PPT: Management & Administration | Corporate & Other Laws for CA Intermediate PDF Download

 Page 1


SECTION 407: Definitions
MANAGEMENT AND 
ADMINISTRATION
Page 2


SECTION 407: Definitions
MANAGEMENT AND 
ADMINISTRATION
Section 91:Power to close register of members or 
debenture holders or other security holders
***Penalty for default has become more stringent.
Section 154
Companies Act 1956
Section 91
Companies Act 2013
1)Company and every officer 
of the company in default 
shall be punishable with  fine
that may extent to Rs.5,000.
2) Manner of giving notice of 
book closure-Newspaper. 
1) Every officer under default 
shall be liable for penalty of 
five thousand rupees for every 
day subject to a maximum of 
one lakh rupees during which 
the register is kept closed.
2) Manner of giving notice of 
book closure-will be 
prescribed in the rules
Page 3


SECTION 407: Definitions
MANAGEMENT AND 
ADMINISTRATION
Section 91:Power to close register of members or 
debenture holders or other security holders
***Penalty for default has become more stringent.
Section 154
Companies Act 1956
Section 91
Companies Act 2013
1)Company and every officer 
of the company in default 
shall be punishable with  fine
that may extent to Rs.5,000.
2) Manner of giving notice of 
book closure-Newspaper. 
1) Every officer under default 
shall be liable for penalty of 
five thousand rupees for every 
day subject to a maximum of 
one lakh rupees during which 
the register is kept closed.
2) Manner of giving notice of 
book closure-will be 
prescribed in the rules
Section 91:Power to close register of members or 
debenture holders or other security holders
1) A company may close the register of members or the register of debenture 
holders or the register of other security holders for any period or periods not 
exceeding in the aggregate forty-five days in each year, but not exceeding 
thirty days at any one time, subject to giving of previous notice of at least 
seven days or such lesser period as may be specified by Securities and 
Exchange Board for listed companies or the companies which intend to get 
their securities listed, in such manner as may be prescribed.
(2) If the register of members or of debenture-holders or of other security holders 
is closed without giving the notice as provided in sub-section (1), or after 
giving shorter notice than that so provided, or for a continuous or an 
aggregate period in excess of the limits specified in that sub-section, the 
company and every officer of the company who is in  default shall be liable to 
a penalty of five thousand rupees for every day subject to a maximum of one 
lakh rupees during which the register is kept closed.
Page 4


SECTION 407: Definitions
MANAGEMENT AND 
ADMINISTRATION
Section 91:Power to close register of members or 
debenture holders or other security holders
***Penalty for default has become more stringent.
Section 154
Companies Act 1956
Section 91
Companies Act 2013
1)Company and every officer 
of the company in default 
shall be punishable with  fine
that may extent to Rs.5,000.
2) Manner of giving notice of 
book closure-Newspaper. 
1) Every officer under default 
shall be liable for penalty of 
five thousand rupees for every 
day subject to a maximum of 
one lakh rupees during which 
the register is kept closed.
2) Manner of giving notice of 
book closure-will be 
prescribed in the rules
Section 91:Power to close register of members or 
debenture holders or other security holders
1) A company may close the register of members or the register of debenture 
holders or the register of other security holders for any period or periods not 
exceeding in the aggregate forty-five days in each year, but not exceeding 
thirty days at any one time, subject to giving of previous notice of at least 
seven days or such lesser period as may be specified by Securities and 
Exchange Board for listed companies or the companies which intend to get 
their securities listed, in such manner as may be prescribed.
(2) If the register of members or of debenture-holders or of other security holders 
is closed without giving the notice as provided in sub-section (1), or after 
giving shorter notice than that so provided, or for a continuous or an 
aggregate period in excess of the limits specified in that sub-section, the 
company and every officer of the company who is in  default shall be liable to 
a penalty of five thousand rupees for every day subject to a maximum of one 
lakh rupees during which the register is kept closed.
Section 100:Calling of extraordinary general meeting.
Section 169 of Companies Act 1956 Section 100 of Companies Act 2013
1) This provision was mentioned in 
Reg.48(1) of table A of Sch.I
2) Section 169 provided that in case 
of jointly held shares, a requisition 
signed by one or some only of the 
joint shareholder shall be as valid 
as if it had been signed by all of 
them.
1) Section 100(1) of the act provides
that the board may, whenever it
deems fit, call an EGM.
2) This provision is omitted.
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SECTION 407: Definitions
MANAGEMENT AND 
ADMINISTRATION
Section 91:Power to close register of members or 
debenture holders or other security holders
***Penalty for default has become more stringent.
Section 154
Companies Act 1956
Section 91
Companies Act 2013
1)Company and every officer 
of the company in default 
shall be punishable with  fine
that may extent to Rs.5,000.
2) Manner of giving notice of 
book closure-Newspaper. 
1) Every officer under default 
shall be liable for penalty of 
five thousand rupees for every 
day subject to a maximum of 
one lakh rupees during which 
the register is kept closed.
2) Manner of giving notice of 
book closure-will be 
prescribed in the rules
Section 91:Power to close register of members or 
debenture holders or other security holders
1) A company may close the register of members or the register of debenture 
holders or the register of other security holders for any period or periods not 
exceeding in the aggregate forty-five days in each year, but not exceeding 
thirty days at any one time, subject to giving of previous notice of at least 
seven days or such lesser period as may be specified by Securities and 
Exchange Board for listed companies or the companies which intend to get 
their securities listed, in such manner as may be prescribed.
(2) If the register of members or of debenture-holders or of other security holders 
is closed without giving the notice as provided in sub-section (1), or after 
giving shorter notice than that so provided, or for a continuous or an 
aggregate period in excess of the limits specified in that sub-section, the 
company and every officer of the company who is in  default shall be liable to 
a penalty of five thousand rupees for every day subject to a maximum of one 
lakh rupees during which the register is kept closed.
Section 100:Calling of extraordinary general meeting.
Section 169 of Companies Act 1956 Section 100 of Companies Act 2013
1) This provision was mentioned in 
Reg.48(1) of table A of Sch.I
2) Section 169 provided that in case 
of jointly held shares, a requisition 
signed by one or some only of the 
joint shareholder shall be as valid 
as if it had been signed by all of 
them.
1) Section 100(1) of the act provides
that the board may, whenever it
deems fit, call an EGM.
2) This provision is omitted.
Section 100:Calling of extraordinary general meeting.
Section 169 of Companies Act 1956 Section 100 of Companies Act 2013
3.) This categorically provided that if 
meeting called by the 
requisitionists themselves shall not 
be held after the expiration of 3 
months from the date of 
requisition. However, a meeting 
commenced within 3 months may 
be adjourned to a date after the 
said 3 months.
3) The act omits this provision.
In other words the 3 months time 
limit appears to be directory and 
not mandatory.