The Companies Act, 2013 sets to refurbishment of the provisions relating to independent directors entirely by conferring greater power and responsibility in the governance of a company. The need for the Indepen
In this context, we refer to Section 179 of the Companies Act, 2013 which provides that the Board of Directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorized to exercise and do. Upon reading of the provision...
“banking company” means a banking company as defined in clause(c)of section 5 of the Banking Regulation Act, 1949; Section-2(10) Board of Directors or Board: “Board of Directors” or “Board”, in relation to a company, means the collective body of the directors of the company; ...
Chapter XV(Sections230–240) of the Companies Act, 2013 (CA 2013) deals with the provisions related to Compromises, Arrangements and Amalgamations. Section 230 of CA 2013 provides for power to compromise or make arrangements with creditors and members. Recently, we have discussed in detailsection...
The companies 2013 is an act of the Parliament which regulates incorporation of a company, directors, responsibilities of a company and dissolution of a company. These exemptions and relaxations are applicable only to the private companies which are not subsidiaries of thepublic company. Where as th...
The act requires that companies set up a CSR board committee, which must consist of at least three directors, one of whom must be independent. That committee must ensure that the company spends “at least 2 per cent of the average net profits of the company made during the three im...
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Obtaining of consent letter to act as scrutinizer from the proposed person. Sending of notice of Board meeting along with agenda to all directors of the company Convening and passing of resolution for appointment of scrutinizer for general meeting. Submitting of Board meeting outcome to stock exchang...
Section 289 of the Companies Act, 1956 relating Section 175 of the Companies Act, 2013 states about the passing of resolution by circulation. The relating provisions are as below:(1) No resolution shall be deemed to have been duly passed by the Board
[9] A One Person Company, a small company, a dormant company, and a private company (if such private company is a start-up) shall be deemed to have complied with the provisions of this section if at least one meeting of the Board of Directors has been conducted in each half of a ...