Satisfaction of charge.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.3 Intimation of appointment of Receiver or Manager.. . . . . . . . . . . . . . . . . . . . . . . . R6.1.3 Company’s register of charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.3 Register open for inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R6.1.4 Condonation of delay and rectification of register of charges. . . . . . . . . . . . . . . . . R6.1.4

CHAPTER VII MANAGEMENT AND ADMINISTRATION Companies (Management and Administration) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.1 Register of members.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.2 Register of debenture holders or any other security holders.-. . . . . . . . . . . . . . . . . R7.1.2 Maintenance of the Register of members etc. under section 88.. . . . . . . . . . . . . . . R7.1.2 Index of names to be included in Register. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.3 Foreign register of members, debenture holders, other security holders or beneficial owners residing outside India.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.4 8. Authentication.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.5 Declaration in respect of beneficial interest in any shares. . . . . . . . . . . . . . . . . . . . R7.1.5 9.

10. Closure of register of members or debenture holders or other security holders.. . . R7.1.6 11. Annual Return.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.6 12. Extract of annual return.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.6 13. Return of changes in shareholding position of promoters and top ten shareholders.-[Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.6 14. Inspection of registers, returns etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.7 15. Preservation of register of members etc. and annual return.. . . . . . . . . . . . . . . . . . R7.1.7 16. Copies of the registers and annual return.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.8 17. Calling of Extraordinary general meeting by requisitionists. . . . . . . . . . . . . . . . . . R7.1.8 18. Notice of the meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.9 19. Proxies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.10 20. Voting though electronic means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.10 21. Manner in which the Chairman of meeting shall get the poll process scrutinised and report thereon.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.16 22. Procedure to be followed for conducting business through postal ballot.. . . . . . . R7.1.17 23. Special Notice.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.19 24. Resolutions and agreements to be filed.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.20 25. Minutes of proceedings of general meeting, meeting of Board of Directors and other meetings and resolutions passed by postal ballot.. . . . . . . . . . . . . . . . . R7.1.20 26. Copy of minute book of general meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.21 27. Maintenance and inspection of document in electronic form.. . . . . . . . . . . . . . . . R7.1.21 28. Security of records maintained in electronic form.. . . . . . . . . . . . . . . . . . . . . . . . R7.1.22 29. Inspection and copies of records maintained in electronic form.. . . . . . . . . . . . . . R7.1.23 30. Penalty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.23 31. Report on Annual General Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.1.23 xxxiv 1.

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Companies (Significant Beneficial Owners) Rules, 2018 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.1 2.

2A. Duty of the reporting company.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.4 3.

Declaration of significant beneficial ownership under section 90.-. . . . . . . . . . . . . R7.2.4 Return of significant beneficial owners in shares.- . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.5 4.

5.

Register of significant beneficial owners.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.5 6.

Notice seeking information about significant beneficial owners.-. . . . . . . . . . . . . . R7.2.5 Application to the Tribunal.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.5 7.

8. Non-Applicability.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R7.2.6 CHAPTER VIII DECLARATION AND PAYMENT OF DIVIDEND 1.

2.

3.

Companies (Declaration And Payment Of Dividend) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.1.1 Declaration of dividend out of reserves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.1.1

Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, Holding of Meetings and Provision for Offices and Officers) Rules, 2016 1.

Short title, extent and commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.1 2.

Establishment of the Authority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.2 3.

Composition of the Authority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.2 4.

Chairperson of the Authority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.2 5.

6.

Chief Executive Officer of the Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.2 Members of the Authority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.2 7.

The term of office of members of the Authority.. . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.2 8.

9.

The number of officers and employees of the Authority.. . . . . . . . . . . . . . . . . . . . . R8.2.3 10. Functions of the Authority.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.3 11. Meetings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.3 12. Member not to participate in meetings in certain cases. . . . . . . . . . . . . . . . . . . . . . R8.2.4 13. Vacancies, etc., not to invalidate proceedings of Authority. . . . . . . . . . . . . . . . . . . R8.2.4 14. Protection of action taken in good faith.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.4 Schedule I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.5 Schedule II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.2.5 Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 1.

Short title, extent and commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.1 2.

Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.1 3. Fund.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.2 4.

Accounts and audit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.3

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Statement to be furnished to the Fund.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.4 Manner of transfer of shares under sub-section (6) of section 124 to the Fund.. . . R8.3.5 Refunds to claimants from Fund.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.9 Power to direct payment of amount due to the Fund. . . . . . . . . . . . . . . . . . . . . . . R8.3.11 Transfer of assets, liabilities, etc., of the existing IEPF to the Authority.. . . . . . . R8.3.12 Returns and reports.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.12 Protection of action taken in good faith. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.12 Repeal and savings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.3.12

Investor Education and Protection Fund Authority (Form of Annual Statement of Accounts) Rules, 2018 1.

Short title and commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.1 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.1 2.

3. Application.–. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.1 Number of posts, classification and level in the pay matrix . . . . . . . . . . . . . . . . . . R8.4.1 4.

5.

Method of recruitment, eligibility etc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.2 Procedure for appointment on deputation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.2 6.

Period of deputation.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.2 7.

Conditions of service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.2 8.

9. Accommodation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.2 10. Disciplinary Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.2 11. Disqualification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.3 12. Power to relax.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.4.3 Investor Education and Protection Fund Authority (Form and Time of Preparation of Annual Report) Rules, 2016 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.5.1 2.

Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.5.1 Preparation and furnishing of the Annual Report.. . . . . . . . . . . . . . . . . . . . . . . . . . R8.5.1 3.

