DEEKSHITH KUMAR PUTTUR

Doctrine of Constructive Notice Constructive notice is the legal fiction hat signifies that a person or entity should have known, as a reasonable person would have, of a legal action taken or to be taken, even if they have no actual knowledge of it.  In companies law the doctrine of constructive notice is a doctrine where all persons dealing with a company are deemed (or "construed") to have knowledge of the company's articles of association and memorandum of association. Section 399 of the Companies Act, 2013 provides that any person can inspect by electronic means any document kept by the Registrar, or make a record of the same, or get a company or extracts of any documents including the certificate of incorporation of any company by payment of prescribed fees. This section  confers the right to inspection to all documents of companies.  Office of the Registrar is a public office The memorandum and article are open and accessible to all. It is the duty of every person d

The doctrine of ultra vires is a fundamental law of the Indian Companies Act. ‘Ultra’ means ‘beyond’, ‘Vires’ means ‘Powers’. It lays down that if any act of the company or any contract entered into by the directors, on behalf of the company, is beyond powers vested in the directors and company by object clause of the Memorandum of Association is considered as void, and it does not create any legal relationship. In other words,  Ultra Vires of a company means that the act is beyond the legal powers and authority of the company. This fundamental law is to protect Investors in the company so that they may know the objects in which their money is to be employed and  to protect Creditors by ensuring that funds are not wasted in unauthorised activities. It need not necessarily illegal; it may be or may not be.  Company should not be fined or punished for its acts or of its agents.  If it exceeds its authority, it is good up to the extent of authority and bad as to the excess.  If it is exce

Telephone banking is a service provided by a bank or other financial institution, that enables customers to perform over the telephone a range of financial transactions which do not involve cash or Financial instruments (such as cheques), without the need to visit a bank branch or ATM. One of the most convenient banking services provided by the majority of the banks and financial institutions. It has made life easy as account holders can initiate transactions as well as complete some of the transactions. Customers can enjoy the flexibility of time with 24-hour phone banking service. The account holder can enquire about account balance, make bill payments, transfer funds to another account and do much more with this facility. To use this facility, customer may not require internet facility, instead just having calling facility in the phone is enough. How to get Phone Banking facility? It is important to register the mobile number with the bank to use the phone banking service. Once regi

An Automated Teller Machine (ATM) cash machine (in British English) is a computerized telecommunications device and real-time system that provides the clients of a financial institution with access to their bank accounts in a public space without intervention administration of financial institution. To use an automatic teller machine, clients must have a plastic ATM card with a plastic smart card with a chip or a magnetic stripe, which contains a unique card number and some security information about the client. The customer is identified by inserting plastic ATM card and entering a personal identification number (PIN)for the customer. History of ATM The first ATM turned up at a Barclays Bank branch in London in 1967, though there are records of a cash dispenser in Japan in the mid-1960s. The interbank transaction that allowed a customer to use one bank’s card at another bank’s ATM in the 1970s. Currently, more than 3.5 million ATMs are in operation worldwide. History of ATM in I

The Articles of Association or AOA are the legal document that along with the memorandum of association serves as the constitution of the company. It is comprised of rules and regulations that govern the company’s internal affairs. The articles of association of a company and its bye laws are regulations which govern the management of its internal affairs and the conduct of its business. As per Section 2(5) of the Companies Act,2013 “articles” means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act. They are framed in order to carry out the aims and objects as set out in the Memorandum of Association. While the MOA lays down the external boundaries, AOA laydown the guidelines within the boundaries. The Articles are next in importance to the MOA which contains the fundamental conditions upon which alone a company is allowed to be incorporated. As per Section 5 of the Act, it sh