This document discusses the rule of Foss v Harbottle and protections for minority shareholders. It summarizes that under Foss v Harbottle, the majority shareholders have control over company decisions and minority shareholders can be oppressed. Exceptions to this rule include illegal acts, transactions requiring special majorities, or acts infringing on shareholder rights or involving fraud. The document then provides details on the Foss v Harbottle case facts and principles, exceptions to the rule, why minority shareholders may seek remedies, and the types of legal actions available to minority shareholders including personal, representative, and derivative actions.
Appointment of directors powers, duties and liabilitiesmcomgirl
Directors are appointed by a company's board of directors or shareholders to oversee the company's strategic objectives and monitor its progress. A director is responsible for determining company policies, appointing senior management, and accounting for the company's activities to shareholders. The Companies Act 2013 increased the maximum number of directors allowed from 12 to 15 and removed the requirement for central government approval. It also increased requirements for women directors and independent directors. Directors have statutory, general, and CSR duties and can be held criminally liable for offenses committed during their tenure.
The Industrial Disputes Act 1947 provides the framework for prevention and settlement of industrial disputes in India. Some key points:
1. It defines important terms like "industrial dispute", "workman", "strike", "lock-out", "lay off" and "retrenchment".
2. It establishes different authorities for settlement of disputes like Grievance Settlement Authority, Works Committee, Conciliation Officer, Board of Conciliation, Labour Court, Tribunal, and National Tribunal.
3. It provides for prohibitions on strikes and lock-outs during conciliation proceedings and adjudication.
4. It contains provisions related to lay off, retrenchment, and closure that employers must
The document discusses the Serious Fraud Investigation Office (SFIO) under the Companies Act of 2013 in India. It establishes SFIO as the agency responsible for investigating corporate fraud. The SFIO is headed by a director and consists of experts from fields like banking, taxation, and law. It has powers to investigate company affairs, examine witnesses, and impose fines. Upon completion of investigations, SFIO submits interim and final reports to the central government, which may then direct prosecution. Fraud is punishable by imprisonment between 6 months to 10 years along with fines under Section 447 of the Companies Act. The SFIO aims to better coordinate fraud prosecution and has more independence than under the previous Companies Act
This document discusses consideration and the essential elements required for a valid contract. It defines consideration as the price for which a promise is made. An example is provided of a sale agreement where the factory price is the consideration. Essential elements of consideration include it being real, moving at the desire of the promisor, and not being something the promisor is already bound to do. The document outlines different types of consideration like present, past, and future consideration. It also discusses capacity of parties, void agreements, and factors like coercion, undue influence, fraud, and misrepresentation that can invalidate an agreement due to lack of free consent.
The document provides an overview of company law in India according to the Companies Act of 1956. It discusses the types of companies, the key documents that establish a company (the memorandum of association and articles of association), shareholders and debenture holders' rights, and winding up procedures. The act aims to regulate company formation, operations, and dissolution for the purposes of transparency, accountability and protecting stakeholder interests.
This document compares and contrasts contracts of indemnity and guarantee. It notes that indemnity involves two parties, the indemnifier and indemnity holder, while guarantee involves three parties: the creditor, principal debtor, and surety. The liability of the indemnifier is primary, while the surety's liability is secondary and contingent on the principal debtor's default. Indemnity reimburses for losses, while guarantee ensures payment of a debt. The document outlines the key elements and examples of both contract types.
This document discusses the rule of Foss v Harbottle and protections for minority shareholders. It summarizes that under Foss v Harbottle, the majority shareholders have control over company decisions and minority shareholders can be oppressed. Exceptions to this rule include illegal acts, transactions requiring special majorities, or acts infringing on shareholder rights or involving fraud. The document then provides details on the Foss v Harbottle case facts and principles, exceptions to the rule, why minority shareholders may seek remedies, and the types of legal actions available to minority shareholders including personal, representative, and derivative actions.
Appointment of directors powers, duties and liabilitiesmcomgirl
Directors are appointed by a company's board of directors or shareholders to oversee the company's strategic objectives and monitor its progress. A director is responsible for determining company policies, appointing senior management, and accounting for the company's activities to shareholders. The Companies Act 2013 increased the maximum number of directors allowed from 12 to 15 and removed the requirement for central government approval. It also increased requirements for women directors and independent directors. Directors have statutory, general, and CSR duties and can be held criminally liable for offenses committed during their tenure.
