CA Inter Corporate & Other Laws Revision Notes by CS Midhas Purohit

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Contents of the Notes:

• CORPORATE LAWS
  • PROCESS OF LAW ENACTMENT IN INDIA
    • INTRODUCTION
  • INTRODUCTION TO INDIAN COMPANY LAW
    • B.1 HISTORY OF COMPANY LAW IN INDIA
    • B.2 NEED FOR REPLACING COMPANIES ACT, 1956
    • B.3 OBJECTIVES OF COMPANIES ACT, 2013
    • B.4 INTRODUCTION TO COMPANIES ACT, 2013
    • B.5 SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICABILITY
  • MEANING OF COMPANY AND ITS CHARACTERISTICS
    • 1.1 WHAT IS A COMPANY AND WHAT ARE ITS CHARACTERISTICS?
    • 1.2 ADVANTAGES AND DISADVANTAGES OF FORMING A COMPANY
    • 1.3 CONCEPT OF VEIL OF INCORPORATION AND LIFTING OF CORPORATE VEIL
    • 1.4 CITIZENSHIP AND NATIONALITY OF A COMPANY
  • IMPORTANT DEFINITIONS
    • 2.1 SECTION 2 OF THE COMPANIES ACT, 2013
  • TYPES AND CLASSIFICATION OF COMPANIES
    • 3.1 INTRODUCTION
    • 3.2 TYPES AND CLASSIFICATION OF COMPANIES
    • 3.3. ANALYSIS OF DIFFERENT KINDS OF COMPANIES
  • INCORPORATION OF COMPANIES
    • 4.1 PROMOTER
    • 4.2 PRE-INCORPORATION CONTRACTS
    • 4.3 PROCESS OF INCORPORATION OF COMPANIES
    • 4.4 MATTERS INCIDENTAL TO INCORPORATION
    • 4.5 CONVERSION OF REGISTERED COMPANIES
  • MEMORANDUM AND ARTICLES OF ASSOCIATION
    • 5.1 MEMORANDUM OF ASSOCIATION
    • 5.2 FORM OF MEMORANDUM
    • 5.3 CONTENTS OF MEMORANDUM AND POWER OF COMPANY TO ALTER ITS MEMORANDUM
    • 5.4 DETAILED ANALYSIS OF CONTENTS OF MEMORANDUM
    • 5.5 ARTICLES OF ASSOCIATION
    • 5.6 ARTICLES SUBORDINATE TO MEMORANDUM
    • 5.7 FORMS OF ARTICLES OF ASSOCIATION
    • 5.8 BINDING EFFECTS OF ARTICLES
    • 5.9 ALTERATION OF ARTICLES OF ASSOCIATION
    • 5.10 REGISTRATION OF ALTERATION
    • 5.11 DOCTRINE OF CONSTRUCTIVE NOTICE
    • 5.12 DOCTRINE OF INDOOR MANAGEMENT
  • CONCEPT OF CAPITAL
    • 6.1 SHARE CAPITAL – MEANING AND CLASSIFICATION
    • 6.2 MEANING AND NATURE OF SHARE
    • 6.3 DIFFERENT KINDS OF SHARES
    • 6.4 DEFINITION OF SECURITIES
    • 6.5 ISSUE OF SHARES
  • PROSPECTUS AND PRIVATE PLACEMENT
    • 7.1 DEFINITION AND ANALYSIS OF ‘PROSPECTUS’
    • 7.2 PUBLIC OFFER
    • 7.3 DEEMED PROSPECTUS
    • 7.4 DISCLOSURES IN PROSPECTUS
    • 7.5 DIFFERENT KINDS OF PROSPECTUS
    • 7.6 REGISTRATION OF PROSPECTUS
    • 7.7 LIABILITY FOR MISSTATEMENT IN A PROSPECTUS
    • 7.8 PRIVATE PLACEMENT AND RELATED PROVISIONS
  • ALLOTMENT, TRANSFER AND TRANSMISSION
    • 8.1 NATURE OF ALLOTMENT
    • 8.2 PROVISIONS RELATED TO ALLOTMENT (SECTION 39)
    • 8.3 MEMBER
    • 8.4 TRANSFER AND TRANSMISSION OF SECURITIES
    • 8.5 FORFEITURE OF SECURITIES
    • 8.6 REFUSE TO REGISTER TRANSFER
    • 8.7 FORGED TRANSFER