Other Rules relating to the Investor Education and Protection Fund Authority -

Investor Education and Protection Fund Authority (Recruitment, Salary and other Terms and Conditions of Service of General Manager and Assistant General Manager) Rules, 2017.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.6.1

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Investor Education and Protection Fund Authority (Recruitment, Salary and other Terms and Conditions of Service of Deputy General Manager, Private Secretary, Personal Assistant, Stenographer, Senior Secretariat Assistant (SSA) and Junior Secretariat Assistant (JSA) Recruitment Rules, 2018.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.6.1

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IEPF Authority (Recruitment, Salary and other Terms and Conditions of Service of Officers and other Employees) Rules, 2016. [approved by Competent Authority yet to be legislatively vetted.]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.6.1

-

Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012. [This relates to the 1956 Act] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R8.6.1 xxxvi

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CHAPTER IX ACCOUNTS OF COMPANIES Companies (Accounts) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.1 Notice of address at which books of account are to be maintained. . . . . . . . . . . . . R9.1.2 Manner of books of account to be kept in electronic mode. . . . . . . . . . . . . . . . . . . R9.1.2 Conditions regarding maintenance and inspection of certain financial information by directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.2 4A. Forms and items contained in financial statements.. . . . . . . . . . . . . . . . . . . . . . . . . R9.1.3 Form of Statement containing salient features of financial statements of 5. subsidiaries.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.3 Manner of consolidation of accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.3 6.

Transitional provisions with respect to Accounting Standards.. . . . . . . . . . . . . . . . R9.1.4 7.

Matters to be included in Board’s report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.4 8.

8A. Matters to be included in Board’s Report for One Person Company and Small Company.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.6 Disclosures about CSR Policy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.7 9.

10. Statement containing salient features of financial statements.. . . . . . . . . . . . . . . . R9.1.7 11. Manner of circulation of financial statements in certain cases.. . . . . . . . . . . . . . . . R9.1.7 12. Filing of financial statements and fees to be paid thereon. . . . . . . . . . . . . . . . . . . . R9.1.7 13. Companies required to appoint internal auditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.1.8

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National Financial Reporting Authority Rules, 2018 Short title and Commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.1 Classes of companies and bodies corporate governed by the Authority.-. . . . . . . . R9.2.1 Functions and duties of the Authority.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.2 Annual return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.3 Recommending accounting standards and auditing standards.- . . . . . . . . . . . . . . . R9.2.3 Monitoring and enforcing compliance with accounting standards.-. . . . . . . . . . . . R9.2.3 Monitoring and enforcing compliance with auditing standards.- . . . . . . . . . . . . . . R9.2.4 Overseeing the quality of service and suggesting measures for improvement.-. . . R9.2.4 Power to investigate.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.5 Disciplinary proceedings.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.5 Manner of enforcement of orders passed in disciplinary proceedings.- . . . . . . . . . R9.2.7 Punishment in case of non-compliance.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.8 Role of chairperson and full-time members.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.8 Advisory committees, study groups and task forces.-. . . . . . . . . . . . . . . . . . . . . . . R9.2.8 Financial reporting advocacy and education.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.8 Confidentiality and security of information.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.8 Avoidance of conflict of interest.- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.2.8 International associations and international assistance.-. . . . . . . . . . . . . . . . . . . . . R9.2.8 xxxvii

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The National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.. . . . . . . . . . R9.3.1

Companies (Corporate Social Responsibility Policy) Rules, 2014 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.1 2.

3.

Corporate Social Responsibility.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.2 CSR Activities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.2 4.

CSR Committees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.3 5.

CSR Policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.4 6.

CSR Expenditure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.4 7.

8.

CSR Reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.4 Display of CSR activities on its website.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.5 9.

Annexure: Format for the Annual Report on CSR Activities to be Included in the Board’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.4.6 Companies (Indian Accounting Standards) Rules, 2015 1.

Short title and commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.5.1 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.5.1 2.

Applicability of Accounting Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.5.1 3.

Obligation to comply with Indian Accounting Standards (Ind AS). . . . . . . . . . . . . R9.5.2 4.

5. Exemptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.5.6

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Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.6.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.6.1 Filing of financial statements with Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.6.1 Filing of cost audit report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R9.6.2 CHAPTER X AUDIT AND AUDITORS

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Companies (Audit and Auditors) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.1 Manner and procedure of selection and appointment of auditors.. . . . . . . . . . . . . R10.1.1 Conditions for appointment and notice to Registrar.. . . . . . . . . . . . . . . . . . . . . . . R10.1.2 Class of Companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.3 Manner of rotation of auditors by the companies on expiry of their term. . . . . . . R10.1.3 Removal of the auditor before expiry of his term. . . . . . . . . . . . . . . . . . . . . . . . . R10.1.5 Resignation of auditor. — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.5 Liability to devolve on concerned partners only.[Omitted]. . . . . . . . . . . . . . . . . . R10.1.6

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Disqualifications of auditor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.6 Auditor’s report on internal financial controls and its operating effectiveness. . . R10.1.6 Other matters to be included in auditors report. . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.7 Duties and powers of the company’s auditor with reference to the audit of the branch and the branch auditor.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.7 Reporting of frauds by auditor and other matters . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.7 Remuneration of the Cost Auditor.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.1.9

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7.

Companies (Cost Records and Audit) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.1 Application of Cost Records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.2 Applicability for cost audit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.10 Maintenance of records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.11 Cost audit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.12 Rules not to apply in certain cases. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . . . . . R10.2.14

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2.

3.

4.

Companies (Auditor’s Report) Order, 2016 Short title, application and commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.3.1 Auditor’s report to contain matters specified in paragraphs 3 and 4.. . . . . . . . . . . R10.3.1 Matters to be included in the auditor’s report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.3.1 Reasons to be stated for unfavourable or qualified answers.. . . . . . . . . . . . . . . . . R10.3.3

Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.4.1 Time limit for filing details in MSME Form I. . . . . . . . . . . . . . . . . . . . . . . . . . . . R10.4.1 2.

Due dates and reporting period for filing returns as per MSME Form I. . . . . . . . R10.4.1 3.

CHAPTER XI APPOINTMENT AND QUALIFICATIONS OF DIRECTORS 1.

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3.

4.

5.

6.

7.

8.

