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by Tejpal Sheth
Business Law, 3rd Edition
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Applying Macroeconomics to the Real World
Title Page
Contents
Preface to the Third Edition
Preface to the Second Edition
Preface to the First Edition
About the Author
Introduction to Constitution of India
1 The Indian Contract Act, 1872: Nature and Kind of Contracts
1.1 Scope of the Act
1.2 What is a Contract?
1.3 Essential Elements of Valid Contracts—Section 10
1.4 Distinguish between an Agreement and a Contract
1.5 Types of Contract or Classification of Contract
1.6 Distinguish between Void and Voidable Contract
1.7 Distinguish between Void and Illegal Agreement
1.8 Similarities between Void and Illegal Agreements
2 The Indian Contract Act, 1872: Offer and Acceptance of an Offer
2.1 Essential Elements of an Offer (Proposal)
2.2 Legal Rules as to Offer
2.3 Distinguish between Invitation to Offer and an Offer
2.4 Classification of Offers or Kinds of Offers
2.5 Distinguish between General Offer and Specific Offer
2.6 Lapse of Offer or When Offer Comes to an End
2.7 Legal Rules for the Acceptance
2.8 General Rules as to Communication of Acceptance
2.9 Communication of Offer and Acceptance—Sections 4 and 5
3 The Indian Contract Act, 1872: Capacity of Parties and Consideration
3.1 Capacity of Parties
3.2 Minor
3.3 Effect of Minor’s Agreement
3.4 Different Position of a Minor
3.5 Minor’s Liability for Necessities
3.6 Person of Unsound Mind
3.7 Person Disqualified by Law
3.8 What is Consideration?
3.9 Type of Consideration
3.10 Essentials of Valid Consideration
3.11 Stranger to Contract and Stranger to Consideration
3.12 Exception to the Rule of Stranger to Contract
3.13 Exception to Rule ‘No Consideration No Contract’—Section 25
4 The Indian Contract Act, 1872: Free Consent
4.1 Meaning of a Consent—Section 13
4.2 Free Consent—Section 14
4.3 Coercion
4.4 Certain Threats do not Amount to Coercion
4.5 Undue Influence
4.6 When a Person is Deemed to be in Position to Dominance of will of Others?
4.7 Distinguish between Coercion and Undue Influences
4.8 Fraud
4.9 Essential Elements of Fraud
4.10 Exception to the Rule—Silence is not Fraud
4.11 Contract of Ubberimae Fidei
4.12 Effects of Fraud
4.13 Misrepresentation
4.14 Essential Elements of Misrepresentation
4.15 Distinguish between Fraud and Misrepresentation
4.16 Similarities between Fraud and Misrepresentation
4.17 Mistake
4.18 Distinguish between Unilateral Mistake and Bilateral Mistake
5 The Indian Contract Act, 1872: Void Agreement and Contingent Contract
5.1 When an Object or a Consideration is Unlawful?—Section 23
5.2 An Agreement Opposed to Public Policy
5.3 Agreements in Restraint of Trade—Section 27
5.4 Agreement in Restraint of Legal Proceedings—Section 28
5.5 Agreements Unlawful in Parts
5.6 Wagering Agreement—Section 30
5.7 Essentials of Wagering Agreement
5.8 Effects of Wagering Agreement
5.9 Distinguish between a Wagering Agreement and an Insurance Contract
5.10 Distinguish between a Wagering Agreement and a Contingent Contract
5.11 Illegal Agreement
5.12 Contingent Contract—Section 31
5.13 Essential Features of Contingent Contract
5.14 Rules Regarding Enforcement of Contingent Contract
5.15 Uncertain Agreement
5.16 Distinguish between a Void Agreement and a Void Contract
