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Corporate Law · 104 notes

Company Law (Companies Act, 2013) notes.

Chapter-wise, structured notes for Judiciary (PCS-J / HJS), AIBE, CLAT and LLB preparation: sections, leading case law, illustrations and exam pointers. Every note is free to read, with previous and next topic links.

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  1. 01

    Salomon v. Salomon & Co.

    Inside this note1897 HL
    1. 01Separate legal personality doctrine
    2. 02Lord Macnaghten's famous dictum
    3. 03Bacha F. Guzdar v CIT reception
    4. 04Corporate veil piercing exceptions
    17 min readRead →
  2. 02

    Lifting the Corporate Veil

    Inside this noteCompany law
    1. 01Salomon v Salomon – separate legal personality
    2. 02Gilford Motor v Horne – sham to evade covenant
    3. 03Vodafone Intl Holdings – group economic realities
    4. 04Balwant Rai Saluja – narrow alter ego test
    21 min readRead →
  3. 03

    Doctrine of Ultra Vires

    Inside this noteCompany Law
    1. 01Ashbury Railway Carriage v Riche – foundational
    2. 02Lakshmanaswami Mudaliar v LIC – directors liable
    3. 03No ratification – void ab initio
    4. 04Sec 4, 13 & 20 – objects clause scheme
    21 min readRead →
  4. 04

    Doctrine of Indoor Management

    Inside this noteCompany law
    1. 01Turquand's Rule – 1856 origin
    2. 027 exceptions to indoor management
    3. 03Forgery exception – nullity
    4. 04Contrast: constructive notice v indoor mgmt
    17 min readRead →
  5. 05

    Doctrine of Constructive Notice

    Inside this noteCompany law
    1. 01Kotla Venkataswamy v Chinta Ramamurthy
    2. 02Constructive notice vs indoor management
    3. 03Fraud not a defence to constructive notice
    4. 04Turquand rule combined with notice doctrine
    13 min readRead →
  6. 06

    Pre Incorporation Contracts

    Inside this noteCompany Law
    1. 01Kelner v Baxter – personal liability rule
    2. 02Newborne v Sensolid – nullity distinction
    3. 03SRA 1963 §15(h) & §19(e) – enforceability
    4. 04Novation vs adoption vs ratification
    18 min readRead →
  7. 07

    Rule in Foss v. Harbottle

    Inside this noteCompany law
    1. 01Foss v. Harbottle (1843) 2 Hare 461
    2. 025 exceptions – fraud on minority etc
    3. 03MacDougall v. Gardiner – majority rule
    4. 04Class action suit – §245 Companies Act
    20 min readRead →
  8. 08

    Derivative Action

    Inside this noteCompanies Act 2013
    1. 01Sec 245 – class action suit
    2. 02Wallersteiner v Moir – costs principle
    3. 03Wrongdoers-in-control requirement
    4. 04Derivative vs class action distinction
    17 min readRead →
  9. 09

    Directors Fiduciary Duties

    Inside this note§166 Companies Act
    1. 01Regal (Hastings) v Gulliver – secret profits
    2. 02Percival v Wright – duty owed to company
    3. 03Sec 166(5) – no-profit rule variation
    4. 04Fine ₹1–5 lakh – §166(7)
    21 min readRead →
  10. 10

    Quasi Partnership Winding Up

    Inside this noteCompany law
    1. 01Ebrahimi v Westbourne Galleries – three-element test
    2. 02Just & equitable ground – §271(e)
    3. 03Hind Overseas v Jhunjhunwalla – Indian reception
    4. 04Alternative remedy – oppression §§241-242
    17 min readRead →
  11. 11

    Oppression and Prejudicial Conduct

    Inside this note§241-242 CoAct
    1. 01Elder v Elder & Watson – Lord Cooper test
    2. 02Shanti Prasad Jain v Kalinga Tubes
    3. 03Needle Industries v Newey Holdings
    4. 04Sec 244 – right to apply, member threshold
    19 min readRead →
  12. 12

    Majority Rule and Its Limits

    Inside this noteCompany law
    1. 01MacDougall v. Gardiner (1875) 1 Ch D 13
    2. 02Foss v. Harbottle companion rule
    3. 035 exceptions to majority rule
    4. 04Personal vs corporate rights test
    30 min readRead →
  13. 13

