Category: Maharashtra State Board Notes

By going through these Maharashtra State Board Secretarial Practice 11th Commerce Notes Chapter 4 Documents Related to Formation of a Company students can recall all the concepts quickly.

Maharashtra State Board Class 11 Secretarial Practice Notes Chapter 4 Documents Related to Formation of a Company

Documents Required For Incorporation Of A Company-

1. Memorandum of Association
2. Articles of Association

1. Memorandum of Association:

Definition : “MOA of a company as originally framed or as altered from time to time in pursuance of any provision of any previous Company Law or of this Act.”
(Section 2 (56) — Companies Act, 2013)

Meaning :

• Primary document of a company states its aims and objectives
• Describes relationship between the company and outsiders
• Prepared by the promoters

Signed by:

• 7 persons – Public Company,
• 2 persons – Private Company
• 1 person – One Person Company

Clauses :

• Name Clause
• Address Clause
• Object Clause
• Liability Clause
• Capital Clause
• Association Clause

2. Articles of Association:

Definition : “Articles of Association as originally framed or as altered from time to time in pursuance of any previous Company Law or of this Act.”
(Section 2 (56) — Companies Act, 2013)

Meaning :

• Subordinate document to MOA
• It is like Bye-laws of the company
• Describes powers, rights and duties of Board of Directors
• Describes relationship between the company and its members and also between members.

Contains :
Rules and regulation for internal management of the Company

Clauses of MOA-

• Name Clause
• Subscription Clause
• Address Clause
• Capital Clause
• Liability Clause
• Object Clause

→ Any Act done beyond the power of MOA is called as “Ultra-Vires” i.e. invalid.

Entrenchment of Articles:

Articles (Provisions) which cannot be altered by passing only a special resolution is called Entrenchment of Articles. It requires 9/10th of the majority to alter the provision.

Doctrine of Indoor Management:

It protects the interest of the outsiders, who enters into contract assuming that the company follows all procedures as per MOA and AOA.

Prospectus:

Contents of Prospectus-

1. Declaration by Company:

Stating-

• all provisions of Companies Act, 2013 is complied
• it does not contain anything contrary to provisions of Companies Act, 2013, Securities Contracts Act, 1956 and SEBI Act, 1992

2. Statement of an Expert:

Statement by –
Company Secretary, Chartered Accountant, Cost Accountant, Valuer,Engineer, etc.

3. Information and Reports:

• name of the issuing company
• registered office address
• number and price of share
• lead merchant banker
• registrar to the issue
• date of opening and closing of issue, etc.

Statutory Requirements For Prospectus-

• Drafting prospectus with SEBI and making available to the Public and Stock Exchange
• Signed by all Directors or authorized attorney
• Registration of Prospectus with ROC
• Issuing prospectus to Public within 90 days from the date of registration
• Dating of Prospectus

→ Mis-statement in Prospectus means untrue or misleading information given in the prospectus.

Liability In Case of Mis-Statement in Prospectus –

1. Civil n Liability:
   To pay compensation for loss suffered by investor
2. Criminal Liability:
   Company or its officers to be fined or imprisoned or both

Word Meaning:

distinction – difference; altered – changed; pursuance – effect of; privileges – benefits; subscriber – member; ultra-vires – act done beyond the legal power; distinct – well defined in existence; constitute – found; emblems – symbol; resemble – same / similar; incorporation – the process of registering a company; domicile – location; immoral – dishonest; contravention – violation / against; incidental – happening by chance; consequential – resulting / thereafter; null and void – not legally considered to be existed; injunction – order; doctrine – set of beliefs; contractual – legal agreement between company and member; authorised – permitted; desirous – intention / need; subordinate – secondary / next to; establishes – builds; arbitration – to settle disputes by negotiation; indemnity – protection; entrenched – unlike to change; elaborate – detailed; accordance – following; proceedings – course of action / steps; disclosures – declaration; abridged – short writing material; prospectus – a printed booklet giving information about company; attorney – legal practitioner; imprisonment – behind the bars / jailed; furtherance – assisting /assistance; mis-statements – wrong information / words; red

By going through these Maharashtra State Board Secretarial Practice 11th Commerce Notes Chapter 12 Correspondence with Statutory Authorities students can recall all the concepts quickly.

Maharashtra State Board Class 11 Secretarial Practice Notes Chapter 12 Correspondence with Statutory Authorities

Ministry of Corporate Affairs (MCA)-

• Powers delegated by Central Government to regulate
• the functioning of the Corporate sector to MCA.
• MCA mainly concerned with

Administration of the following Acts-

• The Companies Act, 2013
• The Partnership Act, 1932
• The Limited Liability Partnership Act, 2008
• The Competition Act, 2002
• Societies Registration Act, 1860

Supervision of Professional Bodies like-

• Institute of Chartered Accountant of India (ICAI)
• Institute of Company Secretaries of India (ICSI)
• Institute of Cost Accountants of India

Objectives of MCA

• To administer provisions and other allied laws of Companies Act. 2O13
• To offer various services to the stakeholders
• T0 identify non-compliance of Companies Act
• To make corporate data available to public
• To encourage companies to improve Porate Governance and adopt responsible business practices
• To promote fair competition

Organizational set up to administer the Companies Act, 2013:

• Ministry of Corporate Affairs (Head Quarters in New Delhi)
• 7 Regional Directors (Incharge of 7 regions in India) (Ahmedabad, Chennai, Hyderabad,
• Kolkata, Mumbai, New Delhi, Shillong)
• 22 Registrars of Companies
• 1 Central Registration Center
• 9 ROCs-cum- Official Liquidators
• Official Liquidators (Officers appointed by High Courts to assist in procedure of winding up of companies)

Registrar of Companies (ROC’s)-

• Appointed by Central Government
• To administer the Companies Act in the State under its jurisdiction
• To look after Registration of Companies falling under its jurisdiction
• Acts as full time field officers with wide powers and responsibilities

Duties of ROC’s-

• To examine document filed by companies
• To order a company to rectify defective or incomplete document
• To take decisions on document filed within 30 days of filing
• To provide company with copy of document filed on payment of prescribed fees

Powers of ROC’s-

• To extend the time of holding Annual General Meeting, by a period not more than 3 months.
• To inspect or call for books of accounts, other books and papers.
• To seek in writing an information or explanation relating to furnished.
• To get Special Court permission to is sue an order for seizure of books and papers of a Company, if  such records are to be destroyed, altered or falsified.
• To strike off or remove the name of a company from the Register.

