IPC Section 2 states that every person shall be liable to punishment under the Indian Penal Code (IPC) for every act or omission contrary to the provisions thereof, of which he shall be guilty within India. This means that regardless of their nationality, any person who commits an offence in India can be punished under the IPC.
Section 2 of the Indian Penal Code (IPC) is a foundational provision that serves as the cornerstone of India’s criminal legal system. It plays a pivotal role in defining crucial terms and concepts that are used throughout the IPC. Here are some key elements outlined in IPC Section 2:
Section 2 of the Companies Act, 2013 (the Act) contains definitions of important terms used in the Act. Some of the key definitions in Section 2 of the Act include:
These are just some of the key definitions in Section 2 of the Companies Act, 2013. The Act contains many other definitions, and it is important to consult the Act for the full definition of any term.
Section 2(2) of the Companies Act 2013 is a critical provision within India’s corporate legal framework. This section defines the term “associate company.” According to this provision, an associate company is a company in which another company has significant influence, but it does not have full control or ownership over the associate company.
This definition helps in categorizing and regulating various corporate relationships, ensuring transparency and accountability in corporate governance. Understanding Section 2(2) is essential for both companies and regulators, as it forms the basis for determining the nature of associations between businesses and the extent of their influence within the corporate landscape.
Section 2(3) of the Companies Act 2013 is a crucial provision that defines the term “board of directors” in the context of Indian company law. According to this section, the board of directors refers to a collective body of individuals appointed to manage the affairs of a company. These directors collectively hold the responsibility for making key decisions, overseeing the company’s operations, and ensuring compliance with legal and regulatory requirements.
Understanding the definition outlined in Section 2(3) is fundamental for corporate governance, as it clarifies the roles and responsibilities of this pivotal entity within a company’s structure, ensuring transparency, accountability, and effective management in accordance with the law.
Section 2(4) of the Companies Act 2013 is a vital provision within India’s corporate legislation as it defines the term “company secretary.” According to this section, a company secretary is an individual who holds a recognized qualification and is appointed by a company to fulfill various statutory and regulatory duties.
The company secretary plays a pivotal role in ensuring compliance with corporate laws, maintaining corporate records, and facilitating communication between the company’s board of directors and its shareholders. This definition in Section 2(4) is essential for companies to appoint qualified professionals to fulfill these crucial responsibilities and uphold the standards of corporate governance mandated by the Companies Act 2013
Section 2(5) of the Companies Act 2013 is a significant provision that defines the term “corresponding new bank” within the context of this legislation. According to this section, a corresponding new bank refers to a banking company formed through the reconstruction and amalgamation of one or more nationalized banks under the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980.
This definition is essential for understanding the legal framework surrounding the restructuring and amalgamation of nationalized banks in India, providing clarity and specificity in the Companies Act regarding the formation and operation of these entities.
Section 2(85) of the Companies Act, 2013 (the Act) defines a “small company” as a company that is not a public company and has:
The definition of a small company is important because it determines which companies are subject to certain provisions of the Act. For example, small companies are not required to have a board of directors, and they are subject to a simplified filing regime. The definition of a small company is also important for tax purposes. Small companies are eligible for certain tax benefits, such as a lower rate of corporate tax.
The Ministry of Corporate Affairs (MCA) has the power to prescribe a higher amount for the paid-up share capital and turnover of a small company. However, the higher amount prescribed cannot exceed rupees ten crore (Rs. 100000000) in case of paid-up share capital and rupees one hundred crore (Rs. 1000000000) in case of turnover. The definition of a small company is subject to change. The MCA may amend the definition from time to time.
It defines a small company as a company that is not a public company and has a paid-up share capital of not more than rupees four crore (Rs. 40,000,000) or a turnover of not more than rupees twenty crore (Rs. 2,00,000,000).
The definition of a small company is important because it determines which companies are subject to certain provisions of the Act.
The MCA has the power to prescribe a higher amount for the paid-up share capital and turnover of a small company.
The definition of a small company is subject to change.
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Under several provisions of the Companies Act, 2013 [Act], proceedings are required to be initiated against an officer in default for violations committed under the Art. The term “officer who is in default” is defined under section 2(60) of the Act, wherein various officers of the company have been identified.
Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.
As per Section 2(5) of the Companies Act,2013 “articles” means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act.
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