    OPC vs Private vs Public Company

    Inside this noteCompanies Act
    1. 01OPC – Sec 2(62), single member rule
    2. 02Private company – Sec 2(68), 2-200 members
    3. 03Public company – Sec 2(71), min 7 members
    4. 04Small company – Sec 2(85) thresholds
    16 min readRead →
  14. 14

    Small Company vs Startup

    Inside this noteCompanies Act
    1. 01Small company – Sec 2(85) thresholds
    2. 02DPIIT startup criteria – 10 yr age cap
    3. 032022 threshold expansion – ₹4cr/₹40cr
    4. 04Can be both small co & startup
    14 min readRead →
  15. 15

    Section 8 Charitable Company

    Inside this note§ 8
    1. 01Licence via Form INC-12/INC-16
    2. 02Dividend prohibition – no distribution
    3. 03Amalgamation only with similar Section 8 co
    4. 04CIT v Andhra Chamber of Commerce, AIR 1965 SC 1281
    15 min readRead →
  16. 16

    Government Company

    Inside this noteCompany Law
    1. 01§2(45) – 51% govt shareholding test
    2. 02CAG audit – §139(5) & 143(5)-(7)
    3. 03Art 12 'State' status – writ jurisdiction
    4. 04Maharatna/Navratna/Miniratna classification
    17 min readRead →
  17. 17

    Foreign Company

    Inside this noteCompanies Act
    1. 01Sec 2(42) – definition of foreign company
    2. 02Sec 379 – 50% Indian-owned anti-avoidance rule
    3. 03Sec 380 – FC-1 filing within 30 days
    4. 04Vodafone International Holdings v UOI, 2012
    17 min readRead →
  18. 18

    Producer Company

    Inside this noteCh XXIA Cos Act
    1. 01One Member One Vote principle
    2. 02Withheld price – §378E
    3. 03Y.K. Alagh Committee 1999-2002
    4. 04Tax holiday – §80PA IT Act
    18 min readRead →
  19. 19

    Nidhi Company

    Inside this noteSec 406
    1. 01Sec 406 – empowering provision
    2. 02Members-only lending & deposits rule
    3. 03Form NDH-4 declaration regime
    4. 04200-member & NOF threshold
    18 min readRead →
  20. 20

    Dormant Company

    Inside this note§455 Companies Act
    1. 01Two eligible categories – future project & asset
    2. 02'Inactive company' & significant transaction defined
    3. 03Five-year max dormancy – §455(6)
    4. 04MSC-1 application & MSC-4 revival forms
    17 min readRead →
  21. 21

    Holding, Subsidiary and Associate

    Inside this noteCompanies Act 2013
    1. 01Subsidiary two-limbed test – §2(87)
    2. 02Layers restriction – 2017 Rules proviso
    3. 03Significant influence 20-50% – §2(6)
    4. 04Vodafone – indirect transfer case
    20 min readRead →
  22. 22

    Listed vs Unlisted Companies

    Inside this noteCompanies Act
    1. 01Sec 2(52) – listed company definition
    2. 02MPS – 25% Rule 19A SCRR
    3. 03LODR Reg 23 – related party transactions
    4. 04Sahara India Real Estate case, (2012)
    19 min readRead →
  23. 23

    Public Financial Institutions

    Inside this note§2(72) Cos Act
    1. 01Six PFIs enumerated – §2(72)
    2. 02Conditions for notification – §2(72)(vi)
    3. 03PFIs as 'State' – Article 12
    4. 04Innoventive Industries v ICICI Bank
    35 min readRead →
  24. 24

    Corporate Governance Framework

    Inside this noteCompanies Act
    1. 01Independent directors – §149(4)-(8)
    2. 02Audit Committee – §177
    3. 03Director duties – §166 (7 duties)
    4. 04Tata Sons v. Cyrus Mistry (2021)
    25 min readRead →
  25. 25

    Related Party Transactions

    Inside this noteCompanies Act
    1. 01Related party definition – §2(76)
    2. 02Arm's length exception – §188 proviso
    3. 03Cook v Deeks – corporate opportunity
    4. 04SEBI LODR Reg 23 – listed RPTs
    23 min readRead →
  26. 26

