CMA Notified Sections For December 2015
CMA Notified Sections For December 2015
CMA Notified Sections For December 2015
CHAPTER I: Preliminary
1 Short title, extent, commencement and application 29-8-2013
2 Definitions
2(1) "abridged prospectus" 12-9-2013
2(2) "accounting standards" 1-4-2014
2(3) "alter" or "alteration" 12-9-2013
2(4) "Appellate Tribunal" 12-9-2013
2(5) "articles" 12-9-2013
2(6) "associate company" 12-9-2013
2(7) "auditing standards" 1-4-2014
2(8) "authorised capital" or "nominal capital" 12-9-2013
2(9) "banking company" 12-9-2013
2(10) "Board of Directors" or "Board" 12-9-2013
2(11) "body corporate" or "corporation" 12-9-2013
2(12) "book and paper" and "book or paper" 12-9-2013
2(13) "books of account" 1-4-2014
2(14) "branch office" 12-9-2013
2(15) "called-up capital" 12-9-2013
2(16) "charge" 12-9-2013
2(17) "chartered accountant" 12-9-2013
2(18) "Chief Executive Officer" 12-9-2013
2(19) "Chief Financial Officer" 12-9-2013
2(20) "company" 12-9-2013
2(21) "company limited by guarantee" 12-9-2013
2(22) "company limited by shares" 12-9-2013
2(23) Company Liquidator Not yet enforced -
2(24) "company secretary" or "secretary" 12-9-2013
2(25) "company secretary in practice" 12-9-2013
2(26) "contributory" 12-9-2013
2(27) "control" 12-9-2013
2(28) "cost accountant" 12-9-2013
Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1/28
Notified Sections for December 2015 (Annexure 1)
Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 2/28
Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
231 Power of Tribunal to enforce compromise or arrangement Not yet enforced 392
232 Merger and amalgamation of companies Not yet enforced 394
233 Merger or amalgamation of certain companies Not yet enforced -
234 Merger or amalgamation of company with foreign company Not yet enforced -
235 Power to acquire shares of shareholders dissenting from Not yet enforced 395
scheme or contract approved by majority
236 Purchase of minority shareholding Not yet enforced -
237 Power of Central Government to provide for amalgamation of Not yet enforced 396
companies in public interest
238 Registration of offer of schemes involving transfer of Not yet enforced -
shares
239 Preservation of books and papers of amalgamated Not yet enforced 396A
companies
240 Liability of officers in respect of offences committed Not yet enforced -
prior to merger, amalgamation, etc.
CHAPTER XVI: Prevention of Oppression and Mismanagement
241 Application to Tribunal for relief in cases of oppression, Not yet enforced 397
etc. 398
242 Powers of Tribunal Not yet enforced 401
402
403
404
243 Consequence of termination or modifications of certain Not yet enforced 407
agreements
244 Right to apply under section 241 Not yet enforced 399
245 Class action Not yet enforced -
246 Application of certain provisions to proceedings under Not yet enforced 406
section 241 or section 245
249 Restrictions on making application under section 248 in Not yet enforced -
certain situations
250 Effect of company notified as dissolved Not yet enforced -
255 Exclusion of certain time in computing period of limitation Not yet enforced -
Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 13/28
Notified Sections for December 2015 (Annexure 1)
274 Directions for filing statement of affairs Not yet enforced 446A
275 Company Liquidators and their appointments Not yet enforced 448
450
276 Removal and replacement of liquidator Not yet enforced -
277 Intimation to company liquidator, provisional liquidator and Not yet enforced 444
Registrar 445
278 Effect of winding up order Not yet enforced 447
279 Stay of suits, etc., on winding up order Not yet enforced 446(1)/(4)
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Notified Sections for December 2015 (Annexure 1)
291 Provision for professional assistance to Company Liquidator Not yet enforced 459
292 Exercise and control of Company Liquidator's powers Not yet enforced 460
293 Books to be kept by Company Liquidator Not yet enforced 461
294 Audit of Company Liquidator's accounts Not yet enforced 462
295 Payment of debts by contributory and extent of setoff Not yet enforced 469
296 Power of Tribunal to make calls Mot yet enforced 470
297 Adjustment of rights of contributories Not yet enforced 475
298 Power to order costs Not yet enforced 476
299 Power to summon persons suspected of having property of Not yet enforced 477
company, etc.