The Industrial Disputes Act 1947 provides the framework for prevention and settlement of industrial disputes in India. Some key points:
1. It defines important terms like "industrial dispute", "workman", "strike", "lock-out", "lay off" and "retrenchment".
2. It establishes different authorities for settlement of disputes like Grievance Settlement Authority, Works Committee, Conciliation Officer, Board of Conciliation, Labour Court, Tribunal, and National Tribunal.
3. It provides for prohibitions on strikes and lock-outs during conciliation proceedings and adjudication.
4. It contains provisions related to lay off, retrenchment, and closure that employers must
The document discusses the Serious Fraud Investigation Office (SFIO) under the Companies Act of 2013 in India. It establishes SFIO as the agency responsible for investigating corporate fraud. The SFIO is headed by a director and consists of experts from fields like banking, taxation, and law. It has powers to investigate company affairs, examine witnesses, and impose fines. Upon completion of investigations, SFIO submits interim and final reports to the central government, which may then direct prosecution. Fraud is punishable by imprisonment between 6 months to 10 years along with fines under Section 447 of the Companies Act. The SFIO aims to better coordinate fraud prosecution and has more independence than under the previous Companies Act
This document discusses consideration and the essential elements required for a valid contract. It defines consideration as the price for which a promise is made. An example is provided of a sale agreement where the factory price is the consideration. Essential elements of consideration include it being real, moving at the desire of the promisor, and not being something the promisor is already bound to do. The document outlines different types of consideration like present, past, and future consideration. It also discusses capacity of parties, void agreements, and factors like coercion, undue influence, fraud, and misrepresentation that can invalidate an agreement due to lack of free consent.
The document provides an overview of company law in India according to the Companies Act of 1956. It discusses the types of companies, the key documents that establish a company (the memorandum of association and articles of association), shareholders and debenture holders' rights, and winding up procedures. The act aims to regulate company formation, operations, and dissolution for the purposes of transparency, accountability and protecting stakeholder interests.
This document compares and contrasts contracts of indemnity and guarantee. It notes that indemnity involves two parties, the indemnifier and indemnity holder, while guarantee involves three parties: the creditor, principal debtor, and surety. The liability of the indemnifier is primary, while the surety's liability is secondary and contingent on the principal debtor's default. Indemnity reimburses for losses, while guarantee ensures payment of a debt. The document outlines the key elements and examples of both contract types.
Winding up/liquidation represents the last stage in a company's life where its assets are disposed of and debts are paid off from the proceeds. There are two modes of winding up - by the tribunal which can be compulsory, or voluntary winding up by members or creditors. Voluntary winding up involves passing an ordinary or special resolution to wind up and appointing a liquidator to dispose of assets and pay debts. The liquidator calls meetings, declares solvency, and dissolves the company once winding up is complete.
The document discusses various aspects of winding up a company in India. It defines winding up as the process by which a company is dissolved and its assets realized to pay debts. There are three main types of winding up: compulsory by tribunal, members' voluntary, and creditors' voluntary. The tribunal can order compulsory winding up for reasons like inability to pay debts or acting against public interest. Voluntary winding up involves shareholder or creditor resolutions. Winding up has consequences like stay of legal proceedings and responsibility of directors to submit company records to the tribunal or liquidator.
Appointment and qualification of managerial personnel or key managerial perso...DVSResearchFoundatio
Specified class of companies are required to appoint managerial personnel (Managing Director, Whole time director, Manager, etc.) / key managerial personnel (KMP)(Managing Director / Chief Executive Officer, Chief Financial Officer, Company Secretary, etc.) The managerial personnel / KMPs are involved in the key decision making process of a company. The webinar covers the aspects of statutory provisions involved in the appointment and qualification of managerial personnel / KMPs, their roles and responsibilities, statutory compliances and judicial precedents.
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
Strikes and lockouts, weapons used by employer and employee, advantages and d...Suleyman Ally
meaning of strike and lockout.
types of strikes
Advantages and disadvantages of strikes
effects of strikes to workers, employer and the goverment
Weapons used by employees and employer
A company is a voluntary association of persons formed for the purpose of doing business, having a distinct name and limited liability. It can be incorporated under the Companies Act and enjoys separate legal entity status from its members. Some key features include limited liability for members, perpetual succession regardless of member changes, and the ability to own property, sue and be sued. While a company provides liability protection through its corporate veil, courts can pierce the veil and make individuals liable if the company is used for fraudulent purposes.
The doctrine of indoor management says that an outsider contracting with a company can rely on the company's internal authorizations and actions being valid, even if they were not properly or duly authorized according to the company's internal documents. It protects outsiders from a company denying the authority of its own officials. The doctrine is based on the fact that outsiders do not have knowledge of a company's internal operations. Memorandums and articles of association are public documents that provide constructive notice of a company's contents to outsiders, who are presumed to have read and understood them.
