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SynopsisofCompaniesAct,2013
CompaniesAct,2013
AnActtoconsolidateandamendthelawrelatingtoCompanies
TheCompaniesBill2012waspassedinRajyaSabhaon8August2013(duringthemonsoonsessionofthe
parliament).Earlier,thebillwaspassedbytheLokSabhaon18December2012.Ithasalsogotthe
PresidentialassentandhasnowbecometheCompaniesAct,2013.
TheexistingCompaniesAct,1956hasbeenamendedatleast25timesinthepast57years,withmanyof
itsprovisionsfoundtobeoutdatedandinadequate.Thepassageofthebill,whichisspreadacrossnearly
30sectionsandover300pages,waswidelywelcomedbystakeholders,includingindustrybodies,political
leadersandconsultants.
ThenextstepistofinalizetheRulesanddefinetheproceduralaspectsofthisAct.TheMinistryofCorporate
Affairshasputthedraftrulesforpubliccomments.ThedraftrulesareavailableatthewebsiteofMinistry
atwww.mca.gov.in.TherelevantportionsoftheActwillbenotified,inastepbystepmanner,alongwiththe
rulesapplicable.
CorporateAffairsMinisterSachinPilothadearliersaidthegovernmentplanstoadoptatransparentand
interactiveprocesstofinaliseadetailedsetofrulestobeadoptedunderthenewCompaniesBill.
ThenewActcomprisesof29chapters,470Sectionsand7Schedulesasagainst658sectionsand14
SchedulesintheCompaniesAct,1956.In470Sectionsthewordasmaybeprescribedhasbeenusedat
around336places.
TheActextentsthewholeofIndiaanddifferentprovisionsoftheActwillbeapplicableonsuchdate(s)as
theCentralGovernment,bynotificationintheofficialgazette,mayappointanddifferentdatesmaybe
appointedfordifferentprovisionsoftheAct.
SeveralsignificantconceptshavebeendefinedforthefirsttimeunderCompaniesAct,2013such
as:
FinancialStatementinrelationtoacompany,includes
(i)abalancesheetasattheendofthefinancialyear
(ii)aprofitandlossaccount,orinthecaseofacompanycarryingonanyactivitynotforprofit,anincome
andexpenditureaccountforthefinancialyear
(iii)cashflowstatementforthefinancialyear
(iv)astatementofchangesinequity,ifapplicableand
(v)anyexplanatorynoteannexedthereto
Providedthatthefinancialstatement,withrespecttoOnePersonCompany,smallcompanyanddormant
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company,maynotincludethecashflowstatementIndependentDirectormeansadirectorotherthana
managingdirectororawholetimedirectororanomineedirector,
(a)who,intheopinionoftheBoard,isapersonofintegrityandpossessesrelevantexpertiseand
experience
(b)(i)whoisorwasnotapromoterofthecompanyoritsholding,subsidiaryorassociatecompany
(ii)whoisnotrelatedtopromotersordirectorsinthecompany,itsholding,subsidiaryorassociatecompany
(c)whohasorhadnopecuniaryrelationshipwiththecompany,itsholding,subsidiaryorassociatecompany,
ortheirpromoters,ordirectors,duringthetwoimmediatelyprecedingfinancialyearsorduringthecurrent
financialyear
(d)noneofwhoserelativeshasorhadpecuniaryrelationshiportransactionwiththecompany,itsholding,
subsidiaryorassociatecompany,ortheirpromoters,ordirectors,amountingtotwopercent.ormoreofits
grossturnoverortotalincomeorfiftylakhrupeesorsuchhigheramountasmaybeprescribed,whicheveris
lower,duringthetwoimmediatelyprecedingfinancialyearsorduringthecurrentfinancialyear
(e)who,neitherhimselfnoranyofhisrelatives
(i)holdsorhasheldthepositionofakeymanagerialpersonnelorisorhasbeenemployeeofthecompany
oritsholding,subsidiaryorassociatecompanyinanyofthethreefinancialyearsimmediatelyprecedingthe
financialyearinwhichheisproposedtobeappointed
(ii)isorhasbeenanemployeeorproprietororapartner,inanyofthethreefinancialyearsimmediately
precedingthefinancialyearinwhichheisproposedtobeappointed,of
(A)afirmofauditorsorcompanysecretariesinpracticeorcostauditorsofthecompanyoritsholding,
subsidiaryorassociatecompanyor
(B)anylegaloraconsultingfirmthathasorhadanytransactionwiththecompany,itsholding,subsidiaryor
associatecompanyamountingtotenpercent.ormoreofthegrossturnoverofsuchfirm
(iii)holdstogetherwithhisrelativestwopercent.ormoreofthetotalvotingpowerofthecompanyor
(iv)isaChiefExecutiveordirector,bywhatevernamecalled,ofanynonprofitorganisationthatreceives
twentyfivepercent.ormoreofitsreceiptsfromthecompany,anyofitspromoters,directorsoritsholding,
subsidiaryorassociatecompanyorthatholdstwopercent.ormoreofthetotalvotingpowerofthe
companyor
(f)whopossessessuchotherqualificationsasmaybeprescribed.
