The Companies Act, 1956 provides for a variety of companies of which can be promoted and registered under this Act. The three basic types of companies which may be registered under the Act are: • Private companies;
• Public companies ; and
• Producer companies
Section 3(1)(iii),a private company means a company, which has a minimum paid up capital of one lakh rupees or such higher paid-up capital as may be prescribed , and by its articles: a) Restricts the right to transfer its share, if any
b) Limits the number of its member to fifty
c) Prohibits any invitation to the public to subscribe for any share in , or debenture of the company
d) Prohibits any invitation or acceptance of deposit from person other than its member, directors of their relative.
Section 3(1) (IV), public company means a company which:
a) It not a private company;
b) Has minimum paid –up capital of five lakhs rupees such higher paid – up capital as may be prescribed;
c) Is a private company which is a subsidiary of a company which is not a private company
A public company may be said to be an association consisting of not less than 7 members, which is registered under this Act NOTE
every public company existing on the commencement of the companies (Amendment)Act, 2000.with a paid-up capital of less than five lakh rupees, was required to within the a period of two year from such commencement, enhance its paid-up capital of five lakhs rupees. Where a public company failed to do so such company was deemed to be Defunt Company within the meaning of section 560.
EMPLOYEE STOCK OPTION SCHEME (ESOS)
Employee Stock Option Scheme means the option given to the Whole Time Directors, Officers and Employees of the Company which gives them a right or benefit to purchase or subscribe the securities offered by the Company at a predetermined price at a future date. THE MINIMUM WAGES ACT, 1948
ACT NO. 11 OF 1948 1*
[15th March, 1948.]
An Act to provide for fixing minimum rates of wages in certain employments. The Minimum Wages Act, 1948 is designed to “prevent exploitation of the workers and for this purpose it aims at fixation of minimum rate of wages which the employer must pay “The minimum rate of wages fixed or revised may consist of the basic rate of wages to be adjusted according to the variations in the cost of living index number (cost living allowance). It also includes house rent allowance.
The Payment of Wages Act 1936 – according ,all organisation employing less than one thousand employees must pay the wages before expire of the seventh day after the last day of wages period and before the expiry of the tenth day in case it employs thousand or more employees .all payment must be made on working days . in case of terminated employees all wages earned by them shall be paid before the expire of the second working day from the day employment is terminates. All wages must be paid in current coin or currency or by cheque or credit in the bank by prior authorisation.
FIXING OF MINIMUM RATE OF WAGES.
Fixing of minimum rates of wages.-
a) fix the minimum rates of wages payable to employees employed in an employment specified in Part I or Part II of the Schedule and in an employment added to either Part by notification under section 27: Provided that the appropriate Government may, in respect of employees employed in an employment specified in Part II of the Schedule, instead of fixing minimum rates of wages under this clause for the whole State, fix such rates for a part of the State or for any specified class or classes of such employment in the whole State or part thereof; b) Review at such intervals as it may think fit, such intervals not exceeding five years, the minimum rates of wages so fixed and revise the minimum rates, if necessary:
Concepts of Wages:
While evolving, wage policy, three concepts of wages,...