No. In this post, I am not discussing any existing law. This a proposal I received in form of a query on Quora about registration of a temporary company. I received another query, how India registered so many “paper companies”.
We have discussed in earlier post here, where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company.
The Companies (Miscellaneous) Rules 2014, for the purposes of sub-section (1) of section 455, a company may make an application in Form MSC-1 along with such fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 to the Registrar for obtaining the status of a Dormant Company in accordance with the provisions of section 455 after passing a special resolution to this effect in the general meeting of the company or after issuing a notice to all the shareholders of the company for this purpose and obtaining consent of at least 3/4th shareholders (in value). [Rule 3 of the Companies (Miscellaneous) Rules 2014]
Section 455 primarily deals with the provision regarding Dormant Companies. We need to understand inactive companies, first.
Posted in Chapter XXIX - CA2013, Companies Act 2013, Governance and Responsibility
Tagged Companies Act 2013, Companies Bill 2012, CorpGov, CorpLaw, Corporate Governance, Corporate Law, Dormant Company, Inactive Company, India, Legal Reforms, Ministry of corporate affairs, Reforms
UPDATE: on 30th August 2013: Companies Bill 2012 became the Companies Act, 2013 (Act 18 of 2013).
This is my first post after passing of the Companies Bill, 2012 by Rajya Sabha on 8th August 2013. Lok Sabha have already passed this Bill, earlier on 18th December 2012. The Bill is just one signature away from being an Act or two-three step away from come to be in forced by Notification.
Here, I try to study briefly some definitions related to companies under present Bill [Now the Companies Act, 2013]. Readers may please add their inputs in comment section of this post.
Posted in Chapter I - CA2013, Companies Act 2013, Governance and Responsibility
Tagged Associate Company, Banking Company, Body Corporate, Companies Bill 2012, Companies with Special Provisions, Company, Company incorporated outside India, Company Limited by Guarantee, Company Limited by Shares, CorpLaw, Corporate Law, Corporation, Dormant Company, Financial Institution, Government Company, Holding Company, Joint Venture Company, Listed Company, Ministry of corporate affairs, Nidhi Company, Non - Profit Company, One Person Company, Private Company, Producer Company, Public Company, Small Company, Subsidiary Company