Repealed or not in force · As amended up to 2026-08
122. Specific performance of contract to subscribe for debentures
123. Payments of certain debts out of assets subject to floating
charge in priority to claims under the charge.
|||Companies|||||||
|---|---|---|---|---|---|---|---|---|
|||PARTV|||||||
||S w n e ~ s|S w n e ~ s|||||||
|||124."Charge'' to include mortgage in this Part.|"Charge'' to include mortgage in this Part.||||||
|||125.Certain charges to be void against liquidator or creditors|||Certain charges to be void against liquidator or creditors||||
|||unless registered.|||||||
|||126.Date of notice of charge.|||||||
|||127.Registration of charges on properties acquired subject to|||||Registration of charges on properties acquired subject to||
|||charge.|||||||
|||||||,'|||
|||128.Particulars in case of series of debentures entitling holders|Particulars in case of series of debentures entitling holders||||||
|||pdripassu.|||||||
|||129.Pqrticulars in case of commission etc., on debentures.||||Pqrticulars in case of commission etc., on debentures.|||
||||||I|||I|
|||130.-Registel: of charges to be kept by Registrar.<br>131.Index to register of charges.<br>132.Certificate of registration.|-Registel: of charges to be kept by Registrar.|||||I|
|||133.Endorsement of certificate of<br>registration on debenture or|registration on debenture or||registration on debenture or||registration on debenture or,||
|||\certificate of debenture stock.|||||||
|||134.Duty of cornpan+ as regards<br>registration and right||registration and right|||registration and rightof||
|||interested party.|||||||
|||135.Provisions of Part to %apply to modification of charges.|Provisions of Part to %apply to modification of charges.|Provisions of Part to %apply to modification of charges.||Provisions of Part to %apply to modification of charges.|||
|||136~Copyofinstrument creating charge to be kept by company|||instrument creating charge to be kept by company||||
|||at registered office.|||||||
|||137.Entry in register of charges of appointment of receiver .or|||||Entry in register of charges of appointment of receiver .or||
|||manager.|||||||
|||138.Company to report satisfaction and procedure thereafter.||Company to report satisfaction and procedure thereafter.|||Company to report satisfaction and procedure thereafter.||
|,|,|,|||||||
|||139.Power of Registrar to make entries of satisfaction and release|||||||
|||-in absence of intimation from company.|||||||
|||140.Cqpy of memorandum of satisfaction to|be furnished|be furnished|be furnished||be furnishedto||
|||company.|||||||
|||141.Rectification by Court of register of .cPiarges.|||||||
|||142.Penalties.|||||||
|||143.Company'k -register of charges.|||||-..||
|||144.Right to inspect copies of instruments creating charges and|||Right to inspect copies of instruments creating charges and||||
|||company's register of charges.|.?|t|t||||
|||145.Application of Part to charges requir~ng registration under||||Application of Part to charges requir~ng registration under|||
|||itbut not under previous law.<br>'|||||||
||,|,-|-<br>----------.-----*.<br>----.*-mw<br>--*-----<br>"-v.,"--".---v-.------.|||--.-,.----|
|---|---|---|---|---|---|---|
||||||-||
|||8|Companies'<br>,|IACT|a||
||||PARTVI||||
||||MANAGEMENTANDADMINISTRATION||||
||||CHAPTER I--General provisions||||
||||~egistered ofice and name||||
|||SECTIONS|||||
||||146. Registered office of company.<br>l||||
|E|||147. ~u~blicafion<br>of name by company.||||
|f|||148. Publication of authorised as well as subscribed andpaid-||||
|i<br>i|||up capital.||||
|k<br>L|||Restrictions on commencement of business||||
||||149.'Restrictions on commencement of business.||||
||||Registers of members and debenture holders||||
||||150. Register of members.||||
||||151. Index of members.||||
||||152. Register 'and index of debenture holders.||||
||||153. Trusts not to be entered on register.||||
||||154. Power to close register- of members or debenture holders.|154. Power to close register- of members or debenture holders.|||
||||155. Power of Court to rectify register of members.||||
||||156. Notice to Registrar of rectification of register.||1||
|F|||||||
|1<br>k<br>D<br>!><br>1|.||Foreign registers of members or debenture holders<br>157. Power for company to keep foreign register of members<br>debenture holders.<br>158. ~rdvisions as to foreign registers.||157. Power for company to keep foreign register of membersox||
|!?<br>t|||Annual returns||||
||||159. Annual return to be made by company having a share|159. Annual return to be made by company having a share|||
||||capital.||||
|F|||160. Annual return to be made by company not having|160. Annual return to be made by company not havingashare|||
|F|||capital.<br>,<br>161. Further provisions regarding annual return and certificate||||
|6|||to be annexed thereto.||||
|F<br>i|||162. Penalty and interpretation.||||
|k|||||||
|e<br>F.|||||||
|-|-|-|-|.-|||
