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Query Posted : 140
Query Replied : 140
  • Sec 152
    by Gautam on Friday, May 17, 2019  at 03:46 PM

    Dear Sir, As per Sec 152(7)(b)(iv) of Co.Act,13 - a director shall not be deemed to be reappointed--- if a resolution, whether special or ordinary, is required for his appointment or re-appointment by virtue of any provisions of this Act. Unable to understand this point sir ??

  • Sec 164
    by Chirag on Tuesday, May 14, 2019  at 06:24 PM

    Dear Sir, If a company fails to pay interest on deposits for 1 yr or more , then director will be disqualified from all other companies for 5 yrs. And he will also not be re-appointed in defaulting company for 5 yrs. Query- If such defaulting company pays interest after 1 year, then such disqualification on director will get removed or not ?? 2) If director of the company is absent for 3 months and he is present is India , then whether Alternate director can be appointed ??

  • Company law
    by Chirag on Tuesday, May 14, 2019  at 03:50 PM

    Dear Sir, Can General meeting of the company appoint alternate director or else GM will authorise the Board to appoint alternate director ?? Pls clarify 2)As per Sec 152(6), 2/3rd of Total No. of Board of Director will be Director liable to retire by Rotation. Query- This limit will be checked on AGM date or on beginning of each year ?? 3) If AOA of the company is silent on any matter, then provisions of Table F will automatically apply on that matter ??

  • Co. law
    by Vivek on Friday, April 26, 2019  at 01:07 AM

    Dear Sir, As per Sec 188(5) of Co. Act,2013, Pls clarify that Unanimous Consent of Board of Directors along with Approval of Public Financial Institution will be required, if Loan given EXCEED 60% of (Paid up capital + Free Reserves+ Sec Premium) or 100% of (Free Reserves+ Sec Prem), whichever is more ? 2) X Ltd. will not enter into any contract with Reliance Ltd. One Director is holding shares of Reliance Ltd. Query- Whether disclosure of interest in MBP-1 required by director in this case ?

  • Quorum requirement
    by Chirag on Thursday, April 18, 2019  at 01:17 PM

    Dear Sir, Internal Auditors of our company says that following director shall NOT BE COUNTED IN TOTAL STRENGTH as per Sec 174 (Quorum) wherein the requirement is to calculate 1/3rd of Total Strength ??--- i) The director who has TAKEN LEAVE OF ABSENCE and is unable to attend the Board Meeting . 2) As per their view, Interested Directors should BE COUNTED in Total strength ? Pls give your valuable suggestion in both cases ??

  • Creditor failed to file claim in 90 days
    by Prashant on Wednesday, April 10, 2019  at 01:28 PM

    Dear Sir, If a creditor failed to file claim within 90 days of CIRP initiation date, what course is available to him to file claim as RP denied to accept the claim?.

  • Sec 203
    by Chirag on Wednesday, April 10, 2019  at 10:50 AM

    Dear Sir, If a person is appointed as CS in one company and wants to become MD in another company,THEN HE CANNOT BECOME MD IN ANOTHER COMPANY AS PER SEC 203(3) because it states that - A whole-time key managerial personnel shall not hold office in more than one company except in its subsidiary company at the same time. So, holding a position of CS in one company and MD in another company at same time by a person is not allowed. Am i right sir ??

  • Sec 196 and Sec 203
    by Chirag on Wednesday, April 10, 2019  at 10:44 AM

    Dear Sir, As per Sec 196, ANY PERSON can be appointed as MD in a company by passing GM-OR, if he is in between the age of 21 years to below 70 yrs. BUT as per Sec 203(3) 3rd proviso, IF A PERSON IS ALREADY MD/Manager in a company, then he can become MD in ANOTHER COMPANY, only if Unanimous resolution is passed. Am i right sir ?? 2) As per 203(1)(i), Either MD or Whole time director (WTD) is required in a company, because the word used is - in their absence a WTD. Am i right ? Pls clarify

  • Sec 203 - WTKMP
    by Chirag on Tuesday, April 09, 2019  at 09:52 PM

    Dear Sir, X Ltd wants to appoint Mr.A as MD of the company. Mr.A IS NOT PRESENTLY HOLDING M.D. POSITION IN OTHER COMPANY. Can we appoint Mr.A as MD of the company. Pls clarify the answer?? 2) If above answer is no, we can appoint him as MD only if he is MD in any other company as per 3rd proviso to Sec 203(3) ?? 3) If Mr.A is office of CS in another company, can he be appointed as MD in our company. Pls give clarification in this regard ??

  • Quorum
    by Chirag on Sunday, March 31, 2019  at 02:01 PM

    Sir, In my last query which was--If there are 10 directors in a company.Then quorum as per Sec 174 will be 1/3 of 10 i.e. 4 or 2 ,whichever is higher i.e. 4. But if ARTICLES OF A COMPANY PROVIDE FOR QUORUM TO BE 6 , then meeting will be valid only if QUORUM IS 6. As Articles contains STRICT PROVISIONS THAN COMPANIES ACT, THUS ARTICLES WILL PREVAIL OVER IT. Thus, quorum will be 6. Am i right sir ?? 2) Above case will not be treated as ultra-vires. Right sir ?

  • Quorum
    by Chirag on Saturday, March 30, 2019  at 08:18 PM

    If there are 10 directors in a company.Then quorum as per Sec 174 will be 1/3 of 10 i.e. 4 or 2 ,whichever is higher i.e. 4. But if ARTICLES OF A COMPANY PROVIDE FOR QUORUM TO BE 6 , THEN MEETING WILL BE VALID ONLY IF QUORUM Is 6. This is the rule as per company law provisions. Query-I want to know that as in Sec 174,there is no wording--- Subject to ARticles of the company..", So, The mandatory quorum as per Articles is ULTRA-VIRES. Thus,legally quorum should 4 only as per Act. Do you agree?

  • Resolution Plan
    by Kamal on Friday, March 29, 2019  at 12:28 AM

    Sir, there can be situations that certain creditors may file their claim after the approval of resolution plan or some of the fraudulent issues may come to notice of the resolution applicant after the approval of resolution plan. What shall be the considerations in this regard

  • Co. law
    by Gautam on Saturday, March 23, 2019  at 05:41 PM

    As per Sec 235(2),The dissenting shareholder can also apply to the Tribunal within one month of giving the notice, if it does not want to transfer its shares to Transferee company. Otherwise, The Transferee company will purchase the shares of dissenting shareholder on same terms as that of ASSENTING SHAREHOLDERS. Am i right ? 2) Sec 236 can be applied instead of Sec 235, if transferee company holds 90% shares of transferor company ??

  • Sec 235
    by Gautam on Saturday, March 23, 2019  at 05:35 PM

    Dear Sir, As per Sec 235(3) of Companies Act,2013, The instrument of transfer may be executed on behalf of shareholder by any person appointed by the transferor company and on its own behalf by the transferee company. Query- Sir, What is “Instrument of transfer” ? 2) why it needs to be executed ?? Pls clarify?? 3) What is the difference between serving of a document and execution of document ??

  • Sec 185
    by Vivek on Friday, March 22, 2019  at 12:52 AM

    Dear Sir, U/s 185 of Co.Act 13, The wording used is-- Loan Represented by Book debts... Query- If a company engaged in business of Selling AC , sells AC to a director or his relative at ARM'S LENGTH price. Whether it constitute loan to director ?? 2) Whether selling of AC to director or his relative at a price below the Market price will constitute loan to director ?? Pls clarify

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