    Managerial Remuneration

    Inside this note§197 Companies Act
    1. 0111% overall ceiling – §197(1)
    2. 02§198 net profit calculation method
    3. 03Schedule V – inadequate profits framework
    4. 04§197(9) – recovery of excess remuneration
    21 min readRead →
  27. 27

    Insider Trading and Corporate Fraud

    Inside this noteCompanies Act
    1. 01Fraud definition & penalties – §447
    2. 02§195 omission & SEBI migration
    3. 03§212(6) bail bar – Nikesh Tarachand Shah
    4. 04Auditor fraud reporting – §143(12)
    24 min readRead →
  28. 28

    Key Managerial Personnel (KMP)

    Inside this note§203 Companies Act
    1. 01Five KMP categories – §2(51)
    2. 02§203(3) – multiple office restriction
    3. 03§170 – register of directors & KMP
    4. 04Satyam scandal – KMP liability
    24 min readRead →
  29. 29

    Disclosure Regime

    Inside this noteCompanies Act
    1. 01SBO – §90 & Rule 2(h) 10% test
    2. 02Forms BEN-1 to BEN-4 architecture
    3. 03§89 declaration of beneficial interest
    4. 04Vodafone v Union of India – SBO nexus
    22 min readRead →
  30. 30

    Corporate Social Responsibility

    Inside this note§135 Companies Act
    1. 01Applicability thresholds – §135(1)
    2. 02Unspent CSR Account – §135(6)
    3. 03Penalty regime – §135(7)
    4. 04Impact assessment – 3rd proviso §135(5)
    22 min readRead →
  31. 31

    E Governance and MCA 21

    Inside this noteCompany law
    1. 01SPICe+ Form INC-32 – two parts
    2. 02Form INC-22A ACTIVE tagging
    3. 03Class III DSC requirement
    4. 04CFSS-2020 one-time waiver
    19 min readRead →
  32. 32

    Whistleblower Vigil Mechanism

    Inside this note§177(9)-(10)
    1. 01Vigil mechanism – §177(9)-(10)
    2. 02Rule 7 – applicability & features
    3. 03SEBI LODR Reg 22 overlay
    4. 04Satyam & ICICI-Videocon episodes
    34 min readRead →
  33. 33

    Companies Act vs IBC, 2016

    Inside this noteIBC 2016
    1. 01CIRP – Sections 7-32, ₹1 crore default
    2. 02Swiss Ribbons – IBC constitutional validity
    3. 03§59 IBC voluntary liquidation vs §248 strike-off
    4. 04Arun Kumar Jagatramka – §230 scheme bar
    26 min readRead →
  34. 34

    Companies Act vs SEBI & LODR

    Inside this noteCompanies Act
    1. 01Section 24 – SEBI exclusive jurisdiction
    2. 02RPT: §188 vs LODR Reg 23
    3. 03Sahara India Real Estate v SEBI
    4. 04'Whichever is stricter' principle
    24 min readRead →
  35. 35

    Companies Act vs FEMA, 1999

    Inside this noteFEMA
    1. 01Foreign company – §2(42) definition
    2. 02Chapter XXII §§379-393 compliance regime
    3. 03Press Note 3 of 2020 – border-country FDI
    4. 04Vodafone International Holdings v UOI
    23 min readRead →
  36. 36

    Companies Act vs Income Tax

    Inside this noteCompany law
    1. 01Deemed dividend trap – §2(22)(e) Madhur Housing
    2. 02CSR disallowance – Expl 2 to §37(1)
    3. 03Buy-back tax shift – 2024 reforms
    4. 04MAT/AMT – §115JB & new regimes 115BAA/BAB
    24 min readRead →
  37. 37

    Companies Act vs Competition Act

    Inside this noteCompetition Act
    1. 01Combination – §5 Competition Act
    2. 02Deal Value Threshold – 2024 reform
    3. 03§6(2A) – suspensory effect no closing
    4. 04Tata Sons/Air India – CCI 2021
    20 min readRead →
  38. 38

    Companies Act vs RTI Act, 2005

    Inside this noteRTI Act
    1. 01Public authority test – RTI §2(h)
    2. 02Govt company – Companies Act §2(45)
    3. 03Thalappalam Bank v Kerala – SCC 2013
    4. 04Exemptions – RTI §8(1)(d)/(j)
    19 min readRead →
  39. 39