National Company Law Tribunal (NCLT)-

Power of (NCLT)-

• To hear and give decisions on proceedings related to compromise, arrangement and reconstruction of a company.
• To hear and give decision on winding up petitions.
• To hear and give decisions on petition for extension of time for repayment of deposits.
• To make call for holding AGM or EOGM of a company
• To direct company to not dispose off funds of a company and to freeze the assets of a company used against the interest of the company.
• To hear and give decisions on grievances of rejection in transferring shares and securities
• To hear and give decisions on grievances of rejection in transferring shares and securities.

National Company Law Appellate Tribunal (NCLAT)-

• Set by Central Government in June, 2016.
• To hear appeals against the orders of NCLT / National Financing Reporting Agency.
• To hear appeals against the order passed by Insolvency and Bankruptcy Board of India.

Structure of National Company Law Appellate Tribunal-

Chairperson (Head):
Maximum 11 Members:

• Judicial members
• Technical members

Operation of NCLAT

• Any person aggrieved by an order of the Tribunal, may within 45 days from the date of order may file an appeal to NCLAT.
• NCLAT may confirm, modify or set aside the order.
• An appeal against the NCLAT order may be filed to Supreme Court within 60 days from date of receipt of NCLAT order.

Securities and Exchange Board of India (SEBI)-

• Statutory body
• Head office – Mumb
• Established in 1992

Objectives of SEBI-

• To regulate the functioning of securities markets and Stock Exchanges in India.
• To protect investors and safeguard their rights.
• To regulate the market intermediaries.
• To develop a code of conduct for fair practices for market intermediaries.

Precautions to be taken by Secretary while Corresponding with Statutory Authorities:

• Prompt Reply
• Legal aspects
• Clarity
• Brevity
• Courtesy

Word Meaning:

allied – joined / connected; fair – honest; stakeholder – a person having an interest in the business; liquidators – a person appoint to wind up the affairs of company; defective – wrong; prescribed -to advise; vested – given; delegated – to give responsibility of certain work; furnish – to provide; alter- to change; falsified – to alter wrong information; quasi – partly; jurisdiction – official power to make legal judgments or decisions; seizure – to take back; empowered – power to do something; oppression – ill treatment; dispose off – give it away; freeze – temporary stopping the rights; grievances – problems; rejection – to not approve; appeal – to request; bankruptcy – failure to run the business; aggrieved – a person who does not accepts the order passed by lower jurisdiction body; safeguard – to protect; code of conduct – set of rules; intermediaries – middle person to do certain work / agent; explicit – to state clearly; calamity – sudden damage; portal – a website; instances – example; challan – form to filled to pay taxes; petition – a formal written request; default – failure to pay; regulator – a person / organization supervise certain activity.

By going through these Maharashtra State Board Secretarial Practice 11th Commerce Notes Chapter 11 Correspondence with Banks students can recall all the concepts quickly.

Maharashtra State Board Class 11 Secretarial Practice Notes Chapter 11 Correspondence with Banks

Bank – Definition-

(a) “Banking means accepting for the purpose of lending or investment of deposits of money from the people repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise.
– Banking regulation Act 1949

(b) “A Bank is an institution which deal in money and credit”.
– Cairns Cross

Functions of Commercial Bank-

1. Primary Functions:

1. Accepting Deposits
2. Lending Money:

1. Accepting Deposits

• Demand Deposits
• Time Deposits

Demand Deposits

• Savings Account
• Current Account

Time Deposits:

• Fixed Deposits
• Recurring Deposits

2. Lending Money:

1. Loans
2. Advances

Loans:

• Short Term Loan
• Medium Term Loan
• Long Term Loan

Advances:

• Overdraft
• Cash Credit
• Discounting Bill

2. Secondary Functions:

1. Agency Functions
2. Utility Functions

1. Agency Functions:

• Collection of Cheques and Bill
• Collection of Dividend, Interest, Salary
• Payment of Rent, Insurance, Electric Bill
• Purchase and Sales of Securities

2. Utility Functions

• Safe Deposit Vault
• Letter of Credit
• ATM, Credit Card, Debit Card
• Travellers Cheque
• RTGS, NEFT, NACH, ECS.

Demand Deposits :
The deposits which are payable on demand are called Demand deposits. There are 2 types of Demand Deposits i.e. Savings Deposits and Current Deposits.

Time Deposits :
The Deposits which are not repayable on demand are called ‘Time Deposits’. There are ‘2 types of Time Deposits i.e. Fixed Deposits and Recurring Deposits.

Loans :
A loan granted for a specific time period against personal security, gold or silver and other movable or immovable assets is called term loan.

Advances :
An advance is a credit facility provided by the bank to its customers for a shorter period to meet day-to-day requirements of a business.

Overdraft:
Overdraft is a credit facility granted by Bank to its Current Account holders against certain collateral securities. Banks allow its customers to overdraw an amount upto particular limit.

Cash Credit:
It is a facility, where bank allows the borrower to withdraw upto a specific limit as and when he needs by opening separate account.

Precautions By Secretary While Corresponding with Bank-

1. Legal procedure
2. Prompt reply
3. Brevity Conciseness
4. Secrecy
5. Accuracy
6. Clarity
7. Courtesy

Circumstances For Correspondence With Banks-

1. Opening a Current A/c
2. Request for issue of letter of credit
3. Stop payment of cheque
4. Request for anting overdraft facility

Word Meaning:

aids – to help; negotiable – flexible /to bargain; lending – to give money for certain period of time; discounting – deducting the amount; idle – to sit without work / not in use; assistance – to help; surplus – excess/extra; remittances – transfer / to pass on; channelize – planning; executor – a person who is appointed to carry out the work; commercial – business / trading; attorney – legal person; e-statement – statement received in mail of an individual; settlement – payment; overdraft – borrowing money in excess of funds available in individual account for certain period; precautionary – to take care / prevention; recurring – repeatedly; inconvenience – difficulty; periodically – at regular intervals; regretted – to be sorry; immovable – cannot be moved from one place to another for certain days month/years; hypothecation – any commodity kept as a security against a loan; sanctioned – to allow /to approve; specimen – sample; collateral securities – an asset kept as a security for taking loan.

