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Business Law, 3rd Edition

Name: Business Law, 3rd Edition
Author: Tejpal Sheth
ISBN: 9789352861231

by Tejpal Sheth

May 2017

Beginner

648 pages

19h 10m

English

Pearson India

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Cover
Applying Macroeconomics to the Real World
Title Page
Contents
Preface to the Third Edition
Preface to the Second Edition
Preface to the First Edition
About the Author
Introduction to Constitution of India
1 The Indian Contract Act, 1872: Nature and Kind of Contracts
1.1 Scope of the Act1.2 What is a Contract?1.3 Essential Elements of Valid Contracts—Section 101.4 Distinguish between an Agreement and a Contract1.5 Types of Contract or Classification of Contract1.6 Distinguish between Void and Voidable Contract1.7 Distinguish between Void and Illegal Agreement1.8 Similarities between Void and Illegal Agreements

2 The Indian Contract Act, 1872: Offer and Acceptance of an Offer
2.1 Essential Elements of an Offer (Proposal)2.2 Legal Rules as to Offer2.3 Distinguish between Invitation to Offer and an Offer2.4 Classification of Offers or Kinds of Offers2.5 Distinguish between General Offer and Specific Offer2.6 Lapse of Offer or When Offer Comes to an End2.7 Legal Rules for the Acceptance2.8 General Rules as to Communication of Acceptance2.9 Communication of Offer and Acceptance—Sections 4 and 5
3 The Indian Contract Act, 1872: Capacity of Parties and Consideration
3.1 Capacity of Parties3.2 Minor3.3 Effect of Minor’s Agreement3.4 Different Position of a Minor3.5 Minor’s Liability for Necessities3.6 Person of Unsound Mind3.7 Person Disqualified by Law3.8 What is Consideration?3.9 Type of Consideration3.10 Essentials of Valid Consideration3.11 Stranger to Contract and Stranger to Consideration3.12 Exception to the Rule of Stranger to Contract3.13 Exception to Rule ‘No Consideration No Contract’—Section 25
4 The Indian Contract Act, 1872: Free Consent
4.1 Meaning of a Consent—Section 134.2 Free Consent—Section 144.3 Coercion4.4 Certain Threats do not Amount to Coercion4.5 Undue Influence4.6 When a Person is Deemed to be in Position to Dominance of will of Others?4.7 Distinguish between Coercion and Undue Influences4.8 Fraud4.9 Essential Elements of Fraud4.10 Exception to the Rule—Silence is not Fraud4.11 Contract of Ubberimae Fidei4.12 Effects of Fraud4.13 Misrepresentation4.14 Essential Elements of Misrepresentation4.15 Distinguish between Fraud and Misrepresentation4.16 Similarities between Fraud and Misrepresentation4.17 Mistake4.18 Distinguish between Unilateral Mistake and Bilateral Mistake
5 The Indian Contract Act, 1872: Void Agreement and Contingent Contract
5.1 When an Object or a Consideration is Unlawful?—Section 235.2 An Agreement Opposed to Public Policy5.3 Agreements in Restraint of Trade—Section 275.4 Agreement in Restraint of Legal Proceedings—Section 285.5 Agreements Unlawful in Parts5.6 Wagering Agreement—Section 305.7 Essentials of Wagering Agreement5.8 Effects of Wagering Agreement5.9 Distinguish between a Wagering Agreement and an Insurance Contract5.10 Distinguish between a Wagering Agreement and a Contingent Contract5.11 Illegal Agreement5.12 Contingent Contract—Section 315.13 Essential Features of Contingent Contract5.14 Rules Regarding Enforcement of Contingent Contract5.15 Uncertain Agreement5.16 Distinguish between a Void Agreement and a Void Contract
6 The Indian Contract Act, 1872: Performance of Contract
