Confusion over new Companies Act may stymie corporate asset sales

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Summary* Company secys, lawyers at sea on applicability of provisions; have to refer to two sets of laws now

applicable to private companies

* The definition of a foreign company as per the new Act is yet to be notified, leaving problems of interpretation between the old and the new law. Similarly, the Section on fraud is notified, but several provisions are yet to be notified

* In fact, the entire 1956 Act continues to remain in full force and effect along with 98 Sections of the new Act

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