A company is a group of persons associated together for the attainment of a common end, social or economic. Or we can say a company is an association of individuals formed for some common purpose.
The company incorporated under the section 3 (1)(i) of the Companies Act 1956 or some earlier company Acts. Companies incorporated under the companies Act 1956 are mostly business companies but they may also be formed for promoting art, research, charity, commerce, or any other useful purpose.
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A company, formed and registered under the Company Act, is regarded by law as a single person, having specified rights and obligations. The law confers on a company a distinct legal personality, with perpetual succession and a common seal.
We are forming PUBLIC COMPANY, section 3(1) (iv) of the companies Act 1956. We establish a steel industry. It is basically the manufacturing industry of steel.
For the selection of name for the company following measures are taken by my team members:-
GENERAL CIRCULARS which are issued by the GOVERNMENT OF INDIA, MINISTRY OF FINANCIAL AND CORPORATE AFFAIRS. It is send or issued to all the registrars of the company and it is also issued to the regional and board of directors of the company. We have kept in all the parameters regarding the formation and naming of the steel company in steel sector. For example, we have kept in mind what all things and legal aspects are important for the formation of company and what all are its requirements.
After we had finished up with the circulars and other legal formalities under company bill we then move to billing part. Under this various clauses are involved such as:-
THE COMPANY ACT, 1956
Contents of Memorandum:
The memorandum of association of every company must contain the following clauses given below:-
The name of the company is mentioned in the name clause.
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