What are the grounds under Section 433 of Companies Act?

(d) if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two; (e) if the company is unable to pay its debts; (f) if the Court is of opinion that it is just and equitable that the company should be wound up.

How many sections were there in Companies Act 1956?

658 Sections
The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.

Which section of the Companies Act, 1956 define share?

Shares are considered as a type of security. Securities is defined in the Sub-section 80 of Section 2 of the said Act, which refers to the definition of the securities as defined in clause (h) of section 2 of the Securities Contracts Act, 1956.

What happens if a limited company Cannot pay its debts?

If your company cannot pay its debts Your limited company can be liquidated (‘wound up’) if it cannot pay its debts. The people or organisations your company owes money to (your ‘creditors’) can apply to the court to get their debts paid. They can do this by either: getting a court judgment.

What are the features of Companies Act 1956?

As per the Companies Act 1956, every company possesses a legal entity which is separate from its constituent shareholders and members. It can also be termed as an autonomous body which has the power to open a bank account under its own name. It can also sue and be sued by its own members or other parties.

Who is liable if a company Cannot pay its debts?

If you have signed a director’s personal guarantee on any loan, lease or contract, you will be made personally liable for the debt if the company is unable to pay. Typically, personal guarantees are required on loans for business vehicles or equipment, a credit line from a bank, or a commercial lease.

What is section 433 of the Companies Act 1956?

Central Government Act Section 433 in The Companies Act, 1956 433. Circumstances in which company may be wound up by Court. A company may be wound up by the Court,- (a)if the company has, by special resolution, resolved that the company be wound up by the Court;

When to pay 434 in the Companies Act?

Free for one month and pay only if you like it. 434. Company when deemed unable to pay its debts.

What are the rules of the Companies Act?

(2) Words and expressions used in these rules and not defined, but defined in the Companies Act, 1956 (1 of 1956) (herein referred to as the Act), the Companies Act, 2013 (18 of 2013) or the Companies (Court) Rules, 1959 or the Code shall have the meanings respectively assigned to them in the respective Act or rules or the Code, as the case may be.

What are the grounds under Section 433 of Companies Act? (d) if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two; (e) if the company is unable to pay its debts; (f) if the Court is of opinion that…