Sunday, July 24, 2011

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (50) - DEFN. OF THE TERM VARIATION

(50) "variation" shall include abrogation; and "vary" shall include abrogate

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec.  2(49A) - Defn. of the term TRIBUNAL

33[(49A) "Tribunal" means the National" Company Law Tribunal constituted under sub-section (1) of section 10FB;] 

33. Clause (49A) omitted by Act 17 of 1967, sec. 4 and Sch. (w.e.f. 1-7-1967) and again ins. by Act 11 of 2003, sec. 2 (w.e.f. 1-4-2003).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (49) - Defn. of the term TRADING CORPORATION

(49) "trading corporation" means a trading corporation within the meaning of entries 43 and 44 in List I in the 
Seventh Schedule to the Constitution;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (48) -  defn. of the term TOTAL VOTING POWER

(48) "total voting power", in regard to any matter relating to a body corporate, means the total number of votes which may be cast in regard to that matter on a poll at a meeting of such body, if all the members thereof and all other persons, if any, having a right to vote on that matter are present at the meeting, and cast their votes;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (47) - SUBSIDIARY COMPANY

(47) "subsidiary company" or "subsidiary" means a subsidiary company within the meaning of section 4;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (46AB) - Defn. of the term State Level Institution

(46AB) "State level institution" means any of the following institutions, namely:-

(a) the State Financial Corporations established under section 3 or section 3A and institutions notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);

(b) the State industrial Development Corporations registered under this Act;]

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (46AA) - Defn. of the term SICK INDUSTRIAL COMPANY

32[(46AA) "sick industrial company" means an industrial company which has-

(i) the accumulated losses in any financial year equal to fifty per cent, or more of its average net worth during four years immediately preceding such financial year; or

(ii) failed to repay its debts within any three consecutive quarters on demand made in writing for its repayment by a creditor or creditors of such company; 

32. Ins, by Act 11 of 2003, sec. 2 (w.e.f. 1-4-2003).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (46A) - Defn. of the term SHARE WITH DIFFERENTIAL RIGHTS 

30[(46A) "share with differential rights" means a share that is issued with differential rights in accordance with the provisions of section 86;] 

30. Ins. by Act 53 of 2000, sec. 2 (w.e.f. 13-12-2000).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (46) - Defn. of the term Share


(46) "share" means share in the share capital of a company, and includes stock except where a distinction between stock and shares is expressed or implied;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (45B) - Defn. of the term SECURITIES AND EXCHANGE BOARD OF INDIA

31[45B) "Securities and Exchange Board of India" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);] 

 31. Ins. by Act 22 of 1996, sec. 30 and Sch. (w.r.e.f. 20-9-1995).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (45AA) - Defn. of the term SECURITIES


 
30[(45AA)] "securities" means securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and includes hybrids;] 

30. Ins. by Act 53 of 2000, sec. 2 (w.e.f. 13-12-2000).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (45A) - Defn. of the term  SECRETARY IN WHOLE-TIME PRATICE


29[(45A) "secretary in whole-time practice" means a secretary who shall be deemed to be in practice within the meaning of sub-section (2) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and who is not in full time employment;] 


29. Ins. by Act 31 of 1988, sec. 2 (w.e.f. 15-6-1988).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (45) - Defn. of the term Secretary

28[(45) "secretary" means a Company Secretary within the meaning of clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 (56 of 1980) and includes any other individual possessing the prescribed qualifications and appointed to perform the duties which may be performed by a secretary under this Act and any other ministerial or administrative duties;] 

28. Clause (45) subs, by Act 65 of I960, sec. 2 (w.e.f. 28-12-1960) and again subs, by Act 31 of 1988, sec. 2 (w.e.f. 15-6-1988).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec 2 (43) - Defn. of the term Schedule bank

(43) "Scheduled Bank" has the same meaning as in the Reserve Bank of India Act, 1934 (2 of 1934);

27[***]
27. Clause (44) omitted by Act 53 of 2000, sec. 2 (w.e.f. 13-12-2000).