The document discusses the concept of corporate personality and lifting the corporate veil. Corporate personality means a company's liabilities are the legal responsibility of the company and members will not be liable for debts. Normally there is a veil between the company and its members. However, in exceptional cases like fraud, improper conduct, or public interest, courts may lift the veil and disregard the separate legal entity to hold individual members responsible. The document outlines some key cases and circumstances under which courts have lifted the veil, including for the benefit of revenue, where the company is being used to avoid legal obligations, or where it is essentially a single economic entity.
A company is formed by registration under the Companies Act 2013. The formation process involves promotion, incorporation, capital subscription, and obtaining a commencement of business certificate.
Promotion involves identifying business opportunities, organizing resources, and preparing documents. The person overseeing these activities is called the promoter. Incorporation requires submitting documents like the memorandum of association, articles of association, and consent of directors to the registrar.
After receiving a certificate of incorporation, the company raises capital through a public issue managed by underwriters and bankers. Minimum subscription must be received for the company to obtain a commencement of business certificate, officially starting operations.
This document discusses the key aspects of a contract of agency under Indian law. It defines agency as a contract where one person employs another to act on their behalf or represent them in dealings with third parties.
It outlines the parties to an agency contract - the principal who employs the agent, and the agent who acts on the principal's behalf. It notes that consideration is not required to create an agency. Various modes of creating an agency are discussed, including express, implied, ratification, operation of law, estoppel and necessity.
The document also examines the extent of an agent's authority, their duties to conduct business diligently and account for it properly, and the principal's duties to indemnify the agent
The document discusses the definition, purpose, contents and requirements of a company prospectus according to the Companies Ordinance 1984 of Pakistan. Some key points:
- A prospectus is a formal legal document that provides details about an investment offering for sale to the public so investors can make an informed decision. It must be filed with the SECP.
- The prospectus contents include information on the company's business, management, capital structure, financials, and risks. It requires audited reports and consent from experts.
- Companies are liable for any misstatements in the prospectus. Directors and experts can be liable but have defenses if they can prove the statement was not material or they withdrew consent.
This document provides information on industrial law and the machinery for settling industrial disputes in India. It defines key terms like industrial dispute, lockout, strike, retrenchment and others. The Industrial Disputes Act 1947 established the primary framework for resolving industrial disputes and improved on the Trade Disputes Act 1929. The objectives of the IDA include promoting amity between workers and employers, investigating and settling disputes, and preventing illegal strikes and lockouts. The machinery for dispute prevention and settlement in India includes voluntary methods like collective bargaining, trade unions, and statutory bodies like works committees, conciliation officers, boards, labour courts, tribunals and national tribunals established by the IDA.
The document discusses the key characteristics and types of companies according to the Companies Act of 1956 in India. It defines a company as an association formed to carry out business with transferable shares owned by members. The key characteristics mentioned are that a company is an incorporated legal entity separate from its members, has perpetual existence, uses a common seal, and has delegated management. The types of companies are classified based on mode of incorporation, number of members, ownership, control and nationality.
The document discusses the concept of lifting the corporate veil, where courts may ignore the legal separation between a company and its owners to prevent fraudulent or improper conduct. It provides examples of when courts may lift the veil under statutory provisions, such as for tax avoidance or when a company no longer meets minimum membership requirements. Courts may also lift the veil through judicial interpretation, such as to protect revenue, prevent fraud or solicitation in violation of contracts, or determine if a company has an "enemy character" and its owners are alien enemies. The document supports this with case law examples.
The articles of association are the internal rules and regulations of a company that are subordinate to and controlled by the memorandum of association. They deal with member rights and carrying out the aims of the memorandum. The articles must contain certain provisions depending on the type of company, such as restricting share transfers for a private company. They typically contain rules regarding share capital, meetings, directors, accounts, and winding up. The articles are signed by subscribers in the presence of a witness.
Position, power and duty of Director under Companies Act,2013Saurabh Agarwal
This document provides an overview of the position, powers, and duties of directors under the Companies Act 2013 in India. It discusses key topics such as the definition of a director, composition of the board of directors, appointment of directors including independent directors, the position of directors as agents and trustees, duties of directors, liability of directors, and powers of the board of directors. The duties of directors include acting in good faith, exercising independent judgment, avoiding conflicts of interest, and prioritizing the interests of the company and stakeholders over personal interests. Directors can be held jointly or individually liable for acts prejudicial to the company's interests, such as tax liabilities or fraudulent business conduct. The board has powers to make calls on shareholders,
Complete Notes on Companies Ordinance, Paper LL.B. Part II.