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Companies (Appointment and Qualification of Directors) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.1 Woman director on the Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.2 Number of Independent directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.3 Qualifications of independent director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.3 Creation and maintenance of data bank of persons offering to become independent directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.4 Small shareholders’ director.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.5 Consent to act as director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.6 [Application for allotment of Director Identification Number before appointment in an existing company] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.7 xxxix

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Allotment of DIN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.8 Cancellation or surrender or Deactivation of DIN.. . . . . . . . . . . . . . . . . . . . . . . . R11.1.9 Intimation of changes in particulars specified in DIN application.. . . . . . . . . . . R11.1.10 Directors KYC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.11 Notice of candidature of a person for directorship.—. . . . . . . . . . . . . . . . . . . . . R11.1.11 Disqualification of directors under sub-section (2) of section 164.. . . . . . . . . . . R11.1.11 Notice of resignation of director.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R11.1.12 Copy of resignation of director to be forwarded by him.. . . . . . . . . . . . . . . . . . . R11.1.12 Register of directors and key managerial personnel.. . . . . . . . . . . . . . . . . . . . . . R11.1.12 Return containing the particulars of directors and the key managerial personnel.R11.1.13

CHAPTER XII MEETINGS OF BOARD AND ITS POWERS Companies (Meetings of Board and its Powers) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.1 Meetings of Board through video conferencing or other audio visual means. . . . R12.1.1 Matters not to be dealt with in a meeting through video conferencing or other audio visual means.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.4 Passing of resolution by circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.5 5.

Committees of the Board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.5 6.

6A. Omnibus approval for related party transactions on annual basis.. . . . . . . . . . . . . R12.1.5 7.

Establishment of vigil mechanism. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.6 Powers of Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.7 8.

Disclosures by a director of his interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.7 9.

10. Loans to Director etc. under section 185. [Omitted]. . . . . . . . . . . . . . . . . . . . . . . R12.1.8 11. Loan and investment by a company under section 186 of the Act.. . . . . . . . . . . . R12.1.8 12. Register.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.8 13. Special Resolution.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.9 14. Investments of company to be held in its own name. . . . . . . . . . . . . . . . . . . . . . . R12.1.9 15. Contract or arrangement with a related party.. . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.10 16. Register of contracts or arrangements in which directors are interested. . . . . . . R12.1.12 17. Payment to director for loss of office, etc. in connection with transfer of undertaking, property or shares.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R12.1.13

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3.

4.

CHAPTER XIII APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL 1.

2.

3.

4. xl

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.1 Filing of return of appointment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.2 Sitting fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.2

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5.

Disclosure in Board’s report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.2 6.

[Parameters for consideration of remuneration].. . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.4 7. Fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.4 Appointment of Key Managerial Personnel.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.5 8.

8A. Appointment of Company Secretaries in companies not covered under rule 8.. . . . R13.1.5 9.

Secretarial Audit Report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.5 10. Duties of Company Secretary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R13.1.5

CHAPTER XIV INSPECTION, INQUIRY AND INVESTIGATION Companies (Inspection, Investigation and Inquiry) Rules, 2014 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.1.1 2.

Appointment of persons having expertise in various fields.— . . . . . . . . . . . . . . . R14.1.1 3.

4.

Terms and Condition of service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.1.2 5. Security.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.1.2 Letter of Request, as per Section 217.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.1.2 6.

Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.2.1 Arrest for offence punishable under section 212. . . . . . . . . . . . . . . . . . . . . . .

2.

[Rule heading provided by editor]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.2.1 Arrest in connection with government company or foreign company.

3.

[Rule heading provided by editor]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.2.1 Signing and serving arrest order to arrestee. [Rule heading provided by editor]. . . R14.2.1 4.

Forwarding copy of arrest order. [Rule heading provided by editor]. . . . . . . . . . . R14.2.2 5.

Arrest register. [Rule heading provided by editor]. . . . . . . . . . . . . . . . . . . . . . . . . R14.2.2 6.

7.

Entry in arrest register. [Rule heading provided by editor]. . . . . . . . . . . . . . . . . . R14.2.2 Preservation of copy of arrest order. [Rule heading provided by editor]. . . . . . . . R14.2.2 8.

9.

Application of Code of Criminal Procedure. [Rule heading provided by editor]. . . R14.2.2 Other Rules relating to the Serious Fraud Investigation Office -

Ministry of Corporate Affairs, Serious Fraud Investigation Office, Additional Director (Capital Market)/Joint Director (Capital Market) and Additional Director (Financial Transactions)/Joint Director (Financial Transaction) Group ‘A’ Post Recruitment Rules, 2015.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Senior Assistant Director (Capital Market), Senior Assistant Director (Corporate Law) and Assistant Director (Capital Market) Group ‘B’ Post Recruitment Rules, 2015.. . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Prosecutor and Senior Prosecutor, Group ‘B’ Post Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . R14.3.1 xli

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Assistant Director (Law) Group ‘B’ Post Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Senior Assistant Director (Investigation), Group ‘B’ Post Recruitment Rules, 2015.. . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Deputy Director (Investigation) Group ‘A’ Post Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Assistant Director (Investigation) Group ‘B’ Post Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Assistant Director (Corporate Law), Senior Assistant Director (Corporate Law) and Deputy Director (Corporate Law) Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Additional Director (Forensic Audit) or Joint Director (Forensic Audit) and Additional Director (Investigation) or Joint Director (Investigation) Group ‘A’ Post Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Senior Assistant Director (Taxation), Group ‘B’ Post Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Senior Assistant Director (Customs and Central Excise), Group ‘B’ Post Recruitment Rules, 2016.. . . . . R14.3.1

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Assistant Director (Banking), Senior Assistant Director (Banking) and Deputy Director (Banking) Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.3.2

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Ministry of Corporate Affairs, Serious Fraud Investigation Office, Assistant Director (Forensic Audit), Senior Assistant Director (Forensic Audit) and Deputy Director (Forensic Audit) Recruitment Rules, 2016.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R14.3.2

CHAPTER XV COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 Short Title and Commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.1 Application for order of a meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.1 Disclosures in application made to the Tribunal for compromise or arrangement.-Creditors Responsibility Statement. . . . . . . . . . . . . . . . . . . . . . . . . R15.1.2 5.

Directions at hearing of the application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.2 6.

Notice of meeting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.3 7.

Advertisement of the notice of the meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.5 8.

