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:
· Chapter I - Preliminary:
Section 2 [except clause (i) and clause (xiii)]: Definitions;
· Chapter II - Incorporation of Company and Matters Incidental thereto:
Section 3: Formation of Company;
Section 7: Incorporation of company
Section 9: Effect of Registration;
Sections 11 and12 i.e. commencement of business, etc. and registered office of the company;
Section 14: Alteration of Articles;
Section 17: Copies of Memorandum, Articles, etc., to be given to Members
· Chapter III Part - I Prospectus and Allotment of Securities:
Sections 27 to 29 (both inclusive) that is Variation in Terms of Contract or Objects in Prospectus, Offer of Sale of Shares by Certain Members of Company, Public Offer of Securities to be in Dematerialized Form;
Section 32: Red Herring Prospectus;
Sections 34 and 35: Criminal Liability for Mis-statements in Prospectus and Civil Liability for Mis-statements in Prospectus;
Section 38: Punishment for Personation for Acquisition, etc., of Securities;
Sections 41 to 45 (both inclusive): Global Depository Receipt (GDR) and Share capital related provisions
· Chapter IV - Share Capital and Debentures:
Sections 47 and 48: Voting rights and variation of such rights;
Sections 50 and 51: Acceptance of unpaid share capital and dividend payment;
Section 53: Prohibition of issue of shares at discount;
Sections 59 and 60: Rectification of Register of Members and Publication of Authorised, Subscribed and Paid-Up Capital;
Sections 63 to 65 (both inclusive): Issue of Bonus Shares, notice to be given to Registrar for Alteration of Share Capital and unlimited Company to Provide for Reserve Share Capital on Conversion into Limited Company.
· Chapter V - Acceptance of Deposits by Companies:
Sections 72 to 74 (both inclusive):Power to Nominate, Prohibition on Acceptance of Deposits from Public and Repayment of Deposits, etc., accepted before Commencement of this Act.
· Chapter VI - Registration of Charges:
Sections 77 to 79 (both inclusive): Duty to Register Charges, etc., Application for Registration of Charge and applicability of Section 77;
Section 82: Company to Report Satisfaction of Charge;
Sections 84 and 85: Intimation of Appointment of Receiver or Manager and Company's Register of Charges.
· Chapter VII - Management and Administration:
Sections 90 to 93 (both inclusive): Investigation of Beneficial Ownership of Shares in Certain Cases, Power to Close Register of Members or Debenture-Holders or Other Security Holders, Annual Return and Return to be Filed with Registrar in Case Promoters' Stake Changes.
[F. No. 1/1/2018-CL-I]