Use of certain name requires Government approval: [Section 4 3 ]: Just because a name passes test of sub-section 2it does not mean that name will be made available to a company. Section Further issue of share capital 1 Where at any time, a company having a share capital proposes to increase its subscribed capital by the issue of further shares, such shares shall be offered— c to any persons, if it is authorised by a special resolution, whether or not those persons include the persons referred to in clause a or clause beither for cash or for a consideration other than cash, if the price of such shares is determined by the valuation report of a registered valuer subject to such conditions as may be prescribed ii for sub-section 2the following sub-section shall be substituted, namely:— The notice referred to in sub-clause i of clause a of sub-section 1 shall be despatched through registered post or speed post or through electronic mode to all the existing shareholders at least three days before the opening of the issue.
However, the Registrar is required to obtain previous approval of the Central Government before presenting a petition of winding up under second proviso to sub-section 4 of Section Amendment via insertion of new section to principal section 3A: Please note: Section 3 1 of the Act provides for the minimum number of persons required for formation of a company.
This sub section has been omitted by Section 24 a of the ordinance. If at any time the number of members of a company is reduced, in the case of a public company, below seven, in the case of a private company, below two, and the company carries on business for more than six months while the number of members is so reduced, every person who is a member of the company during the time that it so carries on business after those six months and is cognisant of the fact that it is carrying on business with less than seven members or two members, as the case may be, shall be severally liable for the payment of the whole debts of the company contracted during that time, and may be severally sued therefor.
The first proviso to this section provides that the Registrar may allow such registration to be made within a period of days of such creation on payment of such additional fees. While numerous questions which created problems under the Companies Act, Act remain unresolved, several new ones have arisen under the Act.
Whether director of Company has given his property as security for the loan to Company. If an investor exercise control over the business decisions, then the company on which the control is exercised is a subsidiary company and not an associate Company.
Extension of Validity of reserved names Circular No.
However the cases before the Tribunal before the date of commencement of this ordinance, the Tribunal is to decide such cases. The newly substituted section provides the time limitation for filing application before the Tribunal i. Cost Accountant [Section 2 28 ] Notified Modes for Payment of Subscription Money: Subscription money shall be paid either by cheque or demand draft or other banking channel or not by cash.