{"id":231705,"date":"2025-11-03T18:11:12","date_gmt":"2025-11-03T12:41:12","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=231705"},"modified":"2025-11-03T18:13:16","modified_gmt":"2025-11-03T12:43:16","slug":"companies-act-2013-chapter-4","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-4\/","title":{"rendered":"Companies Act 2013 Chapter 4 Notes, Download Free PDF"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-4\/#Topics_Covered_Under_Companies_Act_2013_Chapter_4\" >Topics Covered Under Companies Act 2013 Chapter 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-4\/#Section_Wise_Detailed_Notes_on_Companies_Act_2013_Chapter_4\" >Section Wise Detailed Notes on Companies Act, 2013 Chapter 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-4\/#Download_Companies_Act_2013_Chapter_4_Free_PDF\" >Download Companies Act 2013 Chapter 4 Free PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013-chapter-4\/#Questions_Based_on_Companies_Act_2013_Chapter_4\" >Questions Based on Companies Act 2013 Chapter 4<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The Chapter IV of the Companies Act, 2013 deals with Share Capital and Debentures, one of the most crucial areas in corporate law. This chapter defines the rules and procedures related to the issue, alteration, redemption, transfer, and regulation of share capital and debentures of a company. It ensures transparency and protects the interests of shareholders and creditors by prescribing the rights, restrictions, and responsibilities associated with ownership and capital structure.<\/p>\n\n\n\n<p>Aspirants preparing for UGC NET Commerce, CA, CS, CMA, SEBI Grade A, or other competitive exams often find this chapter extremely important, as it forms the base for understanding company financing and shareholder rights.<\/p>\n\n\n\n<p>In this blog, we have provided comprehensive notes on each section from Section 43 to Section 72, along with a PDF download link for the Companies Act, 2013.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-topics-covered-under-companies-act-2013-chapter-4\"><span class=\"ez-toc-section\" id=\"Topics_Covered_Under_Companies_Act_2013_Chapter_4\"><\/span>Topics Covered Under Companies Act 2013 Chapter 4<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The topics covered under Chapter 4 of the <a href=\"https:\/\/www.oliveboard.in\/blog\/companies-act-2013\/?ref=contac-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Companies Act, 2013<\/a> are as follows:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Kinds of Share Capital (Section 43)<\/li>\n\n\n\n<li>Nature of Shares or Debentures (Section 44)<\/li>\n\n\n\n<li>Numbering of Shares (Section 45)<\/li>\n\n\n\n<li>Certificate of Shares (Section 46)<\/li>\n\n\n\n<li>Voting Rights (Section 47)<\/li>\n\n\n\n<li>Variation of Shareholders\u2019 Rights (Section 48)<\/li>\n\n\n\n<li>Calls on Shares of Same Class to be Made on Uniform Basis (Section 49)<\/li>\n\n\n\n<li>Company to Accept Unpaid Share Capital (Section 50)<\/li>\n\n\n\n<li>Payment of Dividend in Proportion to Amount Paid-Up (Section 51)<\/li>\n\n\n\n<li>Application of Premiums Received on Issue of Shares (Section 52)<\/li>\n\n\n\n<li>Prohibition on Issue of Shares at Discount (Section 53)<\/li>\n\n\n\n<li>Issue of Sweat Equity Shares (Section 54)<\/li>\n\n\n\n<li>Issue and Redemption of Preference Shares (Section 55)<\/li>\n\n\n\n<li>Transfer and Transmission of Securities (Section 56)<\/li>\n\n\n\n<li>Punishment for Personation of Shareholder (Section 57)<\/li>\n\n\n\n<li>Refusal of Registration and Appeal Against Refusal (Section 58)<\/li>\n\n\n\n<li>Rectification of Register of Members (Section 59)<\/li>\n\n\n\n<li>Publication of Authorised, Subscribed and Paid-up Capital (Section 60)<\/li>\n\n\n\n<li>Power of Limited Company to Alter its Share Capital (Section 61)<\/li>\n\n\n\n<li>Further Issue of Share Capital (Section 62)<\/li>\n\n\n\n<li>Issue of Bonus Shares (Section 63)<\/li>\n\n\n\n<li>Notice to be Given to Registrar for Alteration of Share Capital (Section 64)<\/li>\n\n\n\n<li>Unlimited Company to Provide for Reserve Share Capital (Section 65)<\/li>\n\n\n\n<li>Reduction of Share Capital (Section 66)<\/li>\n\n\n\n<li>Restrictions on Purchase or Loans for Purchase of its Own Shares (Section 67)<\/li>\n\n\n\n<li>Power of Company to Purchase its Own Securities (Buy-back) (Section 68)<\/li>\n\n\n\n<li>Transfer of Certain Sums to Capital Redemption Reserve Account (Section 69)<\/li>\n\n\n\n<li>Prohibition for Buy-back in Certain Circumstances (Section 70)<\/li>\n\n\n\n<li>Debentures (Section 71)<\/li>\n\n\n\n<li>Power to Nominate (Section 