6 The Indian Contract Act, 1872: Performance of Contract
6.1 Essentials of a Valid Tender
6.2 Effects of a Valid Tender
6.3 Types of Tenders
6.4 Contracts which Need not to Perform
6.5 Who can Perform Contract?
6.6 Performance of Joint Promise—Sections 42–45
6.7 Time and Place for Performance of Promise—Sections 46–50
6.8 Who can Demand Performance of Promise?
6.9 Kinds of Reciprocal Promise
6.10 Rules Regarding Performance of Reciprocal Promises
6.11 Time is the Essence of a Contract
6.12 Appropriation of Payments—Sections 59–61
6.13 Assignment and Succession of a Contract
7 The Indian Contract Act, 1872: Discharge of a Contract
7.1 Discharge of a Contract
7.2 Discharge of a Contract on Performance
7.3 Discharge of a Contract by a Mutual Agreement or by an Implied Consent
7.4 Distinguish between a Novation and an Alteration
7.5 Distinguish between a Rescission and an Alteration
7.6 Discharge of a Contract by Impossibility of Performance
7.7 Specific Grounds of Subsequent Impossibilities
7.8 Cases where a Contract is not Discharged on the Ground of Supervening Impossibility
7.9 Discharge of a Contract by Lapse of Time
7.10 Discharge of a Contract by Operation of Law
7.11 Discharge of a Contract by Breach of Contract
8 The Indian Contract Act, 1872: Remedies for Breach of Contract and Quasi-contract
8.1 Rescission of a Contract—Section 39
8.2 Suit for Damages
8.3 Kinds of Damages
8.4 Suit for a Specific Performance
8.5 Suit for Injunction
8.6 Quantum Meruit
8.7 Quasi-Contract—Sections 68–72
8.8 Distinguish between a Quasi-Contract and a Contract
9 The Indian Contract Act, 1872: Indemnity and Guarantee
9.1 Indemnity Contract
9.2 Essential Elements of an Indemnity Contract
9.3 Right of an Indemnity Holder—Section 125
9.4 Guarantee
9.5 Essential Elements of Contract of Guarantee
9.6 Kinds of Guarantee
9.7 Revocation of a Continuing Guarantee
9.8 Surety’s Liability—Section 128
9.9 Rights of Surety
9.10 Discharge of a Surety
9.11 Difference between a Contract of Indemnity and a Contract of Guarantee
10 The Indian Contract Act, 1872: Bailment and Pledge
10.1 What is a Bailment?
10.2 Essentials of a Valid Bailment
10.3 Types of Bailment
10.4 Duties of a Bailee
10.5 Duties of a Bailor
10.6 Bailee’s Rights
10.7 Bailor’s Rights
10.8 Termination of a Bailment
10.9 Lien
10.10 Difference between a General Lien and a Particular Lien
10.11 Finder of Goods
10.12 Pledge
10.13 Rights of a Pawnee
10.14 Rights of a Pawnor
10.15 Pledge by a Non-Owner
10.16 Distinguish between a Bailment and a Pledge
11 The Indian Contract Act, 1872: Agency
11.1 Contract of Agency
11.2 Essentials for a Valid Agency
11.3 Test of an Agency
11.4 Difference between an Agent and a Servant
11.5 Difference between an Agent and an Independent Contractor
11.6 Different Kinds of Agents
11.7 Mode of Creating an Agency
11.8 Requisites of a Valid Ratification—Sections 198–200
11.9 Husband and Wife
11.10 Extent of an Agent’s Authority
11.11 Delegation of Authority by an Agent
11.12 Sub-Agent—Section 191
11.13 Substituted Agent or Co-Agent—Section 194
11.14 Difference between a Sub-Agent and a Substituted Agent
11.15 Duties of an Agent
11.16 Rights of an Agent 172
11.17 Position of a Principal and an Agent in Relation to Third Parties
11.18 Principal Relationship where an Agent Contracts for a Named Principal
11.19 Principal’s Relation where an Agent Contracts for an Unnamed Principal
