Last Date for Submitting Suggestions for the 2nd Tranche of Draft Rules under the Companies Act 2013 Extended by 4 Days
The Ministry of Corporate Affairs has extended by 4 days the last date for submission of suggestions/ comments for the 2nd tranche of Draft Rules being framed under the Companies Act, 2013. Earlier, the last date was fixed as 19th of this month but now it has been extended to 23rd October 2013. After that the system will not accept any suggestions/ comments on the subject. In this phase, following nine Chapters have been covered:
1. Chapter III – Prospectus and Allotment of Securities;
2. Chapter IV – Shares Capital and Debentures;
3. Chapter VII – Management and Administration;
4. Chapter XIII – Appointment and Remuneration of Managerial Personnel;
5. Chapter XV – Compromises, Merger and Amalgamations;
6. Chapter XVII – Registered Valuers;
7. Chapter XXI – Companies authorized to register under this Act;
8. Chapter XXVII – National Company Law Tribunal and Appellate Tribunal; and
9. Chapter XXVIII – Special Courts (Mediation and Conciliation Panel).
Earlier, the Ministry had invited suggestions/ comments for the first tranche of Draft Rules being framed under the Companies Act, 2013. The last date for sending such suggestions was 10th October. Under the first tranche of Draft Rules,16 Chapters had been covered.
All the Draft Rules put out for public comments, as also the Companies Act, are available on the website of the Ministry of Corporate Affairs.
Section 432 – Right to Legal Representation
Section itself indicates that it deals with right of legal representation before NCLAT. Legislature provided special class of person called Legal Practitioners to practice all Indian laws in Advocates Act, 1961. In the case of Bar Council of India Vs A.K.Balaji Dt.4.7.2012 [SC SLP(Civil)No.17150-17154/2012] & A.K.Balaji Vs Govt. of India Dt.21.2.2012 it was clearly held that “to practice the profession of law” both in litigious & non-litigious matters, the person should be well covered U/s 29 of Advocates Act, 1961. Therefore, persons other than Advocates require deletion from Section 432
As per new act ,consolidation of accounts – where the stand alone balance sheet of subsidiary is not required
1. it will impact the user of the financial statement to understand the accounts of subsidiary even though separate salient features of its subsidiary financial information.
2. subsiadiary includes the J.V and associate it may create problem in gathering data and what date is considered for above purpose – agreement date or actual transaction date or commercial operation date ?
3. transperency of the books may be affected.