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Nature of company

Company Law.

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Nature of company

  1. 1. NATURE OF COMPANY<br />Presented By:<br />BaneshwarMahatoBBA, 3rd Sem.<br />
  2. 2. Nature Of Company<br />Definition<br />It is association of individuals, formed for any common purpose, common trade or common business and share profit & loss arising there from.<br />
  3. 3. Characteristics Of A Company<br /><ul><li>Separate Legal Entity..
  4. 4. Limited Liability.
  5. 5. Perpetual Succession.
  6. 6. Common Seal.
  7. 7. Transferability of Shares.
  8. 8. Separate Property.
  9. 9. Capacity to sue.</li></li></ul><li>Lifting Or Piercing The Corporate Veil<br /><ul><li>Protection Of Revenue
  10. 10. Prevention Of Fraud Or Improper Conduct
  11. 11. Determination Of Character Of A Company</li></ul> Whether It Is Enemy<br /><ul><li>Where The Company Is Sham
  12. 12. Company Avoid Legal Obligation
  13. 13. Company Acting As an Agent Of Shareholder
  14. 14. Avoidance Of Welfare Legislation
  15. 15. Protecting Public Policy.</li></li></ul><li>Statutory Exceptions<br /><ul><li>Number Of Members Below Statutory Minimum [Sec.45]
  16. 16. Failure To Refund Application Money [Sec.69(5)]
  17. 17. Misdescription Of Company’s Name[Sec.147(4)]
  18. 18. Fraudulent Trading[Sec.542]
  19. 19. Holding And Subsidiary Companies</li></li></ul><li>Company Distiguished From Partnership<br /><ul><li>Regulating Act.
  20. 20. Mode Of Creation
  21. 21. Legal Status
  22. 22. Management
  23. 23. Transferability Of Interset
  24. 24. Authority Of Members
  25. 25. Power
  26. 26. Restriction On Powers.</li></li></ul><li>Company Distiguished From Partnership<br /><ul><li>Insolvency Of Firm And Winding Up Of Company
  27. 27. Debts.
  28. 28. Dissolution.
  29. 29. Number Of Members.
  30. 30. Minimum
  31. 31. Maximum
  32. 32. Maintenance Of Books.</li></li></ul><li>Company Law In INDIA<br />Company legislation in India owes its origin to the English Company Law. The Companies Acts passed from time to time in India have been following the English Companies Acts with Certain modifications to suit Indian Conditions.<br />
  33. 33. History of Company Law<br /><ul><li>Registration of joint stock companies[1850]-Based on English Companies Act, 1844.
  34. 34. Limited Liability Act of 1855.
  35. 35. Joint Companies Act of 1856- Replaced Both Acts of 1844 & 1855.
  36. 36. Join Companies Act 1857 passed in India
  37. 37. Companies Act 1866.[Based English Companies Act 1862].
  38. 38. Recast of The Companies Act1866 in 1882.
  39. 39. Act of 1913.</li></li></ul><li>The Companies Act, 1956<br />The act has been amended several times since it was codified. Major amendments to the Act were made in 2002.<br />
  40. 40. The Amendment Act 2002-Brought Changes.<br /><ul><li>Company Law Board replaced by NCLT.</li></li></ul><li>
  41. 41. THANKS<br />

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