300 Power to order examination of promoters, directors, etc. Not yet enforced 478
301 Arrest of person trying to leave India or abscond Not yet enforced 479
302 Dissolution of company by Tribunal Not yet enforced 481
303 Appeals from orders made before commencement of Act Not yet enforced 483
304 Circumstances in which company may be wound up Not yet enforced 484
voluntarily
305 Declaration of solvency in case of proposal to wind up Not yet enforced 488
voluntarily
306 Meeting of creditors Not yet enforced 500
501
307 Publication of resolution to wind up voluntarily Not yet enforced 485
308 Commencement of voluntary winding up Not yet enforced 486
309 Effect of voluntary winding up Not yet enforced 487
310 Appointment of Company Liquidator Not yet enforced 490
502
504
311 Power to remove and fill vacancy of Company Liquidator Not yet enforced 492
506
312 Notice of appointment of Company Liquidator to be given Not yet enforced 493
to Registrar 516
313 Cesser of Board's powers on appointment of Company Not yet enforced 491
Liquidator 505
314 Powers and duties of Company Liquidator in voluntary Not yet enforced 512
winding up
315 Appointment of committees Not yet enforced 503
316 Company Liquidator to submit report on progress of Not yet enforced 496
winding up 508
317 Report of Company Liquidator to Tribunal for examination of Not yet enforced 519
persons
318 Final meeting and dissolution of company Not yet enforced 497
509
319 Power of Company Liquidator to accept shares, etc., as Not yet enforced 494
consideration for sale of property of company
320 Distribution of property of company Not yet enforced 511
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Notified Sections for December 2015 (Annexure 1)
321 Arrangement when binding on company and creditors Not yet enforced 517
322 Power to apply to Tribunal to have questions determined, etc. Not yet enforced 518
323 Costs of voluntary winding up Not yet enforced 520
324 Debts of all descriptions to be admitted to proof Not yet enforced 528
325 Application of insolvency rules in winding up of insolvent Not yet enforced 529
companies
326 Overriding preferential payments Not yet enforced 529A
331 Liabilities and rights of certain persons fraudulently Not yet enforced 533
preferred
332 Effect of floating charge Not yet enforced 534
333 Disclaimer of onerous property Not yet enforced 535
334 Transfers, etc., after commencement of winding up to be Not yet enforced 536
void
335 Certain attachments, executions, etc., in winding up by Not yet enforced 537
Tribunal to be void
336 Offences by officers of companies in liquidation Not yet enforced 538
539
337 Penalty for frauds by officers Not yet enforced 540
338 Liability where proper accounts not kept Not yet enforced 541
339 Liability for fraudulent conduct of business Not yet enforced 542
340 Power of Tribunal to assess damages against delinquent Not yet enforced 543
directors, etc.
341 Liability under sections 339 and 340 to extend to partners or Not yet enforced 544
directors in firms or companies
342 Prosecution of delinquent officers and members of company Not yet enforced 545
343 Company Liquidator to exercise certain powers subject to Not yet enforced 546
sanction
344 Statement that a company is in liquidation Not yet enforced 547
345 Books and papers of company to be evidence Not yet enforced 548
346 Inspection of books and papers by creditors and Not yet enforced 549
contributories
347 Disposal of books and papers of company Not yet enforced 550
348 Information as to pending liquidations Not yet enforced 551
349 Official Liquidator to make payments into public account of Not yet enforced 552
India
350 Company Liquidator to deposit monies into scheduled bank Not yet enforced 553
Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 16/28
Notified Sections for December 2015 (Annexure 1)
351 Liquidator not to deposit monies into private banking Not yet enforced 554
account
352 Company Liquidation Dividend and Undistributed Assets Not yet enforced 555
Account
353 Liquidator to make returns, etc. Not yet enforced 556
354 Meetings to ascertain wishes of creditors or contributories Not yet enforced 557
355 Court, Tribunal or person, etc., before whom affidavit Not yet enforced 558
may be sworn
356 Powers of Tribunal to declare dissolution of company void Not yet enforced 559
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
427 President, Members, officers, etc., to be public servants Not yet enforced 10FY
428 Protection of action taken in good faith Not yet enforced 10FZ
429 Power to seek assistance of Chief Metropolitan Magistrate, Not yet enforced 10FP
etc.
430 Civil court not to have jurisdiction Not yet enforced 10
10GB
431 Vacancy in Tribunal or Appellate Tribunal not to invalidate Not yet enforced 10GC
acts or proceedings
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Notified Sections for December 2015 (Annexure 1)
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Notified Sections for December 2015 (Annexure 1)
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