6.1 Essentials of a Valid Tender6.2 Effects of a Valid Tender6.3 Types of Tenders6.4 Contracts which Need not to Perform6.5 Who can Perform Contract?6.6 Performance of Joint Promise—Sections 42–456.7 Time and Place for Performance of Promise—Sections 46–506.8 Who can Demand Performance of Promise?6.9 Kinds of Reciprocal Promise6.10 Rules Regarding Performance of Reciprocal Promises6.11 Time is the Essence of a Contract6.12 Appropriation of Payments—Sections 59–616.13 Assignment and Succession of a Contract
7 The Indian Contract Act, 1872: Discharge of a Contract
7.1 Discharge of a Contract7.2 Discharge of a Contract on Performance7.3 Discharge of a Contract by a Mutual Agreement or by an Implied Consent7.4 Distinguish between a Novation and an Alteration7.5 Distinguish between a Rescission and an Alteration7.6 Discharge of a Contract by Impossibility of Performance7.7 Specific Grounds of Subsequent Impossibilities7.8 Cases where a Contract is not Discharged on the Ground of Supervening Impossibility7.9 Discharge of a Contract by Lapse of Time7.10 Discharge of a Contract by Operation of Law7.11 Discharge of a Contract by Breach of Contract
8 The Indian Contract Act, 1872: Remedies for Breach of Contract and Quasi-contract
8.1 Rescission of a Contract—Section 398.2 Suit for Damages8.3 Kinds of Damages8.4 Suit for a Specific Performance8.5 Suit for Injunction8.6 Quantum Meruit8.7 Quasi-Contract—Sections 68–728.8 Distinguish between a Quasi-Contract and a Contract
9 The Indian Contract Act, 1872: Indemnity and Guarantee
9.1 Indemnity Contract9.2 Essential Elements of an Indemnity Contract9.3 Right of an Indemnity Holder—Section 1259.4 Guarantee9.5 Essential Elements of Contract of Guarantee9.6 Kinds of Guarantee9.7 Revocation of a Continuing Guarantee9.8 Surety’s Liability—Section 1289.9 Rights of Surety9.10 Discharge of a Surety9.11 Difference between a Contract of Indemnity and a Contract of Guarantee
10 The Indian Contract Act, 1872: Bailment and Pledge
10.1 What is a Bailment?10.2 Essentials of a Valid Bailment10.3 Types of Bailment10.4 Duties of a Bailee10.5 Duties of a Bailor10.6 Bailee’s Rights10.7 Bailor’s Rights10.8 Termination of a Bailment10.9 Lien10.10 Difference between a General Lien and a Particular Lien10.11 Finder of Goods10.12 Pledge10.13 Rights of a Pawnee10.14 Rights of a Pawnor10.15 Pledge by a Non-Owner10.16 Distinguish between a Bailment and a Pledge
11 The Indian Contract Act, 1872: Agency
11.1 Contract of Agency11.2 Essentials for a Valid Agency11.3 Test of an Agency11.4 Difference between an Agent and a Servant11.5 Difference between an Agent and an Independent Contractor11.6 Different Kinds of Agents11.7 Mode of Creating an Agency11.8 Requisites of a Valid Ratification—Sections 198–20011.9 Husband and Wife11.10 Extent of an Agent’s Authority11.11 Delegation of Authority by an Agent11.12 Sub-Agent—Section 19111.13 Substituted Agent or Co-Agent—Section 19411.14 Difference between a Sub-Agent and a Substituted Agent11.15 Duties of an Agent11.16 Rights of an Agent 17211.17 Position of a Principal and an Agent in Relation to Third Parties11.18 Principal Relationship where an Agent Contracts for a Named Principal11.19 Principal’s Relation where an Agent Contracts for an Unnamed Principal11.20 Principal’s Relation where an Agent Contracts for an Undisclosed Principal11.21 Personal Liabilies of an Agent11.22 Termination of an Agency11.23 Termination of an Agency by the Act of Parties11.24 Termination of an Agency by the Operation of Law11.25 Irrevocable Agency
12 The Partnership Act, 1932 184
