MCA vide two different Notifications dated July 5, 2018 notified 5 Sections of the Companies (Amendment) Act, 2017 i.e. Sections 15 to 16, 20, 75 & 76 of which Section 20 will be effective from July 5, 2018 while the date of enforcement of the remaining Sections is August 15, 2018.
Section 15,16,75 & 76 of Companies Amendment (Act) 2017 Applicable from 15.08.2018
Section 20 of Companies Amendment (Act) 2017 Applicable from 05.07.2018
The following table covers the amendments pertaining to the aforesaid Sections along with the date of enforcement and corresponding Rules.
| Sr. No | Companies (Amendment) Act, 2017 | Corres-ponding section of Companies Act, 2013 | Amendment pertains to | Date of enforcement | Corres-ponding Rules |
| 1. | 15 | 73(2) (Prohibition on acceptance of deposits from public) | 1. Deposit repayment reserve account
(i) 15% – 20% (ii) Only for deposits maturing during following financial year (iii) on or before 30th April each year 2. Deposit Insurance – no longer required. 3. Eligibility for defaulting companies – if company makes good the default and 5 years elapsed from last date of making good the default.
|
August 15, 2018 | A Certificate of Statutory Auditors of the Company shall be attached in form DPT-1 stating that the Company has not committed default in repayment of deposits or payment of interest on such deposits. In case of default in payment of interest on such deposits, the certificate shall state that the Company had made good the default in a period of five years.
Further, the amount remaining deposited in Deposit Repayment Reserve Account shall not fall below twenty fifteen percent of the amount of deposit maturing during the financial year. |
| 2. | 16 | 74(1)
(Repayment of deposits, etc., accepted before commen-cement of this Act) |
Repay within 3 years from commencement of this act i.e. maximum by 31.03.2017 or such other earlier expiry date whichever is earlier. Provided renewal of deposit shall take place by complying CHAPTER- V and rules made thereunder | August 15, 2018 | |
| 3. | 20 | 82(1)
(Company to report satisfaction of charge) |
An additional 270 (total of 300) days will be available to file Form CHG-4 with payment of additional fees
|
July 5, 2018 | The Companies have been provided with additional 270 days in addition to 30 days for satisfying its charges.
Further, if company is unable to satisfy its charges within a period of 30 300 days then the company is required to seek approval of Central Government for condonation of delay as provided in Section 87. |
| 4. | 75 | 366(2)
(Companies capable of being registered) |
A company under this section can get itself registered with two or more members too as a private company.
|
August 15, 2018 | The Companies (Authorised to Register) Rules , 2014 have been further amended by Companies (Authorised to Register) Second Amendment Rules, 2018.
Link of the Rules |
| 5. | 76 | 374 (Obligations of companies registering under this Part) | LLPs will not be required to file any affidavit/undertaking with ROC. | August 15, 2018 | The Companies (Authorised to Register) Rules , 2014 have been amended further by Companies (Authorised to Register) Second Amendment Rules, 2018
Link of the Rules |
Apart from the aforesaid, the Ministry had also come out with the following Rules:
1. Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018
MCA has notified the Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 applicable w.e.f. August 15, 2018.
Every Individual who has been allotted DIN as on March 31 of the Financial Year as per aforesaid rules, shall submit form DIR-3-KYC to the Central Government on or before April 30 of immediate next financial year.
The deadline to submit for DIR-3-KYC to individuals who have been allotted DIN as at March 31, 2018 have been set to or before August 31, 2018.
The defaulting directors DIN will be deactivated by the MCAs
Link of the Rules
2. Companies (Registration Office and Fees) Third Amendment Rules, 2018
MCA has notified the Companies (Registration Offices and Fees) Third Amendment Rules, 2018 applicable w.e.f. July 10, 2018 wherein fee for filing e-Form DIR-3 KYC has been prescribed.
The Companies filing form DIR-3-KYC till August 31 2018 are exempted from paying any fees while filing form DIR-3-KYC on or after September 1, 2018 will attract delayed fees of INR 5000.
Link of the Rules
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