Foundations of all great buildings are usually a neglected construction but ensuring long life of the building. Subscription Sheet is one of the neglected areas of our discussions in corporate laws. With the introduction of eMemorandum of Association (SPICe MoA) and eArticles of Association (SPICe AoA), we usually consider it obsolete. No, it is actually not.
Posted in Chapter II - CA2013, Companies Act 2013
Tagged Form 32, Form SPICe, Subscriber, Subscriber sheet, subscriber to memorandum
Present scheme of the Companies Act, 1956 treat wrong doing principal officers of a company as “officer who is in default”. The Act under Section 5 explicitly lists “Officer who is in default”. This list, which looks like a most wanted list of police department, really cast numerous responsibilities on these officers. Presently, the Secretary of the company seems to be only professional listed herein. As all other persons, may or may not be professionally qualified, are business person and technical persons with only average person knowledge of his legal responsibilities. This section not only cast on the secretary practically all legal responsibilities of the company’s legal administration but also put him in much bigger shoes.
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AishMGhrana 