12.1 Applicability of the Act12.2 Definition of Partnership—Section 412.3 Essential Characteristics of Partnership12.4 True Test of Partnership12.5 Cases Where No Partnership Exists—Section 612.6 Distinguish between a Partnership and a Hindu Undivided Family12.7 Distinguish between a Partnership and an Association12.8 Distinguish between a Partnership and a Co-Ownership12.9 Distinguish between a Partnership and a Club12.10 Registration of Firm—Sections 56–7112.11 Registration of Alterations—Sections 60–6312.12 Time for Registration12.13 Effects of Non-Registration—Section 6912.14 Types of Partners12.15 Position of a Minor Partner after Attaining Majority12.16 Who can be a Partner in the Firm?12.17 Rights of a Partner12.18 Partner’s Optional Duties12.19 Partner’s Compulsory Duties12.20 Partnership Property—Section 1412.21 Authority of Partner—Sections 19 and 2212.22 Acts within the Implied Authority of a Partner12.23 Acts Outside the Implied Authority of a Partner12.24 Restriction on an Implied Authority12.25 Liability of a Partner12.26 Partner’s Authority in Emergency12.27 Reconstitution of a Firm12.28 Distinguish between Dissolution of a Partnership and Dissolution of a Firm12.29 Dissolution without the order of Court—Sections 40–4312.30 Dissolution with the order of Court—Section 4412.31 Rights of Partners on Dissolution12.32 Liabilities of Partners on Dissolution12.33 Settlement of Accounts12.34 Garner versus Murray Rule12.35 Mode of Giving a Public notice
13 Sales of Goods Act, 1930
13.1 Applicability13.2 Definition13.3 Essentials of Valid Sales13.4 Distinguish between a Sale and an Agreement to Sell13.5 Distinguish between a Sale and a Hire–Purchase13.6 Distinguish between a Sale and a Bailment13.7 Contract for Work and Skill13.8 Types of Goods13.9 Price of Goods—Sections 9 and 1013.10 Consequences of Destruction of Specific Goods—Sections 7 and 813.11 Conditions and Warranties13.12 Implied Conditions13.13 Implied Warranties13.14 Distinguish between a Condition and a Warranty13.15 Doctrine of Caveat Emptor13.16 Transfer of Ownership of Specific Goods—Sections 20–2213.17 Transfer of Ownership in the Case of Unascertained Goods—Sections 18 and 2313.18 Transfer of Ownership in Case of Goods Sale on Approval or on Sale or Return Basis—Section 2413.19 Passing of Risk13.20 Rules Regarding Delivery of Goods—Sections 32–3913.21 Unpaid Seller13.22 Rights of Unpaid Seller13.23 Right of Lien13.24 Right of Stoppage in Transit—Sections 50–5213.25 Right of Resale13.26 Right to withhold Delivery of Goods13.27 Delivery to Carrier13.28 Buyer’s Right Against the Seller or Remedies Against Seller—Sections 55–6113.29 Sale by Non-Owners or Transfer of Title by Non-Owners—Sections 27–3013.30 Auction Sale—Section 6413.31 Delivery of Goods in Contract by Sear Route
14 The Negotiable Instrument Act, 1881
14.1 Introduction to Negotiable Instruments14.2 Essentials or Characteristics of a Negotiable Instrument14.3 Presumptions as to Negotiable Instruments14.4 Promissory Note—Section 414.5 Essentials Characteristics of a Promissory Note14.6 Bill of Exchange—Section 514.7 Difference between Promissory Note and Bill of Exchange14.8 Cheque—Section 714.9 Difference between Bill of Exchange and Cheque14.10 Difference between Electronic Cheque and Trancated Cheque14.11 Capacity of a Person to be a Party to a Negotiable Instrument14.12 Classification of Negotiable Instruments14.13 Distinguish between Inland and foreign Bills14.14 Incomplete Instrument or Inchoate Instrument—Section 2014.15 Distinguish between Ambiguous Instrument and Inchoate Instrument14.16 Maturity of a Negotiable Instrument—Sections 22–2514.17 A Negotiable Instrument Made without Consideration14.18 Negotiation—Section 1414.19 Endorsement—Sections 15 