The Companies Act is a legislation that governs the formation, functioning, and management of companies. Explore the key provisions, compliance requirements, and legal framework under the Companies Act.
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Companies Amendment Bill, 2015 was passed in Lok Sabha on 17/12/2014 and it was passed in the Rajya Sabha in 13/5/2015. The Companies Amendment Bill got the Presidents assent on 25/5/2015 and was published in the Official Gazette of India on 26/05/2015 as the Companies Amendment Act 2015. In this article we have highlighted the […]
The Companies (Amendment) Bill 2014, introduced by Finance Minister Arun Jaitley, proposed as many as 21 changes in various provisions of the Act, which was passed by the previous UPA regime. This Bill received the approval of both Houses of Parliament and finally received the assent of the President of India on 25th of May, 2015.
S.1440(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 29th May, 2015 as the date on which the provisions of sections 1 to 12 and 15 to 23 of the said Act shall come into force.
Provided that in case a company does not have a common seal, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary: Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing director or a whole-time director:
These rules may be called the Companies (Declaration and Payment of Dividend) Second Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. In the Companies (Declaration and Payment of Dividend) Rules, 2014, in rule 3, sub-rule (5) shall be omitted.
In the Companies (Incorporation) Rules, 2014,- (a) in rule 12, the following proviso shall be inserted, namely:- Provided that in case pursuing of any of the objects of a company requires registration or approval from sectoral regulators such as Reserve Bank of India, Securities and Exchange Board, registration or approval, as the case may be, from such regulator shall be obtained by the company before pursuing such objects and a declaration in this behalf shall be submitted at the stage of incorporation of the company.
In the Companies (Registration of Charges) Rules, 2014, in rule 3, in sub-rule (4), in clause (a), for the words under the seal of the company, the words under the seal, if any, of the company shall be substituted;
In the Companies (Registration Offices and Fees) Rules, 2014, in rule 15, the following proviso shall be inserted: Provided that no person shall be entitled under section 399 to inspect or obtain copies of resolutions referred to in clause (g) of sub-section (3) of section 117 of the Act.
Section 188 of The Companies Act 2013 requires companies to seek approval from its board of directors and shareholders for related-party transactions, unless these are in the ‘ordinary course of business’.
1. Omitting requirement for minimum paid up share capital, and consequential changes. (For ease of doing business) -[section 2(68)/2(71) of the Companies Act, 2013 (Act)]. 2. Making common seal optional, and consequential changes for authorization for execution of documents. (For ease of doing business) -[sections 9, 12, 22, 46 and 223 of the Act].