    • 8.8 BLANK TRANSFER
    • 8.9 DIFFERENCE BETWEEN TRANSFER AND TRANSMISSION
  • REDUCTION AND BUY-BACK
    • 9.1 WHAT IS REDUCTION OF CAPITAL
      9.2 BUY BACK OF SHARES
    • 9.3 DIFFERENCE BETWEEN CAPITAL REDUCTION & ALTERATION OF CAPITAL
  • DEBENTURES
    • 10.1 BORROWING POWER OF COMPANY
    • 10.2 DEBENTURE AND ITS NATURE
    • 10.3 KINDS OF DEBENTURES
    • 10.4 ISSUE AND REDEMPTION OF DEBENTURES
    • 10.5 DEBENTURE TRUSTEES
    • 10.6 DEBENTURE CERTIFICATE
    • 10.7 REMEDIES TO DEBENTURE HOLDERS
  • DEPOSITS
    • 11.1 WHAT IS A DEPOSIT
    • 11.2 WHAT IS NOT A DEPOSIT
    • 11.3 DEPOSITOR
    • 11.4 ELIGIBLE COMPANIES
    • 11.5 ACCEPTANCE OF DEPOSITS FROM PUBLIC
    • 11.6 ACCEPTANCE OF DEPOSITS FROM MEMBER
    • 11.7 ACCEPTANCE OF DEPOSIT FROM PUBLIC BY CERTAIN COMPANIES
    • 11.8 DEPOSIT TRUSTEE
    • 11.9 REGISTER OF DEPOSIT
    • 11.10 DEPOSIT RETURN
  • CHARGES
    • 12.1 WHAT IS A CHARGE
    • 12.2 NATURE OF CHARGES
    • 12.3 KINDS OF CHARGES
    • 12.4 CRYSTALLIZATION
    • 12.5 FORMS UNDER CHARGES
    • 12.6 REGISTRATION OF CHARGE
    • 12.7 ACQUIRING PROPERTY UNDER CHARGE AND MODIFICATION OF CHARGE
    • 12.8 SATISFACTION OF CHARGE
    • 12.9 INTIMATION OF APPOINTMENT OF RECEIVER / MANAGER (SECTION 84)
    • 12.10 REGISTER TO BE MAINTAINED BY COMPANY
    • 12.11 REGISTER OF CHARGES MAINTAINED IN ROC’S OFFICE (SECTION 85)
  • MANAGEMENT & ADMINISTRATION OF COMPANIES
    • 13.1 REGISTER OF MEMBERS (SECTION 88)
    • 13.2 DECLARATION IN RESPECT OF BENEFICIAL INTEREST IN ANY SHARES (SECTION 89)
    • 13.3 DECLARATION AND REGISTER OF SIGNIFICANT BENEFICIAL INTEREST (SECTION 90)
    • 13.4 POWER TO CLOSE REGISTER OF VARIOUS SECURITY HOLDERS (SECTION 91)
    • 13.5 ANNUAL RETURN (SECTION 92)
    • 13.6 PLACE OF KEEPING AND INSPECTION OF REGISTERS, RETURNS ETC. (SECTION 94)
    • 13.7 REGISTERS, ETC., TO BE EVIDENCE (SECTION 95)
    • 13.8 INTRODUCTION
    • 13.9 ANNUAL GENERAL MEETING [SECTION 96]
    • 13.10 CALLING OF EXTRAORDINARY GENERAL MEETING BY REQUISITIONISTS (SECTION 100)
    • 13.11 NOTICE OF THE MEETING (SECTION 101)
    • 13.12 STATEMENT TO BE ANNEXED TO NOTICE (SECTION 102)
    • 13.13 QUORUM (SECTION 103)
    • 13.14 PROXIES (SECTION 105)
    • 13.15 VOTING AT MEETINGS
    • 13.16 CIRCULATION OF MEMBERS’ RESOLUTION
    • 13.17 REPRESENTATION OF PRESIDENT AND GOVERNORS IN MEETINGS
    • 13.18 REPRESENTATION OF CORPORATIONS AT MEETING OF COMPANIES AND OF CREDITORS
    • 13.19 ORDINARY AND SPECIAL RESOLUTIONS
    • 13.20 MAINTENANCE OF MINUTES OF MEETINGS
  • DIVIDEND
    • 14.1 WHAT DO YOU MEAN BY THE TERM DIVIDEND
    • 14.2 PROVISIONS FOR DECLARATION OF DIVIDEND
    • 14.3 DECLARATION OF DIVIDEND (SECTION 123)
    • 14.4 UNPAID DIVIDEND ACCOUNT (124)