and 1614.20 Kinds of Endorsements—Sections 16, 50, 52 and 5614.21 Negotiation Back14.22 Distinction between Negotiation and Assignment14.23 Crossing of Cheque14.24 Bouncing or Dishonour of Cheques—Sections 31 and 13814.25 Holder—Section 814.26 Privileges of a Holder in Due Course14.27 Difference between Holder and Holder in Due Course14.28 Payment in Due Course—Section 1014.29 Protection to Paying Banker—Section 8514.30 Liability/Duty of the Paying Banker and Collecting Banker—Section 12914.31 When Banker Must Refuse to Honour a Customer’s Cheque14.32 Banker may Refuse to Honour a Customer’s Cheque14.33 Effect of Non-Presentment of Cheque within Reasonable Time14.34 Material Alteration—Sections 87–8914.35 Acceptance of Bill14.36 Dishonour by Non-Acceptance14.37 Acceptance for Honour14.38 Payment for Honour14.39 Dishonour by Non-Payment14.40 Notice of Dishonour14.41 Noting and Protesting—Sections 99–104(A)14.42 Drawee in Case of Need14.43 Discharge of a Negotiable Instrument14.44 Discharge of a Party14.45 Hundi
15 Consumer Protection Act, 1986
15.1 Object of the Act15.2 Extent and Coverage of the Act15.3 Rights of Consumer15.4 Definition15.5 Who can File a Complaint15.6 Redressal Machinery Under the Act15.7 How to File a Complaint15.8 Relief Available to the Consumers15.9 Procedure for Filing the Appeal15.10 Speedy Disposal15.11 Powers of the Dispute Redressal Agencies
16 Foreign Exchange Management Act, 1999
16.1 Application of Act—Section 116.2 Fera vs Fema16.3 Definition16.4 Authorized Persons16.5 Current Account Transaction16.6 Export of Goods and Services16.7 Capital Account Transactions—Section 2(E)16.8 Acquisition and Transfer of Immovable Property in India16.9 Acquisition and Transfer of Immovable Property Outside India16.10 Establishment in India of Branch or Office or other Place of Business16.11 Acceptance of the Deposit16.12 Export and Import of Currency16.13 Possession and Retention of foreign Currency16.14 Realization, Repartiation and Surrender of Foreign Exchange16.15 Enforcement Directorate16.16 Departmental Adjudication—Section 1616.17 Compounding of Offence16.18 Liberalized Remittance Scheme for Resident Individuals
17 Information Technology Act, 2000
17.1 Introduction17.2 Objective of Act17.3 Scope of the Act17.4 Definitions17.5 Digital Signature17.6 Electronic Governance17.7 Digital Signature Certification17.8 Cyber Appellate Tribunal—Section 4917.9 Penalties and Adjudication17.10 Offences17.11 Liability of Body Corporate17.12 Duties of Controllers of Certifying Authority17.13 Duties of the Certifying Authorities17.14 The Duties of a Subscriber17.15 Power of the Central Government to Make Rules—Section 8717.16 Issue not Covered in Information Technology Act17.17 Excluding Liability of Intermediaries—Section 7917.18 National Nodal Agency—Section 70A17.19 Indian Computer Emergency Response Team—Section 70B17.20 Power of a Police Officer and other Officers to Enter, Search, etc.—Section 80
18 Companies Act, 2013 : Types of Companies and Their Characteristics
18.1 Definition of a Company18.2 The Characteristics of a Company18.3 Body Corporate18.4 Lifting of the Corporate Veil18.5 Illegal Association18.6 Effects of an Illegal Association18.7 Advantages of Incorporation18.8 Definition of a Public Company18.9 Definition of a Private Company18.10 Distinction between Private and Public Company18.11 Limited Liability Companies18.12 Unlimited Liability Company18.13 Conversion of a Private Company into a Public Company18.14 Government Companies18.15 Foreign Company—Section 2(42)18.16 Holding and Subsidiary Companies18.17 Promoter18.18 Legal Position of Promoters18.19 Duties of Promoter of a Company18.20 Preliminary Contracts or Pre-Incorporation Contract18.21 Effects of Pre-Incorporation Contracts18.22 Steps to obtain Certificate of Incorporation18.23 One Person Company18.24 The Features of one Person Company18.25 Terms and Restrictions of one Person Company
