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by : DR. T.K. JAIN AFTERSCHOOL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india afterschoool@in.com mobile : 91+9414430763
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WHAT IS A COMPANY
The word company is derived from the Latin word (Com=with or together; panis =bread), and it originally referred to an association of persons who took their meals together
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DIN
Director Identification Number (DIN) to be obtained by all existing directors and every other person, intending to become a director. DIN to be allotted by the Central Government within one month from the receipt of application for allotment of DIN. Individuals prohibited to apply, obtain or possess more than one DIN. Every existing Director to intimate his DIN to the company or all companies wherein he is a director, within one month of receipt of DIN. Intimation of DIN, to the Registrar or any other officer or other specified authority by every company, within one week of the receipt of intimation by the Director. Intimation to be given in prescribed form and manner. DIN to be quoted by every person or company while furnishing any return, information or particulars required to be furnished under the Act, if such return etc. relate to the director or contain any reference of the director
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CHARACTERISTICS OF COMPANY
PERPETUAL SUCCESSION ARTIFICAL PERSON SEPARATE ENTITY LEGAL ENTITY COMMON SEAL NOT A CITIZEN
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TYPES OF COMAPNY
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Illegal association
Section 11 of the Companies Act, no company, association or partnership consisting of more than 20 persons (10 in the case of banking business) can be formed for the purpose of carrying on any business for gain, unless it is registered as a company under the Companies Act, or is formed in pursuance of some other Indian Law, or is a Joint Hindu Family carrying on business for gain.
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Types of companies :
Private / public / producer limited / unlimited limited by shares / guarantee chartered / registered / statutory
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Private company
Minimum 2 and max 50 members, shares /deposits cannot be offered to public, minimum capital is 1 lakh, does not require prospectus or certificate to commence business, no ceiling on director's remuneration, sec. 3(1) (iii)
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Public company
Minimum 7 members, no maximum limit, shares are transferable, certificate of commencement of business is required, minimum capital : 5 lakhs, statutory meeting and statutory report is necessary, prospectus is necessary: sec. 3(1)(iv)
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Government company
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Employees of a government company are not government employees and cannot claim the same facilities as government employees
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Case : Hindustan Steel Works Construction Co. Ltd. v. State of Kerala (1998)
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Legal status of a company will not change just because government is a shareholder in that company
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Foreign company
A company registered in a country other than India is called foreign company. It has to get it self registered with registrar of companies in the state where it works and in Delhi as foreign company within 30 days of opening office in India. It must display a notice stating its registered office. It can be limited or private limited (but it has to mention it).
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Section 4: subsidiary company is that in which holding company holds 50% voting power / stake or controls the board of directors
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Investment company
According to Section 2(10A) of the Insurance Act, 1938, an investment company means a company whose principal business is the acquisition of shares, stocks, debentures or other securities. The main task of these companies is buying and selling securities of other companies.
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Producer company
Companies (Amendment) Act, 2002 had added a new Part IXA to the main Companies Act, 1956 consisting of 46 new Sections from 581A to 581ZT. It is a company framed by workers / producers and it is more of a type of cooperative of workers. It tries to distribute its profits among the producers / workers who act as producers.
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Finance company
It is a company which is engaged in accepting deposits, giving loans, and other related activities, According to Rule 2(cc) of the Companies (Acceptance of Deposits) Rules, 1975, a Financial Company means a nonbanking company which is a financial institution within the meaning of clause (c) of Section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934).
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