KeyManagerialPersonnel,inrelationtoacompany,means
(i)theChiefExecutiveOfficerorthemanagingdirectororthemanager
(ii)thecompanysecretary
(iii)thewholetimedirector
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(iv)theChiefFinancialOfficerand
(v)suchotherofficerasmaybeprescribed
OnePersonCompanymeansacompanywhichhasonlyonepersonasamember
Promotermeansaperson
(a)whohasbeennamedassuchinaprospectusorisidentifiedbythecompanyintheannualreturn
referredtoinsection92or
(b)whohascontrolovertheaffairsofthecompany,directlyorindirectlywhetherasashareholder,director
orotherwiseor
(c)inaccordancewithwhoseadvice,directionsorinstructionstheBoardofDirectorsofthecompanyis
accustomedtoact:
Providedthatnothinginsubclause(c)shallapplytoapersonwhoisactingmerelyinaprofessional
capacity
SmallCompanymeansacompany,otherthanapubliccompany,
(i)paidupsharecapitalofwhichdoesnotexceedfiftylakhrupeesorsuchhigheramountasmaybe
prescribedwhichshallnotbemorethanfivecrorerupeesor
(ii)turnoverofwhichasperitslastprofitandlossaccountdoesnotexceedtwocrorerupeesorsuchhigher
amountasmaybeprescribedwhichshallnotbemorethantwentycrorerupees:
Providedthatnothinginthisclauseshallapplyto
(A)aholdingcompanyorasubsidiarycompany
(B)acompanyregisteredundersection8or
(C)acompanyorbodycorporategovernedbyanyspecialAct
Importantprovisionsataglance:
Classification&Registration:
ConceptofOnePersonCompany(OPClimited)introduced
ConceptofSmallcompanieshavebeenintroducedwhichshallbesubjectedtoalesserstringent
regulatoryframework
ProvisionforConversionofCompaniesalreadyregisteredhasbeenintroduced
Registrationprocesshasbeenmadefasterandcompatiblewithegovernance.
Forthefirsttime,articlesmaycontainprovisionsforentrenchment
Adeclaration,intheprescribedform,requiredtobefiledwiththeRegistraratthetimeofregistrationofa
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companythatalltherequirementsoftheActinrespectofregistrationandmattersprecedentorincidental
theretohavebeencompliedwith,willberequiredtosignedbybothapersonnamedinthearticlesasa
director,managerorsecretaryofthecompanyaswellasbyanadvocate,acharteredaccountant,cost
accountantorcompanysecretaryinpractice,whoisengagedintheformationofthecompany.
Registeredoffice:
Acompanyshall,onandfromthe15thdayofitsincorporationandatalltimesthereafterhavearegistered
officecapableofreceivingandacknowledgingallcommunicationsandnoticesasmaybeaddressedtoit.
CompanyisrequiredtofurnishtotheRegistrarverificationofitsregisteredofficewithin30daysofits
incorporationintheprescribedmanner.
Whereacompanyhaschangeditsname(s)duringthelasttwoyears,itshallpaintoraffixorprint,along
withitsname,theformernameornamessochangedduringthelasttwoyears.
Noticeofchange,verifiedinthemannerprescribed,shallbegiventotheRegistrar,within15daysofthe
change,whoshallrecordthesame.
Commencementofbusiness:
Acompanyhavingasharecapitalshallnotcommencebusinessorexerciseanyborrowingpowersunless
adeclarationisfiledwithRegistrarbyadirectorverifiedinthemannerasmaybeprescribedthat:
everysubscribertothememorandumhaspaidthevalueofsharesagreedtobetakenbyhim
PaidupcapitalisnotlessthanRs.fivelakhsinthecaseofpubliccompanyandonelakhincaseofa
privatecompany.
thecompanyhasfiledwiththeRegistrartheverificationofitsregisteredoffice.
