Section under Companies Act, 1956
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Section under Companies Act, 2013
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Description of Matter
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2(14A)
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2(35)
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Dividend includes any interim dividend
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*2(29A)
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2(57)
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Net worth means total of paid-up capital and free reserves after deducting provisions or expenses as may be prescribed.
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2(43)
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Free reserves includes reserves out of the profits and share premium account but does not include revaluation and amalgamation reserves.
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*2(46AA)
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—
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Sick industrial company means an industrial company
(a) which has accumulated losses in any financial year which is 50% or more than the average net worth during 4 years immediately preceding such financial year or
(b) which has failed to repay its debts within any 3 consecutive quarters to its creditors who made demand in writing for the repaymentof the same.
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3(6)
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2(68) & 2(71)
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Provisions of minimum paid-up capital not to apply to companies registered under Section 8.
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4
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2(46) & 2(87)
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Meaning of holding company and subsidiary.
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4A
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2(72)
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Public Financial Institutions.
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13, 16 to 18
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4, 13 & 12
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Memorandum and its alterations; change of registered office within State to be confirmed by Regional Director and special resolution to be passed, special resolution and confirmation by the Tribunal required for change of registered office to another State; special resolution for alteration of objects clause; registration of alteration within 3 months.
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31
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14
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Alteration of Articles by special resolution.
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42
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19
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Subsidiary not to be a member of its holding Co.
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43A
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Deemed public company to shed its status and become a private company.
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49
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187
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Investments of company to be held in its own name.
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58A
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2(31), 73, 74, 76
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Regulation of deposits from Public (also refer rules under this section).
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58AA
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—
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Regulations in case of defaults in repayments of deposit, or payment of interest to small depositors.
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61
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27
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Terms of contract mentioned in prospectus or statement in lieu of prospectus not to be varied.
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*67
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42
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Private issues to be treated as Public Issue if the offer is to 50 persons or more.
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*68B
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29
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IPO of listed company of Rs.10 crores or more to be in dematerialised form.
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69
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39
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Prohibition of allotment unless minimum subscription received.
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70
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—
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Prohibition of allotment in certain cases unless statement in lieu of prospectus delivered to Registrar.
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71
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—
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Effect of irregular allotment.
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72
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—
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Application for and allotment of shares and debentures.
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73
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40
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Allotment of shares and debentures to be dealt in on Stock Exchange.
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74
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—
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Manner of reckoning fifth, eighth and tenth days in Ss. 72 and 73.
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75
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39
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Return as to allotments — issue of shares for consideration other than cash.
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76
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40
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Power to pay certain commissions and prohibition of payment of all other commissions, discounts, etc.
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77
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67
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Restrictions on purchase by company or loans by company for purchase of its own or holding company’s shares.
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77A/77AA/77B
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68, 69, 70
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Purchase by a company of its shares or other specified securities, compliance with conditions in relation thereto and provision for transfer of certain sums to capital redemption reserve account.
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78
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52
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Applications of premiums received on issue of shares.
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79
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53
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Power to issue shares at a discount.
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80
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55
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Power to issue redeemable preference shares.
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80A
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—
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Redemption of irredeemable preference shares, etc.
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81
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62
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Further issue of capital.
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86
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43
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Equity share capital with differential rights.
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93
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51
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Payment of dividend in proportion to amount paid-up.
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94
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61
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Power of limited company to alter share capital.
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94A
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62, 64
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Share capital to stand increased when order is made u/s. 81(4).
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95
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64
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Notice to registrar of consolidation of share capital, conversion of shares into stock, etc.
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96
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—
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Effect of conversion of shares into stock.
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97
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64
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Notice of increase of share capital to members.
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100 & 102
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66
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Special resolution for reduction of share capital and order for confirming such reduction and powers of the court on making such order.
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108
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56
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Normal formalities for transfer of shares or debentures.
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117A, 117B
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71
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Debenture trust deed, appointment of debenture.
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& 117C
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71
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Trustees and creation of Debenture Redemption Reserve.
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143
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85
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Company’s register of charges.
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149
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11
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Restrictions on commencement of business.
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165
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—
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Statutory meeting and statutory report.
