Companies (Amendment Bill 2017) is passed by Lok Sabha on 27.07.2017 and will be presented in Rajya Sabha for Further Approval. The bill has total 93 Clauses by which 92 Amendments been carried out in Companies Act, 2013, which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of Existing Section with New Sections and Omission of Few Sections.

Bill Amends Following Sections of Companies Act, 2013 – 2, 4, 7, 12, 21, 26, 35, 47, 53, 54, 62, 73, 74, 76A, 77, 78, 82, 89, 92, 94, 96, 100, 101, 110, 121, 123, 129, 130, 132, 134, 135, 136, 137, 139, 140, 141, 143, 147, 148, 149, 152, 153, 157, 160, 161, 164, 165, 167, 168, 173, 177, 178, 180, 184, 186, 188, 196, 197, 198, 200, 201, 2016, 223, 236, 247, 366, 374, 379, 384, 391, 403, 409, 410, 411, 412, 435, 438, 439, 440, 441, 447, 458.

Bill Omits Following Sections of Companies Act, 2013– 93, 194 and 195

Bill Inserts Following New Section in Companies Act, 2013-

Section 3A- Members severally liable in certain cases,

section 446A- Factors for determining level of punishment.

section 446B – Lesser penalties for One Person Companies or small companies.

Bill Substitutes Following Sections of Companies Act, 2013-

section 42 Issue of shares on private placement basis,

Section 90- Register of significant beneficial owners in a company.

section 185- Loans to directors, etc.

section 406- Provision relating to Nidhis and its application, etc.

Download Full Text of Companies (Amendment) Bill, 2017 as passed by Lok Sabha on 27.07.2017

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Category : Company Law (3489)
Type : News (12757)
Tags : Companies Act (1960) Companies Act 2013 (1732)

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