Establishing Strategic Pay Plan
INTRODUCTION
The Companies Act, 1956 provides for a variety of companies of which can be promoted and registered under this Act. The three basic types of companies which may be registered under the Act are: • Private companies;
• Public companies ; and
• Producer companies
PRIVATE COMPANY
Section 3(1)(iii),a private company means a company, which has a minimum paid up capital of one lakh rupees or such higher paid-up capital as may be prescribed , and by its articles: a) Restricts the right to transfer its share, if any
b) Limits the number of its member to fifty
c) Prohibits any invitation to the public to subscribe for any share in , or debenture of the company
d) Prohibits any invitation or acceptance of deposit from person other than its member, directors of their relative.
PUBLIC COMPANY
Section 3(1) (IV), public company means a company which: a) It not a private company;
b) Has minimum paid –up capital of five lakhs rupees such higher paid – up capital as may be prescribed;
c) Is a private company which is a subsidiary of a company which is not a private company
A public company may be said to be an association consisting of not less than 7 members, which is registered under this Act
NOTE
every public company existing on the commencement of the companies (Amendment)Act, 2000.with a paid-up capital of less than five lakh rupees, was required to within the a period of two year from such commencement, enhance its paid-up capital of five lakhs rupees. Where a public company failed to do so such company was deemed to be Defunt Company within the meaning of section 560.
EMPLOYEE STOCK OPTION SCHEME (ESOS) Employee Stock Option Scheme means the option given to the Whole Time Directors, Officers and Employees of the Company which gives them a right or benefit to purchase or subscribe the securities offered by the Company at a predetermined price at a future date.
THE MINIMUM WAGES ACT, 1948
The Companies Act, 1956 provides for a variety of companies of which can be promoted and registered under this Act. The three basic types of companies which may be registered under the Act are: • Private companies;
• Public companies ; and
• Producer companies
PRIVATE COMPANY
Section 3(1)(iii),a private company means a company, which has a minimum paid up capital of one lakh rupees or such higher paid-up capital as may be prescribed , and by its articles: a) Restricts the right to transfer its share, if any
b) Limits the number of its member to fifty
c) Prohibits any invitation to the public to subscribe for any share in , or debenture of the company
d) Prohibits any invitation or acceptance of deposit from person other than its member, directors of their relative.
PUBLIC COMPANY
Section 3(1) (IV), public company means a company which: a) It not a private company;
b) Has minimum paid –up capital of five lakhs rupees such higher paid – up capital as may be prescribed;
c) Is a private company which is a subsidiary of a company which is not a private company
A public company may be said to be an association consisting of not less than 7 members, which is registered under this Act
NOTE
every public company existing on the commencement of the companies (Amendment)Act, 2000.with a paid-up capital of less than five lakh rupees, was required to within the a period of two year from such commencement, enhance its paid-up capital of five lakhs rupees. Where a public company failed to do so such company was deemed to be Defunt Company within the meaning of section 560.
EMPLOYEE STOCK OPTION SCHEME (ESOS) Employee Stock Option Scheme means the option given to the Whole Time Directors, Officers and Employees of the Company which gives them a right or benefit to purchase or subscribe the securities offered by the Company at a predetermined price at a future date.
THE MINIMUM WAGES ACT, 1948