.....................All students are advised to download and Prepare yourself. Shah Muhammad Zarkoon.
University Law College Quetta.
The document summarizes the key principles of caveat emptor (let the buyer beware) under Indian sale of goods law. It notes that caveat emptor originally applied, but there are now several exceptions, including when goods are purchased by description, sample, for a particular purpose, or where the seller uses fraud or conceals defects. It provides examples to illustrate exceptions for purchase by description, sample, and merchantable quality.
Winding up/liquidation represents the last stage in a company's life where its assets are disposed of and debts are paid off from the proceeds. There are two modes of winding up - by the tribunal which can be compulsory, or voluntary winding up by members or creditors. Voluntary winding up involves passing an ordinary or special resolution to wind up and appointing a liquidator to dispose of assets and pay debts. The liquidator calls meetings, declares solvency, and dissolves the company once winding up is complete.
The document discusses various aspects of winding up a company in India. It defines winding up as the process by which a company is dissolved and its assets realized to pay debts. There are three main types of winding up: compulsory by tribunal, members' voluntary, and creditors' voluntary. The tribunal can order compulsory winding up for reasons like inability to pay debts or acting against public interest. Voluntary winding up involves shareholder or creditor resolutions. Winding up has consequences like stay of legal proceedings and responsibility of directors to submit company records to the tribunal or liquidator.
Appointment and qualification of managerial personnel or key managerial perso...DVSResearchFoundatio
Specified class of companies are required to appoint managerial personnel (Managing Director, Whole time director, Manager, etc.) / key managerial personnel (KMP)(Managing Director / Chief Executive Officer, Chief Financial Officer, Company Secretary, etc.) The managerial personnel / KMPs are involved in the key decision making process of a company. The webinar covers the aspects of statutory provisions involved in the appointment and qualification of managerial personnel / KMPs, their roles and responsibilities, statutory compliances and judicial precedents.
An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
Strikes and lockouts, weapons used by employer and employee, advantages and d...Suleyman Ally
meaning of strike and lockout.
types of strikes
Advantages and disadvantages of strikes
effects of strikes to workers, employer and the goverment
Weapons used by employees and employer
A company is a voluntary association of persons formed for the purpose of doing business, having a distinct name and limited liability. It can be incorporated under the Companies Act and enjoys separate legal entity status from its members. Some key features include limited liability for members, perpetual succession regardless of member changes, and the ability to own property, sue and be sued. While a company provides liability protection through its corporate veil, courts can pierce the veil and make individuals liable if the company is used for fraudulent purposes.
The doctrine of indoor management says that an outsider contracting with a company can rely on the company's internal authorizations and actions being valid, even if they were not properly or duly authorized according to the company's internal documents. It protects outsiders from a company denying the authority of its own officials. The doctrine is based on the fact that outsiders do not have knowledge of a company's internal operations. Memorandums and articles of association are public documents that provide constructive notice of a company's contents to outsiders, who are presumed to have read and understood them.
The document discusses the concept of corporate personality and lifting the corporate veil. Corporate personality means a company's liabilities are the legal responsibility of the company and members will not be liable for debts. Normally there is a veil between the company and its members. However, in exceptional cases like fraud, improper conduct, or public interest, courts may lift the veil and disregard the separate legal entity to hold individual members responsible. The document outlines some key cases and circumstances under which courts have lifted the veil, including for the benefit of revenue, where the company is being used to avoid legal obligations, or where it is essentially a single economic entity.
A company is formed by registration under the Companies Act 2013. The formation process involves promotion, incorporation, capital subscription, and obtaining a commencement of business certificate.
Promotion involves identifying business opportunities, organizing resources, and preparing documents. The person overseeing these activities is called the promoter. Incorporation requires submitting documents like the memorandum of association, articles of association, and consent of directors to the registrar.
After receiving a certificate of incorporation, the company raises capital through a public issue managed by underwriters and bankers. Minimum subscription must be received for the company to obtain a commencement of business certificate, officially starting operations.
This document discusses the key aspects of a contract of agency under Indian law. It defines agency as a contract where one person employs another to act on their behalf or represent them in dealings with third parties.
It outlines the parties to an agency contract - the principal who employs the agent, and the agent who acts on the principal's behalf. It notes that consideration is not required to create an agency. Various modes of creating an agency are discussed, including express, implied, ratification, operation of law, estoppel and necessity.
