INTRODUCTION: The term ‘company’ has no technical or legal definition.” A “company” is defined by the Companies Act as “a company founded and registered under” the Companies Act. A company is a “legal person” or “legal entity” in common law, distinct from and capable of existing beyond the lifetimes of its members.“A business, like any…
DOCTRINE OF ULTRA VIRES: The process of doing an act which is beyond the legal power and authority of the company and these acts does not create any legal relationship and thus is absolutely void. In the case of Eastern countries Rly. vs. Hawkes[1], it was held that the legal personality of the company exists…
HISTORICAL BACKGROUND OF BHUSHAN STEEL Brij Bhushan Singhal started Bhushan steel in 1987, by acquiring a steel plant which was struggling to survive. He entered into the steel business along with his sons Neeraj and Sanjay, bringing the old steel plant to life. The company focused on the production of secondary steel, and its customers…
Introduction An entity whose complete proportion capital is held through overseas businesses can be described as a entirely-owned subsidiary organisation. A entirely-owned subsidiary organisation can be fashioned as a personal, proportion-restrained, guarantee-restrained, or legal responsibility organisation. Considering the severa exemptions that a personal restrained organisation could make to be had below the Indian Companies Act,…
Introduction The ministry of corporate affairs works according to the Companies Act 2013, companies act 1947 and the limited liability partnership act, 2008. It is known as an Indian government ministry. It also works according to the administration of Insolvency and Bankruptcy Code, 2016 and other rules and regulations which helps in regulating the functioning…
Mutual agreement between partners forms a partnership firm. A firm is said to be in partnership when two or more people work together and shares the profit gained from the business as well as bears the losses too. However, in a partnership firm each and every partner may not work equally, may not gain the…
A firm is a for profit organisation or a company that buys and sells products and/or services to consumers. According to Section 4 of Indian Partnership Act, 1932 Partnership is defined as an association or the relation between two or more person who has agreed to share profits of a business carried on by all…
Section.140: Removal, Resignation and giving of special notice 1. The auditor appointed under section.139 may be removed before the expiry of his tenure only by a special resolution of the company, after obtaining the previous approval of the Central Government. Provided before taking action as mentioned, the said Auditor should be given a reasonable opportunity…
Startup is a new business which is not tied up to any other existing business or parent organization except for the purposes of normal business activities. Startups usually facilitate new ideas and in some cases be a catalyst to exploit new ideas on the basis of already existing ideas. Startups play an important role in a nation’s economy; more startups mean more jobs…
A company is considered a separate legal person in law. This means that a company has the right to sue and be sued. It also means that the company can own property and has an existence separate from its directors. It also means that for any wrong or fraud that happens in a company, the…
