Incorporation of a public limited company under the Companies Act, 2013
Apply on SPICe+ Part A for name reservation, then file SPICe+ Part B with eMoA/eAoA, AGILE-PRO, INC-9 and DSCs of subscribers and first directors.
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Duties of directors under Section 166 of the Companies Act, 2013
Act in good faith, exercise independent judgment, exercise due care, avoid conflicts of interest and undue gain, and act to promote company objects.
Difference between Memorandum of Association and Articles of Association
MoA is the charter defining scope, objects and powers; AoA is the rulebook governing internal management. MoA prevails on conflict.
Procedure for conducting a Board Meeting under SS-1
Issue 7-day notice with agenda, ensure quorum (1/3 or 2, whichever higher), record minutes within 30 days, file resolutions in MGT-14 where required.
Issue of bonus shares — conditions under Section 63
Authorised by articles, recommended by board, approved in general meeting, sourced from free reserves/securities premium/CRR; no default in payment of statutory dues or deposit.
What is the difference between a Private Company and a Public Company?
Private: ≥2 members, capped at 200, restricts transfer of shares, prohibits public issue. Public: ≥7 members, no upper cap, freely transferable shares.