-
TRUSTMAN
is
an organisation of professional based at Delhi, India of high caliber and qualified professionals to provide multi disciplinary
services at one place to all businesses/ individuals and firm is
capable of addressing and resolving several business and legal
issues. A law firm based at Delhi, India with a
difference.
Law Firm in India
Central Acts of India compiled by Law Firm in India
THE INDIAN COMPANIES (FOREIGN INTERESTS) ACT, 1918
ACT NO. 20 OF 1918
[26th September, 1918.]
An Act to take power to prohibit the alteration, except with the
sanction of 1[the Central Government], of articles of association
which restrict foreign interests in certain Companies, and to provide
for other purposes connected therewith.
WHEREAS it is expedient to take power to prohibit the alteration,
except with the sanction of 1[the Central Government], of articles of
association which restrict foreign interests in certain companies, and
to provide for other purposes connected therewith ; It is hereby
enacted as follows:-
1.
Short title.
1. Short title. This Act may be called the Indian Companies
(Foreign Interests) Act, 1918.
2.
Definitions.
2.Definitions. (1) In this Act-
2[(a) the expression "Commonwealth citizen" has the same
meaning as in section 1 of the British Nationality Act, 1948,
but shall include any association incorporated in any part of
the Commonwealth, including India];
(b) the expression "restrictive provision" means any
provision in the articles of association of a company which,
in the opinion of the Central Government, is designed to
restrict or limit or has the effect of restricting or
limiting the share or shares or interest which may be held,
or the rights, powers or authority which may be conferred
upon or exercised by or on behalf of persons other than
3[Commonwealth citizens] in the company, or in respect of the
control, management or direction of the affairs thereof.
(2) All words and expressions used in this Act and defined in
the 4 Indian Companies Act, 1913,( 7 of 1913) shall be deemed to have
the meanings respectively attributed to them by that Act.
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1 Subs. by the A. O. 1950 for "the G. G. in C.".
2 Subs., ibid., for cl. (a).
3 Subs., ibid., for "British subjects".
4 Now see the Companies Act, 1956 (1 of 1956).
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2
3.
Application of Act.
3.Application of Act. This Act shall apply to such companies as
the Central Government may, by notification in the Official Gazette,
declare to be companies with restrictive provisions, and any such
notification shall specify the restrictive provisions.
4.
Alterations in restrictive provisions and winding up.
4.Alterations in restrictive provisions and winding up. So long
as a notification issued under section 3 is in force in respect of any
company, notwithstanding anything to the contrary in any other Act-
(1) no alteration of the articles of association of the
company affecting either directly or indirectly any
restrictive provision shall be of any effect until it has
received the consent in writing of the Central Government;
(2) a resolution for the voluntary winding up of the
company shall be of no effect unless the Central Government
authorizes or ratifies it by a written consent ;
(3) any Court which has jurisdiction to wind up the company
may in its discretion refuse to make a winding up order. In
the exercise of its discretion, the Court shall be guided by
the consideration whether the winding up is bona fide with a
view to the discontinuance of the undertaking, or is with a
view to continuing the undertaking freed either wholly or in
part from any restrictive provision ;
(4) the Central Government in giving consent, or the Court
in making a winding up order, as the case may be, may impose
such terms or conditions for giving effect to the purposes of
this Act as 1[it] thinks fit.
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1 Subs. by the A. O. 1937 for "he or it".
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TRUSTMAN
is
an organisation of professional based at Delhi, India of high caliber and qualified professionals to provide multi disciplinary
services at one place to all businesses/ individuals and firm is
capable of addressing and resolving several business and legal
issues. A law firm based at Delhi, India with a
difference.
Law Firm in India