    • 14.5 INVESTOR EDUCATION AND PROTECTION FUND (SECTION 125)
  • ACCOUNTS OF COMPANIES
    • 15.1 INTRODUCTION
    • 15.2 REQUIREMENT OF KEEPING BOOKS OF ACCOUNTS (SECTION 128)
    • 15.3 IMPORTANT DEFINITIONS
    • 15.4 CONDITIONS IMPOSED ON INSPECTION OF BOOKS OF ACCOUNTS
    • 15.5 PROVISIONS RELATED TO FINANCIAL STATEMENTS (SECTION 129)
    • 15.6 RE-OPENING OF FINANCIAL STATEMENTS
    • 15.7 NATIONAL FINANCIAL REPORTING AUTHORITY (SECTION 132)
    • 15.8 FINANCIAL STATEMENTS, BOARD’S REPORT ETC. (SECTION 134)
    • 15.9 CORPORATE SOCIAL RESPONSIBILITY (SECTION 135)
    • 15.10 RIGHT OF MEMBER TO COPIES OF AUDITED FINANCIAL STATEMENT (SECTION 136)
    • 15.11 FILING OF FINANCIAL STATEMENT WITH REGISTRAR (SECTION 137)
    • 15.12 INTERNAL AUDIT (SECTION 138)
  • THE COMPANY AUDIT
    • 16.1 INTRODUCTION
    • 16.2 ELIGIBILITY, QUALIFICATIONS AND DISQUALIFICATIONS OF AN AUDITOR
    • 16.3 APPOINTMENT OF AUDITOR
    • 16.4 ROTATION OF AUDITORS
    • 16.5 AUDIT COMMITTEE
    • 16.6 AUDITOR’S REMUNERATION
    • 16.7 REMOVAL OF AUDITORS
    • 16.8 CEILING ON NUMBER OF AUDITS
    • 16.9 POWERS/RIGHTS OF AUDITORS
    • 16.10 DUTIES OF AUDITORS
    • 16.11 REPORTING UNDER COMPANIES (AUDITOR’S REPORT) ORDER, 2016
    • 16.12 AUDIT OF BRANCH OFFICE ACCOUNTS
      16.13 COST AUDIT
• OTHER LAWS
  • THE INDIAN CONTRACT ACT, 1872
    • 1.1 WHAT IS MEANT BY A “CONTRACT OF INDEMNITY”?
    • 1.2 MODES OF FORMING AN INDEMNITY CONTRACT
    • 1.3 ELEMENTS OF A VALID CONTRACT OF INDEMNITY
    • 1.4 RIGHTS OF INDEMNITY HOLDER
    • 1.5 WHAT IS MEANT BY “CONTRACT OF GUARANTEE”?
    • 1.6 WHAT IS MEANT BY “CONTRACT OF BAILMENT”?
    • 1.7 WHAT IS MEANT BY “PLEDGE”?
    • 1.8 WHAT IS MEANT BY “CONTRACT OF AGENCY”?
  • THE NEGOTIABLE INSTRUMENT ACT, 1881
    • 2.1 INTRODUCTION
    • 2.2. WHAT IS MEANT BY “NEGOTIABLE INSTRUMENT”?
    • 2.3 WHAT IS MEANT BY “PROMISSORY NOTE”?
    • 2.4 WHAT IS MEANT BY “BILL OF EXCHANGE”?
    • 2.5 WHAT IS MEANT BY “CHEQUE”?
    • 2.6 TRUNCATED CHEQUE AND CHEQUE IN ELECTRONIC FORM
    • 2.7 WHAT IS MEANT BY “ACCEPTANCE”?
    • 2.8 AMBIGUOUS INSTRUMENTS
    • 2.9 CAPACITY OF A PERSON TO A PARTY TO A NEGOTIABLE INSTRUMENT
    • 2.10 CLASSIFICATION OF NEGOTIABLE INSTRUMENT
    • 2.11 WHAT IS MEANT BY “AT SIGHT”, “ON PRESENTMENT” AND “AFTER SIGHT”?
    • 2.12 MATURITY OF NEGOTIABLE INSTRUMENT
    • 2.13 NEGOTIABLE INSTRUMENT MADE WITHOUT CONSIDERATION
    • 2.14 PARTIAL ABSENCE OR FAILURE OF MONEY CONSIDERATION
    • 2.15 PARTIAL FAILURE OR NON-MONETARY CONSIDERATION
    • 2.16 INCHOATE INSTRUMENT
    • 2.17 WHAT IS MEANT BY “NEGOTIATION”?
    • 2.18 DELIVERY
    • 2.19 WHAT IS MEANT BY “ENDORSEMENT”?
    • 2.20 WHO MAY NEGOTIATE?
