which the Court can order that a company be wound up compulsorily. B.H McPherson defines winding-up as a process whereby the assets of a company are collected and realised‚ the resulting proceeds are applied in discharging all its debts and liabilities‚ and any balance which remained after paying the cost and expense of winding-up is distributed among the members according to their rights and interests or otherwise dealt with as the constitution of the company directs. S213 of the 1963 Act sections
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prefer to work for a large company. Others prefer to work for a small company. Which would you prefer? Use specific reasons and examples to support your choice. The issue whether working for a large company is better than working for a small company is a controversial one. From my everyday experience and observation I think that every option has its advantages and disadvantages. I base my opinion on the following points. From the one side working for a large company brings many benefits. First
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Introduction Toyota’s motor company is a Japanese automotive maker that has its headquarters in Toyota Aichi in Japan. Toyota manufactures a range of products line up that ranges from subcompact luxury and sports vehicles to trucks‚ buses‚ minivans‚ and SUVs. It produces about five brands of vehicles which include Lexus‚ Hino‚ Ranz‚ Scion and Toyota brand. The company holds stakes in various automotive companies such as Daihatsu‚ Isuzu‚ Tesla and Fuji. All of its products are manufactured red either
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Joint Stock Company form of business organization has become extremely popular as it provides a solution to (2) overcome the limitations of partnership business. The Multinational companies like Coca-Cola and‚ General Motors have their investors and customers spread throughout the world. The giant Indian Companies may include the names like Reliance‚ Talco Bajaj Auto‚ Infosys Technologies‚ Hindustan Lever Ltd.‚ Ranbaxy Laboratories Ltd.‚ and Larsen and Tubro etc. 1.2 MEANING OF COMPANY Section
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BT20403/Company Law Business Entities: Company Law Topics covered: Types of Company Formation of a company; • Promoters Pre-Incorporation Contract • Memorandum and Articles of Association Inconsistency between the object and the company’s activities Upon incorporation: • Company is an artificial legal person • Separate legal entity Lifting the corporate veil scs&ismk/company law CONT. 2 The Effect of Incorporation • Memorandum of Association & Articles of Directors’
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usually do not look behind ‘the veil’ to inquire why the company was formed or who really controls it. However‚ in some situations the veil is pierced so as to render officers criminally liable for their company’s breaches of the Act. Explain clearly statutory exceptions where the court would lift the veil of incorporation. The required characteristic of a company is that it exists as a separate legal entity from its members of the company. The separate legal entity was authoritatively established
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The Companies Act‚ 1956 Sec 1 Short title‚ and commencement (1) This Act may be called the Companies (Amendment) Act‚ 2000. (2) The provisions of this Act‚ other than sections 7 and 75‚ shall come into force at once and sections 7 and 75 shall come into force on such date as the Central Government may‚ by notification in the Official Gazette‚ appoint. Sec 2 Definitions In this Act‚ unless the context otherwise requires‚ (1) "abridged prospectus" means a memorandum containing such salient features
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If they are to conduct the Smallco Graphics business through a company‚ a very significant of the advantages will be the separate legal entity‚ which means that from the view of the law‚ a company is treated as a separate person. Hence‚ the debts of the company will be limited to the amount remaining unpaid on the members’ shares. This is also called “limited liability” of the members. Apart from the limited liability‚ a company has a perpetual succession‚ meaning that it is a continuing entity
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Limited(the directors are same in both of the companies according to the article of Y Limited) with the breach of pre-incorporation. After the incorporation of association company comes in existence‚ and starts its business after that. Before incorporation company have no legal existence‚ and if enters into an agreement in the name of company before incorporation‚ the agreement would not be valid. The corporate personality with separate legal identity of company confirms about the limited liability of
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issue of a company buying back its shares has moved beyond the realm of abstract discussion among academicians and into the real world of corporate controversies. The endeavour should be to provide one with an overview of the concept of ‘buy-back’ of shares‚ the ensuing debate and some recommendations. Understanding the Concept In law‚ a company being a separate legal personality is capable of buying and holding property in its own name. a corollary to this privilege would be that a company could buy
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