The Main Object Clause of the Memorandum of Association defines the purpose of the Company. Hence drafting of this clause is very crucial and should be done with precision and expertise. The Company cannot carry on any activity which is not a part of its object clause. Such activities are called Ultra Virus (beyond powers)…
The Lok Sabha on 19th September, 2020 passed a bill to further amend around 48 sections of the Companies Act, 2013 by decriminalizing various non-compoundable offences in case of defaults, but not involving frauds, omitting imprisonment for various offences which were considered procedural and technical in nature. The bill comes at a time when companies are reeling under stress…
Pre-requisites of Buyback | Steps for Buyback of securities | Modes of Buyback | Source of Funds | Other provisions related to Buyback | Transfer of certain sums to Capital Redemption Reserve Account | Circumstances in which Buyback is Prohibited The literal meaning of word ‘buyback’ is ‘repurchase’. Buy back of securities means purchase of…
Various aspects of Strike off of Company under Companies Act, 2013 including the modes of striking off and the procedure to be followed are governed through Section 248 to section 252 of the Companies Act, 2013 along with Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. Relevant provisions Chapter XVIII…