72)<\/li>\n<\/ol>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/sebi-grade-a-pyqs\/?ref=contss-sebi-pyq\" target=\"_blank\" rel=\"noreferrer noopener\">Download SEBI Grade A 350+ PYQs with Solutions PDF<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-section-wise-detailed-notes-on-companies-act-2013-chapter-4\"><span class=\"ez-toc-section\" id=\"Section_Wise_Detailed_Notes_on_Companies_Act_2013_Chapter_4\"><\/span>Section Wise Detailed Notes on Companies Act, 2013 Chapter 4<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The section-wise detailed notes on Chapter 4 of the Companies Act, 2013 are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-43-kinds-of-share-capital\">Section 43 \u2013 Kinds of Share Capital<\/h3>\n\n\n\n<p>The share capital of a company is divided into two main types:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Equity Share Capital<\/strong> \u2013 with or without voting rights.<\/li>\n\n\n\n<li><strong>Preference Share Capital<\/strong> \u2013 carrying preferential rights regarding dividends or repayment during winding up.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-44-nature-of-shares-or-debentures\">Section 44 \u2013 Nature of Shares or Debentures<\/h3>\n\n\n\n<p>Shares or debentures are movable property and transferable as per the company\u2019s Articles of Association.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-45-numbering-of-shares\">Section 45 \u2013 Numbering of Shares<\/h3>\n\n\n\n<p>Each share must have a distinctive number, except when held in dematerialised form.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Notification<\/strong><\/td><td><strong>Notification<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/www.oliveboard.in\/ugc-net-notification\/?ref=contac-nai\" target=\"_blank\" rel=\"noreferrer noopener\">UGC NET Notification<\/a><\/td><td><a href=\"https:\/\/www.oliveboard.in\/sebi-grade-a-notification\/?ref=contac-nai\" target=\"_blank\" rel=\"noreferrer noopener\">SEBI Grade A Notification<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-46-certificate-of-shares\">Section 46 \u2013 Certificate of Shares<\/h3>\n\n\n\n<p>A share certificate issued under the company\u2019s seal serves as prima facie evidence of ownership. Duplicate certificates can be issued under prescribed conditions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-47-voting-rights\">Section 47 \u2013 Voting Rights<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Equity shareholders enjoy voting rights in proportion to their paid-up share capital.<\/li>\n\n\n\n<li>Preference shareholders have restricted voting rights and can vote only on matters directly affecting their rights or when dividends remain unpaid for a specified period.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-48-variation-of-shareholders-rights\">Section 48 \u2013 Variation of Shareholders\u2019 Rights<\/h3>\n\n\n\n<p>Rights attached to a class of shares can be varied only with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consent of at least three-fourths of that class of shareholders, or<\/li>\n\n\n\n<li>Approval by a special resolution.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-49-calls-on-shares-to-be-made-on-uniform-basis\">Section 49 \u2013 Calls on Shares to be Made on Uniform Basis<\/h3>\n\n\n\n<p>When a company calls unpaid capital, it must be <strong>uniform<\/strong> for all shares of the same class.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-50-acceptance-of-unpaid-share-capital\">Section 50 \u2013 Acceptance of Unpaid Share Capital<\/h3>\n\n\n\n<p>A company may accept from any member the amount remaining unpaid on shares, even if not yet called.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/test-series\/?ref=contac-nai-act\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt A Free Mock Test Today!<\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-51-payment-of-dividend-in-proportion-to-amount-paid-up\">Section 51 \u2013 Payment of Dividend in Proportion to Amount Paid-Up<\/h3>\n\n\n\n<p>Dividend is payable only in proportion to the amount actually paid on each share.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-52-application-of-premiums-received-on-issue-of-shares\">Section 52 \u2013 Application of Premiums Received on Issue of Shares<\/h3>\n\n\n\n<p>Premium received on issue of shares must be credited to the Securities Premium Account and can be used for specific purposes such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Issue of bonus shares<\/li>\n\n\n\n<li>Writing off preliminary expenses<\/li>\n\n\n\n<li>Redemption of preference shares or debentures<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-53-prohibition-on-issue-of-shares-at-discount\">Section 53 \u2013 Prohibition on Issue of Shares at Discount<\/h3>\n\n\n\n<p>Companies cannot issue shares at a discount, except in the case of sweat equity shares.