    Companies Act vs PCA, 1988

    Inside this notePC Act 1988
    1. 01Public servant – §2(c)(iii) PC Act
    2. 02Ramesh Gelli – bank director as public servant
    3. 03§17A – prior approval for investigation
    4. 04§19 PC Act vs §197 CrPC sanction
    21 min readRead →
  40. 40

    Companies Act vs Contract Act

    Inside this noteCompany Law
    1. 01Kelner v Baxter pre-incorporation rule
    2. 02SRA 1963 ss15(h)&19(e) reform
    3. 03Turquand indoor management doctrine
    4. 04Director disclosure – §184 & RPT §188
    27 min readRead →
  41. 41

    Companies Act vs Partnership LLP

    Inside this noteCompany law
    1. 01Partnership→LLP conversion – §55 LLP Act
    2. 02Company→LLP – §§56-57 LLP Act
    3. 03LLP/Firm→Company – §366 Companies Act
    4. 04Tax-neutral test – §47(xiiib) IT Act
    22 min readRead →
  42. 42

    Companies Act vs BUDS Act, 2019

    Inside this noteCompany law
    1. 01Deposit definition – §2(31) Companies Act
    2. 02§73-76A deposit acceptance scheme
    3. 03Sahara India Real Estate v SEBI (2013)
    4. 04Restitution priority – BUDS Act attachment
    25 min readRead →
  43. 43

    Section 447 vs IPC 420 BNS 318

    Inside this note§ 447 IPC
    1. 01Fraud explanation & 5 elements – §447
    2. 02Twin conditions bail – §212(6)
    3. 03Art 20(2) & identical charge test
    4. 04SFIO powers – §211-212, Rahul Modi
    28 min readRead →
  44. 44

    Ministry of Corporate Affairs

    Inside this noteCompany law
    1. 01Article 77(3) – MCA's constitutional basis
    2. 02§396 – Registrar of Companies
    3. 03§458 – delegation of powers
    4. 04MCA-21 V3 & SPICe+ platform
    19 min readRead →
  45. 45

    Regional Directors

    Inside this noteCompanies Act
    1. 01Sec 458 – delegation of Central Govt powers
    2. 02Seven regional director regions
    3. 03Sec 252 – revival of struck-off companies
    4. 04Carlsberg Brewery v. Union of India
    17 min readRead →
  46. 46

    Registrar of Companies

    Inside this noteCompanies Act
    1. 01Strike-off powers – §248 & revival §252
    2. 02Inspection of records – §206
    3. 03In-house adjudication – §454
    4. 04Charge registration – §77
    21 min readRead →
  47. 47

    Serious Fraud Investigation Office

    Inside this note§211-212 Companies
    1. 01Twin conditions bail test – §212(6)
    2. 02SFIO v Rahul Modi (2019) 5 SCC 266
    3. 03Exclusive jurisdiction – §212(3)
    4. 04Asset attachment – §212(14B)
    25 min readRead →
  48. 48

    NCLT NCLAT Architecture

    Inside this noteCompanies Act
    1. 01Madras Bar Association v UOI 2010
    2. 02Sec 408 NCLT & Sec 410 NCLAT
    3. 03Appeal to SC – §423 (law only)
    4. 04Roger Mathew v South Indian Bank
    22 min readRead →
  49. 49

    National Financial Reporting Authority

    Inside this note§132 Companies Act
    1. 01Powers under §132(4) – investigation
    2. 02NFRA vs ICAI bifurcation
    3. 03Penalties – §132(4)(c) monetary limits
    4. 04IL&FS, Yes Bank & DHFL enforcement
    19 min readRead →
  50. 50

    IEPF Authority (1)

    Inside this note§125 Companies Act
    1. 01Constitution – §125(5), notified 2016
    2. 027-year unclaimed dividend transfer rule
    3. 03Form IEPF-5 refund claim process
    4. 04Fund investment – govt securities only
    17 min readRead →
  51. 51

    IBBI as Authority for Registered Valuers

    Inside this noteCompanies Act §247
    1. 01Section 247 – valuer independence & penalty
    2. 02IBBI as Authority – RV Rules 2017
    3. 03Three asset classes – valuer categories
    4. 04Essar Steel CIRP – valuation disputes
    19 min readRead →
  52. 52