19 Companies Act, 2013: Memorandum, Articles of Association and Prospectus
19.1 Define the Memorandum of Association19.2 Purpose of Memorandum of Association19.3 Provisions Relating to Printing and Signature of Memorandum19.4 Form of Memorandum of Association—Section 419.5 Contents of the Memorandum of Association—Section 419.6 Legal Requirements as to the Name Clause19.7 Legal Requirements as to the Registered Office Clause19.8 Display of Registered Office Address19.9 Legal Requirements as to the Objects Clause19.10 Legal Requirements as to the Liability Clause19.11 Capital Clause19.12 Association or Subscription Clause19.13 Provisions for Change in Name Clause of Memorandum of Company or Alteration of Name Clause19.14 Procedure to Change Registered Office from one Place to Another within the Same City19.15 Procedure to Change Registered Office from one City to Another within Jurisdiction of the same Roc within the Same State19.16 Procedure to Change the Registered Office from the Jurisdiction of One Roc to the Jurisdiction of Another Roc within the Same State—Section 1219.17 Procedure to Change the Registered Office from one State to Another19.18 Procedure for Changing the Objects Clause of the Memorandum—Section 1319.19 Alteration of Liability Clause19.20 Doctrine of Ultra Vires19.21 Effects of Ultra Vires Transaction19.22 Articles of Association19.23 Distinguish between Memorandum and Articles of Association19.24 Provision Related to Printing and Signature of Articles19.25 Contents of the Articles of Association19.26 Procedure for the Alteration of Articles of Association—Section 1419.27 Limitations on Alteration of Articles19.28 Binding Effects of Memorandum and Articles of Association19.29 Doctrine of Constructive notice19.30 Doctrine of Indoor Management19.31 Exceptions to the Doctrine of Indoor Management19.32 Prospectus19.33 Circumstances when the Prospectus is not Required to be Issued19.34 Abridged Prospectus—Section 3319.35 Statutory Requirements in Relation to a Prospectus19.36 Red Herring Prospectus—Section 3219.37 The Contents of a Prospectus. Section 26 and Rule 3, 5 of Companies (Prospectus and Allotment of Securities) Rules, 201419.38 Refusal to Registrar Prospectus by the Registrar of Companies19.39 Shelf Prospectus and Information Memorandum—Section 3119.40 Misstatement in Prospectus19.41 Liability for Misstatement in Prospectus—Section 34–3519.42 Defenses Available to Directors in Case of Misleading Prospectus19.43 Defenses Available to Experts in Case of Misleading Prospectus
20 Companies Act, 2013: Share Capital and Transfer of Shares
20.1 Share Capital20.2 Nature of Shares20.3 Equity Shares20.4 Preference Shares20.5 Kinds of Preference Shares20.6 Redemption of Redeemable Preference Shares (Section 55)20.7 Equity Shares with Differential Rights or Non-Votingshares—Rule 4 of Companies (Share Capital and Debentures) Rules, 201420.8 Voting Rights to Shareholders—Section 4720.9 Allotment of Securities20.10 General Provisions for the Allotment of Securities20.11 Mode of Issue of Securities—Section 2320.12 Legal Rules for Allotment—Section 39-4020.13 Return of Allotment—Section 3920.14 Underwriting Agreement—Section 40 (6) Read with Rule 13 of Companies (Prospectus and Allotment of Securities) Rules, 