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (42) - Definition of the term Schedule

(42) "Schedule" means a Schedule annexed to this Act;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (41) - Defn .of the term Relative


(41) "relative" means, with reference to any person, any one who is related to such person in any of the ways specified in section 6, and no others;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (40) - Defn. of the term Registrar


(40) "Registrar" means a Registrar, or an Additional, a Joint, a Deputy or an Assistant Registrar, having the duty of registering companies under this Act;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (39) - Defn. of the term Recognised Stock Exchange


(39) "recognised stock exchange" means, in relation to any provision of this Act in which it occurs a stock exchange whether in or outside India, which is notified by the Central Government in the Official Gazette as a recognised stock exchange for the purposes of that provision;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Section 2 (38) - Defn. of the term Public Holiday

(38) "public holiday" means a public holiday within the meaning of the Negotiable Instruments Act, 1881 (26 of 1881):

Provided that no day declared by the Central Government to be a public holiday shall be deemed to be such a holiday, in relation to any meeting, unless the declaration was notified before the issue of the notice convening such meeting;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (37) - Defn. of Pub. Company

(37) "public company" means a public company as defined in section 3

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (36) - Definition of Prospectus


(36) "prospectus" means 25[any document described or issued as a prospectus and includes any] notice, circular, advertisement or other document 26[inviting deposits from the public or] inviting offers from the public for the subscription or purchase of any shares in, or debentures of, a body corporate; 

25. Subs. by Act 65 of 1960, sec. 2, for "any prospectus".

26. Ins. by Act 41 of 1974, sec. 2 (w.e.f. 1-2-1975).

How your savings account makes you POOR?


Ever wondered how much interest do you earn when you park your hard earned money in a savings bank account? You actually are losing money every day if you keep it there.

How?

Savings bank account in India is entitled to get 3.5 per cent per annum as mandated by the Government. If we consider a simple example where the interest is compounded by yearly (paid every 6 months), then your initial Rs 100 will become Rs 103.53 after a year. So, you would have earned Rs 3.53 by keeping you money in savings bank account.

Effect of taxation

The interest earned from savings bank account is taxable. So, if we simply calculate the tax on Rs 3.53, it would be something like this:

So, effectively you would be earning Rs 3.17 (3.17 per cent) interest post tax on your investments in savings bank if you belong to the 10 per cent slab and 2.44 per cent if you are in the highest tax bracket.

This is just an example showing you the effect on Rs. 100.

How do we lose money then?

You may argue that how come we are losing money here even though the post tax results are positive in highest tax bracket too. But this return is positive until you do NOT account for the other factors which affect your money. I am talking about a virtual factor like inflation.

You may have read a lot about inflation in newspaper and would hear about it on news channels these days. But have you ever calculated the difference it makes to your pocket? Most of the times, we only take note of the rising prices of commodities. But inflation affects your savings also. Inflation is nothing but decreasing purchasing power of your money. Hence, if we say that inflation is at 10 per cent, it essentially means that the purchasing power of your Rs 100 is decreasing by 10 per cent in a given time frame. That is, what you could purchase in Rs 100 earlier is now available in Rs. 110. So, if we relate this point with the earning in your savings bank and keeping the inflation rate at 8 per cent per annum, you are effectively losing 4.83 per cent (8 - 3.17 per cent) every year! Surprising yes, but true nevertheless. A high inflation rate of 8 to 9 per cent means you are not making money on your savings bank deposits but your wealth is losing its value over time.



What is the way out?

Well, the only way out is to invest your money in a options that give returns more than 10 per cent to actually keep it at least at par at what you had invested. For example, gold has always been an instrument whose value grows by at least 10 per cent year on year. You can buy gold today and sell it at higher price next year to gain and at least make sure that your money's worth is still same if not higher. Other options could be to invest in PPF which currently has an interest rate of 9.5 per cent per annum with tax benefits. Investing in mutual funds which provide yields more than 10 per cent are also good options. Also, investing in real estate has proved magical for most of the people. If you have the bandwidth to invest in real estate, please do it as early as possible in your life.