The document also examines the extent of an agent's authority, their duties to conduct business diligently and account for it properly, and the principal's duties to indemnify the agent
The document discusses the definition, purpose, contents and requirements of a company prospectus according to the Companies Ordinance 1984 of Pakistan. Some key points:
- A prospectus is a formal legal document that provides details about an investment offering for sale to the public so investors can make an informed decision. It must be filed with the SECP.
- The prospectus contents include information on the company's business, management, capital structure, financials, and risks. It requires audited reports and consent from experts.
- Companies are liable for any misstatements in the prospectus. Directors and experts can be liable but have defenses if they can prove the statement was not material or they withdrew consent.
This document provides information on industrial law and the machinery for settling industrial disputes in India. It defines key terms like industrial dispute, lockout, strike, retrenchment and others. The Industrial Disputes Act 1947 established the primary framework for resolving industrial disputes and improved on the Trade Disputes Act 1929. The objectives of the IDA include promoting amity between workers and employers, investigating and settling disputes, and preventing illegal strikes and lockouts. The machinery for dispute prevention and settlement in India includes voluntary methods like collective bargaining, trade unions, and statutory bodies like works committees, conciliation officers, boards, labour courts, tribunals and national tribunals established by the IDA.
The document discusses the key characteristics and types of companies according to the Companies Act of 1956 in India. It defines a company as an association formed to carry out business with transferable shares owned by members. The key characteristics mentioned are that a company is an incorporated legal entity separate from its members, has perpetual existence, uses a common seal, and has delegated management. The types of companies are classified based on mode of incorporation, number of members, ownership, control and nationality.
The document discusses the concept of lifting the corporate veil, where courts may ignore the legal separation between a company and its owners to prevent fraudulent or improper conduct. It provides examples of when courts may lift the veil under statutory provisions, such as for tax avoidance or when a company no longer meets minimum membership requirements. Courts may also lift the veil through judicial interpretation, such as to protect revenue, prevent fraud or solicitation in violation of contracts, or determine if a company has an "enemy character" and its owners are alien enemies. The document supports this with case law examples.
The articles of association are the internal rules and regulations of a company that are subordinate to and controlled by the memorandum of association. They deal with member rights and carrying out the aims of the memorandum. The articles must contain certain provisions depending on the type of company, such as restricting share transfers for a private company. They typically contain rules regarding share capital, meetings, directors, accounts, and winding up. The articles are signed by subscribers in the presence of a witness.
Position, power and duty of Director under Companies Act,2013Saurabh Agarwal
This document provides an overview of the position, powers, and duties of directors under the Companies Act 2013 in India. It discusses key topics such as the definition of a director, composition of the board of directors, appointment of directors including independent directors, the position of directors as agents and trustees, duties of directors, liability of directors, and powers of the board of directors. The duties of directors include acting in good faith, exercising independent judgment, avoiding conflicts of interest, and prioritizing the interests of the company and stakeholders over personal interests. Directors can be held jointly or individually liable for acts prejudicial to the company's interests, such as tax liabilities or fraudulent business conduct. The board has powers to make calls on shareholders,
Complete Notes on Companies Ordinance, Paper LL.B. Part II.
.....................All students are advised to download and Prepare yourself. Shah Muhammad Zarkoon.
University Law College Quetta.
The document summarizes the key principles of caveat emptor (let the buyer beware) under Indian sale of goods law. It notes that caveat emptor originally applied, but there are now several exceptions, including when goods are purchased by description, sample, for a particular purpose, or where the seller uses fraud or conceals defects. It provides examples to illustrate exceptions for purchase by description, sample, and merchantable quality.
1 Some past LAW00004 Company Law NB – There are no a.docxmonicafrancis71118
1
Some past LAW00004 Company Law
NB – There are no answers available to these questions, but a forum
Question
Giving an example, distinguish between the capacity of a company and the capacity
of its agents. Your answer should highlight why the distinction is important.
Question
In relation to a public company issuing debentures through a prospectus explain the
actual or potential roles of the trustee for debenture holders, the prospectus, the
debenture trust deed, the register of charges and a receiver.
Question
“Partners are in a fiduciary relationship with each other”. Explain and illustrate this
concept. Also explain when the fiduciary relationship may begin and when it ends.
Question
“In Salomon v Salomon & Co. Ltd [1897] AC22, Mr Salomon was very lucky.
