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3.
4.
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3(1)
(iii)
3(1)(iv)
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Private
Company
Public
Company- means a Company which is not a Private
Company.
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A
Private Company, should have a minimum paid-up
capital of Rs.1,00,000 or such higher capital
as may be prescribed and shall by its Articles
in addition to the 3 restrictions earlier provided
for by the Act, prohibit any invitation or acceptance
of deposits from persons other than its members,
directors or their relatives.
As
per letter No.1/101/75-CL-XIV, dated 21-10-1976,
of the Department of Company Affairs, with regard
to Section 58A of the Act, amount received from
a director of the Company or its Shareholders
by a Private Company, shall not be treated as
Public Deposits. [But relatives and Employees
shall fall under the category of Public unless
expressly exempted.]
A
Public Company- Means a Company which-
-
is
not a private Company;
-
has
a minimum paid-up share capital of Rs.5,00,000
or such higher capital as may be prescribed;
-
is
a private Company which is a subsidiary of
a Company which is not a Private Company;
All
existing Private Companies and Public Companies
having less than Rs.1Lakh and Rs.5 Lakh paid-up
capital respectively as on date of the commencement
of the amending Act, shall increase their paid
up Capital to the aforesaid limits within
a period of 2 years of such commencement. If they
fail to do so, they shall be deemed to be defunct
Companies under section 560.
Section
25 Companies are exempt from maintaining the minimum
paid-up capital requirement.
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5.
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17
17A
(new)
Section
146
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Change
of Registered Office from one State to Another
The
said section of the Principal Act, provides for
shifting the Registered Office beyond the local
limits of a city , town or village but within
the same State by a Special Resolution.
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For
shifting of the Registered Office within the State
from the jurisdiction of one Registrar of Companies
to that of another, Prior confirmation of the
Regional Director is now necessary.
But
if the change is within the jurisdiction of the
same Registrar, the aforesaid procedure will not
apply.
The
section has not become effective so far.
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