Corrigendum: Supplementary Study Paper on Corporate and Allied Laws

Posted on    13 May 2014

Final students may note that point no. (iv) under the heading of “Points of comparison in respect to old law i.e. the Companies Act, 1956”, on Page No. 13, Chapter 3: Directors, Power, Managerial Remuneration, containing section 181 of the Companies Act, 2013 which provides for company to contribute to bona fide and charitable funds, etc. ; is being modified as under:


“Consent of the company in general meeting shall be required for contribution to charitable and other funds not directly relating to the business of the company or the welfare of its employees in excess of the amount given under section 293(1)(e) of the Companies Act, 1956. Under the Companies Act, 2013, prior permission of the company in the general meeting shall be required for such contribution in excess of amount given under section 181. Though, under both the Acts, the Consent/permission of the general meeting is necessary before contributing in excess of the amount specified under the Law, the word “Prior” has been used specifically under the Companies Act, 2013.”


Thus, the students who have downloaded the supplementary study material on or before 12th May, 2014 may also refer the attached file for the revised Supplementary Study Material:-

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