What are the grounds under Section 433 of Companies Act?

What are the grounds under Section 433 of Companies Act?

Section 433(e) of the Companies Act, 1956 provides that in cases where the company is unable to pay its debts the court can order winding up. The expression ‘unable to pay its debts’ has to be taken in the commercial sense of being unable to meet current demands though the company may be otherwise solvent6.

Which sections of the Indian Companies Act, 2013 are subject to legal inquiry?

Chapter XIV contains Sections 206 to 229 of the Companies Act, 2013, deals with the provisions relating to Inspection, Inquiry and Investigation of the affairs of company. Investigation within the meaning of the relevant provisions of the Act is a form of probe; a deeper probe; into the affairs of a company.

Has section 465 of the Companies Act, 2013 been notified?

MCA has notified that provisions of Section 465 of the Companies Act, 2013 would partially come into force with effect from 30 Jan. 2019, in so far as such provisions relates to repealing of the Companies Act, 1956, i.e. the Registration of Companies (Sikkim) Act 1961 will continue to remain in force.

What is Govemed by company Act?

The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.

What are the grounds for winding up a company?

6 Grounds on which a Court can Order a Winding up of a Company in…

  • Passing of special resolution for the winding up:
  • Default in holding statutory meeting:
  • Failure to commence business:
  • Reduction in membership:
  • Inability to pay debts:
  • Just and equitable:

What are the grounds under Section 271 of Companies Act 2013 by which tribunal may order winding up of a company?

The circumstances under which a company can be wound up by Tribunal have been clearly enlisted in Section 271 as follows : (a) passing of special resolution to that effect; (b) acting against the sovereignty and integrity of India, security of state, friendly relations with foreign states, public order, decency or …

What is Section 3 in Companies Act, 2013?

Lawful purpose:- Section 3 states that a Company may be formed for any lawful purpose. Thus, no company shall be formed for carrying on any unlawful objects. In case the Company proposed to be formed is a public company, the memorandum must be subscribed to by seven or more persons.

What is Section 4 of Companies Act, 2013?

According to Section 4 of the Companies Act, 2013, the MoA is a legal document specifying information about the shareholding of the company. It also outlines the scope of the company’s business activities. Further, it is prepared for the purpose of registering the company. It is also called the charter of the company.

What is the maximum age limit of Nclt president?

President of Tribunal : Till attainment of 67 years. Other Members : Till attainment of 65 years.

What do you mean by amalgamation of company?

Key Takeaways. Amalgamation is the combination of two or more companies into a new entity by combining the assets and liabilities of both entities into one. The transferor company is absorbed into the stronger, transferee company, leading to an entity with a stronger customer base and more assets.

Which is governed by company law?

Joint Sector is governed by a company law and controlled by the Government as principal major shareholders.