Land is shrinking every day and population is expanding at double the rate, so you can expect an increase in your property's worth every year!


Source : www.simpletaxindia.com

Sunday, July 17, 2011

ABOUT LIFE



Life would be perfect if
Anger had MUTE button
Mistake had BACK button
Hard time has FAST FORWARD button &
Good times had PAUSE button

Friday, July 15, 2011

GOOD NIGHT SMS

With a VANILLA pillow
On a STRAWBERRY bed,
have a BUTTERSCOTCH sleep
full of CHOCOLATY DREAMS 
of FRUITY FUNS with MANGO MASTI,
Wish you ICE-CREAMY NIGHT
GOOD NIGHT

SMS SECTION - DOSTI KE UPAR

Jab zindagi se mayus hote hai
to sochte hai Kya khoya aur kya paaya
"Khoya itna ke jiska koi Hisaab nahin
Aur paaya aap jaisa Dost jiska koi Jawaab Nahin 

Wednesday, July 13, 2011

ITS TIME TO BE UNITED AND NOT TO PANIC


Its time to unite and stand still - Its not the situation to panic - Anybody residing near the blast affected area - try to help the victims - as its not only the duty of the Police to help them - do whatever help you can from your side - and keep in contact with your near and dear one's - avoid listening to news and watching news channels - as MEDIA just show one thing again and again and makes the things worst - Sincere advise not to watch the television - as the news which is telecast once is going to repeat THOUSAND times - its better if we keep ourselves safe and watch out for our near and dear one's and if anybody is stuck some where kindly help them and stand firm.

Always keep in mind - we are the people who wants peace and we stand for peace - let them know whosoever is doing all such nonsense - we are united yesterday, todays and always forever -

DONT INDULGE IN ANYTHING - KEEP YOURSELF SAFE AND KEEP YOURSELF AWAY FROM MEDIA AND LISTENING TO ONE NEWS AGAIN AND AGAIN - THAT WILL JUST EAT YOUR HEAD - TOMORROW READ THE NEWSPAPER YOU WILL GET ALL THE NEWS - WHAT MEDIA WILL TELECAST THOUSAND TIMES ONE SAME NEWS

PRAY FOR THOSE WHO HAVE INJURED
PRAY FOR THOSE WHO LOST THEIR DEAR ONES
PRAY FOR THOSE INNOCENTS WHO HAVE DONE NOTHING
PRAY FOR THOSE WHO NEVER KNOWS WHAT'S TIME GOING TO SHOW THEM
PRAY FOR THOSE ALL WHO HAVE SUFFERED
PRAY FOR THOSE WHO HAVE BECAME VICTIMS FOR NO REASON
PRAY FOR THOSE WHO COULD NEVER SEE TOMORROWS SUNLIGHT
PRAY FOR THOSE WHO ARE YOUR AND WHO ARE NOT YOURS
PRAY FOR ALL -