    Corporate Veil

    Inside this noteCompany law
    1. 01Salomon v Salomon – separate personality
    2. 02Gilford Motor – sham to evade covenant
    3. 03Concealment vs evasion principle – Prest
    4. 04Lifting vs piercing distinction
    14 min readRead →
  53. 53

    MOA and AOA

    Inside this noteCompany law
    1. 01Six clauses of MOA – §4(1)
    2. 02Doctrine of ultra vires – void ab initio
    3. 03Turquand's rule – indoor management
    4. 04Constructive notice doctrine – §399
    14 min readRead →
  54. 54

    Pre incorporation Contracts

    Inside this noteCompany law
    1. 01Kelner v Baxter – company not bound
    2. 02Newborne v Sensolid – promoter liability
    3. 03§§15(h) & 19(e) Specific Relief Act
    4. 04Three conditions for adoption
    10 min readRead →
  55. 55

    Prospectus Liability

    Inside this noteCompanies Act §35
    1. 01Civil liability – §35 five categories
    2. 02Fraud intent – §35(3) unlimited liability
    3. 03Class action suits – §37
    4. 04R v Kylsant – half-truth prospectus
    12 min readRead →
  56. 56

    Share Capital Types

    Inside this noteCompanies Act §43
    1. 01Class-based classification – §43
    2. 02Preference share redemption – §55 (20/30 yrs)
    3. 03DVR voting cap 74% – Rule 4
    4. 04Sweat equity, ESOP & Bonus – §54/62/63
    12 min readRead →
  57. 57

    Transfer vs Transmission

    Inside this noteCompanies Act §56
    1. 01Form SH-4 transfer deed – §56
    2. 02Refusal to register – §58(1)/(2)
    3. 03Forged transfer conveys no title
    4. 04Blank transfer deeds – valid till completed
    10 min readRead →
  58. 58

    Buyback and Reduction

    Inside this noteCompanies Act
    1. 01Trevor v Whitworth – capital maintenance
    2. 02Buy-back conditions – §68(2)
    3. 03Reduction of capital – §66, Tribunal confirmation
    4. 04Capital Redemption Reserve – §69
    11 min readRead →
  59. 59

    Charges

    Inside this noteCompanies Act §77
    1. 01Fixed vs floating charge distinction
    2. 02Re Yorkshire Woolcombers – 3-fold test
    3. 03Crystallisation triggers – winding up etc
    4. 04Non-registration effect – §77(3)
    13 min readRead →
  60. 60

    Directors Duties

    Inside this note§166 Companies Act
    1. 01Six duties – §166(1)–(6)
    2. 02No-conflict rule – Aberdeen Railway
    3. 03No-profit rule – Cook v Deeks
    4. 04Fine ₹1-5 lakh – §166(7)
    14 min readRead →
  61. 61

    Independent Directors

    Inside this noteCompanies Act §149
    1. 01Eligibility conditions – §149(6)
    2. 02Tenure & cooling-off – §149(10)-(11)
    3. 03Liability shield – §149(12)
    4. 04Databank – §150 & IICA Manesar
    12 min readRead →
  62. 62

    Audit and Auditors

    Inside this noteCompanies Act §139
    1. 01Rotation rule – §139(2)
    2. 02Fraud reporting mandate – §143(12)
    3. 03Removal by Tribunal – §140(5)
    4. 04Watchdog not bloodhound – Re London & General Bank
    15 min readRead →
  63. 63

    Meetings

    Inside this noteCompanies Act
    1. 01AGM gap not exceeding 15 months
    2. 02EGM on 1/10th requisition – §100
    3. 0321 clear days notice – §101
    4. 04Quorum 5/15/30 public co – §103
    14 min readRead →
  64. 64

    Resolutions

    Inside this noteCompanies Act
    1. 01Ordinary resolution – §114(1)
    2. 02Special resolution 75% – §114(2)
    3. 03Filing – Form MGT-14, §117
    4. 04Board resolution by circulation – §175
    13 min readRead →
  65. 65

    Oppression Mismanagement Class Action

    Inside this noteCompanies Act 2013
    1. 01Foss v Harbottle rule & exceptions
    2. 02Oppression test – Shanti Prasad Jain
    3. 03Standing to apply – §244 thresholds
    4. 04Class action origins – Satyam & §245
    15 min readRead →
  66. 66