Notice to statutory authorities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.5 9. Voting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.6 10. Proxies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.6 11. Copy of compromise or arrangement to be furnished by the company. . . . . . . . . R15.1.7

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Affidavit of service.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.7 Result of the meeting to be decided by voting.. . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.7 Report of the result of the meeting by Chairperson. . . . . . . . . . . . . . . . . . . . . . . . R15.1.7 Petition for confirming compromise or arrangement. . . . . . . . . . . . . . . . . . . . . . . R15.1.7 Date and notice of hearing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.8 Order on petition.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.8 Application for directions under section 232 of the Act.. . . . . . . . . . . . . . . . . . . . R15.1.8 Directions at hearing of application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.8 Order under section 232 of the Act.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.9 Statement of compliance in mergers and amalgamations.. . . . . . . . . . . . . . . . . . . R15.1.9 Report on working of compromise or arrangement. . . . . . . . . . . . . . . . . . . . . . . . R15.1.9 Liberty to apply.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.9 Liberty of the Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R15.1.9 Merger or Amalgamation of certain companies.. . . . . . . . . . . . . . . . . . . . . . . . . R15.1.10 Merger or amalgamation of a foreign company with a Company and vice versa..R15.1.11 Notice to dissenting shareholders for acquiring the shares.. . . . . . . . . . . . . . . . . R15.1.11 Determination of price for purchase of minority shareholding.. . . . . . . . . . . . . . R15.1.11 Circular containing scheme of amalgamation or merger. . . . . . . . . . . . . . . . . . . R15.1.12 Appeal under sub-section (2) of section 238 of the Act.. . . . . . . . . . . . . . . . . . . R15.1.12

CHAPTER XVII REGISTERED VALUERS Companies (Registered Valuers and Valuation) Rules, 2017 Chapter I Preliminary

1.

2.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.1

Chapter II Eligibility, Qualifications and Registration of Valuers

3.

4.

5.

6.

7.

8.

9.

10.

11.

Eligibility for registered valuers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.2 Qualifications and experience.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.3 Valuation Examination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.4 Application for certificate of registration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.5 Conditions of Registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.5 Conduct of Valuation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.6 Temporary surrender.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.7 Functions of a Valuer.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.7 Transitional Arrangement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.7

Chapter III Recognition of Registered Valuers Organisations

12.

13.

14.

Eligibility for registered valuers organisations.. . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.7 Application for recognition.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.8 Conditions of Recognition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.9 xliii

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Chapter IV Cancellation or Suspension of Certificate of Registration or Recognition

15.

16.

17.

Cancellation or suspension of certificate of registration or recognition.. . . . . . . R17.1.10 Complaint against a registered valuer or registered valuers organisation.. . . . . . R17.1.10 Procedure to be followed for cancellation or suspension of registration or recognition certificate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.11

Chapter V Valuation Standards

18.

19.

Valuation Standards.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.12 Committee to advise on valuation matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.12

Chapter VI Miscellaneous

20.

21.

Punishment for contravention.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.13 Punishment for false statement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.13

Annexure-I Model Code of Conduct for Registered Valuers

Professional Competence and Due Care. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.14 Independence and Disclosure of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.14 Confidentiality. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.15 Information Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.15 Gifts and hospitality.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.15 Remuneration and Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.16 Occupation, employability and restrictions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.16 Annexure-II

Form-A Application for registration as a valuer by an individual. . . . . . . . . . . . . . . . R17.1.17 Form-B Application for registration as a valuer by a partnership entity/Company. . . R17.1.20 Form-C Certificate of Registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.24 Form-D Application for Recognition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R17.1.24 Form-E Certificate of Recognition Registered Valuers Organisation Recognition no.. . R17.1.26 Annexure-III Governance Structure and Model Bye Laws for registered valuers organization. . . R17.1.27 Annexure-IV Eligibility Qualification and Experience for Registration as Valuer. . . . . . . . . . R17.1.35

CHAPTER XVIII REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES

1.

2.

3.

4.

5.

6.

7. xliv

Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.1 Removal of name of company from the Register on suo-motu basis.. . . . . . . . . . R18.1.1 Application for removal of name of company. . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.2 Manner of filing of application.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.3 Form to be certified.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.3 Manner of publication of notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R18.1.3

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9.

10.

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Manner of notarisation, appostilisation or consularisation of indemnity bond and declaration in case of foreign nationals or non-resident Indians.. . . . . . . . . . R18.1.4 Notice of striking off and dissolution of company.. . . . . . . . . . . . . . . . . . . . . . . . R18.1.4 Applications or forms pending before Central Government.. . . . . . . . . . . . . . . . . R18.1.4

CHAPTER XXI COMPANIES AUTHORISED TO REGISTERÂ UNDERÂ THIS ACT 1.

2.

3.

4.

5.

Companies (Authorised to Register) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R21.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R21.1.1 Registration of Company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R21.1.2 Obligation of companies seeking registration to make publication. . . . . . . . . . . . R21.1.7 Other obligations of companies seeking registration. . . . . . . . . . . . . . . . . . . . . . . R21.1.7 CHAPTER XXII COMPANIES INCORPORATED OUTSIDE INDIA

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

Companies (Registration of Foreign Companies) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.1 Particulars relating to directors and Secretary to be furnished to the Registrar by foreign Companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.2 Financial Statement of foreign company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.3 Audit of accounts of foreign company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.4 List of places of business of foreign company. . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.4 Annual Return.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.5 Office where documents to be delivered and fee for registration of documents.. . R22.1.5 Certification.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.5 Authentication of translated documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.6 Documents to be annexed to prospectus.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.7 Action for improper use or description as foreign company.. . . . . . . . . . . . . . . . . R22.1.7 Issue of Indian Depository Receipts (IDRs).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R22.1.7 CHAPTER XXIV REGISTRATION OFFICES AND FEES

1.

2.

3.

4.

5.

6.

Companies (Registration Offices and Fees) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.1 Business activity.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.2 Registration offices.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.2 Powers and duties of Registrars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.2 Seal of Registrar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.3 xlv

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7.

Manner and conditions of filing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.3 8.

Authentication of documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.4 9.

Maintaining documents electronically. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.6 10. Procedure on receipt of any application or form or document electronically.. . . . R24.1.6 11. Vacation or removal of directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.8 12. Fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.8 13. Mode of Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.8 14. Inspection, production and evidence of documents kept by Registrar.. . . . . . . . . R24.1.9 15. Inspection of documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.9 Annexure Table of Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R24.1.9

CHAPTER XXVI NIDHIS Nidhi Rules, 2014 1.

Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.1 2. Application.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.1 3.

4.