MAY GOD GIVE THEM PEACE

WITH BEST REGARDS,
Azam (Admin) WIRC


Tuesday, July 5, 2011

Youngest CA, CS, CWA’ in India by The Limca Book of National




Youngest CA, CS, CWA’ in India by The Limca Book of National
> Records in 2007.
> To:
>
>
> Youngest CA, CS, CWA’ in India by The Limca Book of National Records in
> 2007.
>
> *
>
> Anand Wadadekar
>
> *
>
> *A meritorious student throughout, Pune’s Amar Kakaria has been named the
> ‘Youngest CA, CS, CWA’ in India by The Limca Book of National Records in
> 2007.*
>
> *Anand Wadadekar has a chat with this genius*
>
>    - All India 5th Merit Rank in the CWA Final Examination (June 2002)
>    - All India 3rd Merit Rank in the CWA Intermediate Examination (June
>    2001)
>    - All India 2nd Merit Rank in the CS Final Examination (June 2001)
>    - All India 16th Merit Rank in the CS Intermediate Examination (June
>    2000)
>    - Highest score in Advanced Accountancy in S.Y. B.Com in Pune University.
>    (100 %).
>    - All India 32nd Merit Rank in the CA Foundation Examination (May 1997)
>    - Merit certificate & award under National Scholarship Scheme for
>    meritorious performance in H.S.C. & S.S.C.
>    - Consolation Prize in Maharashtra Talent Search Examination.
>    - 3rd Merit Rank in Maharashtra State Government High School Scholarship
>    examination.
>
>
> *How does finding a place in the ‘Limca Book of National Records’ make you
> feel?*
>
> I am very happy that it has provided me with an opportunity to meet the
> expectations of my parents and make their dream come true.
>
> *Any specific reason you chose to study commerce over engineering, science,
> etc?*
>
> I always had a preference for commerce, particularly in the capital markets
> since I was a child. I used to regularly go through investment journals like
> Dalal Street/ The Economic Times, even during my school days. Needless to
> say, this liking resulted in having a preference for commerce over other
> streams.
>
> *How did you make the decision to do all three professional courses?*
>
> I had not thought of doing all three courses initially. Like any other CA
> student, I was planning to complete my CA and then start my own practice.
> However, on completion of CA Intermediate and graduation in the same
> academic year, I thought it would be a good idea to do a Company
> Secretaryship course along with CA final so I could acquire advanced
> knowledge of corporate laws and secretarial practice. Fortunately, in 2000,
> at the age of 21, I completed my CA final and CS intermediate courses
> simultaneously. Since, age was still on my side, I decided to try for ICWA
> course along with the CS final in order to join the coveted ‘Triple Crown’
> club. Indiacom Limited, my then employer, assured me that study leave would
> be granted for the CS/ CWA exams.
>
> *How did you manage your time? Did you have any study techniques?*
>
> I had taken three months study leave for the CA final exams and three weeks
> each for the CS final and CWA final exams. I had relied on study modules/
> suggested answers given by all three institutes for most of the subjects and
> used Bare Acts for Taxation/ Corporate Laws. I studied one subject at a time
> in reverse order, so that I finished studying the first paper at the end. It
> helped my memory during the first few papers, which in turn boosted my
> confidence for the remaining papers. Further, I had also made effective use
> of the publication, ‘Scanner’, which helped me understand weightage given to
> each of the topics and decide my strategy accordingly. However, I had
> studied all the topics in their entirety without leaving anything to chance.
>
> *What are your suggestions for students who face failures in these
> examinations?*
>
> Failure is very difficult to digest for every human being. I have tasted
> failure twice, while completing my B.Com, due to some technical/ clerical
> errors on the part of Pune University, which were corrected by them
> subsequently. I was fortunate to have the support of family, teachers and
> friends at those moments. I would advise students to do a SWOT analysis on
> their own and identify weak areas so that they can work on them to improve
> their scores. One must have a positive attitude and should never give up.
