Page 11 - DCOM106_COMPANY_LAW

Company Law

Notes Section 209A provides that the books of account and other books and papers of every company
shall be open to inspection during business hours, inter alia, by the officers of SEBI as may be
authorised by it. However, an inspection may be made without giving any previous notice to
the company or any officer thereof. Further, an inspection can be made in respect of matters
covered under sections referred to in s.55A.
Further, under s.621, a court may take cognizance of offence relating to the issue and transfer of
securities and non-payment of a dividend, on a complaint in writing, by a person authorised by
SEBI.

Task Discuss the application of companies act in respect of J&K state.

1.2.5 Official Liquidator

For the purpose of winding up of companies by the court, there shall be an official liquidator,
who may be:

appointed from a panel of professional firms of chartered accountants, advocates, company
secretaries, cost and works accountants which the Central Government constitutes for the
court.
a body corporate, consisting of such professionals as may be approved by the Central
Government.

a whole time or a part time officer, appointed by the Central Government.
1.2.6 Advisory Committee

Section 410 provides that for the purpose of advising the Central Government and the Company
Law Board on the matters arising out of the administration of the Companies Act, 1956, as may
be referred to it by the Central Government or the Company Law Board, the Central Government
may constitute this Committee consisting of not more than 5 persons with suitable qualifications.
The Central Government is, however, not bound to constitute an Advisory Committee.
Moreover, even if an Advisory Committee is constituted neither the Central Government nor
the Company Law Board is bound to accept its advice.
1.2.7 Courts

According to section 2, the ‘Court’ means:
(a) With respect to any matter relating to a company (other than any offence against the Act)
the Court having jurisdiction under this Act with respect to that matter relating to that
company, as provided in s.10;
(b) With respect to any offence against this Act, the Court of a Magistrate of the First Class or,
as the case may be, a Presidency Magistrate, having jurisdiction to try such offence.

6 LOVELY PROFESSIONAL UNIVERSITY