By going through these Maharashtra State Board Secretarial Practice 11th Commerce Notes Chapter 3 Formation of a Company students can recall all the concepts quickly.

Maharashtra State Board Class 11 Secretarial Practice Notes Chapter 3 Formation of a Company

Formation of a Company-

• it means registering or incorporating a company with the Registrar of Companies (R.O.C.)
• it must be registered with ROC of the concerned state where a company is situated.
• ROC is an authority as per the companies Act which can incorporate or register the companies.
• 3 types of companies can be formed depending on number of promoters.

Promoter-

• is a person who takes an initiative efforts to form a company.
• Promoter can be an individual, a partner, a company, an association or a syndicate.

Companies Based On Minimum Number Of Promoter-

1. Public Company – 9Promoters
2. Private Company – 2Promoters
3. One person Company – 1Promoter

Companies Based On Capital Structure-

MOA – Memorandum of Association is a document stating the aims and objectives of the company.

AOA – Articles of Association is a document stating rules and regulations for internal management.

Promotion – It means taking all necessary steps to incorporate a company as per the rules and regulation of the Companies Act, 2013.

Prospects:

• a document issued by public company.
• inviting public to subscribe or buy the shares of prospects issuing company.

Annual Return :

• yearly statement prepared by the company.
• giving information about company’s ownership, its activities and financial position of the company.
• filed with Registrar of Company.

Stages In Formation Of A Company:

1. Promotion Stage
Steps:

• Idea of starting business
• Deciding objects of the business, amount of capital, scale of operation, etc.
• Preparing documents — MOA and AOA
• Approaching investors for capital
• Nominating first directors and first subscribers to MOA and AOA
• Forming contracts (Pre- incorporation Contracts or preliminary contracts)

2. Incorporation state
Steps:

• Obtain Digital Signature Certificate (DSC)
• Register DSC in the name of Director with MCA
• Obtain Director Indentification Number (DIN)
• Apply for Reservation of Name
• Finalize Memorandum of Association and Articles of Association
• Signing, Stamping and Dating of Memorandum and Articles of Association
• Prepare other necessary documents
• Decidingaddressfor communication
• Obtain a statutory declaration
• Filing of application and documents for Incorporation with ROC
• Obtaining Certificate of Incorporation

Commencement of Business Stage
Steps:

• Filing of Declaration. by Director
• Filing a verification of registered office
• Obtain licence from Sectoral Regulator
• Obtain Certification of Commencement of business

Role of Promoters:

• Decide objects of business, amount of capital, size of business operation
• Generate idea of starting business
• Entering Pre-incorporation conträcts Preliminary contracts
• Prepare documents MOA and AOA
• Approach investors for raising capital
• Nominate first directors and first subscribers to MOA and AOA

Fiduciary Duty- It is a duty of person to act in good faith and trust which is put upon him by another person.

Steps in Promotion of a Company-

• Come up with an idea or activity
• Preparing financial plan
• Preparing draft of MOA and AOA
• Entering Preliminary contracts
• Appointing first Directors

DSC- Digital Signature Certificate is a signature of a person in digital or electronic form
It is used to sign on e-documents.

MCA- Ministry of Corporate Affairs administers the Companies Act, 2013.

DIN-

• Director Identification Number is to be applied in electronic form SPICe – 32 at the time of incorporation.
• A person to be appointed as a Director must have a DIN.
• It is a 8 digit identification number.

CRC- Central Registration Centre is an authority which provides speedy incorporation related services.

PAN-

• Permanent Account Number
• Issued by Income Tax Department
• 10 digit Alpha-numerical code
• Proof of identification of a person paying Tax

Contents Of Certificate Of Incorporation-

• Pan and tan of a Company
• Name of a Company
• Date of issue of Certificate of Incorporation
• Signature of ROC with date and seal
• CIN

TAN-

• Tax Deduction and Collection Account Number
• Issued by Income Tax Department
• 10 digit alpha-numerical code
• Issued to all persons —responsible for deducting or collecting Tax

CIN – 

• Corporate Identity Number
• Issued by ROC at time of Incorporation of Company
• 21 digit alpha – numerical code

Indicates

• Listed or Unlisted company
• Industry code
• State of Company’s location
• Year of incorporation
• Type of ownership
• Registration number

Word Meaning:

incorporation – to enroll; commencement – to start; promoters – persons who carry the process of formation of a company; extent – amount/size; guaranteed – confirmed; accustomed – usually; nominated – suggested/ put forward; subscribers – members; fiduciary – financial; compensates – returning back in terms of money; reimbursing – to pay back / repay; preliminary – starting, initial; database – records; pursuant – according to; description – detailed; convicted – declared; preceding – coming before something; stating – to declare; integrated – jointly / combined; distinct – well defined in existence; borrowing – to get or receive something; declaration – a report, statement; sectoral – specific area; regulators – a person or body who supervises (looks after) particular area; prospectus – a printed booklet giving details of company.

By going through these Maharashtra State Board Secretarial Practice 11th Commerce Notes Chapter 10 Correspondence with Directors students can recall all the concepts quickly.

Maharashtra State Board Class 11 Secretarial Practice Notes Chapter 10 Correspondence with Directors

Directors

• Collectively as a ‘Board’ exercises powers and authorities
• Elected representatives of the shareholder
• Called as Brain of the company
• Responsible for decision making, framing plans and policies.
• Holds important position in management of a company.

Precautions While Corresponding with Directors-

• Politeness
• Accuracy
• Brevity
• Initiative
• Prompt Reply

Circumstances for Corresponding with Directors-

• Notice and Agenda of Board Meeting
• Asking to disclose personal interest of Director in a contract
• Report to the Director who was absent for a meeting.
• Reminding provision regarding absenteeism at the Board Meetings.