201420.15 Brokerage20.16 Alteration of Share Capital Clause—Section 6120.17 Reduction of Share Capital—Section 6620.18 Procedure to the Reduction of Share Capital—Section 6620.19 Diminution of Share Capital20.20 Issue of Shares at Premium20.21 Utilisation of Securities Premium Amount—Section 5220.22 Conditions for the Issue of Shares at Discount—Section 5320.23 Stock or Stock Certificate20.24 Distinguish between ‘Share’ and ‘Stock’20.25 forfeiture of Shares20.26 Legal Requirements for forfeiture of Shares20.27 Effect of forfeiture of Shares20.28 Surrender of Shares20.29 Lien on Shares—Rules 9 to 12, Table ‘F’ of Companies Act, 201320.30 Bonus Shares—Section 6320.31 Pre-Emptive Right or Right Shares—Section 6220.32 Call on Shares20.33 Requisites for Valid Calls20.34 Calls in Arrear20.35 Calls in Advance 20.36 Buy-Back of Shares—Section 6820.37 Member20.38 Who can Become a Member of a Company?20.39 Minor as Member of Company20.40 Termination of Membership20.41 Rights of a Member of the Company20.42 Rights of Members as a Group20.43 Transfer of Shares—Sections 56 and 5820.44 Procedure of Transfer—Section 5620.45 Nomination—Section 7220.46 Transmission of Securities20.47 Certificate of Security—Section 5620.48 Distinction between Share and Share Certificate20.49 Duplicate Share Certificate20.50 Debenture20.51 Types of Debenture20.52 Rights of Debenture Holder20.53 Debenture Trustee—Section 7120.54 Functions of Debenture Trustees—Section 71 Read with Rule 18 of Companies (Share Capital and Debentures) Rules, 201420.55 Provisions for Creation of Debenture Redeption Reserve—Section 71 Read with Rule 18 of Companies (Share Capital and Debentures) Rules, 2014
21 Companies Act, 2013: Meeting and Power of Board
21.1 Kinds of Company Meetings21.2 Requisites of a Valid Meeting21.3 Different Manner of Serving notice to Members21.4 Provisions Regarding notice of General Meeting21.5 Annual General Meeting (Agm)—Section 9621.6 Report on Agm—Section 12121.7 Notice of Annual General Meeting21.8 Default in Holding an Annual General Meeting—Section 97-9921.9 Usual Business at an Agm—Section 10221.10 Extraordinary General Meeting—Egm—Section 10021.11 Extraordinary General Meeting on Requisition21.12 Eogm by Tribunal—Section 9821.13 Proxy—Section 10521.14 Revocation of Proxy After Appointment21.15 Quorum for General Meeting—Section 10321.16 Chairman of a General Meeting—Section 10421.17 Powers of the Chairman of a General Meeting21.18 Poll—Section 10921.19 Postal Ballot—Section 11021.20 Procedure for Passing Resolution by Postal Ballot21.21 Business Passing Resolution through Postal Ballot21.22 Adjournment of Meeting21.23 Meeting of Debenture Holders21.24 Meeting of Creditors21.25 One-Man Meeting21.26 Motion21.27 Kinds of Resolutions21.28 Resolution Requiring Special notice—Section 11521.29 Minutes of Proceedings of General Meeting—Section 118-11921.30 Meaning of Board of Directors21.31 Powers of the Board of Directors Which can be Exercised at their Meeting—Section 17921.32 Prohibition and Restriction Regarding Political Contributions by Directors—Section 18221.33 Power of the Board to Make Contribution to National Defence Fund—Section 18321.34 Powers that can only be Exercised by the Board of Directors of a Public Company with the Consent of the Company in a General Meeting—Section 18021.35 Prohibition and Restriction Regarding Charitable Fund by Directors—Section 18121.36 Restriction on Non-Cash Transaction Involving Directors—Section 19221.37 Prohibition on forward Dealings in Securties of Company—Section 19421.38 Prohibition on Insider Trading—Section 19521.39 Frequency of Board Meetings—Section 17321.40 Day, Time and Place of Board Meeting21.41 Notice of Board Meeting—Section 17321.42 Content of Board Meeting Notice21.43 Quorum for Board Meeting—Section 17421.44 Matters which cannot be Dealt at Board Meeting through Video Conferencing21.45 Chairman of Board Meeting21.46 Voting at Board Meeting21.47 Minutes of Board Meeting—Section
