Partnership firm become a member of a company.

[Lakshman Thodupunoori]

Dear Professionals

Can a partnership firm become a member of a company. If so, please send relevant sections and case laws if any.

With regards,
T. Lakshman

[Premnarayan Tripathi]

Dear Friend,

 

It can be a member of a Section 25 Company only.

 

Thanks & regards,

CS. Premnarayan Tripathi

PRT & Associates,

Company Secretaries

201, Sarthik Square, Nr. GNFC Info Tower,

S G Highway, Ahmedabad - 380054

(M): +91 89800 26497

E-mail: premnar...@gmail.com

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[balaram desina]

Dear Lakshman,

 

 

Partnership Firm on its name cant become a member in any Company except in Section 25 Company. However on behalf of Firm any partner can become a member of any Company.

 

 

 

Regards,

 

CS. D. Balaramakrishna

91-9393856235

 

 

 

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Thanks & Regards

CS.D.Balaramakrishna

MBA,LLB,MA(HR),ACS
Company Secretary
91-9959850156

 

 

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[Lakshman Thodupunoori]

Dear Sir,

May I know which section deals with this kind of issue.

[balaram desina]

Dear Lakshman,

 

 

You can check it in our ICSI Executive Module Company Law Material under Membership Chapter.

 

 

 

Regards,

 

CS. D. Balaramakrishna

91-9393856235

 

[Lakshman Thodupunoori]

Dear Sir,

I got the answer in ICSI executive Module Company Law material. But, section is not mentioned in that. Can you provide me any section or case laws relating to this.

[balaram desina]

Dear Lakshman,

 

 

Companies Act has not mentioned clearly that who can become a member. But Section 41 of CA, 1956 talks about definition of a member.

 

For acquiring of membership who is eligible to become a party to enter in to contract under Indian Contract Act, 1872 they can become the members of the Company.

 

 

However with respect to your query specifically i just got some info from a professional forum. enclosed here with for your reference. May be it will serve your purpose.

[Lakshman Thodupunoori]

Sir,

Thanks for your valuable information.

[Premnarayan Tripathi]

Dear Friends,

 

Please find below extract of Sec. 25 of the Companies Act, 1956.

 

25. POWER TO DISPENSE WITH "LIMITED" IN NAME OF CHARITABLE OR OTHER COMPANY

………………………………………

(4) A firm may be a member of any association or company licensed under this section, but on the dissolution of the firm, its membership of the association or company shall cease.

……………….

……………

 

Thanks & regards,

CS. Premnarayan Tripathi

PRT & Associates,

Company Secretaries

201, Sarthik Square, Nr. GNFC Info Tower,

S G Highway, Ahmedabad - 380054

(M): +91 89800 26497

E-mail: premnar...@gmail.com

 

[ULHAS BHAT]

Lakshman,

Alternatively all partners of a firm need to jointly hold shares in a company. Again, in such a case a partnership firm cannot be the holder of the shares or a member of any company, except a Section 25 Company under the provisions of the section 25 (4) of the Companies Act, 1956.

Regards,

Ulhas

[Monika]

and what about the HUF?

 

Can HUF hold shares in its own name? Is it a legal entity?

 

Regards,

Monika Bhardwaj

[Rakesh Khatri]

yes HUF can hold share in the name of Karta...

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Rakesh Khatri

Jabalpur

M.No.91799-65065

         73899-06065

[nikit kumar]

Dear Member,
Pls read chandrates commentaries as follows :
The Department of Company Affairs has in its Circular No. 4/72, dated 9-3-1972 expressed similar view stating that a firm, not being a person, cannot be registered as a member of a company except where the company is licensed under section 25. In another Circular No. 5/75 (8/18/75-CL-V), dated 31-3-1975 issued under section 187C of the Act the Department has expressed similar view. 

In the latter, the Department stated: "A partnership firm is not a person capable of being a member within the meaning of section 41 of the Companies Act, 1956 and since a partnership is not a legal entity by itself but only a compendious way of describing the partners constituting the firm, it is necessary that the names of all the members of the partnership firm should be entered in the Register of Members in order that the right of the partnership as a whole to the shares in question may prevail.

On Tuesday, March 5, 2013 3:26:44 PM UTC+5:30, Lakshman Thodupunoori wrote: