MCA notifies date for various sections under Companies (Amendment) Act, 2017 as on 2018-02-12

Feb 12, 2018 | by Avantis RegTech Legal Research Team

The Ministry of Corporate Affairs (MCA), vide its notification, has appointed the date as February 09, 2018 for various provisions for coming into force under Companies (Amendment) Act, 2018. The brief details of these provisions are as under:

 

Sr. No.

List of sections notified under Companies (Amendment)Act, 2017

List of sections stand amended under Companies Act, 2013

Particulars of the sections

01

Section 2(except clause(i) and clause(xiii))

 

Section 2 (except clause 6 and clause 87)

Amended definitions as under:

·         Cost Accountant 2(28),

·         Debenture 2(30),

·         Financial Year 2(41),

·         Holding Company 2(46),

·         Interested Director2(49)(omitted),

·         Key Managerial Personnel 2(51),

·         Net worth 2(57),

·         Public Company 2(71),

·         Public Financial Institution 2(72),

·         Related Party 2(76),

·         Small Company 2(85),

·         Turnover 2(91)

 

02

Section 3

Insertion of Section 3A

Member severally liable in certain cases

03

Section 7

Section 21

Authentication of Documents, Proceedings & Contracts

04

Section 9

Section 35

Civil liability for Mis-statements in prospectus

05

Section 11

Section 47

Voting Rights

06

Section 12

Section 53

Prohibition on issue of shares at discount

07

Section 14

Section 62

Further issue of share capital

08

Section 17

Section 76A

Punishment in contravention of acceptance of deposits

09

Section 27

Section 100

Calling  of Extra-General Meeting

10

Section 28

Section 101

Notice of Meeting

11

Section 29

Section 110

Postal Ballot

12

Section 32

Section 123

Declaration of Dividend

13

Section 34

Section 130

Re-opening of accounts on court’s or Tribunal’s order

14

Section 35

Section 132

Constitution of National Financial reporting Authority(NFRA)

15

Section 38

Section 136

Right of member to copies of audited financial statement

16

Section 41

Section 140

Removal, resignation of auditor and giving of special notice

17

Section 42

Section 141

Eligibility, qualifications and disqualifications of auditors

18

Section 43

Section 143

Powers and duties of auditors and auditing standards

19

Section 44

Section 147

Punishment on contravention of provisions relating to appointment of auditors( Section 139 to Section 146)

20

Section 45

Section 148

Central Government to specify audit of items of cost in respect of certain companies

21

Section 47

Section 152

Appointment of directors

22

Section 48

Section 153

Application for allotment of DIN

23

Section 50

Section 160

Right of persons other than retiring directors to stand for directorship

24

Section 51

Section 161

Appointment of additional director, alternate director and nominee director

25

Section 53

Section 165

Number of directorships

26

Section 59

Section 180

Restrictions on powers of Board

27

Section 60

Section 184

Disclosure of interest by directors

28

Section 63

Section 188

Related Party Transactions

29

Section 64

Section 194

Prohibition on forward dealings in securities of company by director or key managerial personnel(Omitted)

30

Section 65

Section 195

Prohibition on insider trading of securities(Omitted)

31

Section 72

Section 223

Inspector’s Report

32

Section 73

Section 236

Purchase of minority shareholding

33

Section 74

Section 247

Valuation by registered valuers

34

Section 77

Section 379

Application of Act to Foreign Companies

35

Section 78

Section 384

Debentures, Annual return, registration of charges, books of Account and their inspection

36

Section 79

Section 391

Application of section 34 to 36 and Chapter XX (Winding Up)

37

Section 82

Section 409

Qualification of president and Members of National Company Law Tribunal(NCLT)

38

Section 84

Section 411

Qualification of Chairperson and Members of National Company Law Appellate Tribunal (NCLAT)

39

Section 85

Section 412

Selection of Members of NCLT & NCLAT

40

Section 90

Section 441

Compounding of certain offences

41

Section 91

Insertion of Section 446A & 446B

Factors for determining level of punishment & Lesser penalties for one Person Companies or Small companies

42

Section 92

Section 447

Punishment for fraud

43

Section 93

Section 458

Delegation by Central Government of its powers and functions

 

[F. No. 1/1/2018-CL-I]

URL: http://www.mca.gov.in/Ministry/pdf/Commencementnotification_12022018.pdf


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