Skip to main content

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

Comments

Post a Comment

Most viewed this month

The recovery of vehicles by the financier not an offence - SC

Special Leave Petition (Crl.) No. 8907  of 2009 Anup Sarmah (Petitioner) Vs Bhola Nath Sharma & Ors.(Respondents) The petitioner submitted that  respondents-financer had forcibly taken away the vehicle financed by them and  illegally deprived the petitioner from its lawful possession  and  thus,  committed  a crime. The complaint filed by the petitioner had been  entertained  by  the Judicial Magistrate (Ist Class), Gauhati (Assam) in Complaint Case  No.  608 of 2009, even directing the interim custody of the vehicle (Maruti  Zen)  be given to the petitioner vide order dated  17.3.2009.  The respondent on approaching the Guwahati High  Court against this order, the hon'ble court squashed the criminal  proceedings  pending   before  the  learned Magistrate. After hearing both sides, the Hon'ble Supreme Court decided on 30th...
7 comments
Read more

When debt is bona fide disputed and the defence is a substantial one, the court will not wind up the company

In SHITAL FIBERS LTD.  vs  INDIAN ACRYLICS LIMITED, as per the respondent, appellant had made a payment of Rs.61,83,218/­. However, there was an outstanding balance of Rs.8,92,723/­ as on 28.7.2008. Since despite repeated requests, balance amount was not paid, the respondent issued a statutory notice to the appellant. The same was duly responded to. As the payment was not made despite notice being duly served on the appellant, the respondent filed the aforesaid Company Petition seeking winding up of the present appellant for its inability to pay admitted debts. The learned Company Judge vide order dated 28.9.2015 admitted the Company Petition. However, while doing so, the learned Company Judge observed, that since the appellant was an on­going concern, an opportunity should be granted to it to settle the accounts with the respondent by 31.12.2015. Only in case of failure of the settlement, the citation was directed to be published. On appeal, the Division Bench of the High Cou...
Post a Comment
Read more

Difference Between Sale Of 'Corporate Debtor As A Going Concern' And Sale Of 'Business Of The Corporate Debtor As A Going Concern'

Citation : M.S. Viswanathan, Liquidator of Gemini Communication Limited vs Pixtronic Global Technologies Pvt. Ltd,  IA/1215/CHE/2021 in CP/699/IB/2017 Date of Judgment/Order : 15/2/22 Court/Tribunal : National Company Law Tribunal, Division Bench I, Chennai Corum : R. Sucharitha, Member (Judicial), Sameer Kakar, Member (Technical) Background Application was filed by the Liquidator under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016 seeking approval from the Tribunal for sale of the Corporate Debtor as a going concern. Order Allowing the application, the NCLT went into an elaborate but useful explanation of the entire law behind the term 'Going Concern'. NCLT observed that  the term 'going concern' means all such assets and the liabilities, which constitute an integral business or the Corporate Debtor, that must be transferred together, and the consideration must be for the business or the Corporate Debtor. The buyer of the assets and liabilitie...
Post a Comment
Read more