How is company formed and promoted?

How is company formed and promoted?

It begins with a person or a group of persons having thought of or conceived a possible future business opportunity and then taking an initiative to give it a practical shape by way of forming a company. Such a person or a group of persons who proceed to form a company are known as promoters of the company.

How many sections are there in company law?

470 sections
The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules….

What are the preamble sections of the Companies Act 1956?

[Act No. 1 OF 1956] PART I : PRELIMINARY Sections 1. Short title, commencement and extent 2. Definitions 2A. Interpretation of certain words and expressions 3. Definitions of “company”, “existing company”, “private company” and “public company” 4. Meaning of “holding company” and “subsidiary” 4A.

What is Section 166 of the Companies Act?

(1) At every annual general meeting of a company held in pursuance of section 166, the Board of directors of the company shall lay before the company – (a) a balance sheet as at the end of the period specified in sub-section (3), and (b) a profit and loss account for that period.

What is page 96 of 332 (B) of the Companies Act?

Page 96 of 332 (b) give such ancillary or consequential directions as the Company Law Board thinks expedient, including directions modifying or supplementing in relation to the calling, holding and conducting of the meeting, the operation of the provisions of this Act and of the company’s articles. Explanation.

What is Section 57 and 58 of the Companies Act?

(1) If any prospectus is issued in contravention of section 57 or 58, the company, and every person, who is knowingly a party to the issue thereof, shall be punishable with fine which may extend to 1[fifty] thousand upees.