Incorporation and incidental matters.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.2 Requirements for minimum number of members, net owned fund etc.. . . . . . . . . R26.1.2 5.

General restrictions or prohibitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.3 6.

Share capital and allotment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.4 7.

8. Membership.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.4 9.

Net owned funds.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.4 10. Branches.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.4 11. Acceptance of deposits by Nidhis.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.5 12. Application form for deposit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.5 13. Deposits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.7 14. Un-encumbered term deposits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.8 15. Loans.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.8 16. Rate of interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.9 17. Rules relating to Directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.9 18. Dividend.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.9 19. Auditor.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.9 20. Prudential norms.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.10 21. Filing of half yearly return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.11 22. Auditor’s certificate.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.11 23. Power to enforce compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.11 24. Penalty for non-compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R26.1.12

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CHAPTER XXVII NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL 1.

National Company Law Tribunal Rules, 2016 Short title and Commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.1

PART – I—Definitions and forms etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.1

2.

Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.1 3.

Computation of time period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.3 4. Forms.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.3 5.

Format of order or direction or rule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 Official seal of the Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 6.

7.

Custody of the records. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 Sitting of the Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 8.

9.

Sitting hours. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 10. Working hours.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 11. Inherent Powers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 12. Calendar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 13. Listing of cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.4 14. Power to exempt.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.5 15. Power to extend time.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.5

PART – II—Power and functions of President, Registrar and Secretary. . . . . . . . . . . . . R27.1.5

16.

17.

18.

19.

Functions of the President.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.5 Functions of the Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.5 Functions of the Secretary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.6 Delegation of powers by the President.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.6

PART – III—Institution of proceedings, petition, appeals etc.. . . . . . . . . . . . . . . . . . . . . . R27.1.6

20. Procedure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.6 21. Particulars to be set out in the address for service. . . . . . . . . . . . . . . . . . . . . . . . . R27.1.7 22. Initialling alteration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.7 23. Presentation of petition or appeal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.7 23A. Presentation of joint petition.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.8 24. Number of copies to be filed.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.8 25. Lodging of caveat.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.8 26. Endorsement and Verification.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.8 27. Translation of document.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.8 28. Endorsement and scrutiny of petition or appeal or document.. . . . . . . . . . . . . . . . R27.1.9 29. Registration of proceedings admitted.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.9 30. Calling for records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.9 31. Production of authorisation for and on behalf of an association.. . . . . . . . . . . . . R27.1.10 32. Interlocutory applications.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.10 33. Procedure on production of defaced, torn or damaged documents.. . . . . . . . . . . R27.1.10

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PART – IV—General procedure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.10

34.

35.

36.

37.

38.

38A. 39.

40.

41.

42.

43.

44.

45.

46.

47.

48.

49.

50.

51.

52.

53.

54.

55.

56.

57.

58.

59.

General Procedure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.10 Advertisement detailing petition.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.10 Maintenance of Cash Register.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.11 Notice to Opposite Party.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.11 Service of Notices and processes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.12 Multiple remedies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.13 Production of Evidence by Affidavit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.13 Production of additional evidence before the Bench. . . . . . . . . . . . . . . . . . . . . . R27.1.13 Filing of Reply and other Documents by the Respondents.. . . . . . . . . . . . . . . . . R27.1.13 Filing of Rejoinder. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.14 Power of the Bench to call for further information or evidence.. . . . . . . . . . . . . R27.1.14 Hearing of petition or applications.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.14 Rights of a party to appear before the Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.15 Registration of authorised representative’s interns.. . . . . . . . . . . . . . . . . . . . . . . R27.1.15 Oath to the witness. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.15 Consequence of non-appearance of applicant.. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.15 Ex-parte Hearing and disposal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.16 Registry to send certified copy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.16 Power to regulate the procedure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.16 Summoning of witnesses and recording Evidence.. . . . . . . . . . . . . . . . . . . . . . . R27.1.16 Substitution of legal representatives.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.16 Assessors or valuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.17 Pleadings before the Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.17 Application for execution.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.17 Issue of process of execution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.17 Effect of non-compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.17 Procedure for imposition of penalty under the Act.. . . . . . . . . . . . . . . . . . . . . . . R27.1.17

PART – V—Issuance of Orders and Disposal of Cases. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.18

60. Matters relating to the Judgments or Orders of the Tribunal. . . . . . . . . . . . . . . . R27.1.18 61. Amicus Curiae.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.18 62. Recusal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.18

PART – VI—Other Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.19

63.

Presentation and scrutiny of petitions or applications.. . . . . . . . . . . . . . . . . . . . . R27.1.19

PART –VII—Procedures in respect of matters earlier dealt by other quasi-judicial bodies, courts and tribunals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.19

64.

65.

xlviii

Matter earlier dealt by Company Law Board.. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.19 Petition or Application under sub-section (2) of section 45QA of the Reserve Bank of India Act, 1934 (2 of 1934).. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.20

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PART –VIII—Special Procedure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.20

66.

67.

68.

68A. 69.

70.

71.

72.

73.

74.

75.

Application under sub- section (7) of section 7. . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.20 Petition under sub-section (41) of section 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.21 Petition under section 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.21 Application to cancel variation of rights under sub-section (2) of section 48.. . . . R27.1.22 Petition under sub-section (3) of section 55.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.23 Appeal under sections 58 and 59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.24 Application under proviso to clause (b) of sub-section (1) of section 61.. . . . . . R27.1.24 Appeal against the order of the Government under Section 62(4).. . . . . . . . . . . R27.1.25 Application under sections 71(9), 71(10), section 73(4) or section 74(2) and 76(2).. . R27.1.25 Application for calling or obtaining a direction to call annual general meeting.. . . . . R27.1.26 Application for obtaining an order for calling of general meeting (other than Annual General Meeting).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.27 76. Inspection of minute-books of general meeting.. . . . . . . . . . . . . . . . . . . . . . . . . R27.1.27 76A. Application under section 130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.27 77. Application under section 131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.27 78. Application under Section 140.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.28 79. Application under section 169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.28 80. Application under section 213 for investigation.. . . . . . . . . . . . . . . . . . . . . . . . . R27.1.28 81. Application under section 241. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.28 82. Withdrawal of Application filed under section 241. . . . . . . . . . . . . . . . . . . . . . . R27.1.29 83. Application under section 243. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.29 83A. Application under sub-section (1) of section 244.. . . . . . . . . . . . . . . . . . . . . . . . R27.1.29 84. Right to apply under section 245. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.29 85. Conducting a class action suit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.30 86. Rule of opt-out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.30 87. Publication of notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.30 87A. Appeal or application under sub-section (1) and sub-section (3) of section 252.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.31 88. Reference to the Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.32

PART – IX—Cause List. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.32

89.