11.20 Principal’s Relation where an Agent Contracts for an Undisclosed Principal
11.21 Personal Liabilies of an Agent
11.22 Termination of an Agency
11.23 Termination of an Agency by the Act of Parties
11.24 Termination of an Agency by the Operation of Law
11.25 Irrevocable Agency
12 The Partnership Act, 1932 184
12.1 Applicability of the Act
12.2 Definition of Partnership—Section 4
12.3 Essential Characteristics of Partnership
12.4 True Test of Partnership
12.5 Cases Where No Partnership Exists—Section 6
12.6 Distinguish between a Partnership and a Hindu Undivided Family
12.7 Distinguish between a Partnership and an Association
12.8 Distinguish between a Partnership and a Co-Ownership
12.9 Distinguish between a Partnership and a Club
12.10 Registration of Firm—Sections 56–71
12.11 Registration of Alterations—Sections 60–63
12.12 Time for Registration
12.13 Effects of Non-Registration—Section 69
12.14 Types of Partners
12.15 Position of a Minor Partner after Attaining Majority
12.16 Who can be a Partner in the Firm?
12.17 Rights of a Partner
12.18 Partner’s Optional Duties
12.19 Partner’s Compulsory Duties
12.20 Partnership Property—Section 14
12.21 Authority of Partner—Sections 19 and 22
12.22 Acts within the Implied Authority of a Partner
12.23 Acts Outside the Implied Authority of a Partner
12.24 Restriction on an Implied Authority
12.25 Liability of a Partner
12.26 Partner’s Authority in Emergency
12.27 Reconstitution of a Firm
12.28 Distinguish between Dissolution of a Partnership and Dissolution of a Firm
12.29 Dissolution without the order of Court—Sections 40–43
12.30 Dissolution with the order of Court—Section 44
12.31 Rights of Partners on Dissolution
12.32 Liabilities of Partners on Dissolution
12.33 Settlement of Accounts
12.34 Garner versus Murray Rule
12.35 Mode of Giving a Public notice
13 Sales of Goods Act, 1930
13.1 Applicability
13.2 Definition
13.3 Essentials of Valid Sales
13.4 Distinguish between a Sale and an Agreement to Sell
13.5 Distinguish between a Sale and a Hire–Purchase
13.6 Distinguish between a Sale and a Bailment
13.7 Contract for Work and Skill
13.8 Types of Goods
13.9 Price of Goods—Sections 9 and 10
13.10 Consequences of Destruction of Specific Goods—Sections 7 and 8
13.11 Conditions and Warranties
13.12 Implied Conditions
13.13 Implied Warranties
13.14 Distinguish between a Condition and a Warranty
13.15 Doctrine of Caveat Emptor
13.16 Transfer of Ownership of Specific Goods—Sections 20–22
13.17 Transfer of Ownership in the Case of Unascertained Goods—Sections 18 and 23
13.18 Transfer of Ownership in Case of Goods Sale on Approval or on Sale or Return Basis—Section 24
13.19 Passing of Risk
13.20 Rules Regarding Delivery of Goods—Sections 32–39
13.21 Unpaid Seller
13.22 Rights of Unpaid Seller
13.23 Right of Lien
13.24 Right of Stoppage in Transit—Sections 50–52
13.25 Right of Resale
13.26 Right to withhold Delivery of Goods
13.27 Delivery to Carrier
13.28 Buyer’s Right Against the Seller or Remedies Against Seller—Sections 55–61
13.29 Sale by Non-Owners or Transfer of Title by Non-Owners—Sections 27–30
13.30 Auction Sale—Section 64
13.31 Delivery of Goods in Contract by Sear Route
14 The Negotiable Instrument Act, 1881
14.1 Introduction to Negotiable Instruments
14.2 Essentials or Characteristics of a Negotiable Instrument