> However, in the event of recurring failures, students should approach a
> career counsellor / teacher to get appropriate guidance for deciding their
> future action plan.
>
> *How can students update their knowledge base besides the course modules?*
>
> All three institutes publish monthly journals/ newsletters for the benefit
> of the students, which provide an array of useful information on
> professional topics, latest amendments, recent case-laws, etc. Further, the
> students can also join knowledge sharing forums, yahoo groups, etc to get
> solutions to their queries and remain updated.
>
> *Being qualified in all the three professions, how do you intend to help
> your juniors / students if any? Are doing any activity for the same?*
>
> I used to be an 'ICSI Career Counsellor' in 2006 wherein my focus was to
> increase awareness about Company Secretary Course amongst the students in
> Mira - Bhayander region. I am / was co-opted member on few committees like
> Research & Publications, Placement, CPE, etc of WIRC of ICAI / ICSI which
> helps me to interact more closely with budding members / students. Besides
> this, I am also active member of few knowledge sharing portals like
> CAclubindia, Feeleminds, etc. wherein I get an opportunity to deal with
> fellow professionals / students from various parts of country and address
> their queries, if any.
>
> *Do you really feel that a person qualified as CA / CS / CWA, needs to learn
> management by pursuing Management courses? Will this add value to his
> career?*
>
> Though I have not undergone any formal management studies, I had got the
> privilege of working with some of the best management graduates during my
> employment with L&T and TATA Group. Based on my personal experience I can
> tell that, though, everyone has his own niche space in the corporate world,
> management degree can help you to be more versatile in the initial phase of
> your career.
>
> According to me, formal management education can help finance professionals
> to improve their analytical and problem solving skills, besides making him a
> good leader. Needless to mention, always higher value is attached to leaders
> than any other team member.
>
> *Nowadays we observe in many recruitment advertisements, that for a finance
> position, employers mention CA or MBA Finance as educational eligibility. Do
> you really feel that MBA Finance even from a top Institute is equivalent to
> a CA / CPA?*
>
> Up to a decade back, CAs were sought after for doing complex activities like
> taxation, auditing, accounts, compliance, etc which basically requires
> in-depth legal / process knowledge, while, MBAs were required for doing
> relatively dynamic functions like corporate finance, treasury operations,
> M&A, investor relations, etc wherein instant decision is a must. However,
> due to technological advancement, job profile has not remained static
> nowadays, and qualification in relevant only at the time of entry in the
> organisation. Afterwards, your performance is the utmost important factor to
> build your career.
>
> Quite a few large organisations have been frequently rotating MBAs and CAs
> across various functions in Finance & Accounts departments to groom them as
> future business leader who can take more responsibility. Same trend is going
> to continue in future and would be followed by remaining corporates as well.
> Hence, you may consistently find more number of advertisements for CA or MBA
> Finance in the days to come.
>
> *What according to you, is that one thing, apart from academics is required
> in a person to be successful in his career?*
>
> The person must have a positive mindset to get success in all parts of life
> including career.
>
> *What is your message for aspirants of CA, CS, CWA?*
>
> India is currently going through a strong phase and is expected to witness
> sustained growth over the next 25 years. Obviously, there’s always going to
> be an increasing demand for qualified CA/ CS/ CWA professionals. The only
> thing you need to have is a focused approach with an urge to excel. Go ahead
> with full confidence, and success will definitely be yours.
>
> *To whom you give credit to your success? *
>
> Desire to Excel…
>
> Faith of Parents…
>
> Support of Family…
>
> Guidance of Teachers…
>
> Co-operation of Friends…
>



