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Definition of Manager – Company Registration in Bangalore

Companies Act, 1956: Section 2(24) – Meaning of the term ‘manager’ Three conditions are to be satisfied before a person may become a manager under section 2(24) of the 1956 Act, viz., a) he must be an individual as opposed to a firm or a body corporate or an association, b) he must have the management of the whole or substantially the whole of the affairs of the company and c)he must be subject to the superintendence, control and direction…

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Agreement for Formation of a New Company to Exploit an Invention or Creation

Agreement for sale of invention The agreement for sale of patents as mentioned in this agreement should be properly drafted in consultation with the patents agents so that the said agreement may contain a complete specification of the invention which will be filed with the office of the Registrar of patents. Consideration for sale The amount invested in the sale of invention can be partly paid in cash and partly by allotment of shares or fully by cash or fully…

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Company’s duty to register its charges – Company Registration in Bangalore

Every company is obligated for creating a charge within or outside India,on its property or asserts or any of its undertakings, whether tangible or otherwise,and situated in or outside India,to register the particulars of the charge signed by the company and the charge-holder together with the instruments ,if any,creating such charge ,with the registrar within thirty days of its creation. Form and Manner for Register a company The application for registration of charge shall be submitted to the registrar for…

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Rectification of Register – Company Registration in Bangalore

Section 111 of Companies Act, 1956 Section 111(4) of the 1956 Act corresponds to sub-section (1) of s. 59 of the 2013 Act. As stated earlier, s. 111(4) was applicable only to private companies, however, section 59 is applicable to public companies as well. The notes below are in the context of s. 111(4) of the 1956 Act, and are relevant in the context of s. 59(1) of the 2013 Act. Please note that the case law below may also…

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Effect of Memorandum & Articles- Company Registration in Bangalore

Section 36 of the 1956 Act corresponds to section 10 of the 2013 Act and explains the effect of the memorandum and articles.They are very important documents and when they are registered they have the following impacts of : They bind the company and the members thereof to the same extend as if they respectively had been signed by the company and by each member. All deeds/covenants on its and his part must observe all the provisions of the memorandum…

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Liabilities of an Auditor – Company Registration in Bangalore

Factors that count towards liabilities Picking up the points from the cases considered above and others, NEILL LJ has listed the following factors to be considered in fixing this liabilities: The factors to be considered in determining whether the maker or giver owed a duty of care to the recipient not to be negligent in the statement or advice include the purpose for which the statement is made, the purpose for which the statement is communicated, the relation between the…

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Rights and Duties of the Auditors – Company Registration in Bangalore

Rights and Duties of the Auditor – Introduction Section 143(1) which specifies rights and duties of auditors and auditing standards is applicable to all the companies alike, whether public or private. Sub-section (1) of section 128 provides that the books of account should give a true and fair view of the state of affairs of the company or its branch, as the case may be, and explain its transactions. The books should be kept on accrual basis and according to…

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