Secretary-

• Executive officer of a Joint Stock Company
• Provides assustance and guidance to the Directors
• Implements decisions taken Board of Directors
• Acts as a link between the Directors and other management staff
• Called as – eyes, ears, hands and mouthpiece of the ‘Board’

Word Meaning –

collectively – together; key position – important position; cautious – careful; tactful – understanding; prompt – quickly; queries – question; empathy – ability to understand others; goodwill – reputation; numerical – in numbers; factual – real; brevity – in brief; lengthy – long; irrelevant – unimportant; circumstances – situation; consecutive – continuous; periodicity – at regular time gap; disclose – tell; accelerate – quickly; sole – single; consideration – attention; vacated – to leave; diligently – doing work carefully; skip – fail to attend; scheduled – planned; disclosure – declaration; expert – person who is knowledgeable on particular subject; forwarded – sent; constantly – always.

By going through these Maharashtra State Board Secretarial Practice 11th Commerce Notes Chapter 2 Joint Stock Company students can recall all the concepts quickly.

Maharashtra State Board Class 11 Secretarial Practice Notes Chapter 2 Joint Stock Company

Evolution of Business Organization –

1. Sole Trading Concern
2. Joint Hindu Family Business
3. Partnership Firm
4. Limited Liability Partnership
5. Co-operative Society
6. Joint Stock Company

Sole Trading Concern
Owned, managed and controlled by one person. It is also called as ‘One Man Business’. A person who conducts the business is called “Sole Trader”.

Features of Sole Trading Concern –

1. Not suitable for large scale business operations
2. No separate Law or Act but follow all laws of land
3. Only one owner
4. Do not have separate legal status
5. Capital contribution is very small
6. Liability is unlimited
7. No division of profit or loss
8. Decisions of business by Sole trader
9. Maximum business secrecy

Joint Hindu Family Business-

• When a Hindu Undivided Family conducts business, inherited by it as per Hindu Law, it is called a Joint Hindu Family Business.
• Exists only in India governed by Hindu Succession Act 1956.

Features of Joint Hindu Family Business-

• Karta decision maker
• Membership is by birth only
• Karta : Manager, controller and co-ordinator
• Limited liability of ‘Co-parceners’
• Liability of Karta is unlimited
• Profit sharing ratio keeps on changing
• Head of family as “Karta”
• Other family Members are ‘Co-parceners’
• No limit on minimum and Maximum number of members
• Engaged in the business

Partnership Firm-

• The business organization which is owned, managed and controlled by two or more person is called a partnership firm.
• Owners are called Partners, Organization is called a firm.
• It is governed by Indian Partnership Act, 1932.

Features of Partnership Firm-

• Partners share profit and losses in agreed ratio
• NO separation of ownership and management
• Agreement between two or more persons
• Number of members Minimum : Two, and Maximum fifty for general business
• Joint owners as well as joint managers Liability of partners unlimited, joint and several
• Capital contributed by partners
• DO not enjoy separate legal status

Limited Liability Partnership (LLP)-

• It has a combination of features of both partnership and joint stock company.
• Partners have limited liability
• Governed by the Limited Liability Partnership Act of 2008.

Features of Limited Liability Partnership-

1. Separate legal entity i.e. a body corporate
2. Number of partners- Minimum- two. Maximum- unlimited.
3. No minimum requirements of capital contribution.
4. Simple to form and easy to operate.
5. Liability of each partner is limited to his share as written in the agreement.
6. Low cost of formation.
7. No restriction on joining and leaving the LLP except as stated in partnership agreement.
8. Double taxation is avoided, no tax on profit share.

Co – operative Society-

• It is a voluntary association of persons formed to achieve certain economic objectives.
• It is service oriented.
• Governed under the Maharashtra State Co-operative Societies Act 1960.

Features of Co- operative Society-

• Compulsory Registration
• Membership open to all.
• Number of members- Minimum- ten, Maximum- no limit.
• Limited liability of a member.
• Aim is not maximization of profit but to provide services to its members.
• Independent legal status.
• Democratic in nature, equality in voting right One member one vote’.
• Control and supervision by the state government.

Joint Stock Company (JSC)-

• It is a more formal form of business organization.
• Satisfies requirement of modern industry
• Convenient to conduct large scale business industry
• Types of  Joint Stock Companies
  • Public
  • Private
  • Government
  • Statutory etc.

Definition of Joint Stock Company-

• According to Section 2(20) of the Companies Act 2013. “Company means a company incorporated under this Act or under any previous company law.”
• According to Prof. H. L. Haney “A Joint stock company is a voluntary association of individual for profit, having its capital divided into transferable shares, the ownership of which is the condition of membership.”

Features of Joint Stock Company- 

1. Voluntary Association –

• Membership is open to all
• Can become a member or leave subject to the provisions of Articles of Association of the company.

2. Incorporated Association-

• Registration or incorporation is compulsory.
• After registration an association obtains the status of a Joint Stock Company.

3. Separate Legal Entity

• Members are the owners and are liable in limited way.
• Members are conferred with rights and duties.

4. Artificial Person

• Created by law.
• Legal process and own independent personality.
• Legal rights to enter into contracts, purchase and sell assets and property etc.

5. Perpetual Succession

• Continuous in existence.
• Not affected by death, insolvency or retirement of any of any members.
• Very long and stable life.

6. Common Seal

• It is a device that acts as a signature of the company.
• Affixed on all the important documents and contracts.
• Usually signed by two directors and the secretary as a witness after the seal is affixed.

7. Limited Liability

• Shareholders have limited liability.
• Shareholder is liable to pay only the unpaid amount of his shares.
• Shareholder is not concerned with debts and liabilities of the company.

8. Separation of Ownership and Management

• Shareholders are real owners of the company, but large and scattered.
• Unable to manage the day to day affairs of the company.
• Board of Directors look after the management and policy decisions of the company. They are elected representative of shareholders.

9. Transferability of shares

• Shares of public company are freely transferable.
• Shares of private company are not freely transferable.