14.3 Presumptions as to Negotiable Instruments
14.4 Promissory Note—Section 4
14.5 Essentials Characteristics of a Promissory Note
14.6 Bill of Exchange—Section 5
14.7 Difference between Promissory Note and Bill of Exchange
14.8 Cheque—Section 7
14.9 Difference between Bill of Exchange and Cheque
14.10 Difference between Electronic Cheque and Trancated Cheque
14.11 Capacity of a Person to be a Party to a Negotiable Instrument
14.12 Classification of Negotiable Instruments
14.13 Distinguish between Inland and foreign Bills
14.14 Incomplete Instrument or Inchoate Instrument—Section 20
14.15 Distinguish between Ambiguous Instrument and Inchoate Instrument
14.16 Maturity of a Negotiable Instrument—Sections 22–25
14.17 A Negotiable Instrument Made without Consideration
14.18 Negotiation—Section 14
14.19 Endorsement—Sections 15 and 16
14.20 Kinds of Endorsements—Sections 16, 50, 52 and 56
14.21 Negotiation Back
14.22 Distinction between Negotiation and Assignment
14.23 Crossing of Cheque
14.24 Bouncing or Dishonour of Cheques—Sections 31 and 138
14.25 Holder—Section 8
14.26 Privileges of a Holder in Due Course
14.27 Difference between Holder and Holder in Due Course
14.28 Payment in Due Course—Section 10
14.29 Protection to Paying Banker—Section 85
14.30 Liability/Duty of the Paying Banker and Collecting Banker—Section 129
14.31 When Banker Must Refuse to Honour a Customer’s Cheque
14.32 Banker may Refuse to Honour a Customer’s Cheque
14.33 Effect of Non-Presentment of Cheque within Reasonable Time
14.34 Material Alteration—Sections 87–89
14.35 Acceptance of Bill
14.36 Dishonour by Non-Acceptance
14.37 Acceptance for Honour
14.38 Payment for Honour
14.39 Dishonour by Non-Payment
14.40 Notice of Dishonour
14.41 Noting and Protesting—Sections 99–104(A)
14.42 Drawee in Case of Need
14.43 Discharge of a Negotiable Instrument
14.44 Discharge of a Party
14.45 Hundi
15 Consumer Protection Act, 1986
15.1 Object of the Act
15.2 Extent and Coverage of the Act
15.3 Rights of Consumer
15.4 Definition
15.5 Who can File a Complaint
15.6 Redressal Machinery Under the Act
15.7 How to File a Complaint
15.8 Relief Available to the Consumers
15.9 Procedure for Filing the Appeal
15.10 Speedy Disposal
15.11 Powers of the Dispute Redressal Agencies
16 Foreign Exchange Management Act, 1999
16.1 Application of Act—Section 1
16.2 Fera vs Fema
16.3 Definition
16.4 Authorized Persons
16.5 Current Account Transaction
16.6 Export of Goods and Services
16.7 Capital Account Transactions—Section 2(E)
16.8 Acquisition and Transfer of Immovable Property in India
16.9 Acquisition and Transfer of Immovable Property Outside India
16.10 Establishment in India of Branch or Office or other Place of Business
16.11 Acceptance of the Deposit
16.12 Export and Import of Currency
16.13 Possession and Retention of foreign Currency
16.14 Realization, Repartiation and Surrender of Foreign Exchange
16.15 Enforcement Directorate
16.16 Departmental Adjudication—Section 16
16.17 Compounding of Offence
16.18 Liberalized Remittance Scheme for Resident Individuals
17 Information Technology Act, 2000
17.1 Introduction
17.2 Objective of Act
17.3 Scope of the Act
17.4 Definitions
17.5 Digital Signature
17.6 Electronic Governance
17.7 Digital Signature Certification
17.8 Cyber Appellate Tribunal—Section 49
17.9 Penalties and Adjudication
17.10 Offences
17.11 Liability of Body Corporate
