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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In the present article we have highlighted the provisions of Companies Act, 2013, along with the prescription contained in the draft rules, relating to holding of board meetings through video conferencing.
The concept of Class Action Suits is among one of the many novelties introduced by the Companies Act, 2013. Thought the concept per se is not new but in Indian context it has found statutory recognition and enforceability now only by means of Companies Act 2013.
Ministry has received representations seeking clarification on disclosures to be made under section 182 of the Companies Act, 2013. The same have been examined. With the coming into force of the scheme relating to ‘Electoral Trust Companies’
Following class of companies are required to appoint at least 1/3 of total number of directors on their Board of Directors as independent directors: – Listed Companies, Public Companies having paid up share capital of one hundred crore rupees or more; or Public Companies having turnover of three hundred crore rupees or more;
The Companies Act 1956 contains more of general penalty provisions under Section 629A. Certain penal provisions provide for imposition of penalty of fine as well as penalty of imprisonment. As per Section 624 of the Companies Act 1956, all offences under the Act are almost bailable offences and generally punishments are imposed on Company and officers in default invariably where offences not involving mandatory imprisonment are compoundable.
None of the provisions provided for personal penalty on partners / proprietor of the firm. However, section 77 talks of any person but such expression ‘any person’ does not imply more than one person or ‘firm as well as partner’ for the same offence. If it is meant to be such, it may result in double penalty or even more.
The MCA has issued the draft of Companies (Cost Records and Cost Audit) Rules, 2013 under Phase 6. These draft rules are open for public comments till 19 December 2013 and 06 December 2013, respectively.
Loan and Investment by Company Under section 186 of the Companies Act, 2013 – The Sub Section (1) of Section 186 is applicable on all Companies either private Companies or public Companies.
DRAFT RULES FOR WINDING-UP UNDER 5TH TRANCHE HAS BEEN PUT FOR PUBLIC COMMENTS. LAST DATE FOR GIVING SUGGESTIONS IS 19/12/2013 Link to Comment on Draft rules (5th phase) under Companies Act 2013 —————- Draft Rules (5th phase) under Companies Act 2013 DRAFT RULES UNDER THE COMPANIES ACT, 2013 CHAPTER XX COMPANIES (WINDING UP) RULES 2013 […]
Many CA firms including big Firms may lose audit of Companies providing utility service providers & other companies due to the certain new impractical disqualifications inserted in the new Companies Act. Sec 141(3) of the Companies Act, 2013
