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TMI BlogFormation of companies with charitable objects, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... tral Government may, by licence issued in such manner as may be prescribed, and on such conditions as it deems fit, allow that person or association of persons to be registered as a limited company under this section without the addition to its name of the word "Limited", or as the case may be, the words "Private Limited" , and thereupon the Registrar shall, on application, in the prescribed form, register such person or association of persons as a company under this section. (2) The company registered under this section shall enjoy all the privileges and be subject to all the obligations of limited companies. (3) A firm may be a member of the company registered under this section. (4) (i) A company registered under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hout prejudice to any other action against the company under this Act, direct the company to convert its status and change its name to add the word "Limited" or the words "Private Limited", as the case may be, to its name and thereupon the Registrar shall, without prejudice to any action that may be taken under sub-section (7), on application, in the prescribed form, register the company accordingly: Provided that no such order shall be made unless the company is given a reasonable opportunity of being heard: Provided further that a copy of every such order shall be given to the Registrar. (7) Where a licence is revoked under sub-section (6), the Central Government may, by order, if it is satisfied that it is essentia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. (11) If a company makes any default in complying with any of the requirements laid down in this section, the company shall, without prejudice to any other action under the provisions of this section, be punishable with fine which shall not be less than ten lakh rupees but which may extend to one crore rupees and the directors and every officer of the company who is in default shall be punishable 2[****] with fine which shall not be less than twenty-five thousand rupees but which may extend to 3[twenty-five lakh rupees]: Provided that when it is proved that the affairs of the company were conducted fraudulently, every officer in default shall be liable for action under section 447. ******************** Notes:- 1. As Amended vide Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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