When will compromise be adopted and binding
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- S155(6) adopted if supported by a majority in number representing at
least 75% in value of creditors
- A company may apply to court for an order approving the proposal
- suggests it is not necessary for a company to obtain sanction of High
Court before a compromise becomes binding on dissenting creditors
Group of companies
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- a holding company and all its subsidiaries
, Corporate social responsibility
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- Seeks to make companies responsible members of the community
- Businesses have a responsibility towards the societies in which they
operate and that this responsibility needs to be managed
- Voluntary commitment by companies to manage their role within society
responsibly
- marks a departure from the traditional perception that the only object of
business is to make profits
- eg purpose of CA is to promote development of SA economy by
encouraging transparency, and high standards of corporate governance
- CA seeks to reaffirm the concept of the company as a means of achieving
economic and social benefits
- CA seeks to promote development of companies within all sectors of the
economy & to encourage active participation in economic organisation,
management and productivity
- CA seeks to encourage efficient and responsible management of
companies
- CA provides for non profits that are incorporated for social activities,
public benefit, cultural activities or group interest
- CA may offer a wide circle of stakeholders
- CA requires certain categories of companies to appoint a social and
ethics committee to monitor company activities
How is proposal of compromise effected?
Give this one a try later!
Give this one a try later!
- S155(6) adopted if supported by a majority in number representing at
least 75% in value of creditors
- A company may apply to court for an order approving the proposal
- suggests it is not necessary for a company to obtain sanction of High
Court before a compromise becomes binding on dissenting creditors
Group of companies
Give this one a try later!
- a holding company and all its subsidiaries
, Corporate social responsibility
Give this one a try later!
- Seeks to make companies responsible members of the community
- Businesses have a responsibility towards the societies in which they
operate and that this responsibility needs to be managed
- Voluntary commitment by companies to manage their role within society
responsibly
- marks a departure from the traditional perception that the only object of
business is to make profits
- eg purpose of CA is to promote development of SA economy by
encouraging transparency, and high standards of corporate governance
- CA seeks to reaffirm the concept of the company as a means of achieving
economic and social benefits
- CA seeks to promote development of companies within all sectors of the
economy & to encourage active participation in economic organisation,
management and productivity
- CA seeks to encourage efficient and responsible management of
companies
- CA provides for non profits that are incorporated for social activities,
public benefit, cultural activities or group interest
- CA may offer a wide circle of stakeholders
- CA requires certain categories of companies to appoint a social and
ethics committee to monitor company activities
How is proposal of compromise effected?
Give this one a try later!