10. Number of Members

• Owned by a large number of persons.
• Private limited company — minimum 2 members maximum — 200 members
• Public limited company — minimum 7 members maximum — no limit

11. Capital

• Raise huge capital.
• In form of shares, debentures, bonds, public deposits
• Obtain loans from banks and financial institutions.

12. Government Control

• Company is controlled and supervised by the Government.
• Registered company follow rules and regulations of company law.
• Accounts are audited.
• Copy of profit and loss, balance sheet, financial statement are submitted to the registrar.
• To protect the financial interest of small investors.

Types of Companies-

1. On the basis of Incorporation
2. On the basis of number of members
3. On the basis of liability of members
4. On the basis of control
5. Other types

On the basis of Incorporation:

• Statutory Company
• Registered Company

On the basis of number of members

• Private Company
• Public Company
• One Person Company (OPC)

On the basis of liability of members-

• Company limited by shares
• Company limited by Guarantee
• Unlimited liability Company

On the basis of control-

1. Holding Company
2. Subsidiary Company

Others types –

1. Government Company
2. Foreign Company
3. Dormant Company
4. Listed Company
5. Small Company
6. Associate Company
7. Company not for profit

On the basis of Incorporation-

1. Statutory Company
2. Registered Company

Statutory Company:
Companies incorporated by Special Act passed by Central or State legislative, e.g. Reserve Bank of India, State Bank of India, Unit Trust of India, Life Insurance Corporation, etc.

Registered Company:
Companies incorporated under the Companies Act, 2013 or any previous company law.

On the basis of Number of Members

Private Company (SECTION 2(68)):

• Restrict the right of members to transfer its shares.
• Maximum number of members upto 200.
• Prohibits any invitation to the public for any securities or deposits of company.
• Company limited by shares or company limited by guarantee or an unlimited company.
• Must add the words “Private Limited” at the end of its

Public Company (Section 2 (71)):

• Has no restriction on the transfer of its shares.
• Minimum number of members should be seven.
• Has minimum paid up share capital.
• Does not prohibit any invitation or acceptance.
• Must add the word “Limited” after the name of the company.

One Person Company (Section 2 (62)):

• Single Promoter who has limited liability.
• Can have one or more directors.
• No need to hold Annual General Meeting.
• Better form of sole proprietorship.

On the basis of Liabilities of Members:

Company Limited By Shares Section 2(22):

• Have share capital and liability limited to the unpaid part of face value of shares purchased by member.
• May be a public company or a private company.
• Most popular type of companies.

Company Limited By Guarantee: Section 2(21)

• May or may not have a share capital.
• Member promises to pay a fixed sum of money specified in the Memorandum of the company.
• Non-profit making companies.
• Purpose of promotion of art, science, culture etc.

Unlimited Liability Company Section 2(92)

• Not having any limit on the liability of its members.
• Members are fully liable to cover the debts of the company.
• Can be either a private or . a public company or a one person private company.

On the basis of Control –

1. Holding Company Section 2(46)
2. Subsidiary company section2(87 )

Holding Company Section 2(46):

• Company holds more than one half of thetotal share capital of another company
• Has power to appoint or remove Directors of another Company.

Subsidiary company section2(87):
Company which is controlled by holding company.

Other Types-

1. Government Company:
Section 2(45):
Company in which not less than 51% of the paid up share capital is held by

• Central Government or
• State Government or Governments or
• Partly by Central Government and partly by one or more State Governments
• Subsidiary company of a government company. e.g. H.M.T, BHEL, ONGC etc.

2. Foreign Company:
Section 2(42):
Company incorporated outside India, but having a place of business in India.
e.g. Bata India Ltd, Nestle India Ltd.

3. Dormant Company:
Registered for a future project or has not made any significant accounting transactions in last two years or has not filed financial statements or annual returns in last two years, after making application u/s 455.

4. Listed Company: Section 2(52)
Company which has any of its securities listed on any recognized stock exchange following SEBI’s guidelines and the provisions of the Companies Act.

5. Small Company:
Section 2 (85):

• Paid up share capital of which does not exceed 50 lakh or such higher amount as may be prescribed
• whose turnover as per last profit and loss account does not exceed 2 crores or such higher amount as may be prescribed.

6. Associate Company: Section 2(6)
Company which controls at least 20% of total capital or of business decisions over a subsidiary company.

7. Company not for profit:
Registered u/s 8 of Companies Act.

Word Meaning:

revolution – complete change; radical – entire; anticipation – expectation; evolved – to come in existence; inadequate – insufficient/ not enough; emerged – came into existence; proprietor – single owner of business; operations – working; inherited – getting from ancestors; contribution – collection; formation – coming into being; achieve – to get; differs – unlike; democratic – representatives are elected; stability – fixed; Managerial ability – ability to manage various works at a given time; Statutory – owned by Government company; enactment – passed by; reveal – tells; conclude – end; Perpetual succession – Continuation; obtains – to get; conferred – grant; scattered – spread all over; desires – want; registrar – a person who looks after registration of company; obligations – responsibilities; penalized – fine; prohibit – restricted/stop from doing something; promoter – person who starts with an idea of starting an organization: memorandum – written document specifying the policies of a company; liquidation – converting assets into cash; significant – important; insolvency – financial loss to an individual or company.

By going through these Maharashtra State Board Class 11 Geography Notes Chapter 6 Ocean Resources students can recall all the concepts quickly.

Maharashtra State Board Class 11 Geography Notes Chapter 6 Ocean Resources

→ The scientific study of oceans began in the early nineteenth century when the British ship ‘Challenger’ sailed around the world. It brought information about the ocean depths and teeming life found in them.

→ With the help of the Echo sounder technique, the map makers began to map different ocean floors. Today, many nations are involved in the study of the oceans.

→ The Structure of Ocean Floor

• Presently, not only are the surface or coastal areas of the ocean are exploited but advanced
  research is carried out to see how the deeper part of the oceans can be useful to mankind.
• The continental shelf: The portion of the continents that is submerged underwater and borders the coastal areas is known as a continental shelf.
• Continental slope: After the extent of the continental shelf is over, there is a sharp drop in the ocean floor. The gradient of slope in this region can be between 2° to 5°. This is called the continental slope.
• Abyssal plains: Beyond the continental slope, lie the abyssal plains. The abyssal plains are often littered with nodules of manganese-containing varying amounts of iron, nickel, cobalt, and copper.
• The oceanic trenches: At places, deep, narrow, and steeply sloping depressions are found on the ocean floor. These are called ocean deeps of ocean trenches.
• Oceanic ridges and plateaus: The submerged mountains on the ocean floor are called oceanic ridges. At places, the peaks of oceanic ridges appear above the ocean surface. These are called oceanic islands.

Type of Oceanic Islands:

1. Continental Islands
2. Volcanic Island
3. Coral Islands

Ocean Resources:
There are a variety of biotic and abiotic resources found abundantly at different levels of ocean floor.

Use of Oceans:

1. Tidal and Thermal Energy
2. Drinking Water
3. Trade and Transport
4. Tourism

International Resources:
International institutions regulate the ocean resources. The oceanic resources beyond 200 nautical miles of the Exclusive Economic Zone belong to open ocean and no individual country can utilise these without the concurrence of international institutions.

Marine Pollution:

• Human dependence on oceans is likely to increase manifold. However, nowadays, the oceanic waters are getting polluted on a large scale. This causes deterioration of the natural quality of ocean water.
• The leakages of oil from oil transporting ships, oil extraction from coastal areas, disposal of solid waste containing radioactive matter, atomic tests, etc., are causing large-scale pollution of oceanic waters.
• The effluents brought by river discharges, the disposal of waste from coastal cities, the waste from industries, and many other similar factors are polluting the oceanic waters.
• As a result, the very existence of marine life is threatened.

By going through these Maharashtra State Board Class 11 Geography Notes Chapter 5 Global Climate Change students can recall all the concepts quickly.

Maharashtra State Board Class 11 Geography Notes Chapter 5 Global Climate Change

→ The average temperature on the surface of the Earth depends on a number of factors like the time of day, the time of year, and where the temperatures measurements are being taken.

→ The average temperature of the Earth is around 14°C. This average temperature has increased by 0.8°C.

→ The average surface temperature of the earth is increasing and it has been found that the impact of gases such as carbon dioxide, methane, etc., has been enormous.

→ This has led to an increase in the heat holding capacity of the atmosphere which in turn increases the temperature. This phenomenon is called global warming.

→ Effects of Global Warming:

• Heat Waves
• Heat Islands
• Increase in Sea Level
• Melting of glaciers at high altitudes and snow in polar areas

→ Global sea level has been rising at a rate of about 3 mm/per year. This global sea level rise is caused because of increased melting of ice such as glaciers and ice sheets.

→ Higher sea levels may lead to deadlier cyclones and frequent flooding of coastal areas. Many islands are also at risk of getting submerged. It means loss of habitat for fishes, birds and plants.

→ Climate Change :

Climatic change is felt in the intensity, duration and spell of the seasons. The frequent change in the patterns of climate at the global level is considered as climate change.

Changes Observed at the Global Level:

1. Arrival of Monsoons
2. Quantity and Frequency of Rainfall
3. Change in Seasons
4. Change in Flowering
5. Increase in Occurrence of Floods or Drought

The IPCC (Intergovernmental Panel on Climate Change) has been mentioning about climate pattern indicators in their reports regularly.

Drastic Change in the Climate Patterns:

1. Increase in the number and intensity of floods
2. Increase in the intensity of droughts and cyclones
3. Carbon dioxide and crop yields
4. Rainforests and climate change

Causes of Climate Change :
Human activities are a major cause behind climate change. However, there are some natural causes for climate change as well.

Naturals Causes of Climate Changes:

1. Energy output by the sun
2. Milankovitch Oscillations
3. Volcanism
4. Goldiocks Zone

Tools for Studying Climate Change :

• Scientists and meteorologists have been using instruments to measure climate and weather.
• They use historical evidence called proxy data to measure climate and weather of millions of years ago.

Proxy Data:

• Coral Reefs
• Tree Rings
• Ice Cores

Climate Change and India:

• Developing countries, the Least Developed Countries (LDCs) and small island nations are at the highest risk of damage due to the climate change.
• Countries such as India and China contribute significantly to global emissions and have an important role to play.
• India has high vulnerabilities to climate change impacts due to its peculiar economy and geography.
• Besides, promoting clean energy and taking steps to protect environment, the government of India has taken the important steps for combating climate change.

Steps for Combating Climate Change:

1. National Action Plan on Climate Change (NAPCC), 2008
2. National Adaptation Fund for Climate Change (NAFCC)
3. National Clean Energy Fund (NCEF)

Lifestyle Changes and Climate Change:
This could include only buying things that are necessary, walking smaller distances, using energy-efficient devices, reducing our dependence on wood, and not using plastic.

By going through these Maharashtra State Board Class 11 Geography Notes Chapter 4 Climatic Regions students can recall all the concepts quickly.

Maharashtra State Board Class 11 Geography Notes Chapter 4 Climatic Regions

Five Spheres of the Earth:

1. Lithosphere
2. Hydrosphere
3. Biosphere
4. Magnetosphere

→ The climate of any region is decided by detailed study and observation for a longer period of time such as 30 years.

→ The climate of a place is responsible for the variety in so many factors including our food, our occupations, our houses, our clothes and many activities.

→ Natural Regions – It is a basic geographic unit. Usually it is a region which is distinguished by its common natural features of geography, geology and climate.