17.12 Duties of Controllers of Certifying Authority
17.13 Duties of the Certifying Authorities
17.14 The Duties of a Subscriber
17.15 Power of the Central Government to Make Rules—Section 87
17.16 Issue not Covered in Information Technology Act
17.17 Excluding Liability of Intermediaries—Section 79
17.18 National Nodal Agency—Section 70A
17.19 Indian Computer Emergency Response Team—Section 70B
17.20 Power of a Police Officer and other Officers to Enter, Search, etc.—Section 80
18 Companies Act, 2013 : Types of Companies and Their Characteristics
18.1 Definition of a Company
18.2 The Characteristics of a Company
18.3 Body Corporate
18.4 Lifting of the Corporate Veil
18.5 Illegal Association
18.6 Effects of an Illegal Association
18.7 Advantages of Incorporation
18.8 Definition of a Public Company
18.9 Definition of a Private Company
18.10 Distinction between Private and Public Company
18.11 Limited Liability Companies
18.12 Unlimited Liability Company
18.13 Conversion of a Private Company into a Public Company
18.14 Government Companies
18.15 Foreign Company—Section 2(42)
18.16 Holding and Subsidiary Companies
18.17 Promoter
18.18 Legal Position of Promoters
18.19 Duties of Promoter of a Company
18.20 Preliminary Contracts or Pre-Incorporation Contract
18.21 Effects of Pre-Incorporation Contracts
18.22 Steps to obtain Certificate of Incorporation
18.23 One Person Company
18.24 The Features of one Person Company
18.25 Terms and Restrictions of one Person Company
19 Companies Act, 2013: Memorandum, Articles of Association and Prospectus
19.1 Define the Memorandum of Association
19.2 Purpose of Memorandum of Association
19.3 Provisions Relating to Printing and Signature of Memorandum
19.4 Form of Memorandum of Association—Section 4
19.5 Contents of the Memorandum of Association—Section 4
19.6 Legal Requirements as to the Name Clause
19.7 Legal Requirements as to the Registered Office Clause
19.8 Display of Registered Office Address
19.9 Legal Requirements as to the Objects Clause
19.10 Legal Requirements as to the Liability Clause
19.11 Capital Clause
19.12 Association or Subscription Clause
19.13 Provisions for Change in Name Clause of Memorandum of Company or Alteration of Name Clause
19.14 Procedure to Change Registered Office from one Place to Another within the Same City
19.15 Procedure to Change Registered Office from one City to Another within Jurisdiction of the same Roc within the Same State
19.16 Procedure to Change the Registered Office from the Jurisdiction of One Roc to the Jurisdiction of Another Roc within the Same State—Section 12
19.17 Procedure to Change the Registered Office from one State to Another
19.18 Procedure for Changing the Objects Clause of the Memorandum—Section 13
19.19 Alteration of Liability Clause
19.20 Doctrine of Ultra Vires
19.21 Effects of Ultra Vires Transaction
19.22 Articles of Association
19.23 Distinguish between Memorandum and Articles of Association
19.24 Provision Related to Printing and Signature of Articles
19.25 Contents of the Articles of Association
19.26 Procedure for the Alteration of Articles of Association—Section 14
19.27 Limitations on Alteration of Articles
19.28 Binding Effects of Memorandum and Articles of Association
19.29 Doctrine of Constructive notice
19.30 Doctrine of Indoor Management
19.31 Exceptions to the Doctrine of Indoor Management
