PRESENTED BY DEEPAK KUMBHARE (R.N.-01) SACHIN MAHAJAN (R.N.-03) SHARON MANDODY (R.N.-05) DINESH MAHALE (R.N.-04) ANIL (R.N.

-06)

 The first Indian act regarding companies was the joint

stock companies act 1850. This was based on English act of 1844. thereafter acts relating to companies were passed and amended several times. The companies act of 1956 is mainly based on the recommendation of the committee appointed by the government under the chairmanship Shri. C. h. Bhabha. The act of 1956 was again amended in 1960,1963,1965,1969,1971,1974,1984,1988 and 2002.

According to section 3(1)(i) of the Companies Act, 1956 Company means, a company formed and registered under this act, or an existing company.

Registered Company

Company Limited by Shares

Company Limited by Guarantee

Unlimited Companies

Public Company

Private Company

Companies registered under the Company Act, 1956 or under any previous Companies Act, are companies registered under this Act. All companies are now regulated by provisions of Company Act, 1956. These company have Memorandum of Association and Articles of Association for their internal and external regulations. Company registered under this Act are either 1. Companies Limited By Guarantee 2. Unlimited Companies 3. Companies Limited By Shares

 Company limited under guarantee may also be

called a guarantee company. In this companies , the liability of member extent to the amount undertaken to be distributed to by each of them towards the assets of the companies. This companies may or may not have a share capital. If it has share capital, liability of members will also extent to the amount.

 The voting power of a guarantee companies having

share capital is determined by the share-holder of members companies with no share capital such members have only one vote. The guarantee companies must also suffix the words Ltd or Pvt.Ltd as the case may be, in its name.

 The liabilities of the members of this companies is

unlimited like an ordinary partnership firm, in proportion to his interest in the companies. A companies having no limit on the liability of its member is called Unlimited Company. A companies may or may not have a share capital . If it has a share capital then it may be public or private companies.
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These types of companies has a share capital and the liability of each member is limited by Memorandum to extent of face value of shares subscribed by him. Such companies is called a Company Limited By Shares. A Companies Limited By Shares may be a public or private companies.

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Section 3 (1)(iii) of the companies act define private Ltd Co. which has a minimum paid up capital as may be prescribed and by its articles Restricts the right to transfer its shares, if any. Limits the member to 50 not including persons who are in the employment of the company, persons who having been formally in the employment of the company. Eg-

 Prohibits any invitation or acceptance of deposits from

persons other than its members, directors or their relatives

Such companies are exempted from complying

with some of the provisions of this act. The reason for these privileges and exemptions are that these companies being restraint from inviting capital from public, not much public interest is involved in these companies.
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 According to Sec 3(i)(iv) of company act, a public

company means a company which is not a private company. A public company may be said to be an a association consisting of not less than 7 members, which is registered under this act.
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THANK YOU !