Classification of Climate and Identifying Climate Regions :

Climate Regions:

Low latitude :

• Equatorial Rainforests
• Tropical Monsoon Climate
• Tropical Savannah Type of Climate
• Tropical Deserts or Arid Type of Climate

Mid Latitude:

• Mediterranean Climate
• China Type Climate or Humid Sub Tropical Climate
• Marine West European Type Climate

High Latitude:

• Taiga or Sub-Arctic
• Tundra
• Ice Sheet
• Highland or Mountain Type

Low-latitude regions:

Tropical Monsoon Climate:

• SW India and SE Asia, SW Africa, NE and SE Brazil, northern parts of Australia, parts of tlapan]
• Summer temperature around 27°C to 32°C, winter temperature 15°C to 24°C j
• Rainfall, 250 to 2500 mm, orographic rainfall (India)
• High annual range of temperature
• Less biodiversity as compared to tropical forests
• Iron rich soils in high rainfall zones
• Large hooved leaf eaters and carnivores
• Paddy, rice agriculture
• 10° to 30° N and S

Tropical Savannah Climate:

• Herding and animal husbandry
• Tall and thick grass (Elephant grass), scattered drought resistant trees, broad towards the apex, scrub
• Between 10° to 20° N and S latitudes
• Summer temperatures around 35°C, winter temperatures around 24°C
• Average rainfall of 250-1000 mm
• Grazing more common, large herbivores, carnivores and scavengers
• Parts of peninsular India, rain-shadow zone in Maharashtra, Telangana, Karnataka, parts of Mizoram, Congo, south-central Africa, llanos of Venezuela, Campos of Brazil

Tropical Deserts or Arid type Climate:

• Xerophytic vegetation
• Between 20° to 30° latitude in both hemispheres
• Small nocturnal, burrowing animals
• Badaun, (Sahara), Bushmen (Kalahari), Aborigines (Australia)
• Agriculture practised near oases
• Summer temperature around 30°C to 45°C, winter temperature around 20°C to 25°C highest diurnal range, highest day-time temperatures
• Precipitation less than 200mm. Low or no humidity
• Western coasts of all continents, parts of Gujarat, Rajasthan and south west Haryana, Iran, interior parts of Asia, coastal Chile, Peru, south-west Africa, interior Mexico, Baja California, North Africa, Namibia and parts of US.
• Saline soil

Mediterranean Climate:

Mid-latitude regions :

• Olives, grapes, vegetables, citrus fruits, animal husbandry
• Western Coastal region between 30° to 40° N and S
• Tourism, cinema industries
• 500 to 1000 mm winter rainfall, foggy coasts
• Coniferous vegetation in high altitudes, grass in areas of low rainfall
• Scrubs, leaves are evergreen, hard, thick leathery, usually small
• Central California, borders of Mediterranean Sea, Cape Town, Southern and SW Australia, Central part of Chile
• Mild, moist winters, temperature around 10°C to 14°C warm, dry summers, temperature around 21°C to 27°C quite sunny, high summer

China type Climate or Humid Sub – tropical Climate:

• East coast location between 20° and 40° N and S
• Mixed forests, grasslands, pines in higher altitudes.
• Rice, wheat, corn, cotton, tobacco, sugarcane, citrus fruits.
• Humid in summer, cyclonic storms in winter
• Precipitation between 600 to 2500 mm
• High humidity, hot summers, frost in winter
• Warmest months above 10°C, coldest between 0°C and 18°C
• SE USA, SE South America, coastal SE South Africa, Eastern Australia, Eastern Asia from through South  China to Southern Japan, Easter island in Chile

High-latitude region:

Tundra Climate:

Ice Sheet:

Highland or Mountain type:

• Grazing, pastures, terrace cultivation
• Laterite soils
• Tourism
• Widely over Earth
• Grazing, pastures, terrace cultivation
• Coniferous in higher reaches, tropical deciduous to evergreen, in lower reaches
• Orographic rainfall, snowfall in higher reaches
• The climate depends on altitude, location on the leeward or windward side
• Mountains in Asia, central Europe, western North, and South America

By going through these Maharashtra State Board Class 11 History Notes Chapter 13 India, Sri Lanka and Southeast Asia students can recall all the concepts quickly.

Maharashtra State Board Class 11 History Notes Chapter 13 India, Sri Lanka and Southeast Asia

India and Sri Lanka:
The history of Sri Lanka and India has remained close-knit from ancient times. ‘Deepvamsa’, ‘Mahavamsa’, ‘Chullavamsa’ are the three texts that tell us about the Indian and Sri Lankan dynasties, their mutual relations and the historical events, in the times before and after Gautama Buddha. These texts are known as ‘Vamsagranthas’.

According to the Vamsagranthas, the first kingdom of Sri Lanka was established in the 6th century C.E. and was known as ‘Tambapanni (Tamrapanni)’. Another name of the kingdom was ‘Rajrat’. Greek historians have mentioned it as ‘Taprobane’.

The festival known as ‘Unduvapa Poya’ is celebrated every year in Sri Lanka, on the full moon in the month of December, in the memory of Theri Sanghamitta’s arrival.

The important cultural places in Sri Lanka: Anuradhpur – Mihinthale: Thera Mahinda and Theri Sanghamitta stayed at Mihinthale near Anuradhpaur. It facilitated the establishment and spread of Buddhism in Sri Lanka. Important Stupas at Anuradhpur – Mihinthale: ‘Kantakchetiya’ is one of the earliest stupas at Mihinthale.

An inscription near the stupa mentions that the revenue collected from a nearby tank and the surrounding land was reserved as a gift for the maintenance of this stupa. The stupa erected on the remains (Shareerik Dhatu/asthi) of Thera Mahinda at Mihinthale, is known as Ambasthal Thupa’.

Pulatthinagar (Polonnaruwa): The city of Polonnaruwa is mentioned in Chullvamasa by the name, ‘Pulatthinagar’. In the 10th century C.E. the Chola emperor Rajraja I attacked Sri Lanka and razed Anuradhpur completely. Then he established his capital at Polonnaruwa. He renamed Polannaruwa as ‘Jananathmangalam’ and built a Shiva temple there.

Dambulla and Sigiriya: The caves at Dambulla in Sri Lanka are declared as World Cultural Heritage. There are images of Gautama Buddha and the Bodhisattvas inside the caves. The roofs of five caves at Dambulla are decorated with paintings.

There is an enormous rock in the mountains near the city of Dambulla. A fort and a palace were built on this rock. At its entrance, a huge image of a lion was carved in the rock. The place was named ‘Sigiriya’ after this lion. Sigiriya murals are compared with the murals at Ajanta.

