What is relative ? and various other definitions

What is relative ? and various other definitions.

2(73)   “recognize stock exchange”   means a recognized stock exchange as defined in clause (f) of section 2 of the securities contacts (regulation) Act, 1956 (42 of 1956).

2(74)   “register of companies”      means the register of companies maintained by the registrar on paper or in any electronic mode under this Act;

2(75)    “Registrar”    means a Registrar, an additional Registrar or an assistant Registrar, having the duty of registering companies and discharging various functions under this Act;

2(77)    “relative”     with reference to any person, means any one who is related to another, if –

  1. They are members of a Hindu Undivided Family,

  2. They are husband and wife; or

  • One person is related to the other in such manner as may be prescribed;

2(78)     “remuneration”     means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under the Income-tax Act, 1961 (43 of 1961);

2(79)      “Schedule”     means a Schedule annexed to this Act;

2(80)      “scheduled bank”    means the scheduled bank as defined in clause (e) of section 2 of the RESERVE BANK OF INDIA Act, 1956 (42 of 1956);

2(81)       “securities”    means the securities as defined in clause (e) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 0f 1956);

2(82)       “Serious fraud investigation officer”   means the securities and Exchange Board of India established under section 3 of the securities and Exchange Board India Act, 1992 (15 of 1992);

2(83)        “Serious Fraud Investigation Office”     means  the office referred in section 211;

2(84)        “share”      means a share in the share capital of a company and includes stock;

2(85)        “small company”    means a company, other than a public company,-

  1. Paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall nut be more than 2[ten crore rupees]; 3[and]

  2. Turnover of which 1[as per profit and loss account for the immediately preceding financial year]does not exceed two crore rupees or such higher amount As may be prescribed which shall not be more than 2[one hundred crore rupees]:

Provided that nothing in this clause shall apply to-

  1. A holding company or a subsidiary company;

  2. A company registered under section 8; or

  3. A company or body corporate governed by any special Act;

2(86)       “subscribed capital”   means such part of the capital which is for the time being subscribed by the members of a company;

2(87)       “subsidiary company” or “subsidiary”    in relation to any other company that is to say the holding company), means a company in which the holding company-

  1. Control the composition of Board of Directors; or

  2. Exercise or controls more than one-half of the 3[total voting power] either at its own or together with one or more of its subsidiary companies:

Provided that such class or classes of holding companies may be prescribed shall not have layers of subsidiaries beyond such numbers as may be prescribed.

Explanation.- For the purposes of this clauses,-

  1. A company shall be deemed to be a subsidiary company of the holding company even if the control referred to in sub-clause (1) or sub-clause (2) is of another subsidiary company of the holding company;

  2. The composition of a company’s Board of Directors shall be deemed to be controlled by another company if that other company by exercise of some power exercisable by it at is its discretion can appoint or remove all or a majority of the direction;

  3. The expression “company” includes any body corporate;

  4. “layer” in relation to a holding company means its subsidiary or subsidiaries;

2(88)     “sweat equity shares”     means such equity shares as are issued by a company to its directors of employees at a discount or for consideration , other than cash. For providing there know-how or making availability right in the nature of intellectual property rights or value additions, by whatever named called;

2(89)       “total voting power”    in relation to any matter, means the numbers of value votes which may be cast regard to that matter on a poll at a meeting of a company if all the members thereof or their proxies having a right to vote on that matter are present at the meeting and cast their votes;

2(90)      “Tribunal”    means the National Company Law Tribunal constituted under section 408;

2(91)      “turnover”    means the gross amount of revenue recognized in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year;]

2(92)       “unlimited company”    means a company not having any limit on the liability of its member;

2(93)       “voting right”      means the right of a member of a company to vote in any meeting of the company or by means of postal ballot;

2(94)       “whole-time director”    includes a director in the whole-time employment of the company;

2(95)                         words and expression used and not defined in this Act but defined in the securities Contracts (Regulation) Act, 1956 (42 of 1956) or the securities and Exchange Board of India Act, 1992 (15 of 1992) or the Depositories Act, 1996 (22 of 1996) shall have the meaning respectively assigned to them in those Acts.

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