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-54-issue-of-sweat-equity-shares\">Section 54 \u2013 Issue of Sweat Equity Shares<\/h3>\n\n\n\n<p>Sweat equity shares can be issued to employees or directors for their contribution of know-how or intellectual property, with approval through a special resolution.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-55-issue-and-redemption-of-preference-shares\">Section 55 \u2013 Issue and Redemption of Preference Shares<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Preference shares must be redeemable within a maximum of 20 years.<\/li>\n\n\n\n<li>Redemption must be out of profits or fresh issue of shares.<\/li>\n\n\n\n<li>Fully paid-up status is mandatory.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-56-transfer-and-transmission-of-securities\">Section 56 \u2013 Transfer and Transmission of Securities<\/h3>\n\n\n\n<p>Regulates the procedure for transfer and transmission of shares and debentures, requiring proper instrument and registration.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/important-economic-and-finance-terms\/?ref=contss-sebi-ne\" target=\"_blank\" rel=\"noreferrer noopener\">Download 100+ Important Economic and Finance Terms PDF<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-57-punishment-for-personation-of-shareholder\">Section 57 \u2013 Punishment for Personation of Shareholder<\/h3>\n\n\n\n<p>Fraudulent personation (pretending to be another shareholder) attracts severe penalties under Section 447.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-58-amp-59-refusal-appeal-and-rectification\">Section 58 &amp; 59 \u2013 Refusal, Appeal, and Rectification<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If registration of transfer is refused, an appeal can be made to the Tribunal.<\/li>\n\n\n\n<li>The Tribunal can order rectification of the register in case of fraud or error.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-60-publication-of-authorised-subscribed-and-paid-up-capital\">Section 60 \u2013 Publication of Authorised, Subscribed, and Paid-up Capital<\/h3>\n\n\n\n<p>Any misrepresentation of capital details in company documents is punishable under this section.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-61-power-to-alter-share-capital\">Section 61 \u2013 Power to Alter Share Capital<\/h3>\n\n\n\n<p>Companies can alter their share capital by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Increasing authorised capital,<\/li>\n\n\n\n<li>Consolidating or dividing shares,<\/li>\n\n\n\n<li>Sub-dividing shares, or<\/li>\n\n\n\n<li>Cancelling unissued shares.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-62-further-issue-of-share-capital\">Section 62 \u2013 Further Issue of Share Capital<\/h3>\n\n\n\n<p>Covers rights issue, ESOPs, and private placement of shares. Rights issue must be offered to existing shareholders in proportion to their holdings.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/sebi-grade-a-300-plus-mcqs\/?ref=contss-sebi-mcq\" target=\"_blank\" rel=\"noreferrer noopener\">Download SEBI Grade A 300+ MCQs Ebook<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-63-issue-of-bonus-shares\">Section 63 \u2013 Issue of Bonus Shares<\/h3>\n\n\n\n<p>Bonus shares can be issued out of free reserves, securities premium, or capital redemption reserve, but not out of revaluation reserves.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-64-notice-to-registrar\">Section 64 \u2013 Notice to Registrar<\/h3>\n\n\n\n<p>Any alteration in share capital must be filed with the Registrar within 30 days.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-65-reserve-share-capital-in-unlimited-companies\">Section 65 \u2013 Reserve Share Capital in Unlimited Companies<\/h3>\n\n\n\n<p>Unlimited companies converting into limited ones may reserve a portion of uncalled capital, to be used only during winding up.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-66-reduction-of-share-capital\">Section 66 \u2013 Reduction of Share Capital<\/h3>\n\n\n\n<p>A company can reduce its share capital by a special resolution and Tribunal approval, ensuring no prejudice to creditors.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/previous-year-papers\/?ref=contac-aib-act\" target=\"_blank\" rel=\"noreferrer noopener\">Solve Free Previous Year Exam Papers Today!