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

MCA vide notification dated January 26, 2018 notified Section 1 and 4 of the CA (Amendment) Act, 2017. MCA vide notification dated February 9, 2018 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 notified 28 Sections.
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

[1] https://taxguru.in/company-law/applicability-section-companies-amendment-act-2017-wef-09022018.html

[2] https://taxguru.in/company-law/mca-notifies-applicability-provisions-companies-amendment-act-2017-wef-07th-2018.html

(Author is associated Vinod Kothari and Company and can be reached at nitin@vinodkothari.com)

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