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BE Week 4(1)

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  THE COMPANIES ACT, 1956 Dhaarna Rathore  Learning Objectives    ã Trace the evolution of the company form of ownership ã Give the meaning of the company ã Classify companies into different types ã Bring out the main provisions of the Companies Act and describe how the  Act is administered ã Comment on the operation of the Act ã Point out the salient features of the Amendment Bills, 1993 and 1997.  Objectives of the Act    ã Minimum standard of business integrity and conduct in promotion and management of companies; ã Full and fair disclosure of all reasonable information relating to the affairs of the company; ã Effective participation and control by the shareholders and the protection of their legitimate interests; ã Enforcement of proper performance of their duties by the company management; and ã Powers of intervention and investigation into the affairs of the companies where they are managed in a manner prejudicial to the interest of shareholders or to the interest of the public.  Introduction   WHAT IS COMPANY A company is an artificial person created by law. A company means a group of persons associated together for the attainment of a common end, social or economic. Section 3(1)(i) of the Companies Act, 1956 defines a company as: “a company formed and registered under this Act or an existing Company ”.   „Existing Company‟ means a company formed and registered under any of the earlier Company Laws.
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