The key differences between a Private Limited Company and a Public Limited company are tabled below. Particulars Public Limited Company Private Limited Company Minimum Number of share holders A Public limited company requires minimum 7 share- holders. A Private Limited Company requires minimum 2 share- holders. Maximum Number of Share Holders There is no limit…
The Ministry of Corporate Affairs (MCA) has introduced Form INC-29, for registration and obtaining the certificate of incorporation that lessens paperwork to a large extent. This 8 pages new form is used as an alternate process to do away with the earlier process of filling out several forms separately for allotment of DIN, Name of the company…
The Legal Services Authorities Act, 1987 was enacted with the objective of providing free and competent legal services to weaker sections of society, thereby ensuring access to justice for all. One of the most important mechanisms introduced under this Act is the Lok Adalat system, which promotes alternative dispute resolution to reduce the burden on…
Registration of a partnership firm is not compulsory under law. However, the registration gives the firm a legal status. Section 69 makes claims arising out of a contract unenforceable if the firm is unregistered at the date of the institution of the suit. Thus, the major drawback of the non-registered partnership firm is that it…
Sec 30(1) of partnership Acts 1932 provides that a person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partners, for the time being, he may be admitted to the benefits of partnership. Under sub-section 30…
Constitution of the partnership In simple words, a partnership is that two or more people jointly carry on a business and share its profit or loss. The person who joined the partnership may be a natural person (individual) or a legal person (corporates). However, an HUF (Hindu Undivided Family) is not treated as a person…
Supreme Court while delivering judgment [NKGSB Cooperative Bank Limited vs Subir Chakravarty | SLP (C) 30240 OF 2019 | 25 February 2022 Coram: Justices AM Khanwilkar and Justice CT Ravikumar] said that the District Magistrate or the Chief Metropolitan Magistrate can appoint an advocate commissioner to assist him/her in the execution of the order passed…
The Supreme Court on Tuesday (May 05, 2020) held that cooperative banks come under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Act 2002 (SARFAESI Act). The SARFAESI Act law empowers lenders to seize and sell defaulters’ assets. A five members constitution bench of Justices Arun Mishra, Indira Banerjee, Vineet Saran, M.R.…
RBI on Monday asked all the Regulated Entities (REs) of the Reserve Bank to display information on secured assets possessed under the SARFAESI Act, 2002. “As a part of the move towards greater transparency, it has been decided that the Regulated Entities (REs) of the Reserve Bank which are secured creditors as per the Securitisation…
The Ombudsman Scheme provides a mechanism for passing an Award in favor of a complainant and establishes a structured right to appeal against such Awards or certain rejections; further, the scheme can be suspended by the Reserve Bank of India (RBI) if necessary for regulatory reasons. Passing of an Award Right to Prefer Appeal Suspension…