<\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-67-restriction-on-purchase-or-loans-for-purchase-of-own-shares\">Section 67 \u2013 Restriction on Purchase or Loans for Purchase of Own Shares<\/h3>\n\n\n\n<p>Companies cannot buy their own shares unless through legal buy-back, nor can they provide loans for others to buy their shares.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-68-power-of-company-to-buy-back-its-own-shares\">Section 68 \u2013 Power of Company to Buy Back its Own Shares<\/h3>\n\n\n\n<p>Buy-back can be done:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>From free reserves, securities premium, or proceeds of a fresh issue.<\/li>\n\n\n\n<li>Up to 25% of paid-up capital and free reserves.<\/li>\n\n\n\n<li>Fully paid-up shares only.<\/li>\n\n\n\n<li>Must complete within one year of authorisation.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-69-transfer-to-capital-redemption-reserve-account\">Section 69 \u2013 Transfer to Capital Redemption Reserve Account<\/h3>\n\n\n\n<p>When buy-back is made out of free reserves, an equivalent amount must be transferred to the Capital Redemption Reserve Account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-70-prohibition-for-buy-back-in-certain-cases\">Section 70 \u2013 Prohibition for Buy-back in Certain Cases<\/h3>\n\n\n\n<p>Buy-back is prohibited if the company has defaulted in repayment of deposits, loans, debentures, or statutory dues.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-71-debentures\">Section 71 \u2013 Debentures<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Companies may issue secured or convertible debentures.<\/li>\n\n\n\n<li>Must create a Debenture Redemption Reserve (DRR).<\/li>\n\n\n\n<li>Must appoint Debenture Trustees for public issues.<\/li>\n\n\n\n<li>Debentures cannot carry voting rights.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/120-plus-management-mcqs\/?ref=contss-sebi-ne\" target=\"_blank\" rel=\"noreferrer noopener\">Download 120+ Management MCQs Ebook<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-72-power-to-nominate\">Section 72 \u2013 Power to Nominate<\/h3>\n\n\n\n<p>A shareholder can <strong>nominate<\/strong> a person to inherit securities upon death. In joint holdings, nomination is effective only after the death of all joint holders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-download-companies-act-2013-chapter-4-free-pdf\"><span class=\"ez-toc-section\" id=\"Download_Companies_Act_2013_Chapter_4_Free_PDF\"><\/span>Download Companies Act 2013 Chapter 4 Free PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aspirants preparing for the UGC NET Commerce paper, SEBI Grade A exam, and various other government exams can download the complete details of the Companies Act, 2013 through the direct link provided below. Specifically, to check Chapter 4 of the Companies Act, 2013, refer to pages 46 to 61 of the PDF.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/download.oliveboard.in\/pdf\/CompaniesAct2013.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Companies Act 2013 Free PDF<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-questions-based-on-companies-act-2013-chapter-4\"><span class=\"ez-toc-section\" id=\"Questions_Based_on_Companies_Act_2013_Chapter_4\"><\/span>Questions Based on Companies Act 2013 Chapter 4<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Q1. Under which section of the Companies Act, 2013 are the kinds of share capital defined?<\/strong><\/p>\n\n\n\n<p>A) Section 42<br>B) Section 43<br>C) Section 44<br>D) Section 46<br>E) Section 48<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B) Section 43<br><strong>Explanation:<\/strong> Section 43 classifies share capital into two kinds \u2014 <em>equity share capital<\/em> (with or without voting rights) and <em>preference share capital<\/em> (with preferential rights).<\/p>\n\n\n\n<p><strong>Q2. Preference shares must be redeemed within a maximum period of ______ years from the date of issue.<\/strong><\/p>\n\n\n\n<p>A) 5 years<br>B) 10 years<br>C) 15 years<br>D) 20 years<br>E) 25 years<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D) 20 years<br><strong>Explanation:<\/strong> As per <strong>Section 55<\/strong>, a company cannot issue irredeemable preference shares, and redemption must occur within 20 years, except in special infrastructure cases.<\/p>\n\n\n\n<p><strong>Q3. Which section of the Companies Act prohibits the issue of shares at a discount (except sweat equity shares)?