19.32 Prospectus
19.33 Circumstances when the Prospectus is not Required to be Issued
19.34 Abridged Prospectus—Section 33
19.35 Statutory Requirements in Relation to a Prospectus
19.36 Red Herring Prospectus—Section 32
19.37 The Contents of a Prospectus. Section 26 and Rule 3, 5 of Companies (Prospectus and Allotment of Securities) Rules, 2014
19.38 Refusal to Registrar Prospectus by the Registrar of Companies
19.39 Shelf Prospectus and Information Memorandum—Section 31
19.40 Misstatement in Prospectus
19.41 Liability for Misstatement in Prospectus—Section 34–35
19.42 Defenses Available to Directors in Case of Misleading Prospectus
19.43 Defenses Available to Experts in Case of Misleading Prospectus
20 Companies Act, 2013: Share Capital and Transfer of Shares
20.1 Share Capital
20.2 Nature of Shares
20.3 Equity Shares
20.4 Preference Shares
20.5 Kinds of Preference Shares
20.6 Redemption of Redeemable Preference Shares (Section 55)
20.7 Equity Shares with Differential Rights or Non-Votingshares—Rule 4 of Companies (Share Capital and Debentures) Rules, 2014
20.8 Voting Rights to Shareholders—Section 47
20.9 Allotment of Securities
20.10 General Provisions for the Allotment of Securities
20.11 Mode of Issue of Securities—Section 23
20.12 Legal Rules for Allotment—Section 39-40
20.13 Return of Allotment—Section 39
20.14 Underwriting Agreement—Section 40 (6) Read with Rule 13 of Companies (Prospectus and Allotment of Securities) Rules, 2014
20.15 Brokerage
20.16 Alteration of Share Capital Clause—Section 61
20.17 Reduction of Share Capital—Section 66
20.18 Procedure to the Reduction of Share Capital—Section 66
20.19 Diminution of Share Capital
20.20 Issue of Shares at Premium
20.21 Utilisation of Securities Premium Amount—Section 52
20.22 Conditions for the Issue of Shares at Discount—Section 53
20.23 Stock or Stock Certificate
20.24 Distinguish between ‘Share’ and ‘Stock’
20.25 forfeiture of Shares
20.26 Legal Requirements for forfeiture of Shares
20.27 Effect of forfeiture of Shares
20.28 Surrender of Shares
20.29 Lien on Shares—Rules 9 to 12, Table ‘F’ of Companies Act, 2013
20.30 Bonus Shares—Section 63
20.31 Pre-Emptive Right or Right Shares—Section 62
20.32 Call on Shares
20.33 Requisites for Valid Calls
20.34 Calls in Arrear
20.35 Calls in Advance
20.36 Buy-Back of Shares—Section 68
20.37 Member
20.38 Who can Become a Member of a Company?
20.39 Minor as Member of Company
20.40 Termination of Membership
20.41 Rights of a Member of the Company
20.42 Rights of Members as a Group
20.43 Transfer of Shares—Sections 56 and 58
20.44 Procedure of Transfer—Section 56
20.45 Nomination—Section 72
20.46 Transmission of Securities
20.47 Certificate of Security—Section 56
20.48 Distinction between Share and Share Certificate
20.49 Duplicate Share Certificate
20.50 Debenture
20.51 Types of Debenture
20.52 Rights of Debenture Holder
20.53 Debenture Trustee—Section 71
20.54 Functions of Debenture Trustees—Section 71 Read with Rule 18 of Companies (Share Capital and Debentures) Rules, 2014
20.55 Provisions for Creation of Debenture Redeption Reserve—Section 71 Read with Rule 18 of Companies (Share Capital and Debentures) Rules, 2014
21 Companies Act, 2013: Meeting and Power of Board
21.1 Kinds of Company Meetings
21.2 Requisites of a Valid Meeting
21.3 Different Manner of Serving notice to Members