90.

Preparation and publication of daily cause list.. . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.32 Carry forward of cause list and adjournment of cases on account of nonsitting of a Bench. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.33

PART–X—Record of Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.33

91. Diaries.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.33 92. Order sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.33 93. Maintenance of court diary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.33 94. Statutes or citations for reference.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.34 95. Calling of cases in court.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.34 96. Regulation of court work. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.34

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Description

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PART – XI—Maintenance of Registers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.34

97.

98.

99.

100.

101.

102.

103.

104.

Registers to be maintained. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.34 Arrangement of records in pending matters.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.34 Contents of main file.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.35 Contents of process file.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.35 Execution file. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.35 File for miscellaneous applications.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.35 Preservation of Record.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.35 Retention, Preservation and Destruction of Records. . . . . . . . . . . . . . . . . . . . . . R27.1.36

PART–XII—Service of Process / Appearance of Respondents And Objections. . . . . . . R27.1.36

105. Issue of notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.36 106. Summons.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.36 107. Steps for issue of fresh notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.36 108. Consequence of failure to take steps for issue of fresh notice. . . . . . . . . . . . . . . R27.1.36 109. Entries regarding service of notice or process. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.37 110. Default of appearance of respondent and consequences.. . . . . . . . . . . . . . . . . . . R27.1.37 111. Filing of objections by respondent, form and consequences. . . . . . . . . . . . . . . . R27.1.37

PART–XIII—Fee on Petition or Appeal, Process Fee And Award of Costs . . . . . . . . . . R27.1.37

112. Fees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.37 113. Award of costs in the proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.38

PART–XIV—Inspection of Record. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.38

114.

115.

116.

117.

118.

Inspection of the records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.38 Grant of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.38 Application for grant of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.38 Mode of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.38 Maintenance of register of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.39

PART–XV—Appearance of authorised representative. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.39

119.

120.

121.

122.

123.

124.

Appearance of authorised representative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.39 Consent for engaging another legal practitioner.. . . . . . . . . . . . . . . . . . . . . . . . . R27.1.39 Restrictions on appearance.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.39 Restriction on party’s right to be heard.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.39 Empanelment of special authorised representatives by the Tribunal. . . . . . . . . . R27.1.39 Professional dress for the authorised representatives.. . . . . . . . . . . . . . . . . . . . . R27.1.40

PART–XVI—Affidavits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.40

125.

126.

127.

128.

129.

130. l

Title of affidavits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.40 Form and contents of the affidavit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.40 Persons authorised to attest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.40 Affidavits of illiterate, visually challenged persons.. . . . . . . . . . . . . . . . . . . . . . R27.1.40 Identification of deponent.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.40 Annexures to the affidavit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.40

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PART–XVII—Discovery, Production and Return of Documents . . . . . . . . . . . . . . . . . . R27.1.40

131.

132.

133.

134.

Application for production of documents, form of summons.. . . . . . . . . . . . . . . R27.1.40 Suo motu summoning of documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41 Marking of documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41 Return and transmission of documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41

PART–XVIII—Examination of Witnesses and Issue of Commissions . . . . . . . . . . . . . . R27.1.41

135.

136.

137.

138.

139.

140.

141.

142.

143.

144.

145.

Procedure for examination of witnesses, issue of Commissions. . . . . . . . . . . . . R27.1.41 Examination in camera.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41 Form of oath or affirmation to witness.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41 Form of oath or affirmation to interpreter.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41 Officer to administer oath.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.41 Form recording of deposition.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42 Numbering of witnesses.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42 Grant of discharge certificate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42 Witness allowance payable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42 Records to be furnished to the Commissioner.. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42 Taking of specimen handwriting, signature etc.. . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42

PART–XIX—Disposal of Cases and Pronouncement of Orders . . . . . . . . . . . . . . . . . . . R27.1.42

146. Disposal of Cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.42 147. Operative portion of the order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.43 148. Corrections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.43 149. Power to impose Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.43 150. Pronouncement of Order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.43 151. Pronouncement of order by any one member of the Bench.. . . . . . . . . . . . . . . . R27.1.43 152. Authorising any member to pronounce order . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.43 153. Enlargement of time.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 154. Rectification of Order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 155. General power to amend.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 156. Making of entries by Court Master.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 157. Transmission of order by the Court Master.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 158. Format of order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 159. Indexing of case files after disposal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.44 160. Transmission of files or records or orders.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.45 161. Filing of Order of the Tribunal with the Registrar of Companies.. . . . . . . . . . . . R27.1.45 162. Copies of orders in library.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.45

PART–XX—National Company Law Tribunal Orders . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.45

163. Register of Appeals, Petitions, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.45 164. Placing of National Company Law Appellate Tribunal orders before Tribunal.. . . R27.1.45 165. Registrar to ensure compliance of National Company Law Appellate Tribunal orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.1.45

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Description 1.

Page no.

National Company Law Appellate Tribunal Rules, 2016 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.1

Chapter – I—Definitions, Forms etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.1

2.

Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.1 Computation of time period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.1 3.

4. Forms.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 5.

Format of order or direction or rule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 Official seal of the Appellate Tribunal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 6.

7.

Custody of the records. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 Sitting of Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 8.

Sitting hours of the Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 9.

10. Working hours of office.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 11. Inherent powers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 12. Calendar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 13. Listing of cases.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.2 14. Power to exempt.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3 15. Power to extend time.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3

Part – II—Powers of the Registrar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3

16.

17.

18.

Powers and functions of the Registrar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3 Power of adjournment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3 Delegation powers of the Chairperson.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3

Part – III—Institution of Appeals - Procedure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3

19.

20.

21.

22.

23.

24.

25.

26.

27.

28.

29.

30.