    Mergers Amalgamations Demergers

    Inside this noteCompanies Act §230
    1. 01Miheer Mafatlal – six principles test
    2. 02Fast-track merger – §233 (90% & 9/10th)
    3. 03Cross-border merger – §234
    4. 04Squeeze-out dissenting shareholders – §235
    12 min readRead →
  67. 67

    Winding Up vs IBC Liquidation

    Inside this noteCompany law
    1. 01Just and equitable ground – §271(e)
    2. 02Ebrahimi v Westbourne Galleries
    3. 03Liquidation waterfall – §53 IBC
    4. 04Voluntary liquidation – §59 IBC
    13 min readRead →
  68. 68

    Fraud Section 447

    Inside this note§ 447
    1. 01Explanation defines 'fraud' under §447
    2. 02Tiered punishment – public interest test
    3. 03SFIO powers – §212 arrest & custody
    4. 04Deloitte Haskins & Sells auditor liability
    12 min readRead →
  69. 69

    CSR Section 135

    Inside this note§ 135
    1. 01Applicability thresholds – §135(1)
    2. 022% average net profit mandate – §135(5)
    3. 03Unspent CSR – two-track transfer rule
    4. 04Penalty: 2x amount or ₹1 crore – §135(7)
    12 min readRead →
  70. 70

    Related Party Transactions

    Inside this noteCompanies Act §188
    1. 01Related party – §2(76)
    2. 02Arm's length & ordinary course – §188 proviso
    3. 03Three-layer approval – Audit Cmte/Board/Members
    4. 04TCS v Cyrus Mistry RPT lessons
    15 min readRead →
  71. 71

    CSR Impact SBO Post 2021

    Inside this noteCompanies Act
    1. 01CSR Impact Assessment – Rule 8(3)
    2. 02SBO threshold 10% – Rule 2(1)(h) SBO Rules
    3. 03BEN-1/BEN-2/BEN-3 filings – §90(4)
    4. 04Penalty architecture – §90(10)&(11)
    13 min readRead →
  72. 72

    Chapter 1 Preliminary

    Inside this noteCh. 1
    1. 01OPC – §2(62)
    2. 02Private company – §2(68)
    3. 03Corporate veil – Daimler enemy test
    4. 04Small company cap – §2(85)
    15 min readRead →
  73. 73

    Chapter 2 Incorporation

    Inside this noteCh. 2
    1. 01Doctrine of ultra vires – Ashbury Railway
    2. 02Certificate of incorporation – Moosa Goolam Ariff
    3. 03Indoor management rule – Turquand's case
    4. 04Pre-incorporation contracts – Kelner v Baxter
    24 min readRead →
  74. 74

    Chapter 3 Prospectus and Allotment

    Inside this noteCh. 3
    1. 01Deemed prospectus – §25 offer for sale
    2. 02Derry v Peek – fraud definition
    3. 03Defences – §35(2) misstatement liability
    4. 04Private placement cap – 200 persons §42
    20 min readRead →
  75. 75

    Chapter 4 Share Capital and Debentures

    Inside this noteCh. 4
    1. 01Cumulative vs non-cumulative preference shares
    2. 02Securities premium – permitted uses §52
    3. 03Transfer vs Transmission distinction
    4. 04Buy-back conditions – §68(2)
    23 min readRead →
  76. 76

    Chapter 5 Acceptance of Deposits

    Inside this noteCh. 5
    1. 01Deposit exclusions – Rule 2(1)(c) 18 items
    2. 02Members' deposits conditions – §73(2)
    3. 03Eligible company – Rule 2(1)(e)
    4. 04Peerless v RBI – substance over form
    11 min readRead →
  77. 77

    Chapter 6 Registration of Charges

    Inside this noteCh. 6
    1. 01Fixed vs floating charge distinction
    2. 02§77(3) – effect of non-registration
    3. 0360+60 day condonation timeline
    4. 04Yorkshire Woolcombers – 3 tests floating charge
    16 min readRead →
  78. 78

    Chapter 7 Management and Administration

    Inside this noteCh. 7
    1. 01Register of SBO – §90
    2. 02AGM timeline & Tribunal power – §96-97
    3. 03Quorum table – §103
    4. 04Ordinary vs Special resolution – §114
    19 min readRead →
  79. 79