Monday, July 4, 2011

Let's Be Human


Kindly, share this valuable information to all Indians.

1.
If you see children begging anywhere in INDIA , please contact:
"RED SOCIETY" at 9940217816. They will help the children for their studies.


2.
Where you can search for any BLOOD GROUP, you will get thousand's of donor address. www.friendstosupport.org

3.
Engineering Students can register in www.campuscouncil.com to attend Off Campus for 40 Companies.

4.
Free Education and Free hostel for Handicapped/Physically Challenged children.
Contact:- 9842062501 & 9894067506.


5.
If anyone met with fire accident or people born with problems in their ear, nose and mouth can get free PLASTIC SURGERY done by Kodaikanal PASAM Hospital . From 23rd March to 4th April by German Doctors.
Everything is free. Contact : 045420-240668,245732
"Helping Hands are Better than Praying Lips"


6.
If you find any important documents like Driving license, Ration card, Passport, Bank Pass Book, etc., missed by someone, simply put them into any near by Post Boxes. They will automatically reach the owner and Fine will be collected from them.

7. By the next 10 months, our earth will become 4 degrees hotter than what it is now. Our Himalayan glaciers are melting at rapid rate. So let all of us lend our hands to fight GLOBAL WARMING.
-Plant more Trees.
-Don't waste Water & Electricity.
-Don't use or burn Plastics


8.
It costs 38 Trillion dollars to create OXYGEN for 6 months for all Human beings on earth.
"TREES DO IT FOR FREE"
"Respect them and Save them"


9.
Special phone number for Eye bank and Eye donation: 04428281919 and 04428271616 (Sankara Nethralaya Eye Bank). For More information about how to donate eyes plz visit these sites. http://ruraleye.org/

10. Heart Surgery free of cost for children (0-10 yr) Sri Valli Baba Institute Banglore. 10.
Contact : 9916737471

11.
Medicine for Blood Cancer!!!!
'Imitinef Mercilet' is a medicine which cures blood cancer. Its available free of cost at "Adyar Cancer Institute in Chennai". Create Awareness. It might help someone.
Cancer Institute in Adyar, Chennai
Category: Cancer
Address:
East Canal Bank Road , Gandhi Nagar
Adyar
Chennai -600020
Landmark: Near Michael School
Phone: 044-24910754 044-24910754 , 044-24911526 044-24911526 , 044-22350241 044-22350241


12.
Please CHECK WASTAGE OF FOOD
If you have a function/party at your home in India and food gets wasted, don't hesitate to call 1098 (only in India ) - Its not a Joke, This is the number of Child helpline.
They will come and collect the food. Please circulate this message which can help feed many children.
AND LETS TRY TO HELP INDIA BE A BETTER PLACE TO LIVE IN
Please Save Our Mother Nature for
"OUR FUTURE GENERATIONS"


Please don't delete this without forwarding if you feel right and findly remove forwarding name and BCC
Let it reach the 110 Crores Indians and the remaining if any.

“JAI HIND






The 100 Dollar Bill - Motivation story regarding Value of person in life


The 100 Dollar Bill
====================

A well known speaker started off his seminar by holding up a$100 bill in a room of 200 people, and asked, "Who would like this $100 bill?"

Hands started going up.

He said, "I am going to give this $100 bill to one of you, but first let me do this...."

He proceeded to crumple the $100 up.

He then asked, "Who still wants it?"

Still the hands were up in the air.

"Well".....he replied,

"What if I do this?".....and he dropped it on the ground and started to grind it into the floor with his shoe.

He picked it up, now crumpled and dirty. "Now who still wants it?" he asked. Hands still shot up!

"My friends, you have all learned a very valuable lesson.No matter what I did to the money, you still wanted it...because it did not decrease in value. It was still worth $100."

Many times in our lives, we are dropped, crumpled, and ground into the dirt, by the decisions we make, and the circumstances that come our way.

We feel as though we are worthless. But no matter what has happened or what will happen, you never lose your value!

Dirty....clean.....crumpled....or finely creased..... you are still priceless to those who love you.

The worth of our lives comes not in what we do or who we know, but by WHO WE ARE.

You are special....don't ever forget it.

Count your blessings..................NOT your problems.
Cheers!









preference

Saturday, July 2, 2011

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (35) - Definition of the term Private Company
(35) "private company" means a private company as defined in section 3

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec.  2 (34) - Defn. of the term Previous Companies Law 
(34) "previous companies law" means any of the laws specified in clause (ii) of sub-section (1) of section 3;

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2 (33) - Defn .of the term Prescribed

(33) "prescribed" means, as respects the provisions of this Act relating to the winding up of companies except sub-section (5) of section 503, 23[sub-section (3) of section 550, section 552 and sub-section (3) of section 555], prescribed by rules made by the Supreme Court in consultation with 24[The Tribunal], and as respects the other provisions of this Act including sub-section (5) of section 503, 23[sub-section (3) of section 550, section 552 and sub-section (3) of section 555], prescribed by rules made by the Central Government;

23. Subs. by Act 65 of I960, sec. 2, for "sub-section (1) of section 549 and sub-section (3) of section 550" (w.e.f. 28-12-1960).

24. Subs. by Act 11 of 2003, sec. 2, for "High Courts" (w.e.f. 1-4-2003)

Sec. 2. Definitions.- In this Act, unless the context otherwise requires

Sec. 2(32)

(32) "paid-up capital" or "capital paid up" includes capital credited as paid up;