Examples of CA 2013 in a sentence
The CA 2013, whilst retaining the other requirements pertaining to buy backs as existing under the CA 1956, now prescribes a cooling off period of 365 days has to be maintained between any 2 buy backs, whether shareholder approved or board approved.Key Takeaway: Under the CA 2013 a cooling off period of 365 days has to be maintained between any 2 buy backs, whether shareholder approved or board approved, removing the flexibility that existed under the CA 1956.
Board and lodging will be charged for, except for families in receipt of Income Support or Working Families Tax Credit who should make a special application in confidence to the Head Teacher.The cost of travel, entrance fees, educational activities, insurance and staff expenses will be covered by inviting voluntary contributions.
Although it may be true that these added checks and restraints result from some of the scams that were discovered in the past wherein the provisions under CA 1956 were misused by some companies to, inter alia, siphon off money from the public, these changes will surely make doingbusiness (or rather compliance with CA 2013) more challenging for India Inc.
The proviso to Section 58(2) of the CA 2013, states that any contract or arrangement between two or more persons in the context of a public limited company with regard to transfer of securities shall be enforceable as contract.
While CA 1956 permitted issuance of shares at a discount subject to, inter alia, Central Government approval, CA 2013 prohibits issuance of shares at a discount other than sweat equity shares.
CONCLUSION While CA 2013 has brought about a few welcome changes for investors and companies alike, it has equally introduced hurdles and additional compliance requirements which shall require significant re working on some of the existing structures and steps used by corporates for raising capital and managing the rights of strategic investors in the company along with the other shareholders including the promoters.
Under CA 2013, bonus shares may be issued to its members by a company out of its free reserves or security premium account or capital redemption reserve account.
Pursuant to Section 180(1)(a) of CA 2013, a special resolution is required to be passed by the members of a company prior to selling, leasing or otherwise disposing of the whole or substantially the whole of the undertaking of the company.
Pursuant to the provisions of Sections 108, 110 and other applicable provisions, if any, of the CA 2013 read with Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014, Regulation 44 of Listing Regulations, MCA Circulars and any other applicable provisions, if any, the Company has extended remote e- Voting facility to enable the members to cast their votes electronically through the remote e-voting services provided by NSDL.
The provisions of Section 134(3) (m) of the CA 2013 relating to conservation of energy and technology absorption do not apply to the Company.