What is Section 13 of Companies Act?
Table of Contents
- 1 What is Section 13 of Companies Act?
- 2 Is Section 197 of Companies Act 2013 applicable to private companies?
- 3 Why was Companies Act 2013 introduced?
- 4 How is a company formed under the Companies Act 2013?
- 5 Who appoints company secretary?
- 6 Under which section of Companies Act 2013 a company can buyback its own shares?
What is Section 13 of Companies Act?
(1) The change of name shall not be allowed to a company which has defaulted in filing its annual returns or financial statements or any document due for filing with the Registrar or which has defaulted in repayment of matured deposits or debentures or interest on deposits or debentures .
Is Section 197 of Companies Act 2013 applicable to private companies?
Section 197 is applicable only on Public Limited Companies. There is no limit on remuneration for Private Limited Companies, they can pay any amount of remuneration without complying with the provision of Section 197 and Schedule V of the Companies Act, 2013.
Is section 197 applicable to government companies?
Section 197 shall not apply to a Government Company, vide Notification No. Section 197 shall not apply to Specified public Company, vide Notification No. 08 dated 04th January, 2017.
What is the meaning of marginal remuneration?
Managerial remuneration is compensation for services provided to a company in a managerial capacity. This can include cash payments, along with benefits like stock options, health insurance, and bonuses. A salary or hourly wage can be part of the compensation package along with any benefits.
Why was Companies Act 2013 introduced?
The Companies Act 2013 was introduced to ease the process of doing business in India and improving corporate governance.
How is a company formed under the Companies Act 2013?
Section 3 of the Companies Act, 2013, details the basic requirements of forming a company as follows: Formation of a public company involves 7 or more people who subscribe their names to the memorandum and register the company for any lawful purpose. Similarly, 2 or more people can form a private company.
Can director get salary?
As per the company’s Act a director can be appointed as whole time director/ Employee of the company, he will get a remuneration but cannot be considered as Salary, and cant claim deduction on salary in the name of the PF\ ESi, because as per Income tax Act there is no employer and employee relation.
Can directors be paid a salary?
Take Out a Director’s Salary Since company directors are technically employees of a limited company, they too are able to receive a salary.
Who appoints company secretary?
Mandatory Requirements Company Secretary shall be appointed by means of a resolution of the Board containing the terms and conditions of the appointment including the remuneration. A Company Secretary shall not hold office in more than one company except in its subsidiary company at the same time.
Section 68
As per Section 68 of the Companies Act, 2013 the conditions for Buy-back of shares are: Authorization for Buy-Back: Articles of Association(AOA) of the company should authorize Buy-Back, if no provision in AOA then first alter the AOA.
What are the important sections in Companies Act, 2013?
Highlights of 98 Sections Of Companies Act, 2013 Notified On 12.09. 2013
| S.No | Chapter | Section |
|---|---|---|
| 2 | Chapter II -Incorporation of Company and Matters Incidental Thereto | 19 |
| 3 | 21 | |
| 4 | 22 | |
| 5 | Chapter III -Prospectus and Allotment of Securities | 23 |
Who administers Companies Act, 2013?
The Ministry of Corporate affairs
The Ministry of Corporate affairs has notified 326 sections out of 470 sections of the Companies Act, 2013 which was enacted in August, 2013 while remaining 144 sections needs to be notified yet.