Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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Ruchira Shinde Background – Ministry of Corporate affairs is coming up with the new clarifications and circulars every single day for doing away with the loopholes and confusions created under the Companies Act, 2013, and putting queries at rest. Two spectrums of areas of Companies Act, 2013(Act, 2013) was dealt with recently vide MCA General […]
Section 149(3) of the Companies Act, 2013 (Act) requires every company to have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year. Government has received requests from stakeholders for clarification with regard to applicability of these provisions in the current calendar/financial year.
Companies Act, 2013 has unveiled a new era in the Indian Corporate Sector which places more reliance on disclosure norms rather than on approvals. One such area is related party transactions. While the Companies Act, 1956 warranted approval of Central Government for related party transaction by large cap companies, Companies Act, 2013 calls for larger disclosures with members’ approval.
Section 108 of the Companies Act, 2013 (‘Act, 2013’) read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (‘MGT Rules’) had made it mandatory for every listed company and company having not less than 1000 shareholders to provide e-voting facility at general meetings.
Krishna, many companies are worried, as they will have to submit new return about deposits and loans before 30th June 2014, as stated in New Companies Act 2013. It is said that there are very strict provisions and rules in new companies act.
Ministry of Corporate Affairs published a Draft Notification on 24th June, 2014 which, by far if notified, will be of paramount importance and will restore the heydays for private companies. Clearing the air with respect to the same, the Ministry of Corporate Affairs published a draft notification on the inapplicability/ partial/modified applicability of certain provisions of Companies Act, 2013 to the Private Companies in exercise of powers under section 462 of Companies Act, 2013 which states as under:
In continuation of the General circular No. 20/2013 dated 27/12/2013, it is clarified that the shares held by a company in another company in a ‘fiduciary capacity’ shall not be counted for the purpose of determining the relationship of ‘associate company’ under section 2(6) of the Companies Act, 2013.
Government has received references seeking clarity about the status of subsidiaries incorporated/to be incorporated by companies incorporated outside India. Attention has, in particular, been drawn to the absence of the deeming provision of sub-section (7) of section 4 of the Companies Act, 1956 in the Companies Act, 2013 (New Act).
Companies have also sought clarity about permitting free of cost inspection of records under rule 14(2) and rule 16 of the rules cited above and till a fee is prescribed for the purpose in the Articles. It is clarified that until the requisite fee is specified by companies, inspections could be allowed without levy of fee.
Central Government hereby, in public interest, directs that the provisions of sections 43, 47, Clause (a) and (b) of sub-section (1) and sub-section (2) of section 62, 73, 101 to 107, 109, clause (g) of sub-section (3) of section 141, 160, 162, sub-sections (4) and (5) of section 196, section 180, section185, section 188, subsection (3) of section 203 of the Companies Act, 2013 shall apply to a private Company with the modifications set out below, a copy of this notification having been laid in draft before both Houses of Parliament as required by sub-section (2) of section 462 of the said Act, namely:-