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166
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96
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Annual general meeting.
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189
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114
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Ordinary and special resolutions.
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190
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115
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Special Notice.
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192
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117
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Registration of certain resolutions and agreements.
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192A
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2(65)
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Passing of resolution by postal ballot.
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193
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118
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Minutes of proceedings of general meetings and Board and other meetings.
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197
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118
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A company not to appoint or employ certain different categories of managerial personnel at the same time.
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198
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197
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Overall maximum managerial remuneration and managerial remuneration in case of absence or in adequacy of profits (also refer Ss. 309, 349, 350, Schedules XIII and XIV).
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199
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—
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Calculation of commission, etc. in certain cases.
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200
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—
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Prohibition of tax-free payments.
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204
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—
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Restriction on appointment of firm or body corporate to office or place of profit under a company.
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205
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123
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Dividend to be paid only out of profits after charging depreciation and transfer to reserves. Dividend declared by a Company to be transferred to a separate Bank account within 5 days.
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205A
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123
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Unpaid dividend to be transferred initially to a special bank account and thereafter after 7 years to the Investor Education & Protection Fund set up by the Central Government.
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205A(3)
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124
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Conditions for declaration of dividend out of reserves.
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205B
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124
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Payment of unpaid or unclaimed dividend.
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206A
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126
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Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares.
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207
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127
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Dividend declared by company normally to be paid within 30 days.
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208
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—
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Power of company to pay interest out of capital in certain cases.
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209
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2(13)
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Books of account to be kept by company—including cost records.
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209(3)
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128
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Books of account to be kept on accrual basis and according to the double entry system of book-keeping.
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209A
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207 & 208
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Inspection of books of account, etc. of companies by Central Government and SEBI.
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210
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129
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Annual accounts and Balance Sheet.
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210A
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132
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Constitution of National Advisory Committee for Consultation by Government on Accounting Standards.
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211
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2(2), 129, 133
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Form and contents of balance sheet and profit and loss account and requirements for complying with Accounting Standards.
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212
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—
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Balance sheet of holding company to include certain particulars as to its subsidiaries.
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213
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—
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Financial year of holding company and subsidiary.
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215
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134
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Authentication of balance sheet and profit and loss account.
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216
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134
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Profit and loss account to be annexed, and Auditor’s Report to be attached, to balance sheet.
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217
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134
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Board’s report. It will also include a Directors' responsibility statement.
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220
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137
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Copies of approved annual accounts to be filed with registrar.
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222
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—
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Construction of references to documents annexed to accounts.
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*224
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139 & 142
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Appointment and remuneration of auditors.
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224A
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—
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Auditor not to be appointed except with approval of the company by special resolution in certain cases (also refer S. 619B).
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225
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140
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Provisions as to resolutions for appointing or removing auditors.
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226
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141
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Qualifications and disqualifications of auditors.
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227
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143
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Powers and duties of auditors.
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227(1A)
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—
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Inquiry and report to share holders as regards specified clauses.
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227(4A)
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—
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Manufacturing and Other Companies (Auditor’s Report) Order, 1988.
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228
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143
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Audit of accounts of branch office of a company.
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229
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145
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Signature of audit report, etc.
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230
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145
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Auditor’s report to be read out in general meeting.
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231
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146
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Auditor’s right to receive communication relating to, and to attend and to speak at, company’s general meeting.
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233A
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—
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Power of Central Government to direct special audit in certain cases.
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*233B
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148
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Cost audit.
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235
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210
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Investigation of the affairs of a company.
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252
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2(10), 149, 151
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Minimum number of directors.
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259
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—
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Increase in number of directors to require Government sanction.
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260
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161
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Additional directors.
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268
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—
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Amendment of provision relating to managing, whole time or non-rotational director's appointment to require Government approval.
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269
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2(94), 203
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Appointment or reappointment of managing or whole time director to require Government approval in certain cases and every public company or a private company which is a subsidiary of a public company to have a managing or wholetime director or manager if the paid-up share capital is
Rs.5 crores. (Rs.1 crore up to 17-9-1990)
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274
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164
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Disqualification of directors.
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275
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165
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Maximum 15 companies in which a person can be a director.
