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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The Companies Act, 2013 lays down number of provision as regards the Independent Directors compulsorily to be appointed on the Board of Listed & certain Public Companies meeting the criteria as prescribed by the Rules.
Record date is the date fixed for taking record of shareholders or debenture holders of the Company. An investor must be a shareholder/ debenture holder on this particular date in order to be eligible to participate in a particular corporate action.
Acknowledging industry’s concerns in the implementation of the Companies Act, 2013, Shri Naved Masood, Secretary, Ministry of Corporate Affairs said, The law fortunately delegates considerable power to the Government to make rules, through which many of the issues highlighted by the industry can be addressed.
Corporate Social Responsibility (CSR) has been in existence for a long time and is almost as old as civilization. It is based on the Gandhian Principle of trusteeship concept whereby business houses are looked upon as trustees of the resources they draw from society and thus are expected to return them back manifold.
Amounts which are not considered as deposits (Rule 2 of Companies (Acceptance of Deposits) Rules, 2014) – any amount received from the Central Government or a State Government, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government, or any amount received from a local authority, or any amount received from a statutory authority constituted under an Act of Parliament or a State Legislature.
Where loan/deposits were falling in the definition of Deposits under Companies (Acceptance of Deposits) Rules, 1975 on 31.03.2014 and now the loan/deposits also falls in the definition of deposits under Companies (Acceptance of Deposits) Rules, 2014.
As per Section 74(1) of Companies Act, 2013 every Company is required to file Return of Deposits in Form DPT -4 along with Auditor’s Certificate thereon within three months from the commencement of Companies Act, 2013 i.e. on or before 30th June 2014.
As per Section 184 of the Companies Act, 2013, and Rule 8 and 9 of the Companies (Meetings of Board & its Powers) Rules, 2014, every director shall at the first meeting of the Board of every year, has to give disclosure of his interest/concern in form MBP 1.
The Council was of the view that the provisions of sections 143(12) of the Companies Act 2013 applied to the auditors appointed under the Companies Act 2013 to audit the financial statements for the year beginning on or after 1st April 2014. As a corollary, the requirements of these sections and related Rules would not apply to audits of financial statements of the periods beginning on or before 31st March 2014,
The Council of the view that such quarterly/ half yearly audits are not carried out pursuant to the requirements of the Companies Act 2013 (rather to meet the specific requirements of the auditee company, for example, to comply with the listing agreement requirements) as the latter only envisages audit of the annual financial statements.