31.

32.

Procedure for proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.3 Particulars to be set out in the address for service. . . . . . . . . . . . . . . . . . . . . . . . . R27.2.4 Initialling alteration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.4 Presentation of appeal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.4 Number of copies to be filed.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.5 Endorsement and verification.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.5 Translation of document.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.5 Endorsement and scrutiny of petition or appeal or document.. . . . . . . . . . . . . . . . R27.2.5 Registration of proceedings admitted.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.6 Ex-parte amendments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.6 Calling for records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.6 Production of authorisation for and on behalf of an association.. . . . . . . . . . . . . . R27.2.6 Interlocutory applications.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.6 Procedure on production of defaced, torn or damaged documents.. . . . . . . . . . . . R27.2.6

Part – IV—Cause List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.6

33.

34.

lii

Preparation and publication of daily cause list.. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.6 Carry forward of cause list and adjournment of cases on account of nonsitting of an Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.7

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Part – V—Record of Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.7

35. Diaries.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.7 36. Order sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.7 37. Maintenance of diary.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.8 38. Statutes or citations for reference.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.8 39. Calling of cases in Bench.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.8 40. Regulation of Bench work. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.8

Part – VI—Maintenance of Registers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.8

41.

42.

43.

44.

45.

46.

47.

Registers to be maintained. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.8 Arrangement of records in pending matters.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.9 Contents of main file:-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.9 Contents of process file.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.9 Execution file. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.9 File for miscellaneous applications.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.10 Destruction of record.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.10

Part – VII—Service of Process/Appearance of Respondents and Objections. . . . . . . . . R27.2.10

48. Issue of notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.10 49. Summons.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.10 50. Steps for issue of fresh notice.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.10 51. Consequence of failure to take steps for issue of fresh notice. . . . . . . . . . . . . . . R27.2.10 52. Entries regarding service of notice or process. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.11 53. Non-appearance of respondent and consequences.. . . . . . . . . . . . . . . . . . . . . . . R27.2.11 54. Filing of objections by respondent, form and consequences. . . . . . . . . . . . . . . . R27.2.11

Part – VIII—Fee for Appeal, Process Fee and Award of Costs . . . . . . . . . . . . . . . . . . . . R27.2.11

55. Fee.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.11 56. Award of costs in the proceedings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.11

Part – IX—Inspection of Record. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.12

57.

58.

59.

60.

61.

62.

Inspection of the records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.12 Grant of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.12 Application for grant of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.12 Fee payable for inspection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.12 Mode of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.12 Maintenance of register of inspection.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13

Part – X—Appearance of Authorised Representative. . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13

[63.

64.

65.

66.

Appearance of authorised representative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13 Proof of engagement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13 Restriction on party’s right to be heard.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13 Professional dress for the authorised representative.. . . . . . . . . . . . . . . . . . . . . . R27.2.13

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Part – XI—Affidavits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13

67.

68.

69.

70.

71.

72.

Title of affidavits.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.13 Form and contents of the affidavit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.14 Persons authorised to attest.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.14 Affidavits of illiterate, visually challenged persons.. . . . . . . . . . . . . . . . . . . . . . R27.2.14 Identification of deponent.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.14 Annexures to the affidavit.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.14

Part – XII—Discovery, Production and Return of Documents . . . . . . . . . . . . . . . . . . . . R27.2.14

73.

74.

75.

76.

Application for production of documents, form of summons.. . . . . . . . . . . . . . . R27.2.14 Suo motu summoning of documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.14 Marking of documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.14 Return and transmission of documents.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.15

Part – XIII—Examination of Witnesses and Issue of Commissions . . . . . . . . . . . . . . . . R27.2.15

77.

78.

79.

80.

81.

82.

83.

84.

85.

86.

87.

Procedure for examination of witnesses, issue of Commissions. . . . . . . . . . . . . R27.2.15 Examination in camera.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.15 Form of oath or affirmation to witness.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.15 Form of oath or affirmation to interpreter.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.15 Officer to administer oath.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.15 Recording of deposition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.15 Numbering of witnesses.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 Grant of discharge certificate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 Witness allowance payable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 Records to be furnished to the Commissioner.. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 Taking of specimen handwriting, signature etc.. . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16

Part – XIV—Pronouncement of Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16

88. Order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 89. Operative portion of the order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 90. Corrections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.16 91. Pronouncement of order. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.17 92. Pronouncement of order by any one member of the Bench.. . . . . . . . . . . . . . . . R27.2.17 93. Authorizing any Member to pronounce order.. . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.17 94. Making of entries by Court Master.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.17 95. Transmission of order by the Court Master.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.17 96. Format of order.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.17 97. Indexing of case files after disposal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.18 98. Transmission of files or records or orders.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.18 99. Copies of Orders in library.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.18

Part – XV—Supreme Court Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.18

100. Register of Special Leave Petitions/Appeal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.18 101. Placing of Supreme Court orders before Appellate Tribunal. . . . . . . . . . . . . . . . R27.2.18 102. Registrar to ensure compliance of Supreme Court orders. . . . . . . . . . . . . . . . . . R27.2.18 liv

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Part – XVI—Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.19

103. Filling through electronic media.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.19 104. Removal of difficulties and issue of directions.. . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.19 Schedule of Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.2.19 1.

2.

3.

4.

5.

7.

8.

Companies (Transfer of Pending Proceedings) Rules, 2016 Short title and Commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.3.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.3.1 Transfer of pending proceedings relating to cases other than Winding up.. . . . . . R27.3.1 Pending proceeding relating to voluntary winding up. . . . . . . . . . . . . . . . . . . . . . R27.3.1 Transfer of pending proceedings of Winding up on the ground of inability to pay debts.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.3.2 Transfer of Records.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.3.3 Fees not to be paid.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R27.3.3

Other Rules relating to the National Company Law Tribunal and the National Company Law Appellate Tribunal - -

National Company Law Tribunal (Salary, Allowances and other Terms and Conditions of Service of President and other Members) Rules, 2015. . . . . . . . . . . . . . . . R14.4.1 National Company Law Appellate Tribunal (Salaries and Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2015. . . R14.4.1

CHAPTER XXVIII SPECIAL COURTS 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

