The word Companies represents any entity formed under the Companies Act,2013. The 1956 Act was based on the recommendations of the Bhabha Committee. According to sec 2(20) of the companies act, 2013 "'A company is a company formed under the companies Act 2013 or under any of the previous acts relating to companies.". On the basis of liability of members. Types of Director, Duties and Liabilities of Directors Under Companies Act, 2013 By Kausha Mehta . 1. The article aims to elaborate each type of Company as governed under (CA, 2013). According to companies Act, meetings are important provision. Business Law. Types of prospectus under Companies Act. This vice was removed by the Companies Act of 2013. Share Capital. Types of Companies under Companies Act' 2013. Before heading toward the types of Companies, it is very essential to understand the meaning of a company.. Regardless of the definition used, certain characteristics are common to all types of frauds. It means a company other than a public limited company. Company is an association of person who takes their meals together. How many types of meetings are regulated under Companies Act 2013? The technical term for instruments issued by companies to investors is 'securities'. A. On the basis of numbers and transferability of shares. Ans. Nidhi Company A Nidhi company is a type of Non-Banking Financial Corporation. The new Companies Act, 2013 claims to bring more transparency in the companies working through introducing more strict provisions. The Notice must be in written form and it must contain the time, date and the venue of meeting. Kinds Meetings Companies Act 2013: A meeting is generally a gathering of the members of a company; a meeting plays a vital role in the overall functioning of a company. Discuss the various kinds of companies recognized under the Companies Act, 2013. There are two types of charges that can be created over an asset. Violations of such norms are defined as offences with associated penalties. According to the sub-section (2) of Section 149, a company cannot act as a Director for another company which provides for a mandate that only an individual can be appointed as a Director for a company. As per Companies Act 2013, Mandatory Committees required to be formed for the Companies are as follows-Types of Committees Applicability of the Committee 1. A prospectus is any notification, circular, advertisement, or another document that invites public offers for the subscription or purchase of any securities issued by a corporation. Companies have the right to enter into contracts with other parties and sue or sued in the court of law, can possess and transfer properties in the same way as natural persons or . As per sections 42 and 62 of The Companies Act, 2013, a company can proceed with the process of share allotment in a few ways,. Sections 139 to 147 under chapter X of the Act contain provisions regarding audit and auditors. Types of Shares as per Companies Act, 2013. Types of Amalgamation. Types of Charges. The Companies Act, 2013 specifies the types of companies that can be promoted, incorporated, and registered under the Act. Kausha Mehta | 192638 Views | 25 Sep 2018 Bookmark Companies Act 2013, Corporate Law, Articles, MCA, Dear Professional Colleagues, Section 2(34) of the Companies Act, 2013 states that a director is the one who is appointed as a board member of a . The three basic types of companies incorporated under the Companies Act, 2013 are Private Company, Public Company and One Person Company. Thus, no company shall be formed for carrying on any unlawful objects.. The article aims to elaborate each type of Company as governed under Companies Act, 2013 (CA, 2013). According to Section 441 of the Act, any offence can be compounded other than those offences punishable with imprisonment only or with fine and imprisonment both. Under section 2(62), One Person Company (OPC) means a company which has only one person as a member. The categories are based upon voting rights, dividend distribution policies, reason for issue, and term of investment. The Companies Act, under section 114 talks about ordinary resolution. A company is an entity incorporated under the companies act, 2013 or under any previous company law. It is a share of profits of the company. All about Debentures under Companies Act, 2013. Types of Directors under Companies Act 2013 . Business Law. The directors and also members discuss on various matters. 1. It is a debt to the Company. As companies Act 2013, "deposit" includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include such categories of amount as may be prescribed under Rule 2 (c) of the Companies (Acceptance of Deposit) Rules, 2014. Before discussing various types of Companies under the Companies Act,2013, let's look at the companies residing in India. Registrar of Companies may register those Memorandum and Articles of Association received till 11.9. Introduction . Articles of Association (AOA) - Companies Act, 2013 Introduction. As per the statutory definition under Companies Act 2013, section 2(20) defines 'company' as a company incorporated under this Act or any other previous company law. Now that we have covered all the after incorporation compliances under Companies Act, 2013, lets discuss about the compliances under Companies Act, 2013 that are required to be completed on yearly basis. The Companies Act, 2013 also provides for a new type of business entity in the form of a company in which only one person makes the entire company. The term is derived from the Latin word (" com" meaning "with" or "together"; " panis" that is "bread") Section 2(20) of Companies Act, 2013 . On the basis of incorporation. Conclusion: The Companies Act, 2013 provides for different types of companies that can be registered under the Act. The companies in India are classified based on the size, the number of members, Liabilities, and capital under the Companies Act, 2013. Right issue- with the boards' permission, a company can allot shares to the existing shareholders about their previous shareholdings.However, the offer to the shareholders shall remain open for more than 15 days but less than 30 days. The Companies Act of 2013 in India defines company in the Section 2 (20) as "a company incorporated under this actor under any previous company law". It is similar to borrowing money that needs to be repaid over a while. The word 'Company' is a combination of two words "Com" and "Panies". There are totally 15 types of companies can be formed under the Companies Act, 2013. REGISTERS UNDER THE ACT There are 15 Registers prescribed under the Companies Act, 2013 in total. While some registers are applicable to all Companies, others will be applicable only on happening of certain events. As per the provisions of Section 52 of the Companies Act, 2013 a company can issue shares at a premium, whether for cash or otherwise. "The Companies Act refers to two distinct categories of directors: This Act was amended multiple times, and in 2013, major . In the case of the Audit Committee. (10 Marks) Gavit and Vinayak are partners who started a partnership under the . Statutory Audit. What are preference shares under Companies Act, 2013? The Companies Act 2013 does not contain an exhaustive definition of the term "director" Sec 2(34) prescribed that "director" means a director appointed to the Board of a Company. List of Forms Prescribed under the Companies Act, 2013 (Last Updated on 29th June 2020) Form Number Description Type of Forms INC 1 Application for reservation of name e-Form INC 3 Consent of Nominee as regards One Person Company e-Form INC 4 Change of nominee as regards One Person Company e-Form Debentures have a fixed interest rate. The Articles of Association of a company are what recommend the rules, regulations and the bye-laws for the inward administration of the company, the direct of its business, and is a record of central importance in the life of a company. "Share" means a share in the share capital of a company and includes stock. On the basis of incorporation, companies are divided into three categories: 1. 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