    Chapter 8 Declaration and Payment of Dividend

    Inside this noteCh. 8
    1. 01Rule 3 – free reserves dividend cap 10%
    2. 02Interim dividend – §123(3)
    3. 03Bacha F. Guzdar v CIT – shareholder rights
    4. 04Unpaid Dividend Account – §124 to IEPF
    9 min readRead →
  80. 80

    Chapter 9 Accounts of Companies

    Inside this noteCh. 9
    1. 01Books of account – §128
    2. 02CSR Committee thresholds – §135
    3. 03NFRA constitution – §132
    4. 04Filing financial statements – §137 AOC-4
    12 min readRead →
  81. 81

    Chapter 10 Audit and Auditors

    Inside this noteCh. 10
    1. 01First AGM appointment till 6th AGM – §139(1)
    2. 02Mandatory rotation of auditors – §139(2)
    3. 03Disqualifications of auditors – §141(3)
    4. 04Duty to report fraud – §143(12)
    14 min readRead →
  82. 82

    Chapter 11 Directors

    Inside this noteCh. 11
    1. 01Min/max directors – §149(1)
    2. 02Independent director definition – §149(6)
    3. 03DIN requirement – §152(3)
    4. 04Statutory duties of directors – §166
    15 min readRead →
  83. 83

    Chapter 12 Meetings of Board and its Powers

    Inside this noteCh. 12
    1. 01Quorum of Board – §174
    2. 02Related party transactions – §188
    3. 03Loan to directors – §185
    4. 04Restrictions on Board powers – §180
    15 min readRead →
  84. 84

    Chapter 13 Managerial Personnel

    Inside this noteCh. 13
    1. 0111% ceiling – overall managerial remuneration §197
    2. 02MD & manager – both prohibited §196(1)
    3. 03Clawback for re-stated financials §199
    4. 04KMP: MD/CEO, CS, CFO – §203
    12 min readRead →
  85. 85

    Chapter 14 Inspection Inquiry and Investigation

    Inside this noteCh. 14
    1. 01SFIO – §211 & §212 exclusive jurisdiction
    2. 02Search & seizure powers – §209 & §220
    3. 03Tribunal freezing assets – §221
    4. 04Fraud punishment – §447 cross-reference
    22 min readRead →
  86. 86

    Chapter 15 Compromises Arrangements and Amalgamations

    Inside this noteCh. 15
    1. 01Three-fourths majority approval – §230(6)
    2. 02Fast-track merger for small cos – §233
    3. 03Cross-border merger – §234
    4. 04Minority squeeze-out – 90% rule §236
    16 min readRead →
  87. 87

    Chapter 16 Prevention of Oppression and Mismanagement

    Inside this noteCh. 16
    1. 01Foss v Harbottle rule – majority control
    2. 02Oppression test – Elder v Elder (1952)
    3. 03§244 – 100 members or 1/10th rule
    4. 04§245 – class action thresholds & effect
    14 min readRead →
  88. 88

    Chapter 17 Registered Valuers

    Inside this noteCh. 17
    1. 01Duties of valuer – impartial, no interest – §247(2)
    2. 02Punishment: fine ₹25k–1L; fraud – imprisonment 1yr
    3. 03IBBI as 'Authority' under 2017 Rules
    4. 04Sections triggering valuation – §62(1)(c),54,192,230,232
    9 min readRead →
  89. 89

    Chapter 18 Removal of Names of Companies

    Inside this noteCh. 18
    1. 01Suo motu striking off – §248(1)
    2. 02Voluntary application – 75% consent §248(2)
    3. 03Restoration timelines – §252(1)/(2)/(3)
    4. 04Striking off vs Dormancy vs Winding up
    13 min readRead →
  90. 90

    Chapter 20 Part I Winding Up by Tribunal

    Inside this noteCh. 20
    1. 01Grounds for winding up – §271
    2. 02'Just and equitable' ground – §271(e)
    3. 03Petition for winding up – §272
    4. 04Dissolution of company – §302
    20 min readRead →
  91. 91

    Chapter 20 Part III Provisions Applicable to Every Mode of Winding Up

    Inside this noteCh. 20
    1. 01Overriding preferential payments – §326
    2. 02Fraudulent preference – §328
    3. 03Floating charge avoidance – §332 (12 months)
    4. 04Relation back doctrine – §357
    21 min readRead →
  92. 92