India and Southeast Asia:
There are very few references in the Indian literature to the Indian settlements and kingdoms in Southeast Asia. However, the court records of Chinese emperors provide considerable information in this regard. The ancient Indian literature refers to the land of Southeast Asia as ‘Suvarabhumi’ (the Land of Gold). The trading relations between India and Southeast Asia began in the 1st century B.C.E. and continued through the 1st century C.E.

The term ‘Southeast Asia’ was coined in the times of the Second World War The Buddhist texts mention a ‘Suvarnabhumi’.

The scholars divide Southeast Asia into two parts based on its geographic features:

• The Mainland: This region is also known as Indo-China. It comprises the countries of Myanmar, Thailand, Cambodia, Laos, Vietnam and also the western region of Malaysia.
• The Maritime region: It comprises the Malaya peninsula, the eastern region of Malaysia as well as Indonesia.

Myanmar: ‘Myanmar’ is a neighbouring country of India, adjacent to its northeast border. It was earlier known as ‘Brahmdesh’. In the 2nd century B.C.E. There were city-states known as ‘Pyu’ in the north and central regions of Myanmar. Some new Pyu cities came into existence at a later period. Among them the cities of ‘Halin’ and ‘Shrikshetra’ were important.

Thailand: The ancient Thai people referred to their country as ‘Mueng Thai’. However, it was known in the world as ‘Siam’. In the 20th century, its name was changed to ‘Thailand’. Thailand was ruled from the 6th to the 11th century by ‘Mon’ people. At that time, it was known as ‘Dvaravati’. Indian culture was introduced and spread in Thailand in the ‘Dvaravati’ period. Th.n Indian traditions of sculpture, literature, ethics, judicial science, etc. had a great role in shaping up the Mon culture.

Vietnam, Laos, Cambodia:
In the colonial period Vietnam, Laos and Cambodia, these three countries together were known as ‘Indo-China’. During the 8th – 12th century C.E. the Mon and Khmer people ruled over Cambodia. Khmer empire originated in Cambodia.

a. Funan:
This was a kingdom in Vietnam which existed in the Delta region of the river Mekong. Funan is known mainly through the Chinese records. The ‘Han’ dynasty ruled in China in the 3rd century C.E. When the rule of Han dynasty was ended, China disintegrated into three parts.

Because of it, the southern kingdom of China was not left with any alternative path to reach the Silk Route Hence, the king of the southern kingdom sent some people to explore the sea route. They found a kingdom in the delta region of the Mekong. They named it ‘Funan’.

b. Champa:
‘Champa’ was an ancient kingdom in the coastal region of Vietnam. Several Sanskrit inscriptions in Brahmi script have been found there. Champa was named after the ‘Cham’ tribe. The names of the cities in Champa were ‘Indrapur’, ‘Amaravati’, ‘Vijay’, ‘Kauthara’ and ‘Panduranga’. The city of Vijay was the capital of Champa kingdom.

c. Laos:
Laos is a landlocked country. The population of Laos is mainly composed of the ‘Lao’ people who came to Laos from southern China. The name of the kingdom of Laos was ‘Lao Sang’. This kingdom was in existence during 14th-18th century. Lao Sang was attacked by Thailand in the 19th century. Lao Sang could not survive the attack. In the latter half of the 19th century, the French established their administrative centre in Vientiane, the capital of Laos.

d. Cambodia:
Cambodia was known as ‘Kambujadesha’ in ancient times. Its history is known from the inscriptions installed in the precincts of its temples. These inscriptions are in Sanskrit and Khmer languages. The first kingdom, established in Cambodia was known by the name of ‘China’s.

The people who established Chenla were known as ‘Khmer’. The influence of Indian culture in Cambodia dates back to the Chenla period. The kingdom of Chenla was established by Jayavarman II. He was coronated in 802 C.E. His capital’s name was ‘Hariharalaya’.

Malaysia and Indonesia:
Before the arrival of the Europeans, there have been three kingdoms in Malaysia. The ‘Vayu Purana’ mentions Malay peninsula as ‘Malaydvipa’. The Chinese Bhikkhu I-Tsing/ Yi-Jing (7th century C.E.) had visited the ‘Malayu’ kingdom. Ptolemy has mentioned Malayu as ‘Maleu Kolon’ and ‘Golden Chersonese’ (golden peninsula). An inscription in the Brihadishvara temple in Tanjore mentions it as ‘Malaiyur’. Malayu was one of the kingdoms conquered by the Chola King Rajendra. The Chinese court records also mention ‘Malayu’.

a. Srivijaya: This kingdom proved to be more powerful among all kingdoms who competed with each other. This kingdom originated in Sumatra.

Malayu and other neighbouring kingdoms who were weaker than Srivijaya were gradually merged into it. In the 11th century C.E. Srivijya became weaker while facing the Chola invasion. In the 14th century C.E. ‘Parameswaran’ alias ‘Eskandar Shah’, the last king of Malayu established the first Sultanate of Malaya.

b. Majapahita: In the 13th century C.E., in Eastern Java, arose a kingdom known as ‘Majapahita’. This was the last kingdom, with Indian cultural traits. The name of the founder king of Majapahita was, ‘Vijaya’. King Vijaya was successful in sacking Kublai Khan from Java.

c. Shailendra: According to some Indian historians the Shailendra kings hailed from India. However, this opinion is not accepted by all historians. The Shailendras reached the peak of their political power in the 8th – 9th centuries. The Shailendra kings were followers of Buddhism.

d. Matram: There was a kingdom called Mataram contemporary to Shailendra. Its founder king’s name was Sanjaya. During the period of Matram kingdom, ‘Mahabharata’ and ‘Harivamsha’ were translated in Japanese language. Poems in ancient Japanese language are composed in Sanskrit metres like ‘Shardulvikridita’. Poems composed in metres are known as ‘Kakvin’.

Glossary:

→ Precinct – A part of a town/city that has a particular use, where vehicles are not allowed.

→ Landlocked – Completely surrounded by land.

→ Supremacy – The state of being the most powerful.

→ Candi – A Hindu or Buddhist temple in Indonesia.