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MCA notifies 183 new sections of Companies Act 2013 in Phase IV

 1) The Ministry of Corporate Affairs has notified 183 new sections of the Companies Act 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014.

2) These sections have been notified to come into effect from 1st April 2014.

3) With the notification of these sections, now a total of 283 sections of the new Act stand notified.

4) With the notification of aforesaid sections, it can be assumed that relevant rules will also be notified shortly as most of them are dependent on rules.

5) The sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and arrangement, oppression and mismanagement, winding up, sick companies ,special courts, national company law tribunal. Majority of these sections are not notified due to pending case in Supreme court with respect to the National Company Law Tribunal.

Status as on date:  

Total Section
Total Sections notified till date
Nos. of Section pending notification
470
283
187


The list of sections notified under Phase III along with title is given below:  

Chapter 1 - Preliminary

Section 2 – Definitions

Clause (2) - Accounting Standards
Clause (7) - Auditing Standards
Clause (13) - Books of Accounts
Clause (31) - Deposits
Clause (41) - Financial year
Clause (42) - Foreign company
Clause (47) - Independent Director
Clause (48) - Indian Depository Receipt
Clause (62) - One Person Company
Clause (83) - Serious Fraud Investigation Office
Clause (85) - Small Company
Explanation (d) of clause (87)

 Article referred: http://www.caclubindia.com/forum/mca-notifies-183-new-sections-of-companies-act-2013-286567.asp#.UzPegfmSzl8

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