AcceptanceofDeposits:
UndernewCompaniesAct,thereareelaboratedprovisionsforacceptanceand/orrenewalofdeposits.A
companymay,subjecttopassingofaresolutioningeneralmeetingandsubjecttosuchrulesasmaybe
prescribedinconsultationwiththeReserveBankofIndia,acceptdepositsfromitsmembersonsuchterms
andconditions,includingtheprovisionofsecurity,ifany,orfortherepaymentofsuchdepositswithinterest,
asmaybeagreeduponbetweenthecompanyanditsmembers,subjecttothefulfillmentofthefollowing
conditions,namely:
(a)issuanceofacirculartoitsmembersincludingthereinastatementshowingthefinancialpositionofthe
company,thecreditratingobtained,thetotalnumberofdepositorsandtheamountduetowardsdepositsin
respectofanypreviousdepositsacceptedbythecompanyandsuchotherparticularsinsuchformandin
suchmannerasmaybeprescribed
(b)filingacopyofthecircularalongwithsuchstatementwiththeRegistrarwithinthirtydaysbeforethedate
ofissueofthecircular
(c)depositingsuchsumwhichshallnotbelessthanfifteenpercent.oftheamountofitsdepositsmaturing
duringafinancialyearandthefinancialyearnextfollowing,andkeptinascheduledbankinaseparatebank
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accounttobecalledasdepositrepaymentreserveaccount
(d)providingsuchdepositinsuranceinsuchmannerandtosuchextentasmaybeprescribed
(e)certifyingthatthecompanyhasnotcommittedanydefaultintherepaymentofdepositsacceptedeither
beforeorafterthecommencementofthisActorpaymentofinterestonsuchdepositsand
(f)providingsecurity,ifanyfortheduerepaymentoftheamountofdepositortheinterestthereonincluding
thecreationofsuchchargeonthepropertyorassetsofthecompany:
Providedthatincasewhereacompanydoesnotsecurethedepositsorsecuressuchdepositspartially,
then,thedepositsshallbetermedasunsecureddepositsandshallbesoquotedineverycircular,form,
advertisementorinanydocumentrelatedtoinvitationoracceptanceofdeposits.
RegistrationofCharges:
CompaniesAct,2013requirestheCompanytoregistertheparticularsofEVERYCHARGEcreatedbyiton
itspropertyorassetsoranyofitsundertakingincludingpledge.
AnnualReturn:
Everycompanyshallprepareareturnintheprescribedformcontainingtheparticularsastheystoodonthe
closeofthefinancialyear.AnnualReturnisrequiredtobesignedby:
1.AdirectorandtheCompanySecretary,orwherethereisnoCompanySecretary,byaCompanySecretary
inwholetimepractice.
2.Itmeansthatnowinrespectofallthecompanies(exceptonepersoncompaniesandsmallcompanies),
whetherprivateorpublic,listedorunlisted,theannualreturnhastobesignedbyeitheracompany
secretaryinemploymentorbyacompanysecretaryinpracticei.e.wherenoCompanySecretaryis
appointedbythecompany,theAnnualReturniscompulsorilyrequiredtobesignedbytheCompany
Secretaryinpractice.
3.inadditiontotheabove,theannualreturn,filedbyalistedcompanyorbyacompanyhavingsuchpaid
upcapitalandturnoverasmaybeprescribed,shallbecertifiedbyacompanysecretaryinpracticethatthe
annualreturndisclosesthefactscorrectlyandadequatelyandthattheCompanyhascompliedwithallthe
provisionsoftheAct.
4.Itmeans,incaseofalistedcompanyandotherprescribedcompanies,eveniftheAnnualReturnis
signedbytheCompanySecretaryinemployment,itisfurtherrequiredtobecertifiedbytheCompany
SecretaryinWholetimepractice.
5.InrelationtoaOnePersonCompanyandSmallCompany,theannualreturnisrequiredtobesignedby
theCompanySecretary,orwherethereisnoCompanySecretary,byonedirectorofthecompany.
6.EverylistedcompanyshallfileareturnintheprescribedformwiththeRegistrarwithrespecttochangein
thenumberofsharesheldbypromotersandtoptenshareholdersofsuchcompany,withinfifteendaysof
suchchange.
