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Companies (Amendment) Act, 2000


2. Amendment of section 2.-

In section 2 of the Companies Act, 1956 (1 of 1956) (hereinafter referred to as the principal Act),-

a.     clause (1) shall be re-numbered as clause (1A) thereof and before the clause as so re-numbered, the following clause shall be inserted, namely:-

'(1) "abridged prospectus" means a memorandum containing such salient features of a prospectus as may be prescribed;';

b.    clauses (3) and (4) shall be omitted;

c.     after clause (12), the following clauses shall be inserted, namely:-

'(12A) "Depository" has the same meaning as in the Depositories Act, 1996 (22 of 1996);

(12B) "derivative" has the same meaning as in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);';

d.    after clause (14), the following clause shall be inserted, namely:-

'(14A) "dividend" includes any interim dividend;';

e.     after clause (15), the following clause shall be inserted, namely:-

'(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offer d by the company at a pre-determined price;';

f.     after clause (19), the following clauses shall be inserted, namely:-

'(19A) "hybrid" means any security which has the character of more than one type of security, including their derivatives;

(19B) "information memorandum" means a process undertaken prior to the filing of a prospectus by which a demand for the securities proposed to be issued by a company is elicited, and the price and the terms of issue for such securities is assessed, by me ns of a notice, circular, advertisement or document;';

g.    after clause (23), the following clause shall be inserted, namely:- '(23A) "listed public companies" means a public company which has any of its securities listed in any recognised stock exchange;';

h.     clause (25) shall be omitted;

i.      for clause (30), the following clause shall be substituted, namely:- '(30) "officer" includes any director, manager or secretary or any person in accordance with whose directions or instructions the Board of directors or any one or more of the directors is or are accustomed to act;';

j.      after clause (31), the following clause shall be inserted, namely:-

'(31A) "option in securities" has the same meaning as in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);';

k.     clause (44) shall be omitted.

l.      after clause (45A), the following clause shall be inserted, namely:- '(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;';

m.   after clause (46), the following clause shall be inserted, namely:-

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



Companies (Amendment) Act, 2000 Back




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