21.4 Provisions Regarding notice of General Meeting
21.5 Annual General Meeting (Agm)—Section 96
21.6 Report on Agm—Section 121
21.7 Notice of Annual General Meeting
21.8 Default in Holding an Annual General Meeting—Section 97-99
21.9 Usual Business at an Agm—Section 102
21.10 Extraordinary General Meeting—Egm—Section 100
21.11 Extraordinary General Meeting on Requisition
21.12 Eogm by Tribunal—Section 98
21.13 Proxy—Section 105
21.14 Revocation of Proxy After Appointment
21.15 Quorum for General Meeting—Section 103
21.16 Chairman of a General Meeting—Section 104
21.17 Powers of the Chairman of a General Meeting
21.18 Poll—Section 109
21.19 Postal Ballot—Section 110
21.20 Procedure for Passing Resolution by Postal Ballot
21.21 Business Passing Resolution through Postal Ballot
21.22 Adjournment of Meeting
21.23 Meeting of Debenture Holders
21.24 Meeting of Creditors
21.25 One-Man Meeting
21.26 Motion
21.27 Kinds of Resolutions
21.28 Resolution Requiring Special notice—Section 115
21.29 Minutes of Proceedings of General Meeting—Section 118-119
21.30 Meaning of Board of Directors
21.31 Powers of the Board of Directors Which can be Exercised at their Meeting—Section 179
21.32 Prohibition and Restriction Regarding Political Contributions by Directors—Section 182
21.33 Power of the Board to Make Contribution to National Defence Fund—Section 183
21.34 Powers that can only be Exercised by the Board of Directors of a Public Company with the Consent of the Company in a General Meeting—Section 180
21.35 Prohibition and Restriction Regarding Charitable Fund by Directors—Section 181
21.36 Restriction on Non-Cash Transaction Involving Directors—Section 192
21.37 Prohibition on forward Dealings in Securties of Company—Section 194
21.38 Prohibition on Insider Trading—Section 195
21.39 Frequency of Board Meetings—Section 173
21.40 Day, Time and Place of Board Meeting
21.41 Notice of Board Meeting—Section 173
21.42 Content of Board Meeting Notice
21.43 Quorum for Board Meeting—Section 174
21.44 Matters which cannot be Dealt at Board Meeting through Video Conferencing
21.45 Chairman of Board Meeting
21.46 Voting at Board Meeting
21.47 Minutes of Board Meeting—Section
22 Companies Act, 2013: Management of Company
22.1 Definition of Director
22.2 Disqualification of Director—Section 164
22.3 Legal Position of Director
22.4 Duties of a Director—Section 166
22.5 Appointment of Directors
22.6 Appointment of First Directors—Section 152
22.7 Appointment of Directors at General Meeting or Directors Retirement by Rotation—Section 152
22.8 Deemed Appointment of Retiring Director—Section 152
22.9 Appointment of Director other than a Retiring Director—Section 160
22.10 Consent of Director with Roc and Company—Section 152
22.11 Director Identification Number—Section 153–159 and Rule 9
22.12 Appointment of Director by Board of Directors—Section 161
22.13 Appointment of Additional Director—Section 161(1)
22.14 Filling up Casual Vacancy—Section 161(4)
22.15 Alternate Director—Section 161(2)
22.16 Nominee Director—Section 161(3)
22.17 Who is an Idependent Director?—Section 149(6)
22.18 Provisions Relating to Independent Director—Section 149
22.19 Minimum and Maximum Number of Directors—Section 149
22.20 Small Shareholders’ Directors—Section 151 along with Rule 7 of Companies (Appointment and Qualification of Directors) Rules, 2014