PlaceofKeepingRegisters:
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ThenewActpermitsacompanytokeepitsregistersorcopiesofreturnsatanyotherplaceotherthanthe
registeredofficeinIndia(notnecessarilywithinthecity,villageortowninwhichtheregisteredofficeis
situated)iffollowingconditionsarefulfilled:
1.Morethan10%ofthetotalmembersenteredintheregisterofmembersresideatthatplace
2.Thekeepingofregistersorcopiesatthatplaceisapprovedbyaspecialresolutionpassedbythe
membersinthegeneralmeeting
3.TheRegistrarhasbeengivenacopyoftheproposedspecialresolutioninadvance
GeneralMeeting:
1.EveryAGMshallbecalledduringbusinesshours,i.e.between9A.M.to6P.M.onanydaythatisnota
NationalHoliday
2.TheConceptofStatutoryMeetinghasbeenomitted
3.FirstAGMisrequiredtobeheldwithin9monthsfromtheendofthefirstfinancialyear.
4.Ageneralmeetingofacompanymaybecalledbygivingnotlessthancleartwentyonedaysnoticeeither
inwritingorthroughelectronicmodeinsuchmannerasmaybeprescribed
5.ToencouragewiderparticipationofshareholdersatGeneralMeetings,theCentralGovernmentmay
prescribetheclassorclassesofcompaniesinwhichamembermayexercisetheirvoteatmeetingsby
electronicmeans.
6.OnepersoncompanieshavebeengiventheoptiontodispensewiththerequirementofholdinganAGM.
7.EverylistedcompanyshallprepareaReportoneachAnnualGeneralMeetingincludingconfirmationto
theeffectthatthemeetingwasconvened,heldandconductedaspertheprovisionsoftheActandtheRules
madethereunder.AcopyofthereportshallbefiledwiththeRegistrarwithin30daysoftheconclusionof
theAGM.
8.Quorumofthepubliccompanyhasbeenincreasedfrom5to30memberspersonallypresentdepending
uponthenumberofmembersasunder:
1.Upto1000members=5memberspersonallypresent
2.1001to5000members=15memberspersonallypresent
3.Morethan5000members=30memberspersonallypresent
CorporateSocialResponsibility:
Everycompanyhavingnetworthofrupeesfivehundredcroreormore,orturnoverofrupeesonethousand
croreormoreoranetprofitofrupeesfivecroreormoreduringanyfinancialyearshallconstitutea
CorporateSocialResponsibilityCommitteeoftheBoardconsistingofthreeormoredirectors,outofwhichat
leastonedirectorshallbeanindependentdirector.TheBoard'sreportshalldisclosethecompositionofthe
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CorporateSocialResponsibilityCommittee.
Everycompanysatisfyinganyoftheabovecriteriahastomandatorilyspend2%oftheaveragenetprofitsof
the3immediatelyprecedingfinancialyearsonCorporateSocialResponsibility.
Auditors:
Everycompanyhastoappoint,atthefirstAnnualGeneralMeeting,individualorafirm(firmshallinclude
LLP)asanauditorwhoshallholdofficetilltheconclusionofsixthAnnualGeneralMeetingandthereaftertill
theconclusionofeverysixthAGM.Accordingly,theappointmentofauditorsistobemadefor5years.The
appointmentissubjecttotheratificationofthemembersateveryannualgeneralmeeting.
Listedandcertainotherprescribedclassesofcompaniescannotreappoint:
(a)anindividualasauditorformorethanonetermoffiveconsecutiveyears
(b)anauditfirmasauditorformorethantwotermsoffiveconsecutiveyears:
Allnoticesof,andothercommunicationsrelatingto,anygeneralmeetingshallbeforwardedtotheauditorof
thecompany,andtheauditorshallattendeitherbyhimselforthroughhisauthorisedrepresentative,who
shallalsobequalifiedtobeanauditor,anygeneralmeetingandshallhaverighttobeheardatsuch
meetingonanypartofthebusinesswhichconcernshimastheauditor.
CostAudit:
ThepreviousapprovalofCentralGovernmentisnolongerrequiredforappointmentofCostAuditoras
section148oftheActhasdispenseswiththisrequirement.RemunerationoftheCostAuditoralsowillbe
decidedbythemembers.