Today, on the same facts, he would be personally liable for the debts of the company,
and the security (debenture) given to him by the company would be invalid as a
priority over the unsecured creditors”. Do you agree? Comments.
Question
Explain the following:
(a) Special Resolution
(b) Statutory Demand
Question
The Board of Directors of Lackcash ( a proprietary co) are considering the following
options:
(a) To raise capital of $6 million by an issue of shares to its shareholders; or
(b) To utilise any method of obtaining the $6 million without contravening Ch 6D of
the Corporations Act. Advise the Board of Lacklash Pty Ltd of the corporations law
involved.
Question
In Gambotto v WCP Ltd (1995) 182 CLR432. the High Court laid down certain tests
which apply to assessing the validity of alterations to a company’s constitution in
relation to minority shareholders interests.
Briefly outline the facts of Gambotto and provide a brief explanation of those tests.
Question
After news of a takeover offer being made for Boon Ltd, its Directors enter into
discussions with Hand Ltd to purchase certain business activities of Hand Ltd. In
consideration, Boon Ltd will issue shares to Hand Ltd. The purchase will increase the
2
profits of Boon Ltd and enable large dividends to be paid to its shareholders. Millie, a
shareholder in Boon Ltd, learns of the proposed purchase and is strongly opposed to
the transaction. Advise Millie of any legal rights she may have to prevent the
transaction
Question
Giving examples from both the Partnership Act 1892 (NSW) and the Corporations
Act 2001 (Cth), explain what is meant at law by apparent or ostensible authority.
Question
Esanda Finance v Peat Marwick (1997) 188 CLR 241 and Daniels v Anderson (1995)
16 ACSR 607 are important decisions regarding auditor’s liability. Explain why.
Question
In relation to a company meeting briefly explain the rights of a member to demand a
poll, appoint a proxy, dismiss a director, and place an item on the agenda of a
meeting.
Question
Samuel was a promoter of a company called Edmanuals Pty Ltd. S.
The document discusses the civil and criminal liabilities of company directors under Indian law. It notes that directors act as the heart and limb of the company and are given significant responsibilities and duties. If directors contravene their obligations or fail in their duties, they may face civil or criminal liabilities depending on the seriousness of the offense. It provides examples of criminal offenses that can result in director liability under the Companies Act of 2013 and discusses some landmark Indian court cases that have helped develop the jurisprudence around attributing criminal intent and liability to corporations through their directors and officers. The document concludes by noting amendments made to the Companies Act to decriminalize some minor offenses in order to enhance ease of doing business in India.
This report examines how corrupt individuals use legal structures like shell companies and trusts to hide stolen assets. It finds that beneficial ownership is often obscured by using nominee directors or shareholders. The report calls for governments and service providers to strengthen transparency by verifying the identity of real owners. It recommends a two-track approach of improving due diligence by banks and registries, as well as the skills of investigators to better trace complex financial structures across borders.
The document discusses various topics related to company law in India, including the meaning of winding up, the Insolvency and Bankruptcy Code, modes of winding up a company, and voluntary liquidation. It also covers topics like corporate insolvency resolution process, advisory committees, dissolution of companies under compulsory winding up, and the salient features and benefits of participation in a depository system for securities.
1) The document discusses various legal documents required to register a company including the Memorandum of Association (MOA), Articles of Association (AOA), and Prospectus. The MOA defines the objectives and rules of incorporation while the AOA contains the internal management rules.
2) It also discusses key concepts related to company registration like ultra vires, indoor management, and minimum subscription. The doctrine of ultra vires states that an act of a company must not be beyond the object clause of its MOA. Indoor management allows outsiders to assume internal procedures are properly followed.
3) A prospectus invites public investment and must disclose important company details and terms to help investors make informed decisions. It is accompanied
The document discusses the Companies Act of 1956 and provides definitions and characteristics of a company under the act, including that it is a separate legal entity with perpetual succession and limited liability. It also outlines the various types of companies based on their constitution, incorporation, control, and liability, and explains the process of forming a company including promotion, incorporation, capital subscription, and commencement of business.
This document contains an examination for the Public Accountants Examination Council of Malawi Accounting Technician Programme in Company Law. It provides instructions for the exam, outlines 8 questions that will be asked, and gives details on each question. Candidates will have 3 hours to answer 5 of the 8 questions, each worth 20 marks. The questions cover topics like the differences between partnerships and companies, duties of company promoters and directors, types of company shares, winding up of companies, debentures, and the roles and requirements of company auditors.