<\/strong><\/p>\n\n\n\n<p>A) Section 52<br>B) Section 53<br>C) Section 54<br>D) Section 55<br>E) Section 50<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B) Section 53<br><strong>Explanation:<\/strong> Section 53 clearly prohibits companies from issuing shares at a discount to their nominal value, except for <strong>sweat equity shares<\/strong> under Section 54.<\/p>\n\n\n\n<p><strong>Q4. Sweat equity shares can be issued to:<\/strong><\/p>\n\n\n\n<p>A) Promoters only<br>B) Directors and employees<br>C) Shareholders only<br>D) Auditors<br>E) Debenture holders<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B) Directors and employees<br><strong>Explanation:<\/strong> Section 54 allows a company to issue <strong>sweat equity shares<\/strong> to employees or directors in recognition of their know-how, value addition, or intellectual property.<\/p>\n\n\n\n<p><strong>Q5. Which section deals with the issue of bonus shares?<\/strong><\/p>\n\n\n\n<p>A) Section 63<br>B) Section 62<br>C) Section 68<br>D) Section 70<br>E) Section 66<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> A) Section 63<br><strong>Explanation:<\/strong> <strong>Section 63<\/strong> permits companies to issue fully paid bonus shares from free reserves, securities premium, or capital redemption reserve.<\/p>\n\n\n\n<p><strong>Get ready to crack government job exams with leading educators<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/courses\/?ref=contac-nai-act\" target=\"_blank\" rel=\"noreferrer noopener\">Enroll in Online Live Classes Today!<\/a><\/div>\n<\/div>\n\n\n\n<p><strong>Q6. Which of the following is NOT a valid use of the Securities Premium Account?<\/strong><\/p>\n\n\n\n<p>A) Issue of fully paid bonus shares<br>B) Writing off preliminary expenses<br>C) Payment of dividend<br>D) Writing off expenses on issue of debentures<br>E) Redemption of preference shares<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) Payment of dividend<br><strong>Explanation:<\/strong> Under Section 52(2), securities premium cannot be used to pay dividends; it can only be used for specific purposes like bonus issue or redemption.<\/p>\n\n\n\n<p><strong>Q7. Buy-back of shares can be done up to what percentage of paid-up equity capital and free reserves?<\/strong><\/p>\n\n\n\n<p>A) 10%<br>B) 15%<br>C) 20%<br>D) 25%<br>E) 30%<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D) 25%<br><strong>Explanation:<\/strong> As per <strong>Section 68<\/strong>, buy-back cannot exceed <strong>25%<\/strong> of the company\u2019s paid-up capital and free reserves.<\/p>\n\n\n\n<p><strong>Q8. The uncalled capital reserved for use only in winding up is known as:<\/strong><\/p>\n\n\n\n<p>A) Issued capital<br>B) Authorised capital<br>C) Reserve share capital<br>D) Paid-up capital<br>E) Called-up capital<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) Reserve share capital<br><strong>Explanation:<\/strong> Section 65 states that unlimited companies converting into limited ones may reserve uncalled capital as <strong>reserve share capital<\/strong>.<\/p>\n\n\n\n<p><strong>Q9. Which of the following statements about equity shares is TRUE?<\/strong><\/p>\n\n\n\n<p>A) They carry fixed dividend<br>B) They have preferential rights<br>C) They carry voting rights<br>D) They are redeemable at par<br>E) They are secured<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) They carry voting rights<br><strong>Explanation:<\/strong> Equity shareholders have <strong>voting rights<\/strong> in proportion to their paid-up capital, as per <strong>Section 47<\/strong>.<\/p>\n\n\n\n<p><strong>Q10. Dividend is payable in proportion to the ______ amount of shares.<\/strong><\/p>\n\n\n\n<p>A) Nominal<br>B) Face value<br>C) Paid-up<br>D) Market<br>E) Authorised<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) Paid-up<br><strong>Explanation:<\/strong> Under <strong>Section 51<\/strong>, dividends are payable in proportion to the <strong>amount actually paid-up<\/strong> on shares.<\/p>\n\n\n\n<p><strong>Q11. Misrepresentation of a company\u2019s authorised, subscribed, or paid-up capital is dealt with under:<\/strong><\/p>\n\n\n\n<p>A) Section 60<br>B) Section 61<br>C) Section 62<br>D) Section 64<br>E) Section 58<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> A) Section 60<br><strong>Explanation:<\/strong> Section 60 prohibits any false statement about the company\u2019s capital in documents or advertisements.<\/p>\n\n\n\n<p><strong>Q12. A company must file notice with the Registrar for any alteration of share capital within:<\/strong><\/p>\n\n\n\n<p>A) 7 days<br>B) 14 days<br>C) 21 days<br>D) 30 days<br>E) 60 days<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D) 30 days<br><strong>Explanation:<\/strong> Under <strong>Section 64<\/strong>, the company must notify the Registrar within 30 days of any alteration in share capital.