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291
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179
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General powers of the Board.
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292
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179
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Certain powers to be exercised by Board only at meeting.
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292A
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177
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Formation of Audit Committee by public company having paid-up capital of not less than
Rs.5 crores.
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293
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180, 181
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Restrictions on powers of Board and necessity of general meeting consent.
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293A
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182
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Prohibitions and restrictions regarding political contributions.
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293B
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183
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Power of Board or others to make contributions to the National Defence Fund, etc.
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294
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188
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Appointment of sole selling agents to require approval of company in general meeting.
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294A
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188
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Prohibition of payment of compensation to sole selling agents for loss of office in certain cases.
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294AA
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—
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Power of Central Government to prohibit the appointment of sole selling agents in certain cases.
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295
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185
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Central Government’s approval required for loans to directors and specified associates.
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296
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185
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Application of S. 295 to book debts in certain cases.
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297
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188
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Board’s sanction and in some cases Central Government’s approval to be required for certain contracts in which particular directors are interested.
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299
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184
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Disclosure of interest by director.
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300
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2(49)
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Interested director not to participate, vote or constitute quorum in board’s proceedings.
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301
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189
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Register of contracts, companies and firms in which directors are interested.
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309
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197
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Remuneration of directors (also refer Ss. 198, 349, 350, Schedules XIII and XIV).
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310
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197
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Provision for increase in remuneration to require Government sanction.
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311
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—
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Increase in remuneration of managing director on reappointment or appointment to require Government sanction.
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312
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166
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Prohibition of assignment of office by director.
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313
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161
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Appointment and term of office of alternate director.
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314
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188
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Special resolution (and in some cases Government approval) required for director, etc. to hold office or place of profit.
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317
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196
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Managing Director not to be appointed for more than 5 years at a time.
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318
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191
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Compensation for loss of office not permissible except to managing or whole time directors or directors who are managers.
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319
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191
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Payment to director, etc. for loss of office, etc. in connection with transfer of undertaking or property.
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320
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191
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Payment to director for loss of office, etc. in connection with transfer of shares.
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321
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191
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Provisions supplementary to Ss. 318, 319, 320.
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349
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198
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Determination of net profits (also refer Ss. 198, 309, 350, Schedules XIII and XIV).
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350
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—
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Ascertainment of depreciation (also refer Ss. 198, 309, 349, Schedules XIII and XIV).
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370
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—
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Loans, etc. to companies to be subject to specified limits and consents. (up to 30-10-1998)
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372
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—
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Investment in shares, etc. of other companies to be subject to specified limits and consents. (up to 30-10-1998)
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372A
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2(43)
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Loans/Guarantees to and investments in other companies to be subject to specified limits and consents (w.e.f. 31-10-1998).
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383A
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—
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Certain companies to have a whole time secretary and certain companies to file a certificate from a Secretary in whole time practice regarding compliance with the provisions of the Act.
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384, 385,
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196
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Appointment of MD, WTD or Manager
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386
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203
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Firm or body corporate not to be appointed as manager, disqualifications of manager, etc.
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387
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197
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Remuneration of manager.
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388
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166
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Application of Ss. 269, 310, 312 & 317 to managers.
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417
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—
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Employees' securities to be deposited in post office savings bank or scheduled banks or State Bank of India.
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418
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—
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Provisions applicable to Provident Funds of employees.
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424A – 424G
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253, 261, 262, 265
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Revival and Rehabilitation of Sick Industrial Companies – Reference to Tribunal, Inquiry into working of such companies, Tribunal to make suitable order on completion of inquiry, Preparation and sanction of scheme, Rehabilitation, Arrangement for continuing operations, etc. during inquiry and Winding up of sick industrial company.
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*581A - 581ZT
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465
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Producer Companies – Formation, Management, Share Capital and Members rights, Functioning, etc. of such companies. (Part IXA).
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591
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2(42), 379
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Certain foreign companies to comply with provisions as Indian companies.
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594
|
381
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Accounts of foreign companies.
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*605A
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390
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Offer of Indian Depository Receipts.
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619, 619B
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139, 143
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Application of Ss. 224 to 233B to Government companies.
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