    • 2.21 INSTRUMENT ACQUIRED AFTER DISHONOUR OR WHEN OVERDUE
    • 2.22 INSTRUMENT NEGOTIABLE TILL PAYMENT OR SATISFACTION
    • 2.23 NEGOTIATION BACK
    • 2.24 HOLDER AND HOLDER IN DUE COURSE
    • 2.25 PRIVILEGES OF HOLDER IN DUE COURSE
    • 2.26 DIFFERENCE BETWEEN HOLDER AND HOLDER IN DUE COURSE
    • 2.27 PAYMENT IN DUE COURSE
    • 2.28 WHAT IS MEANT BY “CROSSING”?
    • 2.29 LIABILITY OF PAYING BANKER
    • 2.30 PROTECTION TO COLLECTING BANKER
    • 2.31 GROUNDS FOR DISHONOUR OF CHEQUE DESPITE HAVING SUFFICIENT BALANCE
    • 2.32 EFFECT OF NON-PAYMENT OF CHEQUE WITHIN REASONABLE TIME
    • 2.33 LIABILITY OF PARTIES TO NEGOTIABLE INSTRUMENT
    • 2.34 MATERIAL ALTERATION
    • 2.35 DISHONOUR BY NON-ACCEPTANCE
    • 2.36 PROVISIONS WITH RESPECT TO PRESENTMENT, PAYMENT AND INTEREST
    • 2.37 ACCEPTANCE OF BILL DRAWN IN FICTITIOUS NAME
    • 2.38 HOLDER’S RIGHTS IN CASE OF LOST BILL
    • 2.39 WHO IS “DRAWEE IN CASE OF NEED”?
    • 2.40 WHAT IS “ACCEPTANCE FOR HONOUR”?
    • 2.41 WHAT IS “PAYMENT FOR HONOUR”?
    • 2.42 DISHONOUR BY NON-PAYMENT
    • 2.43 NOTICE OF DISHONOUR
    • 2.44 WHAT IS MEANT BY “NOTING” AND “PROTESTING”?
    • 2.45 DISCHARGE OF NEGOTIABLE INSTRUMENT
    • 2.46 DISCHARGE OF A PARTY
    • 2.47 WHAT IS MEANT BY “HUNDI”?
    • 2.48 BOUNCING OR DISHONOUR OF CHEQUE
    • 2.49 SUMMARY TRIAL
    • 2.50 POWER TO DIRECT INTERIM COMPENSATION
    • 2.51 POWER OF APPELLATE COURT TO ORDER PAYMENT PENDING APPEAL AGAINST CONVICTION
  • GENERAL CLAUSES ACT, 1897
    • 3.1 INTRODUCTION
    • 3.2 APPLICABILITY OF THE ACT
    • 3.3 GENERAL DEFINITIONS
    • 3.4 GENERAL RULES OF CONSTRUCTION
    • 3.5 POWERS AND FUNCTIONARIES
    • 3.6 PROVISIONS AS TO ORDER, RULES ETC. MADE UNDER ENACTMENT
    • 3.7 MISCELLANEOUS PROVISIONS
  • INTERPRETATION OF STATUTES
    • 4.1 INTRODUCTION
    • 4.2 DEFINITIONS
    • 4.3 NEED FOR INTERPRETATION
    • 4.4 CLASSIFICATION OF INTERPRETATION
    • 4.5 RULE OF INTERPRETATION/CONSTRUCTION
    • 4.6 RULE OF LITERAL CONSTRUCTION/GRAMMATICAL CONSTRUCTION
    • 4.7 RULE OF REASONABLE CONSTRUCTION/LOGICAL INTERPRETATION
    • 4.8 RULE OF HARMONIOUS CONSTRUCTION
    • 4.9 RULE OF BENEFICIAL CONSTRUCTION/ PURPOSIVE CONSTRUCTION/ HEYDON’S RULE/ MISCHIEF RULE
    • 4.10 RULE OF EXCEPTIONAL CONSTRUCTION
    • 4.11 RULE OF EJUSDEM GENERIS
    • 4.12 DOCTRINE OF NOSCITUR A SOCIIS
    • 4.13 DOCTRINE OF CONTEMPORANEA EXPOSITIO
    • 4.14 EXPRESSIO UNIUS EST EXCLUSIO ALTERIUS (EXPRESS MENTION ONE THING IMPLIES THE EXCLUSION OF ANOTHER)
    • 4.15 INTERNAL/INTRINSIC AIDS IN INTERPRETATION OF STATUTE
    • 4.16 EXTERNAL AIDS IN INTERPRETATION OF STATUTES
    • 4.18 RULE OF INTERPRETATION OF DEEDS AND DOCUMENTS