This document discusses different types of company winding up processes in Malaysia. There are two main types: compulsory liquidation, which is initiated by a court order; and voluntary winding up, which can be initiated by shareholders or creditors. A members' voluntary winding up occurs when shareholders initiate winding up of a solvent company. A creditors' voluntary winding up occurs when directors initiate winding up of an insolvent company where assets are insufficient to pay debts. The document provides details on the procedures and definitions of these different types of company winding up.
The document provides updates on legal and business issues in Vietnam, including:
1) Advised on two M&A deals in Vietnam's pharmaceutical and software industries totaling over $45 million.
2) Proposed changes to Vietnam's law on cooperatives including allowing capital contributions to be transferred and introducing "undivided pools" of retained funds.
3) An upcoming decree on personal data protection in Vietnam that will impose more stringent requirements on data processors and cross-border data transfers.
This circular relates to three major transactions by Econet Wireless Zimbabwe Limited:
1) The disposal of Econet's 51% stake in Liquid Telecommunications Zimbabwe in exchange for shares worth $135 million.
2) The proposed conversion of over 1 billion debentures into new ordinary shares.
3) The demerger of Econet's smart technology business into a new company, Cassava SmarTech Zimbabwe Limited.
The document provides detailed information and requirements for shareholders regarding each of the three transactions, which require shareholder approval. It includes letters from the chairman addressing each transaction, independent advisor reports, and prelisting statements with financial and corporate information.
The PCAOB implemented new rules to provide more transparency around public company audits. The new rules require disclosure of the engagement partner's name, the names and locations of other accounting firms involved in the audit that conducted at least 5% of the total audit hours, and the aggregate participation of other firms. Previously, only the lead audit firm was disclosed. The new rules aim to give financial statement users more complete information about who is responsible for the audit opinion.
The document discusses the process of liquidating a company. It begins by defining liquidation as the process where a company is ended and its assets are administered for creditors and members. A liquidator is appointed to sell assets, pay debts, and distribute any surplus. There are three modes of liquidation: compulsory by court, voluntary by members/creditors, and under court supervision. The roles and responsibilities of the liquidator are outlined, including preparing a final statement of accounts. Preferential creditors who are paid before unsecured creditors are also defined.
The document provides a backgrounder on the key highlights of the Companies Act, 2013. Some of the major changes introduced include:
- Definition of new terms like associate company, dormant company, foreign company, independent director, etc.
- Introduction of concepts like One Person Company, small companies with relaxed compliance.
- Faster registration process with e-governance features.
- Stricter disclosure norms for prospectus and allotment of securities.
- Provisions for reduction of share capital and redemption of preference shares.
- Enhanced role of e-governance for various company processes.
- Changes in board composition with limits on minimum and maximum number of directors.
This document discusses the duties and responsibilities of directors in corporate law in Malaysia. It begins by defining who can be considered a director, including de jure and de facto directors. It then distinguishes between different types of directors like executive, non-executive, and independent directors. It also discusses the appointment and qualifications of directors, as well as their powers, duties to act in good faith and avoid conflicts of interest. Directors have fiduciary duties and business decisions will not be interfered with if made reasonably and in good faith. The duties of directors in making solvency statements are also summarized.
This document summarizes the key rights of shareholders and members in Malaysian corporate law. It discusses the differences between shareholders and members, the importance of registration in the register of members, and the rights and liabilities that come with shareholder and member status. It also outlines various classes of shares like preference shares and their associated rights, as well as shareholders' pre-emptive rights and how share dilution can occur. The document concludes by discussing how class rights can be varied and the process for objecting to such variations.
The document discusses the incorporation of companies under Malaysian corporate law. It provides:
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Winding-up a Company
1. You can cite this information as follows :
In-text citation : Ng and Chang (2021)
Reference list : Ng, M.Y. and Chang, C.F. (2021) “Corporate Law of Malaysia : The Rules and Process of Winding up a Company” Social
Science Research Network, at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830192
Note : These slides may provide extra information or illustration that are not found in the full article. This is to facilitate students’ learning.