    Chapter 20 Part IV Official Liquidators

    Inside this noteCh. 20
    1. 01Summary procedure – assets ≤ ₹1 crore §361
    2. 02Official Liquidator vs Company Liquidator distinction
    3. 03Sale of assets within 60 days – §362
    4. 04Dissolution order – §365
    10 min readRead →
  93. 93

    Chapter 21 Part I Companies Authorised to Register

    Inside this noteCh. 21
    1. 01Vesting of property – §368
    2. 02Saving of existing liabilities – §369
    3. 03Stay of pending suits – §372
    4. 04Form URC-1 conversion procedure
    13 min readRead →
  94. 94

    Chapter 21 Part II Winding Up of Unregistered Companies

    Inside this noteCh. 21
    1. 01No voluntary winding up – §375(2)
    2. 023 grounds for winding up – §375(3)
    3. 03₹1 lakh debt notice – §375(4)
    4. 04Foreign dissolved cos – §376
    11 min readRead →
  95. 95

    Chapter 21A Producer Companies

    Inside this noteCompanies Act
    1. 01One member–one vote rule – §378D
    2. 02Y.K. Alagh Committee origin
    3. 03Directors: 5–15 – §378M
    4. 04§80PA – 100% profit deduction
    16 min readRead →
  96. 96

    Chapter 22 Companies Incorporated Outside India

    Inside this noteCh. 22
    1. 01Foreign company defn – §2(42)
    2. 02Docs to Registrar – §380 (30 days)
    3. 03IDR issuance – §390
    4. 04Contravention penalty – §392
    15 min readRead →
  97. 97

    Chapter 23 Government Companies

    Inside this noteCh. 23
    1. 01Govt company – §2(45), 51% shareholding
    2. 02Annual report to Parliament – §394
    3. 03CAG audit – §143(5)&(6) supplementary audit
    4. 04Art 12 'State' test – Ramana Dayaram Shetty
    13 min readRead →
  98. 98

    Chapter 24 Registration Offices and Fees

    Inside this noteCh. 24
    1. 01Registrar of Companies – §396
    2. 02Electronic filing & IT Act, 2000 – §402
    3. 03Additional fee – 270-day rule §403
    4. 04Officer in default – §2(60)
    15 min readRead →
  99. 99

    Chapter 25 Information and Statistics

    Inside this noteCh. 25
    1. 01Penalty ₹20,000 + ₹1,000/day – §405(4)
    2. 02Notifications: MSME-1, DPT-3, PAS-6, BEN-2
    3. 03Johri Mal – reasonable exercise of power
    4. 04Contrast with §92, §137, §206 mechanisms
    10 min readRead →
  100. 100

    Chapter 26 Nidhis

    Inside this noteCh. 26
    1. 01Minimum NOF ₹20 lakh – Rule 9
    2. 02Interest cap 7.5% above deposit rate – R15
    3. 03Min 200 members in 120 days – Rule 4
    4. 04Nidhi vs NBFC vs Bank distinction
    12 min readRead →
  101. 101

    Chapter 27 NCLT and NCLAT

    Inside this noteCh. 27
    1. 01Union of India v R Gandhi – tribunal validity
    2. 02Swiss Ribbons v UoI – IBC upheld
    3. 03Appeal to SC – §423, 60 days
    4. 04Civil court jurisdiction barred – §430
    22 min readRead →
  102. 102

    Chapter 28 Special Courts

    Inside this noteCh. 28
    1. 01Compounding: RD ≤₹25L, NCLT >₹25L – §441
    2. 02Offences non-cognizable except §212(6) – §439
    3. 03Iridium India Telecom v Motorola – mens rea
    4. 043-year rule on repeat compounding
    19 min readRead →
  103. 103

    Chapter 29 Miscellaneous Including Fraud

    Inside this noteCh. 29
    1. 01Fraud tiers – §447 punishment
    2. 02Nittin Johari v SFIO – bail
    3. 03Dormant company – §455
    4. 04Adjudication of penalties – §454
    26 min readRead →
  104. 104

    Investor Education and Protection Fund

    Inside this noteCompanies Act §125
    1. 01§124 – Unpaid Dividend Account
    2. 02§125 – IEPF establishment & sources
    3. 037-year unclaimed transfer rule
    4. 04Form IEPF-5 claim application
    21 min readRead →