5. Section 271 of the CA2013 came into effect from December 15, 2016. (a) if a creditor, by assignment or otherwise, to whom the company is indebted for an amount exceeding one lakh rupees then due, has served on the company, by causing it to be delivered at its registered office, by registered post or otherwise, a demand requiring the company to pay the amount so due and the company has failed to pay the sum within twenty-one days after the receipt of such demand or to provide adequate security or re-structure or compound the debt to the reasonable satisfaction of the creditor; (b) if any execution or other process issued on a decree or order of any court or tribunal in favour of a creditor of the company is returned unsatisfied in whole or in part; or. This an Act to consolidate and amend the law relating to companies. -Noopur K. Dalal Strike Off & Winding Up as per Section 248 & Section 271- 272 Of Companies Act, 2013 2. The amendment mandates a final approval from the shareholders and also makes it compulsory to disclose all the related documents to them, before sanctioning the loan. DEFINITION Dormant Company The concept of Dormant Company has come into existence with the implementation of the new Companies Act, 2013 vide section 455 of the Act. Establishing A National Company Law Tribunal, National Company Law Tribunal constituted w.e.f. The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3. Section 96 of the Companies Act, 2013 By CS Brajesh Kumar and CS Rahul Das. These types of companies are licensed by the central government under section 8 of the companies act 2013 and these companies work for society and receive a donation from other general public for the welfare work. CIRCUMSTANCES IN WHICH COMPANY MAY BE 4. Companies Act 2006, Section 271 is up to date with all changes known to be in force on or before 10 December 2020. sections of the Amendment Act, 2017. (i) a balance sheet as at the end of the financial year; (ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year; (iii) cash flow statement for the financial year; (iv) a statement of changes in equity, if applicable; and. Amendment of Credit Institutions (Financial Support) Act … Amendment of section 56 of Personal Injuries Assessment Board Act 2003. (c) if it is proved to the satisfaction of the Tribunal that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the Tribunal shall take into account the contingent and prospective liabilities of the company. 26th March, 2014. More in Companies Law. Presumption that default permitted and certain defence. Under section 272 of the 2013 Act, a company has to file a statement of affairs of the company, including its books of accounts, when filing a winding up petition. Articles. 2013 and section 135 relating to Corporate Social Responsibility and Schedule VII (Amended) were notified on February 27, 2014. 271. (d) if the Tribunal has ordered the winding up of the company under Chapter XIX; Pages 116 Ratings 100% (1) 1 out of 1 people found this document helpful; This preview shows page 5 - 7 out of 116 pages. (9) Nothing contained in this section shall apply to a banking company. 3A. Effective from 12-09-2013 “public company” means a company which— (a) is not a private company and; (b) has a minimum paid-up share capital of five lakh rupees … (1) This Act may be called the Companies Act, 2013. 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