Undang-undang syarikat 公司法
Corporate Law of Malaysia :
13. Winding-up a Company
• Quick reference for Undergraduate Students
• With translation of key terms in “Bahasa” and “中文”
2. Topics in this Series (search SlideShare using this title) URL to the full Article
1 Boleh Law Introduction to Malaysian Company Law & Companies https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3779693
2 Boleh Law Incorporation of Companies https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3797479
3 Boleh Law Corporate Constitution https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3797482
4 Boleh Law Share Capital & Capital Maintenance https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3797487
5 Boleh Law Rights of Shareholders & Members https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3797485
6 Boleh Law Loan Capital https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3797494
7 Boleh Law Directors & Officers https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3806994
8 Boleh Law Accounting and Auditing of Corporate Accounts https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830195
9 Boleh Law Anti-money laundering and anti-terrorist funding https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830185
10 Boleh Law Taxation https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830197
11 Boleh Law Meetings https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830189
12 Boleh Law Rescuing a Company https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830190
13 Boleh Law Winding-up a Company https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3830192
3. Information in this chapter is rich. This slide is
simplified to facilitate learning. You are advised to
read the full article for more detail information.
4. Introduction
• initiated when the existence of the company is no longer viable.
• 3 ways to end a company :
1) Striking off a company
2) Voluntary Winding Up – by members or creditors
3) Involuntary Winding Up – by the Court
5. (1) Striking off a company
• Struck off from the register of companies if the company :
a) has not been carrying on any business
b) has violated the company law
c) has been carrying on activities that is illegal, immoral, threatening peace and national
security and undermine the welfare, order and interest of the public
7. (2) Voluntary winding up (“VW”)
• By special resolution passed in an Extra Ordinary Meeting (see “Chapter 9 : Meetings” for more
information)
• 2 types of VW :
a) Members’ voluntary winding up
• By special resolution in EGM
• Company is still solvent (mampu menbayar hutang ; 有能力偿还债务)
• Yet, company is closed due to : purpose achieved, members loss interest in the business,
bleak future (masa depan tidak menentu ; 前途黯淡)
b) Creditors’ voluntary winding up.
• Company unable to pay its debts – assets less than liabilities
• No need for Statutory Declaration of Solvency (pengisytiharan bahawa syarikat mampu
bayar hutang ; 偿还债务能力声明) as company is insolvent
9. CVW procedure
(1) Board
Meeting
(2) Declaration of
Insolvency
(optional)
(3) Notice of
EGM (with
members)
(4) Notice of
Creditors Meeting
(5) EGM
(6) Creditors
Meeting
(7) Public
announcement
(8) Appoint
Liquidator
Winding up
process
commence
10. (3) Involuntary Winding up
• Also known as compulsory winding up.
• Winding up is ordered by the Court.
• Grounds to wind-up are as per Sec.465(1), CA 2016
• Petition can be made to the Court to request for the company to be wind up.
11. Sec.465(1), CA 2016
1) Special resolution to wind up by Court
2) Failed to lodge statutory declaration
3) Does not commence business within 1 year
4) No member
5) Inability to pay debts
6) Directors dishonesty
7) Expiry of fixed period
8) Court deem just and equitable (Mahkamah berpendapat ia adil dan saksama ; 法庭认为公
平和合理)
9) Company’s license revoked
10) Company’s business contravene with the law (bertentangan dengan undang-undang ; 为法)
11) Unlawful purpose (tujuan haram ; 不合法用途)
12) Ordered by the Minister
12. Compulsory winding up process
(1) Petition to
the Court
(2) Granting of the
order & appoint
liquidator
(3) Statement of Affair
(penyataan urusan ;
业务说明)
(4) Liquidator’s
report to the Court
(6) Final
meeting
(7) Discharge the
liquidator
(8) Struck off
the company
(5) Asset
distribution
13. Important persons
3 important individuals in a winding up process, namely :
a) The Officers;
b) The Contributory; and
c) The Liquidators
a) Officers
• any Directors, Company Secretary, employees of the company and liquidators (appointed by
members/company under a MVW)
• Any Officers of the company should not direct the company to enter into further commercial
transaction when they have reasonable ground to believe that the company will not be able to
honour its debt
• Criminal offence to defraud creditors.
• Additional liability for directors – civil offence for breach of the fiduciary duties.
• Personal liabilities
14. b) The Contributory
• Individuals who are responsible to contribute to the assets of the company in the event it
goes into liquidation
1) Present members
2) Past members
3) Deceased members
4) Bankrupt members
5) Past or present directors
• The Court may order for confiscation of personal property or to arrest a contributory who
refused to pay
15. c) Liquidators
• Appointed : a) by the company or the members in a MVW
b) by the company or the creditors in a CVW
c) by the Court in a CW
• Liquidator’s qualification – Sec.433(1), CA 2016
• Liquidator’s remuneration – Sec.454(1), CA 2016
• Liquidator’s power : 1) Pay creditors
2) Manage the company’s monies
3) Manage the company’s properties
4) Carry on the business of the company
5) Other powers stated in 11th Schedule and 12th Schedule