Directors:
1.TheBoardshallconsistsindividualsasdirectors
2.Maximum15directors.Companymayappointmorethan15directorsafterpassingspecialresolutionin
thisregard
3.Suchclassorclassesofcompaniesasmaybeprescribedshallhaveawomandirector
4.EverycompanyshallhaveatleastoneofthedirectorswhohasstayedinIndiafor182daysormorein
thepreviouscalendaryear
5.Everylistedcompanyshallhaveatleast1/3rdindependentdirectors
6.AnindependentdirectorshallholdofficeforatermuptofiveconsecutiveyearsontheBoardofa
company,butshallbeeligibleforreappointmentonpassingofaspecialresolutionbythecompanyand
disclosureofsuchappointmentintheBoard'sreport.Noindependentdirectorshallholdofficeformorethan
twoconsecutiveterms,butsuchindependentdirectorshallbeeligibleforappointmentaftertheexpirationof
threeyearsofceasingtobecomeanindependentdirector
7.Everypersonproposedtobeappointedasadirectorbythecompanyingeneralmeetingorotherwise,
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shallfurnishhisDirectorIdentificationNumberandadeclarationthatheisnotdisqualifiedtobecomea
directorunderthisAct
8.Consentistobefiledwithin30daysandthedirectorshallactasdirectoronlyafterfilingofsuchconsent
9.Apersonwhoisnotaretiringdirectorbeeligibleforappointmenttotheofficeofadirectoratanygeneral
meeting,ifhe,orsomememberintendingtoproposehimasadirector,has,notlessthanfourteendays
beforethemeeting,leftattheregisteredofficeofthecompany,anoticeinwritingunderhishandsignifying
hiscandidatureasadirectoror,asthecasemaybe,theintentionofsuchmembertoproposehimasa
candidateforthatoffice,alongwiththedepositofonelakhrupeesorsuchhigheramountasmaybe
prescribedwhichshallberefundedtosuchpersonor,asthecasemaybe,tothemember,iftheperson
proposedgetselectedasadirectororgetsmorethantwentyfivepercent.oftotalvalidvotescasteitheron
showofhandsoronpollonsuchresolution.
10.Nopersonshallholdofficeasadirector,includinganyalternatedirectorship,inmorethantwenty
companiesatthesametime.Providedthatthemaximumnumberofpubliccompaniesinwhichapersoncan
beappointedasadirectorshallnotexceedten.Themembersofacompanymay,byspecialresolution,
specifyanylessernumberofcompaniesinwhichadirectorofthecompanymayactasdirectors.
11.Theprovisionsofqualificationshareshavebeenomitted
MeetingoftheBoard:
1.EveryCompanyshallholdfirstmeetingofitsBoardofDirectorswithin30daysofitsincorporation
2.FourmeetingsoftheBoardofDirectorsshouldbeholdeveryyearinsuchamannerthatnotmorethan
120daysshallintervenebetween2consecutiveboardmeetings
3.TheparticipationofdirectorsinameetingoftheBoardmaybeeitherinpersonorthroughvideo
conferencingorotheraudiovisualmeans,asmaybeprescribed,whicharecapableofrecordingand
recognizingtheparticipationofthedirectorsandofrecordingandstoringtheproceedingsofsuchmeetings
alongwithdateandtime
4.Notlessthan7daysnoticeistobegivenforboardmeetingwhichmaybegivenelectronically
5.ParticipationofDirectorsthroughvideoconferencingshallalsobecountedforthepurposeofquorum
6.ProhibitiononinsidertradingonDirectorsandKeyManagerialPersonnel
ManagerialPersonnel:
1.Nocompanyshallappointorreappointanypersonasitsmanagingdirector,wholetimedirectoror
managerforatermexceedingfiveyearsatatime
2.MostoftheprovisionsofscheduleXIIIofearlierCompaniesAct,1956havebeenincorporatedinthis
Chapter
3.NopersonshallbeappointedasMDaswellasChairpersonatasametimeexceptarticlesprovides
otherwise
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4.Everycompanybelongingtosuchclassorclassesofcompaniesasmaybeprescribedshallhavethe
followingwholetimekeymanagerialpersonnel,
a.managingdirector,orChiefExecutiveOfficerormanagerandintheirabsence,awholetimedirector
b.companysecretaryand
c.ChiefFinancialOfficer
Everywholetimekeymanagerialpersonnelofacompanyshallbeappointedbymeansofaresolutionof
theBoardcontainingthetermsandconditionsoftheappointmentincludingtheremuneration.Iftheofficeof
anywholetimekeymanagerialpersonnelisvacated,theresultingvacancyshallbefilledupbytheBoardat
ameetingoftheBoardwithinaperiodofsixmonthsfromthedateofsuchvacancy.
