Liabilities of Directors

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Liabilities of Directors




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Liabilities of Directors underThe Companies Act 2013

WorkshopOrganized byConfederation Of Indian IndustryMadhya Pradesh ChapterOn 18th August 2015At ABV Indian Institute of Information Technology, GwaliorBy Advocate Anil Chawla Senior Partner,Anil Chawla Law Associates LLPwww.indialegalhelp.com

This Presentation

gives only an indication of the various provisions related to penalties and punishments for Directors under The Companies Act, 2013 of India. It is not intended to be either complete or exhaustive narration of the subject.

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Preface

Companies Act, 2013 (the Act) is a Draconian lawHardly any distinction between small companies and large companiesStart of a new inspector-rajAnti-business biasDuties, penalties and punishments more stringent than applicable for public servants or heinous crimes.

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A. Some Key Concepts

A1. OfficerA2. ManagerA3. Managing DirectorA4. Key Managerial PersonnelA5. Officer in Default

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A1. Officer

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Section 2(59)

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A2. Manager

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Section 2(53)

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A3. Managing Director

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Section 2(54)

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A4. Key Managerial Personnel

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Section 2(51)

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A5. Officer in Default

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Section 2(60)

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A5. Officer in Default (Continued)

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Section 2(60)

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B. Some Relevant Provisions

B1. Duties of DirectorsB2. Disqualification to be a DirectorB3. Cognizable Offences with No BailB4. Protection of Independent Directors

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B1. Duties of Director

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B1. Duties of Director (Continued)

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B2. Disqualification to be a Director

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Section 164

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B2. Disqualification to be a Director (Continued)

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Section 164

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B3. Cognizable Offences Without Bail

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Section 212(6)

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B4. Protection of Independent Directors

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Section 149(12)

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C. Penalties and Punishments

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Chapter II – Incorporation of Company and Matters Incidentals Thereto

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Note:

Rs. 1

Lakh

= Rs. 100,000 = Rs. 0.1 million

Rs. 1

Crore

= Rs. 10,000,000 = Rs. 10 million

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Chapter III – Prospectus & Allotment of Securities

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Chapter IV – Share Capital & Debentures

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Chapter IV – Share Capital & Debentures (Continued)

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Chapter V – Acceptance of Deposits

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Chapter VI – Registration of Charges

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Chapter VII – Management & Administration

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Chapter VII – Management & Admin. (Continued)

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Chapter VIII – Declaration & Payment of Dividend

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Chapter IX – Accounts of Companies

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Chapter X – Audit and Auditors

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Chapter XI – Appointment & Qualification of Directors

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Chapter XII – Meetings of Board & Its Powers

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Chapter XII – Meetings of Board (Continued)

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Chapter XIII – Appointment & Remuneration of Managerial Personnel

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Chapter XIV – Share Capital & Debentures

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Chapter XVI – Prevention of Oppression & Mismanagement

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Chapter XX – Winding Up

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Chapter XXIX – Miscellaneous

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Thanks!

We wish you the best in facing up to the Companies Act, 2013.

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Anil Chawla Law Associates LLPwww.indialegalhelp.cominfo@indialegalhelp.comTel. – 09425009280

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Anil

Chawla

Law Associates LLP is registered with limited liability and bears LLPIN AAA‑8450.

This Presentation is an academic exercise. It does not offer any advice or suggestion to any individual or firm or company.

While all efforts have been made to ensure accuracy and correctness of information provided, no warranties / assurances are provided or implied. Readers are advised to consult a Legal Professional / Company Secretary / Chartered Accountant before taking any business decisions. Anil

Chawla

Law Associates LLP does not accept any liability, either direct or indirect, with regard to any damages / consequences / results arising due to use of the information contained in this Presentation.


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