22 Companies Act, 2013: Management of Company
22.1 Definition of Director22.2 Disqualification of Director—Section 16422.3 Legal Position of Director22.4 Duties of a Director—Section 16622.5 Appointment of Directors22.6 Appointment of First Directors—Section 15222.7 Appointment of Directors at General Meeting or Directors Retirement by Rotation—Section 15222.8 Deemed Appointment of Retiring Director—Section 15222.9 Appointment of Director other than a Retiring Director—Section 16022.10 Consent of Director with Roc and Company—Section 15222.11 Director Identification Number—Section 153–159 and Rule 922.12 Appointment of Director by Board of Directors—Section 16122.13 Appointment of Additional Director—Section 161(1)22.14 Filling up Casual Vacancy—Section 161(4)22.15 Alternate Director—Section 161(2)22.16 Nominee Director—Section 161(3)22.17 Who is an Idependent Director?—Section 149(6)22.18 Provisions Relating to Independent Director—Section 14922.19 Minimum and Maximum Number of Directors—Section 14922.20 Small Shareholders’ Directors—Section 151 along with Rule 7 of Companies (Appointment and Qualification of Directors) Rules, 201422.21 Minimum and Maximum Number of Directors—Section 149(1)22.22 Number of Directorship—Section 16522.23 Vacation of Office of Director—Section 16722.24 Removal of Director by Shareholder—Section 16922.25 Compensation for Loss of Office—Section 20222.26 Resignation by Director—Section 168 and Rule 15-1622.27 Validity of the Acts of the Director Where His Appointment is Invalid—Section 17622.28 Power of Board of Directors22.29 Related Party Transaction—Section 18822.30 Disclosure of Director’s Interest—Section 18422.31 Loan to Directors—Section 18522.32 Managing Director—Section 2(54)22.33 Disqualification of Managing Director or Whole-Time Director or Manager—Section 19622.34 Whole-Time Director—Section 2(94)22.35 Distincton between Managing Director and Whole-Time Director22.36 Manager—Section 2(53) of Companies Act 201322.37 Distinction between Managing Director and Manager22.38 Appointment of Key Managerial Personnel—Section 20322.39 Managerial Remuneration22.40 Methods of Determination of Remuneration22.41 Overall Limits on Managerial Remuneration22.42 Managerial Remuneration Where the Company Has Profit22.43 Managerial Remuneration Where Company has no Profit or Inadequate Profit22.44 Salient Features of Schedule-V of Companies Act, 201322.45 Effective Capital
23 Payment of Bonus Act, 1965
23.1 Introduction23.2 Application of the Act23.3 Act not to Apply to Certain Classes of Employees—Section 3223.4 Definition23.5 Who is Entitled to Bonus?23.6 Disqualification for Bonus—Section 923.7 Computation of the Number of Working Days23.8 Who is Liable to Pay Bonus?23.9 Payment of Minimum Bonus—Section 1023.10 Payment of Maximum Bonus—Section 1123.11 Calculation of Bonus with Respect to Certain Employees—Section 1223.12 Adjustment of Customary or Interim Bonus—Section 1723.13 Set on and Set off of Allocable Surplus—Section 1523.14 Liability of the New Firm to Pay Bonus—Section 1623.15 Presumptions about the Accuracy of Balance Sheet and Profit and Loss Account of the Company—Section 2323.16 Procedure as Regards the Recovery of Bonus—Section 2121.17 Time Limit for the Payment of Bonus—Section 22 23.18 Powers of Inspectors—Section 2723.19 Application of the Act to Establishment in Public Sector—Section 2023.20 Bonus Linked with Production or Productivity—Section 31 A23.21 Power of Exemption—Section 36