|---|---|---|---|---|---|---|
|||I|||||
|OF19561<br>Companies|||9||||
|SECTIONS|||||||
||General provisions regarding registers and ,returns||||||
|163.|Place of keeping, and inspection of, registers and returns.||||||
|164. Registers etc., to be evidence.|164. Registers etc., to be evidence.||||||
||Meetings and proceedings||||||
||Statutary meeting and statutory report of company,||||||
||Annual general meeting.||||||
||Power of Central Government to call annual general meeting.||||||
||Penalty for default in complying with section 166 or 167.||Penalty for default in complying with section 166 or 167.||||
||Calling 03 extraordinary general meetingonrequisition.||||||
||Sections 171 to 186 to apply to meetings.||||||
||Length of notice for calling meeting.||||||
||Contents and manner of service of notice and persons||on||||
||whom it is to be served.||||||
||Explanatory statement to be annexed to notice.||||||
||Quorum for meeting.||||||
||Chairman of meeting.||||||
||Prosies.||||||
||Voting to be by show of hands in first instance.,||||||
||Chairman's declaration of result of voting by show of hands|Chairman's declaration of result of voting by show of hands|||||
||to be conclusive.||||||
||Demand for poll.||||||
||T i ~ e<br>of taking poll.||||||
||Restriction on exercise of voting right of members who have||||||
||not paid calls, etc.||||||
|182. Restrictions on exercise of voting right in other cases to be|182. Restrictions on exercise of voting right in other cases to be|182. Restrictions on exercise of voting right in other cases to be|182. Restrictions on exercise of voting right in other cases to be||||
||void.||||||
|183. Ri,ght of member to use his votes differently.|183. Ri,ght of member to use his votes differently.||||||
|184. Scrutineers at poll.|184. Scrutineers at poll.||||||
|185. Manner of taking poll and result thereof.|185. Manner of taking poll and result thereof.||||||
|186. Power of Court to order meeting to be called.|186. Power of Court to order meeting to be called.||||||
|187. RepresentaMon of corporations at meetings of companies and|187. RepresentaMon of corporations at meetings of companies and||||,|-|
||of creditors.||||||
|188. Circulation of members: r.esolutions.|188. Circulation of members: r.esolutions.||||||
|189. Ordinary and special resolutions.|189. Ordinary and special resolutions.||||||
|190.|190.Resolutions requiring special notice.||||||
|191. Resolutions passed at adjourned meetings.|191. Resolutions passed at adjourned meetings.||||||
|1512M |MofLaw-2||||||
|192. Registration of certain resolutions and agreements.|192. Registration of certain resolutions and agreements.|
|---|---|
|193. Minutes of proceedings of general meetings and of Board|193. Minutes of proceedings of general meetings and of Board|
||and other meetings.|
|194. Minutes|194. Minutestohe evidence.|
|195. Presumptions to be drawn where minutes duly drawn|195. Presumptions to be drawn where minutes duly drawnand|
||signed.,|
|19.6. Ins~ection of minute books of general meetings.|19.6. Ins~ection of minute books of general meetings.|
|19.7.|Publication of reports of proceedings of general meetings.|
|||194. Minutes<br>195. Presumptions to be drawn where minutes duly drawn<br>19.6. Ins~ection of minute books of general meetings.<br>19.7.|194. Minutestohe evidence.<br>195. Presumptions to be drawn where minutes duly drawnand<br>signed.,<br>19.6. Ins~ection of minute books of general meetings.<br>Publication of reports of proceedings of general meetings.|
|---|---|---|---|
||||Managerial remuneration, etc.|
|||1915.|Overall maximum managerial rernutleratiohand1nifiimtim|
|||,|,<br>managerial remuneration in the absence or inadequacyof|
||||profits.|
|||199,|199,Calcu1at;ion of<br>commission etc., in certain cases.|
|||208. Prohibition of tax-free payments.|208. Prohibition of tax-free payments.|
|||201,|201,Avoidance of provisions relieving liability of officers and|
||||auditors of company.|
||||Prevention of management by undesirable persons|
|||202. Undischarged insolvent not to manage companies.|202. Undischarged insolvent not to manage companies.|
|||203.|Power to restrain fraudulent persons fwom managingcom-|
||||panies.|
||||Res&iction_on appointment of firms and bodies corporate'to_|
||||ofices|
|||204.|Restriction on appointment of firm or body corporate to office|
||||or place of profit under a company.|
|i||||
|F<br>P<br>1|4||_Dividends and manner and time_of_payment thereof_|
|||205. Dividend to be paid only out of profits.|205. Dividend to be paid only out of profits.-|
|||206.|Dividend not to be paid except to registered shareholdersor|
||||to their order or to their bankers.|
|||207. Penalty for failure to distribute dividends within three|207. Penalty for failure to distribute dividends within three|
||||months.|
|i<br>$ I<br>1||208. Power of company to pay interest out of capital in certain|_Payments_of_interest outofcapital_<br>.-<br>208. Power of company to pay interest out of capital in certain|
