What is Rectification of register of members and punishment for violation What is Publication of authorised, subscribed and paid-up capital Section 59 and 60 of Indian Companies Act 2013

Rectification of register of members and Publication of authorised, subscribed and paid-up capital are defined under Section 59 and 60 of Indian Companies Act 2013. Provisions under these sections are:

Section 59 of Indian Companies Act 2013 "Rectification of register of members"

(1) If the name of any person is, without sufficient cause, entered in the register of members of a company, or after having been entered in the register, is, without sufficient cause, omitted there from, or if a default is made, or unnecessary delay takes place in entering in the register, the fact of any person having become or ceased to be a member, the person aggrieved, or any member of the company, or the company may appeal in such form as may be prescribed, to the Tribunal, or to a competent court outside India, specified by the Central Government by notification, in respect of foreign members or debenture holders residing outside India, for rectification of the register.

(2) The Tribunal may, after hearing the parties to the appeal under sub-section (1) by order, either dismiss the appeal or direct that the transfer or transmission shall be registered by the company within a period of ten days of the receipt of the order or direct rectification of the records of the depository or the register and in the latter case, direct the company to pay damages, if any, sustained by the party aggrieved.

 

(3) The provisions of this section shall not restrict the right of a holder of securities, to transfer such securities and any person acquiring such securities shall be entitled to voting rights unless the voting rights have been suspended by an order of the Tribunal.

(4) Where the transfer of securities is in contravention of any of the provisions of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992 or this Act or any other law for the time being in force, the Tribunal may, on an application made by the depository, company, depository participant, the holder of the securities or the Securities and Exchange Board, direct any company or a depository to set right the contravention and rectify its register or records concerned. (Section 42 of Indian Companies Act 1956 and Section of Act 1992)

Punishment for violation of order of Tribunal as per Section 59 of Companies Act 2013

(5) If any default is made in complying with the order of the Tribunal under this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees, or with both.

Section 60 of Indian Companies Act 2013 "Publication of authorised, subscribed and paid-up capital"

(1) Where any notice, advertisement or other official publication, or any business letter, billhead or letter paper of a company contains a statement of the amount of the authorised capital of the company, such notice, advertisement or other official publication, or such letter, billhead or letter paper shall also contain a statement, in an equally prominent position and in equally conspicuous characters, of the amount of the capital which has been subscribed and the amount paid-up.

Penalty for violation of Section 60 of Companies Act 2013

(2) If any default is made in complying with the requirements of sub-section (1), the company shall be liable to pay a penalty of ten thousand rupees and every officer of the company who is in default shall be liable to pay a penalty of five thousand rupees, for each default.

 

What is Global depository receipt What is Offer or invitation for subscription of securities on private placement Section 41 and 42 of Indian Companies Act 2013

SHARE CAPITAL AND DEBENTURES

What are the kinds of share capital Section 43 of Indian Companies Act 2013

What is the Nature of shares or debentures What is Numbering of shares What is  Certificate of shares Section 44, 45 and 46 of Indian Companies Act 2013

What is Voting rights What is variation of shareholders rights Section 47 and 48 of Indian Companies Act 2013

Calls on shares of same class to be made on uniform basis. Company to accept unpaid share capital, although not called up. Section 49 and 50 of Indian Companies Act 2013

What is Payment of dividend in proportion to amount paid up What is Application of premiums received on issue of shares. Section 51 and 52 of Indian Companies Act 2013

What is Prohibition on issue of shares at discount What is the procedure for Issue of sweat equity shares Section 53 and 54 of Indian Companies Act 2013

What is the rule for Issue and redemption of preference shares Section 55 of Indian Companies Act 2013

What are the conditions for Transfer and transmission of securities Section 56 of Indian Companies Act 2013

What is the Punishment for personation of shareholder What is the Refusal of registration and appeal against refusal Section 57 and 58 of Indian Companies Act 2013

What is Rectification of register of members and punishment for violation What is Publication of authorised, subscribed and paid-up capital Section 59 and 60 of Indian Companies Act 2013

 

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