Which is the object and effect of share certificate under section 46 of the Companies Act 2013?


Which is the object and effect of share certificate under section 46 of the Companies Act 2013?

(1) A certificate, 1[issued under the common seal, if any, of the company or signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary], specifying the shares held by any person, shall be prima facie evidence of the title of the person to such shares.

What is the penalty for not complying with provisions of company Act?

Max: INR 50 thousand Continuing failure- INR 1 thousand for every day of default Min: INR 500 Max: INR 1 thousand Continuing failure- INR 1 thousand for every day of default.

What are the sections of Companies Act, 2013?

The Companies Act, 2013

Section No. Section Name
60 Publication of authorised, subscribed and paidup capital
61 Power of limited company to alter its share capital
62 Further issue of share capital
63 Issue of bonus shares

Is share certificate mandatory?

The company requires to provide one certificate to a member for all his shares without payment of any charges. If a shareholder requests more than one certificate, then the company can issue additional shares for payment of Rs. 20 per each share certificate.

How many times AGM can be held in a year?

How many AGMs must be conducted in a year? A company other than OPC must conduct at least one Annual General Meeting (AGM) in a financial year. The first AGM of the company, i.e. a newly incorporated company, should be held within nine months from the closing of the first financial year.

What is the maximum fine that can be imposed on a company?

the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty …

Can a company be imprisoned?

A Corporation could not be imprisoned or given death punishment which is usually given in criminal law. As per the Court the accused must be physically present in the proceedings which is not possible in case of corporations as them being artificial legal persons.

What is Section 67 of Companies Act, 2013?

Section 67(1) of the 2013 Act provides that no company limited by shares or by guarantee and having a share capital shall have the power to buy its own shares unless the consequent reduction of share capital is effected under the provisions of the 2013 Act.

Is share certificate mandatory in Pvt Ltd company?

Can I be forced to sell my shares in a company?

In general, shareholders can only be forced to give up or sell shares if the articles of association or some contractual agreement include this requirement. In practice, private companies often have suitable articles or contracts so that the remaining owner-managers retain control if an individual leaves the company.

Can shareholders tell directors what to do?

At a general meeting, the shareholders can also pass a resolution telling the directors how they must act when it comes to a particular matter. If this is done, the directors must then take the action that the shareholders have decided upon.

Is the Companies Act 2006 section 46 up to date?

Companies Act 2006, Section 46 is up to date with all changes known to be in force on or before 28 October 2021. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Revised legislation carried on this site may not be fully up to date.

What is Section 46 of the Income Tax Act 1961?

Chapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 46 of IT Act 1961-2020 provides for capital gains on distribution of assets by companies in liquidation.

Is a suretyship a distribution under S46?

The execution of each suretyship is accordingly a distribution as defined in s1 of the Companies Act and accordingly, s46 applies. There is some debate around the situation where the borrower is a sister company of the surety.

Does Section 45 apply to distribution of assets on liquidation?

Notwithstanding anything contained in section 45, where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for the purposes of section 45.