|F?-|||cases.|
|-||OF19561<br>Companies|T-I|
|---|---|---|---|
|||S ~ c a r o ~ s||
|||Accounts||
|||209.Books of accounts to be kept by company.||
|||210.Annual accounts and balance-sheet.||
|||211.Form and contents of balance-sheet and profit and lossa e||
|||count.||
|||212.Balance-sheet of holding company to include .certain parti-<br>-|Balance-sheet of holding company to include .certain parti-|
|||culars as to its subsidiaries.||
|||213.Financial year of holding company and subsidiary.||
|||214,Rights of holding company's representativesandmembers..||
|||2l5.Ahthentication of balance-sheet and profit and loss account.||
|||216.Profit and loss account to be annexed and auditors' repbrt|Profit and loss account to be annexed and auditors' repbrt|
|||to ,be aflached to balance-sheet.||
|||217.Board's report.||
|||218.Penalty for improper issue, circulation or publication of||
|||balance-sheet or profit and loss account.||
|||219:Right of member to copies of balance-she$ and auditors'||
|||report.||
|||220.Three copies of balance-sheet, etc., tobefiled with Registrar.||
|||221.Duty of officer to make disclosure'of payments, etc.|.|
|||222.Construction of references to documents annexed to accounts.||
|||223.Certain companies to publish statement in the Formin||
|||TableFin ScheduleI.||
|||AuGt||
||\|\||
|||224.Appointment and remuneration of auditors.||
|||225.Provisions as to resolutions for appointing or removing||
|||auditors.||
|||226.Qualifications and disgualifications of auditors.||
|||227.Powers and duties of auditors.||
|||228.Audit of accounts of branch office of company.||
|||229.Signature of audit report, etc.||
|||230.Reading and inspection of auditor's report.||
|||231.Right of auditor to attend gen'eral meeting.||
|||232.Penalty for non-compliance with sections225to231.|231.|
|||233.Penalty for non-compliance by auditor with sections|Penalty for non-compliance by auditor with sections227and|
|||229.||
r
1-
==> picture [454 x 575] intentionally omitted <==
h
|256.|Ascertainment of directors retiring by rotation and filling|Ascertainment of directors retiring by rotation and filling|Ascertainment of directors retiring by rotation and filling|Ascertainment of directors retiring by rotation and fillingof||
|---|---|---|---|---|---|
||vacancies.|||||
|257.' Right of persons other than retiring directors to|257.' Right of persons other than retiring directors tostandfsr|||||
||directorship.|||||
|258. Right of|258. Right of<br>company to increase or reduce the number of|company to increase or reduce the number of||company to increase or reduce the number of||
||directors.|||||
|259.|Increase in number of directors to require Government|||||
||sanction.|||||
|260.|Additional directors:|||||
|261. Certain persons not to be appointed directors, except by|261. Certain persons not to be appointed directors, except by|||261. Certain persons not to be appointed directors, except by|-|
||special resolution.|||-||
|262.|Filling of casual vacancies among directors.|||||
|263.|Appointment of directors to be voted on individually.|||||
||Consent of<br>candidate for directorship to be filed|candidate for directorship to be filed|with|||
||Registrar.,-|||||
||Option to company to adopt proportional representation for|||Option to company to adopt proportional representation for||
||the appointment of. directors.|||||
||Restrictions on appointment or advertisement of director.|||Restrictions on appointment or advertisement of director.||
||Managing directors, etc.|||||
||Certain persons not to be appointeh managing directors.|Certain persons not to be appointeh managing directors.||Certain persons not to be appointeh managing directors.||
||Amendment of provision relating to managing, whole-time|||||
||or non-rotational<br>directors to require|Government||||
||approval.|||||
||~ ~ ~ o i & m e n t<br>of managing or whole-time director to require|||||
||Government approval.|||||
||Share qualification|||||
||Time within which share qualification is to be obtained and|||||
||..<br>maximum amount thereof.|||||
||Filing of declarationbfshare qualification by director.||share qualification by director.|||
||Pena!lty.|||||
||Saving.|||||
||Disqualifications of directors|||||
|274. Disqualifications of directors.|274. Disqualifications of directors.|||||
||_Restd~tiun-s on number_of_directorships_|||||
|275. No person to be a director of more than twenty companies.|275. No person to be a director of more than twenty companies.|275. No person to be a director of more than twenty companies.||||
|276. Choice to be made by director of more than twenty com-|276. Choice to be made by director of more than twenty com-|276. Choice to be made by director of more than twenty com-|276. Choice to be made by director of more than twenty com-||276. Choice to be made by director of more than twenty com-|
||panies at commencement of Act.|||||
-
/ * . Companies
Source: India Code