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An Act to Consolidate and Amend the Law Relating to Companies and Certain Other Associations

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An Act to Consolidate and Amend the Law Relating to Companies and Certain Other Associations THE COMPANIES ACT, 1956 ACT NO. 1 OF 1956 [18th January, 1956] An Act to consolidate and amend the law relating to companies and certain other associations. BE it enacted by Parliament in the Sixth Year of the Republic of India as follows--- 1. Short title, commencement and extent. 1.Short title, commencement and extent.(1) This Act may be called the Companies Act, 1956. (2) It shall come into force on such date2* as the Central Government may, by notification in the Official Gazette, appoint. 3[(3) It extends to the whole of India: 4 * * * * *] 5[Provided 6* * * that it shall apply to the State of Nagaland subject to such modifications, if any, as the Central Government may, by notification in the Official Gazette, specify.] 2. Definitions. 2.Definitions.In this Act, unless the context otherwise requires,- (1) "alter" and "alteration" shall include the making of additions and omissions; (2) "articles" means the articles of association of a company as originally framed or as altered from time to time in pursuance of any previous companies law or of this Act, including, so far as they apply to the company, the regulations contained, as the case may be, in Table B in the Schedule annexed to Act No. 19 of 1857 or in Table A in the First Schedule annexed to the Indian Companies Act, 1882, (6 of 1882.) or in Table A in the First pd4ml evaluation copy. visit http://pd4ml.com --------------------------------------------------------------------- 1 This Act has been extended to Goa, Daman and Diu by Regulation 12 of 1962 (with modifications), s. 3 and Sch.: to Dadra and Nagar Haveli by Regulation 6 of 1963, s. 2 and Sch. I and to Pondicherry by Regulation 7 of 1963, s. 3 and Sch. 1. The provisions of this Act shall apply to Goa, Daman and Diu, subject to the exceptions, modifications and adaptations contained in the Schedule to G.S.R. 615, dated the 24th April, 1965 (Gazette of India, Pt. II, Sec. 3(i), p. 670). Amended in its application to Goa, Daman and Diu by Reg. 11 of 1963, s. 9. 2 1st April, 1956, vide Notification No. S.R.O. 612, dated 8-3- 1956, Gazette of India, Extraordinary, 1956, Pt. II, Sec. 3, p. 473. 3 Subs. by Act 62 of 1956 s. 2 and Sch., for sub-section (3) (w.e.f. 1-11- 1956). 4 Proviso omitted by Act 25 of 1968, s. 2 and Sch. (w.e.f. 15-8-1968). 5 Ins. by Act 31 of 1965, s. 2 (w.e.f. 15-10-1965). 6 The word "further" omitted by Act 25 of 1968, s. 2 and Sch. (w.e.f. 15-8- 1968). --------------------------------------------------------------------- Schedule annexed to the Indian Companies Act, 1913, or in Table A in Schedule I annexed to this Act; (3) "associate", in relation to a managing agent, means any of the following, and no others: - (a) where the managing agent is an individual: any partner or relative of such individual; any firm in which such individual, partner or relative is a partner; any private company of which such individual or any such partner, relative or firm is the managing agent or secretaries and treasurers or a director or the manager ; and any body corporate at any general meeting of which not less than one- third of the total voting power in regard to any matter may be exercised or controlled by any one or more of the following, namely, such individual, partner or partners, relative or relatives, firm or firms; and private company or companies; (b) where the managing agent is a firm: any member of such firm; any partner or relative of any such member; and any other firm in which any such member, pd4ml evaluation copy. visit http://pd4ml.com partner or relative is a partner; any private company of which the firm first mentioned, or any such member, partner, relative or other firm is the managing agent, or secretaries and treasurers, or a director, or the manager; and any body corporate at any general meeting of which not less than one-third of the total voting power in regard to any matter may be exercised or controlled by any one or more of the following, namely, the firm first mentioned, any such member or members, partner or partners, relative or relatives, other firm or firms and private company or companies; (c) where the managing agent is a body corporate: (i) any subsidiary or holding company of such body corporate; the managing agent or secretaries and treasurers, or a director, the manager or an officer of. the body corporate or of any subsidiary or holding company thereof ; any partner or relative of any such director or manager; any firm in which such director, manager, partner or relative, is a partner;1 * * * (ii) any other body corporate at any general meeting of which not less than one-third of the total voting power in regard to any matter may be exercised or controlled by any one or more of the following, namely, the body corporate and the companies and other persons specified in paragraph (i) above; and 2[(iii)any subsidiary of the other body corporate referred to in paragraph (ii) above: Provided that where the body corporate is the managing agent of the other body corporate referred to in paragraph (ii) above, a subsidiary of such other body corporate shall not be an associate ------------------------------------------------------------------- 1 The "and" omitted by Act 65 of 1960, s. 2. 