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Company law

basics information on formation of company ....

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Company law

  1. 1. FORMATION OF A COMPANY PRESENTED BY: ADITYA JHA
  2. 2. CONTENTS MEANING OF FORMATION OF COMPANY STAGES IN FORMATION A. PROMOTION B. INCORPORATION C. CAPITAL SUBSCRIPTION/FLOTATION D. COMMENCEMENT OF BUSINESS
  3. 3. What do you mean by formation of a company? A Company comes into existence when a group of people come together with a view of forming an association to grab the business opportunities by bringing together; men, material, money and management.
  4. 4. Promotion stage includes  Discovery of Business opportunities.  Detailed Investigation.  Assembling necessary requirements.  Financing of proposition.
  5. 5. 2.INCORPORATION
  6. 6. INCORPORATION STAGE A company is said to be incorporated when it fulfill the formalities of registration and obtain “CERTIFICATE OF INCORPORATION” by submitting the MoA, AoA and written consent of all the directors. The second stage for establishment of a company is to get the company incorporated or registered. The promoters have to prepare and file a number of documents with the registrar. 1. The memorandum of association signed by at least seven persons 2. The articles of association signed by at least seven persons 3. Promoters have to file a prospectus or statement in lieu of prospectus with the registrar. 4. A list of directors and their willingness to act, duly signed by each of them. 5. Notice of address at which the registered office of the company will be situated 6. All the director whose names are in the list have to submit a declaration certificate that they have taken up qualifying shares and have paid up the money.
  7. 7. SELECTING COMPANY NAME To be identified for legal and business purpose (i.e. “Ltd” or “Pvt Ltd” ). The name should not be similar to the existing.
  8. 8. Example for : CERTIFICATE OF INCORPORTATION of VISWASGOLD INFRASTRUCTURES
  9. 9. 3.FLOTATION/CAPITAL SUBSCRIPTION
  10. 10.  SEBI Approval  Entering onto an agreement with underwriters.  Applying to the stock exchange for listing of shares.  Issue of prospectus inviting public to subscribe.  Allotting shares. RAISING OF SHARE CAPITAL
  11. 11. Commencement of business A public company, issuing prospectus will have to file some docs, with registrar to secure commencement of business. Docs: Shares payable in cash have been allotted Every director has paid cash for the allotment No money is liable to become refundable  A public to commence business, should raise the required capital and obtain the  “CERTIFICATE OF COMMENCEMENT OF BUSINESS”
  12. 12. Example for : CERTIFICATE OF COMMENCEMENT OF BUSINESS of VISWASGOLD INFRASTRUCTURES

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