24 The Payment of Gratuity Act, 1972
24.1 What is Gratuity?24.2 Scope of Payment of Gratuity Act, 197224.3 Definition24.4 Circumstances in Which the Gratuity Becomes Payable24.5 To whom is the Gratuity Payable?24.6 Calculation of the Amount of Gratuity Payable24.7 forfeiture of Gratuity—Section 4(B)24.8 Rules for the Nomination of Gratuity24.9 Rules as to Determination of the Amount of Gratuity24.10 Payment of Gratuity in Case of a Dispute—Section 7(4)24.11 Rules for the Recovery of Gratuity—Section 824.12 Compulsory Insurance of the Employee24.13 Rules Regarding Appointment of an Inspector under the Act24.14 Powers of Inspectors24.15 Provisions Relating to Penalties—Sections 9–1224.16 Appeal for Payment of Gratuity
25 Employees Provident Fund and Miscellaneous Provisions Act, 1952
25.1 Basic25.2 Applicability of the Act25.3 Definitions25.4 Central Board—Section 525.5 Employee’s Pension Fund Scheme—Section 625.6 Employees’ Pension Scheme—Section 6A25.7 Employees Deposit Link Insurance Scheme—Section 6B25.8 Recovery of Money Due From Employer—Section 8B25.9 Transfer of Accounts—Section 17A25.10 Transfer of Establishment—Section 17B25.11 Protection of Fund of Employee from Attachment—Section 10
26 Limited Liability Partnership Act, 2008
26.1 Features of LLP26.2 Difference between Partnership and LLP26.3 Difference between Company and LLP26.4 LLP Agreement26.5 Incorporation Document—Section 1126.6 Incorporation by Registration26.7 Partner—Section 5-626.8 Designated Partner—Section 7–926.9 Major Duties of a Designated Partner26.10 Registered Office26.11 Name of LLP—Sections 11–2126.12 Name Guideline—Rule 18 of LLP Rules, 200926.13 Partners and their Relations and Extent of Liability—Sections 22–3126.14 Whistle Blowing—Section 3126.15 Contribution by Partner—Section 32–3326.16 Voting Right26.17 Audit and Financial Disclosures—Section 34–3526.18 Assignment and Transfer of Partnership Rights—Section 4226.19 Investigation—Sections 43–4626.20 foreign LLP—Section 59 and Rule 3426.21 Taxation of LLP26.22 Conversion of Partnership Firm or Private Company or Unlisted Public Company into LLP—Sections 55– 5826.23 Steps for Conversion of Partnership into LLP26.24 Conversion of Private Compnay into LLP26.25 Compromise, Arrangement or Reconstruction of LLPS—Section 6026.26 Winding-Up of LLP—Sections 63 and 6426.27 Advantages of LLP26.28 Disadvantages of LLP
27 Employees’ State Insurance Act, 1948
27.1 Introduction27.2 Definitions27.3 Insurable Employee27.4 Contribution27.5 ESI Benefits—Section 4627.6 ESI Court—Sections 74–75
Index
Copyright

Content preview from Business Law, 3rd Edition

About the Author

Tejpal Sheth is an associate member of Institute of Company Secretaries of India. He holds an MBA in International Business and Diploma in Pharmacy. Apart from Practising Company Secretary, he is dynamic and well-known educator in the professional stream. He is a visiting faculty in many reputed MBA colleges and professional institutes, ICSI, ICAI, ICWAI, Nirma Institute of Management, BSE Training Institute and Amity Global Business School, for more than 18 years. He has taught innumerable students of CA, CS, CWA, BBA and MBA programme on various topics like business law, mercantile law, corporate law, business ethics and ...

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