Private co

This query is : Resolved

C.S. CHANDANI SARUPARIA (Querist)
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29 September 2010 Name of my company is ABC pvt. ltd. which is registered as a Part IX company. So I would like to ask that whether all the provisions of pvt co will apply to it and its notice of AGM, Director's report and auditors report will contain the same points as that of a pvt co.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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29 September 2010 581ZR. Application of provisions relating to private companies.

All the limitations, restrictions and provisions of the Companies Act, other than those specified in this Part IX, applicable to a private company, shall, as far as may be, apply to a Producer Company, as if it is a private limited company under this Act insofar as they are not in conflict with the provisions of this Part.

C.S. CHANDANI SARUPARIA

C.S. CHANDANI SARUPARIA (Querist)
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29 September 2010 So that means all provisions of a pvt co shall apply to part IX co, which is registered as a pvt. co.
Is there any difference?

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CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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29 September 2010 All the provisions of this Act shall apply to the company and the members, contributories and creditors thereof, in the same manner in all respects as if it had been formed under this Act, subject as follows :-

(a) Table A in Schedule I shall not apply unless and except in so far as it is adopted by special resolution;

(b) the provisions of this Act relating to the numbering of shares shall not apply to any joint-stock company whose shares are not numbered;

(c) subject to the provisions of this section the company shall not have power to alter any provision contained in any Act of Parliament or other Indian law relating to the company;

(d) subject to the provisions of this section, the company shall not have power, without the sanction of the Central Government, to alter any provision contained in any Act of Parliament of the United kingdom, Royal Charter or Letters Patent, relating to the company;

(e) the company shall not have power to alter any provision contained in any Act of Parliament or other Indian law or in any Act of Parliament of the United Kingdom, Royal Charter or Letters Patent, with respect to the objects of the company;

(f) in the event of the company being wound up, every person shall be a contributory, in respect of the debts and liabilities of the company contracted before registration, who is liable to pay or contribute to the payment of any debt or liability of the company contracted before registration, or to pay or contribute to the payment of any sum for the adjustment of the rights of the members among themselves in respect of any such debt or liability, or to pay or contribute to the payment of the costs, charges and expenses of winding up the company, so far as relates to such debts or liabilities as aforesaid;

(g) in the event of the company being wound up, every contributory shall be liable to contribute to the assets of the company, in the course of the winding up, all sums due from him in respect of any such liability as aforesaid; and in the event of the death or insolvency of any contributory, the provisions of this Act with respect to the legal representatives of deceased contributories, or with respect to the assignees of insolvent contributories, as the case may be, shall apply.