<\/p>\n\n\n\n<p><strong>Q13. The Tribunal\u2019s approval is mandatory for which of the following actions?<\/strong><\/p>\n\n\n\n<p>A) Issue of bonus shares<br>B) Buy-back of shares<br>C) Reduction of share capital<br>D) Rights issue<br>E) Transfer of shares<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) Reduction of share capital<br><strong>Explanation:<\/strong> As per <strong>Section 66<\/strong>, reduction of share capital requires approval from the Tribunal to ensure creditor protection.<\/p>\n\n\n\n<p><strong>Q14. A company can issue further shares to its existing shareholders under which method?<\/strong><\/p>\n\n\n\n<p>A) Private placement<br>B) ESOP<br>C) Rights issue<br>D) Public offer<br>E) Preferential allotment<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) Rights issue<br><strong>Explanation:<\/strong> <strong>Section 62(1)(a)<\/strong> provides that further issue of shares must first be offered to existing shareholders in proportion to their holdings \u2014 known as a <strong>rights issue<\/strong>.<\/p>\n\n\n\n<p>Also Check:&nbsp;<a href=\"https:\/\/www.oliveboard.in\/upcoming-government-exams\/?ref=contac-acb\" target=\"_blank\" rel=\"noreferrer noopener\">What are the Upcoming Government Exams<\/a><\/p>\n\n\n\n<p><strong>Q15. Debentures cannot carry:<\/strong><\/p>\n\n\n\n<p>A) Fixed rate of interest<br>B) Voting rights<br>C) Maturity date<br>D) Conversion rights<br>E) Trustee appointment<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B) Voting rights<br><strong>Explanation:<\/strong> According to <strong>Section 71(2)<\/strong>, debentures do not carry voting rights.<\/p>\n\n\n\n<p><strong>Q16. A company cannot buy back its shares if it has defaulted in repayment of:<\/strong><\/p>\n\n\n\n<p>A) Dividend<br>B) Deposits or loans<br>C) Debenture interest<br>D) Preference share redemption<br>E) All of the above<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> E) All of the above<br><strong>Explanation:<\/strong> As per <strong>Section 70<\/strong>, buy-back is prohibited if the company has defaulted in repayment of deposits, loans, interest, or redemption obligations.<\/p>\n\n\n\n<p><strong>Q17. Which section deals with variation of shareholders\u2019 rights?<\/strong><\/p>\n\n\n\n<p>A) Section 47<br>B) Section 48<br>C) Section 49<br>D) Section 50<br>E) Section 52<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B) Section 48<br><strong>Explanation:<\/strong> Section 48 governs how the rights attached to a particular class of shares can be varied only with consent of three-fourths of that class.<\/p>\n\n\n\n<p><strong>Q18. Who can make a nomination under Section 72 of the Companies Act?<\/strong><\/p>\n\n\n\n<p>A) Only directors<br>B) Only promoters<br>C) Any shareholder<br>D) Only preference shareholders<br>E) Creditors<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> C) Any shareholder<br><strong>Explanation:<\/strong> Section 72 allows any shareholder to nominate a person to whom securities shall vest upon their death.<\/p>\n\n\n\n<p><strong>Q19. What document serves as prima facie evidence of ownership of shares?<\/strong><\/p>\n\n\n\n<p>A) Share application form<br>B) Share certificate<br>C) Share transfer deed<br>D) Memorandum of association<br>E) Prospectus<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> B) Share certificate<br><strong>Explanation:<\/strong> Under <strong>Section 46<\/strong>, a share certificate issued under the company\u2019s seal is <strong>prima facie evidence<\/strong> of title to shares.<\/p>\n\n\n\n<p><strong>Q20. The capital which has been subscribed and fully paid by shareholders is known as:<\/strong><\/p>\n\n\n\n<p>A) Authorised capital<br>B) Subscribed capital<br>C) Issued capital<br>D) Paid-up capital<br>E) Reserve capital<\/p>\n\n\n\n<p><strong>Correct Answer:<\/strong> D) Paid-up capital<br><strong>Explanation:<\/strong> Paid-up capital represents the portion of subscribed capital that has been <strong>actually paid<\/strong> by shareholders to the company.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/negotiable-instruments-act\/\">Negotiable Instruments Act, 1881, FREE PDF &amp; Live Quiz<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/reserve-bank-of-india\/\">Role and Functions of the Reserve Bank of India (RBI) &#8211; UGC NET Notes<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-grade-a-eligibility-check-tool\/\">Are You Eligible for SEBI Grade A 2026? 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