Is common seal mandatory as per Companies Act, 2013?

Common Seal Optional: Companies Act, 2013 required common seal to be affixed on certain documents (such as a bill of exchange, share certificates, etc.) Now, with The Companies (Amendment) Act, 2015 coming into force the common seal is no more mandatory.it has been made optional.

What is the company Act 2015?

The Companies Act 2015 (the Act) is amongst a suite of new laws intended to streamline business in Kenya, by making it easier for entities to establish a presence and operate. Although quite voluminous, the Act takes into consideration, developments in technology and procedure, to boost the ease of doing business.

What does the Companies Act 2006 cover?

The Companies Act 2006 is the main piece of legislation which governs company law in the UK. The prime aims of the Act are: to modernise and simplify company law, to codify directors duties, to grant improved rights to shareholders, and to simplify the administrative burden carried by UK companies.

Is section 11 of Companies Act, 2013 omitted?

‘Commencement of Business’ this concept was there in the erstwhile Companies Act, 1956 and it was also introduced by the Companies Act, 2013 under the Section 11 of the Companies Act, 2013. However, section 11 was omitted (deleted) LATER ON by the companies (Amendment) Act, 2015 w.e.f. 29th May 2015.

Is it mandatory for a company to have a common seal?

Making common seal optional: Section 9 of the Act made it mandatory for every company to have a common seal which has power to acquire, hold and dispose of property, to contract, to sue and be sued in the company’s name.

What if a company does not have a common seal?

If the Articles are having no provision for common seal, the standard recommended that the common seal should be affixed to any instrument only by authority of a resolution of the Board or a Committee authorized by the Board and that the Common seal should be affixed in the presence of the Managing Director or any two …

What is the new company act?

A new term of “one-person company” is included in this act that will be a private company and with only 98 sections of the Act notified….

Companies Act 2013
Territorial extent	India
Enacted by	Parliament of India
Assented to	29 August 2013
Signed	29 August 2013

What is Section 11 of Companies Act?

Section 11(1) in The Companies Act, 1956. (1) No company, association or partnership consisting of more than ten persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian law.

Why is Section 11 of Companies Act, 2013 omitted?

OMISSION OF SECTION 11 OF THE COMPANIES ACT, 2013: No Need to file Form INC-21 (Commencement of Business) with Registrar of Companies. Implication: This amendment will not require the director to file declaration and the requirement to file verification of its registered office is also done away with.

Is the common seal of a company still required?

Now, with The Companies (Amendment) Act, 2015 coming into force the common seal is no more mandatory.it has been made optional. All such documents which required affixing the common seal may now instead be signed by two directors or one director and a company secretary of the company.

Is there dispensing with common seal-Companies Act, 2014?

The Central Government with a view to dispense with the use of common seal proposed to amend the Companies Act, 2013 to that extent. The Companies (Amendment) Bill, 2014 has been put in Lok Sabha and has been passed by the Lok Sabha.

Which is the common seal of a company in India?

Normally the common seal contains the word ‘Corporate seal’ and includes the corporate name, place of the company, date of its incorporation. Secretarial Standard 8 was issued by the Institute of Company Secretaries of India with effect from 06.11.2008.

Corporatetaxratenow.com