22.21 Minimum and Maximum Number of Directors—Section 149(1)
22.22 Number of Directorship—Section 165
22.23 Vacation of Office of Director—Section 167
22.24 Removal of Director by Shareholder—Section 169
22.25 Compensation for Loss of Office—Section 202
22.26 Resignation by Director—Section 168 and Rule 15-16
22.27 Validity of the Acts of the Director Where His Appointment is Invalid—Section 176
22.28 Power of Board of Directors
22.29 Related Party Transaction—Section 188
22.30 Disclosure of Director’s Interest—Section 184
22.31 Loan to Directors—Section 185
22.32 Managing Director—Section 2(54)
22.33 Disqualification of Managing Director or Whole-Time Director or Manager—Section 196
22.34 Whole-Time Director—Section 2(94)
22.35 Distincton between Managing Director and Whole-Time Director
22.36 Manager—Section 2(53) of Companies Act 2013
22.37 Distinction between Managing Director and Manager
22.38 Appointment of Key Managerial Personnel—Section 203
22.39 Managerial Remuneration
22.40 Methods of Determination of Remuneration
22.41 Overall Limits on Managerial Remuneration
22.42 Managerial Remuneration Where the Company Has Profit
22.43 Managerial Remuneration Where Company has no Profit or Inadequate Profit
22.44 Salient Features of Schedule-V of Companies Act, 2013
22.45 Effective Capital
23 Payment of Bonus Act, 1965
23.1 Introduction
23.2 Application of the Act
23.3 Act not to Apply to Certain Classes of Employees—Section 32
23.4 Definition
23.5 Who is Entitled to Bonus?
23.6 Disqualification for Bonus—Section 9
23.7 Computation of the Number of Working Days
23.8 Who is Liable to Pay Bonus?
23.9 Payment of Minimum Bonus—Section 10
23.10 Payment of Maximum Bonus—Section 11
23.11 Calculation of Bonus with Respect to Certain Employees—Section 12
23.12 Adjustment of Customary or Interim Bonus—Section 17
23.13 Set on and Set off of Allocable Surplus—Section 15
23.14 Liability of the New Firm to Pay Bonus—Section 16
23.15 Presumptions about the Accuracy of Balance Sheet and Profit and Loss Account of the Company—Section 23
23.16 Procedure as Regards the Recovery of Bonus—Section 21
21.17 Time Limit for the Payment of Bonus—Section 22
23.18 Powers of Inspectors—Section 27
23.19 Application of the Act to Establishment in Public Sector—Section 20
23.20 Bonus Linked with Production or Productivity—Section 31 A
23.21 Power of Exemption—Section 36
24 The Payment of Gratuity Act, 1972
24.1 What is Gratuity?
24.2 Scope of Payment of Gratuity Act, 1972
24.3 Definition
24.4 Circumstances in Which the Gratuity Becomes Payable
24.5 To whom is the Gratuity Payable?
24.6 Calculation of the Amount of Gratuity Payable
24.7 forfeiture of Gratuity—Section 4(B)
24.8 Rules for the Nomination of Gratuity
24.9 Rules as to Determination of the Amount of Gratuity
24.10 Payment of Gratuity in Case of a Dispute—Section 7(4)
24.11 Rules for the Recovery of Gratuity—Section 8
24.12 Compulsory Insurance of the Employee
24.13 Rules Regarding Appointment of an Inspector under the Act
24.14 Powers of Inspectors
24.15 Provisions Relating to Penalties—Sections 9–12
24.16 Appeal for Payment of Gratuity
25 Employees Provident Fund and Miscellaneous Provisions Act, 1952
25.1 Basic
25.2 Applicability of the Act
25.3 Definitions
25.4 Central Board—Section 5
25.5 Employee’s Pension Fund Scheme—Section 6
25.6 Employees’ Pension Scheme—Section 6A
25.7 Employees Deposit Link Insurance Scheme—Section 6B
25.8 Recovery of Money Due From Employer—Section 8B
25.9 Transfer of Accounts—Section 17A
25.10 Transfer of Establishment—Section 17B
25.11 Protection of Fund of Employee from Attachment—Section 10
26 Limited Liability Partnership Act, 2008
26.1 Features of LLP
26.2 Difference between Partnership and LLP
26.3 Difference between Company and LLP
26.4 LLP Agreement
26.5 Incorporation Document—Section 11
26.6 Incorporation by Registration
26.7 Partner—Section 5-6
26.8 Designated Partner—Section 7–9
26.9 Major Duties of a Designated Partner
26.10 Registered Office
26.11 Name of LLP—Sections 11–21
26.12 Name Guideline—Rule 18 of LLP Rules, 2009
26.13 Partners and their Relations and Extent of Liability—Sections 22–31
26.14 Whistle Blowing—Section 31
26.15 Contribution by Partner—Section 32–33
26.16 Voting Right
26.17 Audit and Financial Disclosures—Section 34–35
26.18 Assignment and Transfer of Partnership Rights—Section 42
26.19 Investigation—Sections 43–46
26.20 foreign LLP—Section 59 and Rule 34
26.21 Taxation of LLP
26.22 Conversion of Partnership Firm or Private Company or Unlisted Public Company into LLP—Sections 55– 58
26.23 Steps for Conversion of Partnership into LLP
26.24 Conversion of Private Compnay into LLP
26.25 Compromise, Arrangement or Reconstruction of LLPS—Section 60
26.26 Winding-Up of LLP—Sections 63 and 64
26.27 Advantages of LLP
26.28 Disadvantages of LLP
27 Employees’ State Insurance Act, 1948
27.1 Introduction
27.2 Definitions
27.3 Insurable Employee
27.4 Contribution
27.5 ESI Benefits—Section 46
27.6 ESI Court—Sections 74–75
Index
Copyright
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