2 Ins. by s. 2, ibid. -------------------------------------------------------------------- in relation to the managing agent aforesaid ; and] (d) where the managing agent is a private company or a body corporate having not more than fifty members: in addition to the persons mentioned in sub clause (c), any member of the private company or body corporate; Explanation.-If one person is an associate in relation to another within the pd4ml evaluation copy. visit http://pd4ml.com meaning of this clause, the latter shall also be deemed to be an associate in relation to the former within its meaning; (4) " associate ", in relation to any secretaries and treasurers, means any of the following, and no others:- (a) where the secretaries and treasurers are a firm: any member of such firm ; any partner or relative of any such member; and any other firm in which any such member, partner or relative is a partner ; any private company of which the firm first-mentioned, or any such member, partner, relative or other firm is the managing agent, or secretaries and treasurers, or a director, or the manager ; and any body corporate at any general meeting of which not less than one-third of the total voting power in regard to any matter may be exercised or controlled by any one or more of the following, namely, the firm first- mentioned, any such member or members, partner or partners, relative or relatives, other firm or firms, and private company or companies; (b) where the secretaries and treasurers are a body corporate: (i) any subsidiary or holding company of such body corporate; the managing agent or secretaries and treasurers, or a director, the manager or an officer of the body corporate or of any subsidiary or holding company thereof ; any partner or relative of any such director or manager; any firm in which such director or manager, partner or relative, is a partner; 1 * * * (ii) any other body corporate at any general meeting of which not less than one-third of the total voting power in regard to any matter may be exercised or controlled by any one or more of the following, namely, the body corporate and the companies and other persons specified in paragraph (i) above; and 2 [ (iii) any subsidiary of the other body corporate referred to in paragraph (ii) above: Provided that where the body corporate is the secretaries and treasurers of the other body corporate referred to in paragraph (ii) above, a subsidiary of such other body corporate shall not be an associate in relation to the secretaries and treasurers aforesaid; and] ------------------------------------------------------------------ 1 The word "and" omitted by Act 65 of 1960, s. 2. 2 Ins. by s. 2, ibid. ------------------------------------------------------------------- pd4ml evaluation copy. visit http://pd4ml.com (c) where the secretaries and treasurers are a private company or a body corporate having not more than fifty members: in addition to the persons mentioned in sub-clause (b), any member of the private company or body corporate ; Explanation.-If one person is an associate in relation to another within the meaning of this clause, the latter shall also be deemed to be an associate in relation to the former within its meaning; (5) "banking company" has the same meaning as in the Banking Companies Act, 1949 (10 of 1949); (6) "Board of directors " or " Board ", in relation to a company, means the Board of directors of the company; (7) "body corporate " or " corporation'' includes a company incorporated outside India but 1[does not include- (a) a corporation sole ; (b) a co-operative society registered under any law relating to co-operative societies ; and (c) any other body corporate (not being a company as defined in this Act) which the Central Government may, by notification in the Official Gazette, specify in this behalf ;] (8) "book and paper " and " book or paper " include accounts,. deeds , 2 [vouchers,] writings, and documents; 3[(9) "branch office" in relation to a company means- (a) any establishment described as a branch by the company ; or (b) any establishment carrying on either the same or substantially the same activity as that carried on by the head office of the company ; or (c) any establishment engaged in any production, processing or manufacture, --------------------------------------------------------------------- 1 Subs.
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