Companies (Mediation and Conciliation) Rules, 2016 Short Title and Commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.1 Panel of mediators or conciliators.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.1 Qualifications for empanelment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.2 Disqualifications for empanelment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.2 Application for appointment of Mediator or Conciliator and his appointment. . . R28.1.2 Deletion from the Panel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.3 Withdrawing name from Panel.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.3 Duty of mediator or conciliator to disclose certain facts. . . . . . . . . . . . . . . . . . . . R28.1.3 Withdrawal of appointment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.3 Procedure for disposal of matters .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.4 Mediator or Conciliator not bound by the Indian Evidence Act, 1872 or the Code of Civil Procedure, 1908.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.4 Representation of parties.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.4 Consequences of non-attendance of parties at sessions or meetings on due dates..R28.1.4 Administrative assistance.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.5 Offer of settlement by parties.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.5 Role of Mediator or Conciliator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.5 lv

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18. Parties alone responsible for taking decision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.5 19. Time limit for completion of mediation or conciliation.. . . . . . . . . . . . . . . . . . . . R28.1.5 20. Parties to act in good faith.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.5 21. Confidentiality, disclosure and inadmissibility of information.. . . . . . . . . . . . . . . R28.1.5 22. Privacy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.6 23. Protection of action taken in good faith. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.6 24. Communication between mediator or conciliator and the Central Government or the Tribunal or the Appellate Tribunal.. . . . . . . . . . . . . . . . . . . . . R28.1.6 25. Settlement agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.7 26. Fixing date for recording settlement and passing order. . . . . . . . . . . . . . . . . . . . . R28.1.7 27. Expenses of the mediation and conciliation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.7 28. Ethics to be followed by Mediator or Conciliator.. . . . . . . . . . . . . . . . . . . . . . . . . R28.1.8 29. Resort to arbitral or judicial proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R28.1.9 30. Matters not to be referred to the mediation or conciliation.. . . . . . . . . . . . . . . . . . R28.1.9

CHAPTER XXIX MISCELLANEOUS 1.

2.

3.

4.

5.

6.

1.

2.

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4.

5.

6.

7.

8.

9.

10.

11.

Companies (Adjudication of Penalties) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.1.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.1.1 Adjudication of penalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.1.1 Appeal against the order of adjudicating officer.. . . . . . . . . . . . . . . . . . . . . . . . . . R29.1.4 Registration of appeal.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.1.4 Disposal of appeal by Regional Director. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.1.5 Companies (Miscellaneous) Rules, 2014 Short title and commencement.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.1 Definitions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.1 Application for obtaining status of dormant company.. . . . . . . . . . . . . . . . . . . . . R29.2.1 Certificate of status of dormant company.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.2 Register of dormant companies.-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.2 Minimum number of directors for dormant company.. . . . . . . . . . . . . . . . . . . . . . R29.2.2 Return of dormant companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.2 Application for seeking status of an active company.. . . . . . . . . . . . . . . . . . . . . . R29.2.2 Fees for application to Central Government.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.3 Association or partnership of persons exceeding certain number.. . . . . . . . . . . . . R29.2.3 Applications or forms pending before Central Government, Regional Director or Registrar of companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R29.2.3

EXEMPTION NOTIFICATIONS Private Companies Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-1.1 Government Company Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-2.1 lvi

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Section 8 Companies Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-3.1 Nidhis Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-4.1 Specified IFSC Public Companies Exemption Notification. . . . . . . . . . . . . . . . . . . . . . . . . E-5.1 Specified IFSC Private Companies Exemption Notification . . . . . . . . . . . . . . . . . . . . . . . . E-6.1

MCA CIRCULARS AND ORDERS Table of Circulars and Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1 Text of Circulars and Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-12 ALLIED LAWS The Insolvency and Bankruptcy Code, 2016 (31 of 2016). . . . . . . . . . . . . . . . . . . . . . . . .

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Secretarial Standard–1 on Meetings of the Board of Directors . . . . . . . . . . . . . . . . . . . . .

Secretarial Standard–2 on Meetings of the Board of Directors . . . . . . . . . . . . . . . . . . . . .

AL-1.1 AL-1.1 AL-1.1 AL-2.1 AL-3.1

READY REFERENCER RR-A

Forms Referencer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-A.1

RR-1

Scheme of the Companies Act, 2013 (18 of 2013) amended upto Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019) vis-a-vis the Companies Act, 1956 (1 of 1956) . . . . . . . . . . . . . . . . . . . . . . . . . . RR-1.1

RR-2

Comparative Table/Mapping of e-Forms prescribed under Companies Act, 2013 & e-Forms under Companies Act, 1956. . . . . . . . . . . . . RR-2.1

RR-3

List of Company E-Forms on MCA21 or the Ministry of Corporate Affairs (MCA) official website. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-3.1

RR-4

Steps for registration/incorporation of companies, MCA services, ROC & RD addresses and NCLT, NCLAT & related website(s) referencer for e-filings, fees, e-stamp duty, compliances & continuing updating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-4.1

RR-4A State wise stamp duty rules/rates for eForms INC-2/ INC7/ INC‑29, Memorandum of Association (MoA), Articles of Association (AoA) [SPICe e-forms (INC-32), e-MoA (INC-33) & e-AOA (INC‑34)], eForm SH-7 & e-Form FC-1) . . . . . . . . . . . . . . . . . . . . . RR-4A.1 RR-5

List of Matters Requiring Ordinary Resolutions under the Companies Act, 2013 (18 of 2013) as amended upto Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019) . . . . . . . . . . . . . . . . . RR-5.1 lvii

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RR-6

List of Matters Requiring Special Resolutions under the Companies Act, 2013 (18 of 2013) as amended upto Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019). . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-6.1

RR-7

National Company Law Tribunal (NCLT) Benches, Location & Jurisdiction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-7.1

RR-8

National Company Law Appellate Tribunal (NCLAT) Checklist for Appeals under Companies Act, 2013 & The Insolvency & Bankruptcy Code, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-8.1

RR-9

Comparative Table of provisions of The Companies Act, 2013 (18 of 2013) as amended by the Companies (Amendment) Second Ordinance, 2019 (Ord. 6 of 2019) vis-a-vis the Companies Act, 1956 (1 of 1956). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RR-9.1

lviii