Hi All
MCA had notified 29 new sections through exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), By this the Central Government hereby appoints the 01st day of June, 2016 as the date on which the following provisions of the said Act shall come into force.
As you aware. Company Act 2013 is vibrant act and gets its shape and color every month differently compare to Company Act 1956. Old act was like a School book. Once printed, never changes. But CA 2013 is Facebook - gets new comments (notifications) every day, month as per requirement and will of central Govt
Notification of section means those become active & become part of original statute. Out of 29 sections notified, 25 sections are related to Tribunals. Central Govt had formed tribunals already yesterday through Section 408/410 in CA 2013. NCLT benches are 11 in different cities including 1 in Bangalore. Justice SJ Mukhopadhya (SC retired Judge ) is 1st President
So, CLB now a history. Section 466 is notified and because of this CLB is formally announced as DEAD.
Below are section wise notified details in short. Hope it helps to know CA 2013 better
|
SI |
Notified Section |
Related Matters in short |
|
1 |
Sub-section (7) of section 7 [except clause (c) and (d)] |
Punishment of Directors for False Representation during Incorporation |
|
2 |
Second proviso to sub-section (1) of section 14 |
Alternation of AOA through Spl Resoln for Conversion Pvt to Pub and Vice versa |
|
3 |
Sub-section (2) of section 14 |
Alternation as per Sec 14(1) need to be filed with Registrar in 15 Days |
|
4 |
Sub-section (3) of section 55 |
Issue of Redeemable Pref Shares when company in not position to pay divident -3/4 approval needed |
|
5 |
Proviso to Clause (b) of sub-section (1) of section 61 |
Power now given to limited company to consolidate /divide share capital |
|
6 |
Sub-sections (4) to (6) of section 62 |
Power to issue further Capital given Central Govt in a company in public interest ( Debenture) |
|
7 |
Sub-sections (9) to (11) of section 71 |
About Debenture Trustees can apply for petition before tribunal |
|
8 |
Section 75 |
Damages for fraud for non repayment of deposits |
|
9 |
Section 97 |
Power of Tribunal to call AGM by an application by member |
|
10 |
Section 98 |
Power of Tribunal to call members meeting by an application by member or suo motto |
|
11 |
Section 99 |
Fine for non complying 96 /97/98 |
|
12 |
Sub-section (4) of section 119 |
Power for Tribunal to order inspection of minutes of general meeting |
|
13 |
Section 130 |
Re opening of accounts on court/Tribunal order |
|
14 |
Section 131 |
Voluntary revision of FS or BR |
|
15 |
140(4) and (5) |
Removal of Auditor with Spl notice |
|
16 |
Section 169(4) |
Removal of Director with notice |
|
17 |
Section213 |
Tribunal may investigate Company affairs on application |
|
18 |
Section 216(2) |
Tribunal may appoint investigator to know ownership/owner |
|
19 |
Section 218 |
Protection to employees during investigation. Co need to take approval from Tribunal |
|
20 |
Section 221 |
Tribunal can freeze the assets of Co on enquiry/Investigation |
|
21 |
Section 222 |
Tribunal impose restrictions upon securities |
|
22 |
Section 224(5) |
Tribunal may order for assets or property of director in case fraud without limitation |
|
23 |
Sections 241, 242 [except clause (b) of sub-section (1), clause (c) & (g) of sub-section (2)], 243, 244, and 245) |
Tribunal may order against oppression to the members |
|
24 |
Reference of word ‘Tribunal’ in sub-section (2) of section 399 |
No process for compelling the production of any document kept by the Registrar shall issue from any court or the Tribunal |
|
25 |
Sections 415 to 433 (both inclusive) |
Vacancy of President due to death will automatically filled by senior member, etc |
|
26 |
Sections 434(1) a and b |
Transfer cases from CLB to tribunal |
|
27 |
Sections 434(2) |
Transfer cases from CLB to tribunal |
|
28 |
Sections 441 |
Compounding of Offence by Tribunal or RD |
|
29 |
Sections 466 |
Formal Death note of CLB forever |
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