CompanySecretary&SecretarialAudit:
1.Everylistedcompanyandacompanybelongingtootherclassofcompaniesasmaybeprescribedshall
annexwithitsBoardsreport,asecretarialauditreport,givenbyacompanysecretaryinpractice,insuch
formasmaybeprescribed.
2.FunctionsofCompanySecretaryhavebeenprescribedwhichincludes:
a.toreporttotheBoardaboutcompliancewiththeprovisionsofthisAct,therulesmadethereunderand
otherlawsapplicabletothecompany
b.toensurethatthecompanycomplieswiththeapplicablesecretarialstandards
c.todischargesuchotherdutiesasmaybeprescribed.
Compromises,ArrangementsandAmalgamations:
1.NocompromiseorarrangementshallbesanctionedbytheTribunalunlessacertificatebythecompanys
auditorhasbeenfiledwiththeTribunaltotheeffectthattheaccountingtreatment,ifany,proposedinthe
schemeofcompromiseorarrangementisinconformitywiththeaccountingstandardsprescribed.
2.Separateprovisionshavebeenprovidedforthemergeroramalgamationbetweentwosmallcompanies
orbetweenaholdingcompanyandawhollyownedsubsidiarycompany.
3.ProvisionforcrossborderamalgamationsbetweenIndianCompaniesandcompaniesincorporatedinthe
jurisdictionsofsuchcountriesasmaybenotifiedfromtimetotimebytheCentralGovernment.
4.Specificprovisionforpurchaseofminoritysharesincaseanacquirerorpersonactinginconcertwiththe
acquirerbecomeholderof90%ormoreoftheissuedcapitalofthecompany,eitherdirectlyorbyvirtueof
anyamalgamation,shareexchange,conversionofsecuritiesoranyotherreason.
Windingup:
1.Onlytwomodesofwindingup(i)ByTribunaland(ii)voluntary
2.PowersofcourtshavebeenshiftedtoTribunal
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3.Certainnewgroundsforwindinguphavebeenintroducedandsomehasbeenomitted
4.CircumstancesinwhichcompanymaybewoundupbyTribunal:
a.ifthecompanyisunabletopayitsdebts
b.ifthecompanyhas,byspecialresolution,resolvedthatthecompanybewoundupbytheTribunal
c.ifthecompanyhasactedagainsttheinterestsofthesovereigntyandintegrityofIndia,thesecurityofthe
State,friendlyrelationswithforeignStates,publicorder,decencyormorality
d.iftheTribunalhasorderedthewindingupofthecompanyunderChapterXIX
e.ifonanapplicationmadebytheRegistraroranyotherpersonauthorisedbytheCentralGovernmentby
notificationunderthisAct,theTribunalisoftheopinionthattheaffairsofthecompanyhavebeenconducted
inafraudulentmannerorthecompanywasformedforfraudulentandunlawfulpurposeorthepersons
concernedintheformationormanagementofitsaffairshavebeenguiltyoffraud,misfeasanceor
misconductinconnectiontherewithandthatitisproperthatthecompanybewoundup
f.ifthecompanyhasmadeadefaultinfilingwiththeRegistraritsfinancialstatementsorannualreturnsfor
immediatelyprecedingfiveconsecutivefinancialyearsor
g.iftheTribunalisoftheopinionthatitisjustandequitablethatthecompanyshouldbewoundup.
RestructuringandLiquidation:
Theentirerehabilitationandliquidationprocesshasbeenmadetimebound.
1.Windingupistoberesortedtoonlywhenrevivalisnotfeasible.
2.TheTribunalmayappointaninterimadministratororacompanyadministratorfromthepanelof
CompanySecretaries,CAs,CWAs,etc.maintainedbytheCentralGovernment.
3.TheCompanyAdministratorshallprepareaschemeofrevivalandrehabilitation.
4.Ifrevivalschemeisnotapprovedbythecreditors,theTribunalshallorderforwindingupofthecompany
NationalCompanyLawTribunal:
TheCentralGovernmentshall,bynotification,constitute,witheffectfromsuchdateasmaybespecified
therein,aTribunaltobeknownastheNationalCompanyLawTribunalconsistingofaPresidentandsuch
numberofJudicialandTechnicalmembers,astheCentralGovernmentmaydeemnecessary,tobe
appointedbyitbynotification,toexerciseanddischargesuchpowersandfunctionsasare,ormaybe,
conferredonitbyorunderthisActoranyotherlawforthetimebeinginforce.

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