the case facts of Delima Enterprise Sdn Bhd, the auditors from Encik Zayed’s company should be protected from the unfair dismissals by Encik Zayed. First of all, Encik Zayed cannot simply terminate the auditor and appoint a new “friendly party” auditor. Based on the Companies Act 1965, under Section 172. Appointment and remuneration of auditors, an auditor of a company may be removed from office by resolution of the company at a general meeting of which special notice has been given, but not otherwise
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of nidhi companies failing to repay their depositors on time compounded the woes of the investor community. These depositors, unlike those in unincorporated bodies and collective investment companies, cannot be accused of ignorance or greed in choosing the avenue to invest in as the nidhi companies are recognised under Section 620A of the Companies Act, regulated under its provisions and further registered with the Reserve Bank of India as per the provisions of Section 45IA of the RBI Act 1997 . It
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Do companies have complete freedom to act Do companies have complete freedom to act? Analyse the doctrine of ultra vires and the proposed reforms in the Companies Bill designed to grant companies full capacity. The doctrine of ultra vires has been fervently debated for many years since its conception in the 19th century, and has caused widespread confusion within the sphere of company law. It will be necessary, in order to construct a thourough and fluidous argument, to outline the history and
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1 COMPANIES ACT, 1956 FORMATION OF A COMPANY 2 I INCORPORATION OR PROMOTERS OF A COMPANY Before a Co. is formed, there must be some persons who have an intention to form a Co. & who take the necessary steps to carry that intention into operation. IMT NAGPUR - 2011-13 Such persons are called “Promoters”. 3 PROMOTERS OF A COMPANY IMT NAGPUR - 2011-13 It is they who : Conceive the idea of forming the Co.; Take the necessary steps to incorporate
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statements and different companies used different policies, principles and bases according to their needs. This practice led to inconsistency between the financial statements of different entities or same entities prepared by different people, and made their comparison very difficult for different users. Dyson (2011) highlights this situation as ‘what was particularly puzzling to the public was that at the beginning of the week one set of accountants could decide that a company had made a profit and
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COMPANY LAW – MINORITY PROTECTION Question: Does company law protect shareholders? Discuss. Answer: Shareholders have ultimate control of a company. However the directors run the company's business and are responsible for its management. In general shareholders cannot interfere, although they can appoint and remove directors. Some constitutional matters, such as changes of the company's name, or to its Memorandum or Articles of Association, or to put it into liquidation (when solvent)
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2.1 Introduction Good company reporting is absolutely necessary and vital as it provides valuable information to its shareholders, creditors and other stakeholder groups who may have the interest in knowing the position of the companies and their activities. It is equally important to maintain an equilibrium or balance between the cost of collecting and publishing the information and the cost of finding the information by the respective readers. It does not necessarily mean that adding bulks of
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making him incompetent to enter a plea. He is ordered to undergo 90 days of psychiatric evaluation in a medical prison facility in North Carolina. (NYDailyNews.com) Bayou Management, LLC, which was headquartered in Stamford, CT, is a group of companies and hedge funds founded in 1996 and managed by Samuel Israel, III and co-founder, James G. Marques. They raised funds from investors with the goal of investing in short term trades, but defrauded investors from the start by misappropriating funds
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Wilmington University In order to increase the accuracy and transparency of Agency budget submissions, we recommended that NASA revise its guidance, to the extent practical, to ensure that managers of space system development programs in which Space Act Agreements are used provide detailed cost estimates for each year of the program based upon a complete analysis of the program over time before preliminary designs are completed. We also recommended that the Associate Administrator for the Human Exploration
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an incredibly successful corporation. However, due to unfortunate decisions both within and outside of the company Enron declared bankruptcy on December 2, 2001 (Salter, 2005). Workforce Enron was a company made up of the elite group of workers. Enron focused on hiring the “best and brightest traders” (Thomas, 2002, p.42) to maintain their status of being the top energy trading company. MBA schools were the sole focus of recruiting for Enron. However, there was a screening process that each
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