Extract of Section 269 of Companies Act, 2013
Section 269 of Companies Act, 2013- Rehabilitation and Insolvency Fund
(1) There shall be formed a Fund to be called the Rehabilitation and Insolvency Fund for the purposes of rehabilitation, revival and liquidation of the sick companies.
(2) There shall be credited to the Fund—
(a) the grants made by the Central Government for the purposes of the Fund;
(b) the amount deposited by the companies as contribution to the Fund;
(c) the amount given to the Fund from any other source; and
(d) the income from investment of the amount in the Fund.
(3) A company which has contributed any amount to the Fund shall, in the event of proceedings initiated in respect of such company under this Chapter or Chapter XX, may make an application to the Tribunal for withdrawal of funds not exceeding the amount contributed by it, for making payments to workmen, protecting the assets of the company or meeting the incidental costs during proceedings.
(4) The Fund shall be managed by an administrator to be appointed by the Central Government in such manner as may be prescribed.
- See more at: Extract of Section 269 of Companies Act, 2013
PFA
Procedure to incorporate Section 8 Companiesby CA Sandeep Kanoi |
Objectives of Company proposed to be formed under Section 8 of Companies Act 2013 should be to promote commerce, art, science, sports education, research, social welfare, religion, charity, protection of environment or any such other object. [Section - 8(1) of Companies Act 2013]
PFA
FAQs about Compounding of Offences- Companies Act, 2013by CA Sandeep Kanoi |
As per companies act, 1956 sec 621A was applicable for compounding of offences and as per companies act, 2013 sec 441 is applicable. Only offences punishable under this act (i.e. companies act) WITH FINE ONLY can be compounded.Offences punishable with Fine or imprisonment Or Fine or imprisonment or both Compoundable with permission of Court
Extract of Section 441 of Companies Act, 2013by CA Sandeep Kanoi |
Section 441- Compounding of certain offences (1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, any offence punishable under this Act (whether committed by a company or any officer thereof) with fine only, may, either before or after the institution of any prosecution, be compounded by—
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