Details of enforced Sections of Companies (Amendment) Act, 2017

CS Nitin Bohara 10 May 2018 6,216 Views 0 comment Print Company Law | Articles

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Nitin Bohara

MCA vide notification dated January 26, 2018 notified Section 1 and 4 of the Companies (Amendment) Act, 2017. MCA vide notification dated February 9, 2018[1] enforced 43 Sections of Companies (Amendment) Act, 2017 with effect from February 9, 2018 in Phase II. Further, MCA in Phase III vide notification dated May 7, 2018[2] notified 28 Sections.

The following table is a comprehensive table which captures the enforced sections along with date of enforcement.

Sr. No.	Section in Companies (Amendment) Act, 2017	Original Section	Pertains to	Date of enforcement
Phase I
1.	Section 1	Section 1	Short title, extent, commencement and application	January 26, 2018
2.	Section 4	Section 4	Memorandum	January 26, 2018
Phase II
3.	Section 2 except clause (i) and (xiii)	Section	Definitions	February 9, 2018
4.	Section 3	No provision in Act, 2013	Formation of Company	February 9 ,2018
5.	Section 7	Section 21	Authentication of documents, proceedings and contracts	February 9, 2018
6.	Section 9	Section 35	Civil Liability for mis-statements in Prospectus	February 9, 2018
7.	Section 11	Section 47	Voting rights	February 9, 2018
8.	Section 12	Section 53	Prohibition on issue of shares at discount	February 9, 2018
9.	Section 14	Section 62	Further issue of share capital	February 9, 2018
10.	Section 17	Section 76A	Punishment for contravention of section 73 or section 76.	February 9, 2018
11.	Section 27	Section 100	Calling of Extra-Ordinary General Meeting.	February 9, 2018
12.	Section 28	Section 101	Notice of Meeting	February 9, 2018
13.	Section 29	Section 110	Postal Ballot	February 9, 2018
14.	Section 32	Section 123	Declaration of Dividend	February 9, 2018
15.	Section 34	Section 130	Re-opening of accounts on court’s or Tribunal’s orders	February 9, 2018
16.	Section 35	Section 132	Constitution of National Financial Reporting Authority	February 9, 2018
17.	Section 38	Section 136	Right of Member to copies of audited financial statement	February 9, 2018
18.	Section 41	Section 140	Removal, resignation of auditor and giving of special notice	February 9, 2018
19.	Section 42	Section 141	Eligibility, qualifications and disqualifications of auditors	February 9, 2018
20.	Section 43	Section 143	Powers and duties of auditors and auditing standards	February 9, 2018
21.	Section 44	Section 147	Punishment for contravention	February 9, 2018
22.	Section 45	Section 148	Central Government to specify audit of items of cost in respect of certain companies	February 9, 2018
23.	Section 47	Section 152	Appointment of directors	February 9, 2018
24.	Section 48	Section 153	Application for allotment of Director identification number	February 9, 2018
25.	Section 50	Section 160	Right of persons other than retiring directors to stand for directorship	February 9, 2018
26.	Section 51	Section 161	Application of Act to foreign companies	February 9, 2018
27.	Section 78	Section 384	Debentures, annual return, registration of charges, books of account and their inspection.	February 9, 2018
28.	Section 79	Section 391	Application of sections 34 to 36 and Chapter XX	February 9, 2018
29.	Section 82	Section 409	Qualification of President and Members of Tribunal	February 9, 2018
30.	Section 84	Section 411	Qualifications of chairperson and Members of Appellate Tribunal	February 9, 2018
31.	Section 85	Section 412	Selection of Members of Tribunal and Appellate Tribunal	February 9, 2018
32.	Section 90	Section 441	Compounding of certain offences.	February 9, 2018
33.	Section 91	New Sections inserted	(i) 446A:Factors for determining levels of punishment (ii) 446B:Lesser penalties for	February 9, 2018
34.	Section 92	Section 447	Punishment for fraud	February 9, 2018
35.	Section 93	Section 458	Delegation by Central Government of its powers and functions.	February 9, 2018
Phase III
36.	Clause (i) and Clause (xiii) of section 2;	Section 2	Definitions	May 7, 2018
37.	Section 8;	Section 26	Matters to be stated in prospectus	May 7, 2018
38.	Section 13;	Section 54	Issue of sweat equity shares	May 7, 2018
39.	Section 18;	Section 77	Duty to register charges, etc	May 7, 2018
40.	Section 19;	Section 78	Application for registration of charge	May 7, 2018
41.	Clauses (i) and (ii) of section 21;	Section 89	Declaration in respect of beneficial interest in any share	May 7, 2018
42.	Clauses (iii) and (iv) of section 23;	Section 92	Annual return.	May 7, 2018
43.	Section 30;	Section 117	Resolutions and agreements to be filed.	May 7, 2018
44.	Section 31;	Section 121	Report on annual general meeting	May 7, 2018
45.	Section 33;	Section 129	Financial statement	May 7, 2018
46.	Section 39;	Section 137	Copy of financial statement to be filed with Registrar	May 7, 2018
47.	Section 40;	Section 139	Appointment of auditors	May 7, 2018
48.	Section 46;	Section 149	Company to have Board of Directors.	May 7, 2018
49.	Section 49;	Section 157	Company to inform Director Identification Number to Registrar	May 7, 2018
50.	Section 52;	Section 164	Disqualifications for appointment of director.	May 7, 2018
51.	Section 54	Section 167	Vacation of office of director	May 7, 2018
52.	Section 55	Section 168	Resignation of director	May 7, 2018
53.	Section 56	Section 173	Meetings of Board	May 7, 2018
54.	Section 57	Section 177	Audit committee	May 7, 2018
55.	Section 58	Section 178.	Nomination and Remuneration Committee and Stakeholders Relationship Committee	May 7, 2018
56.	Section 61	Section 185	Loan to directors, etc.	May 7, 2018
57.	Section 62;	Section 186	Loan and investment by company	May 7, 2018
58.	First proviso to clause (i) of section 80 and clause (ii) of Section 80	Section 403	Fee for filing, etc	May 7, 2018
59.	Section 83	Section 410	Constitution of Appellate Tribunal.	May 7, 2018
60.	Section 86	Section 435	Establishment of Special Courts	May 7, 2018
61.	Section 87	Section 438	Application of Code to proceedings before Special Court Application of Code to proceedings before Special Court	May 7, 2018
62.	Section 88	Section 439	Offences to be non-cognizable.	May 7, 2018
63.	Section 89	Section 440	Transitional provisions.	May 7, 2018