What is Section 25 of Companies Act 1956?
Section 25 in The Companies Act, 1956. 25. Power to dispense with” Limited” in name of charitable or other company. (4) A firm may be a member of any association or company licensed under this section, but on the dissolution of the firm, its membership of the association or company shall cease.
What are the objectives of Companies Act 1956?
The basic objectives underlying the law are:
- A minimum standard of good behaviour and business honesty in company promotion and management.
- Due recognition of the legitimate interest of shareholders and creditors and of the duty of managements not to prejudice to jeopardize those interests.
Which is latest Companies Act?
The Companies Act, 2013 passed by the Parliament has received the assent of the President of India on 29th August, 2013.
What do you mean by companies Act 1956?
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.
What is the main purpose of companies Act 1956?
In our country, the Companies Act, 1956 primarily regulates the formation, financing, functioning and winding up of companies. The Act prescribes regulatory mechanism regarding all relevant aspects including organisational, financial and managerial aspects of companies.
Is the Companies Act of 1956 applicable to the whole of India?
[ (3) It extends to the whole of India:] [* * *] [Provided [* * *] that it shall apply to the State of Nagaland subject to such modifications, if any, as the Central Government may, by notification in the Official Gazette, specify.] Statement of Objects and Reasons. -The object of this Bill is to amend and consolidate the law relating to Companies.
What happens to a company under the Companies Act?
The Companies Act provides that in event of a company being shut down, the members of the company are solely liable to contribute to the assets and liabilities of the company. It is in accordance with the Companies Act – Section 34 (2).
When was the last amendment to the Indian Companies Act?
The last major amendment of the Indian Companies Act, 1913 (7 of 1913) was undertaken in 1936 when the Indian Companies (Amendment) Act, 1936 (22 of 1936) was passed. At the end of World War II the need was felt for a further extensive revision of the Companies Act.