Can somebody please explain what is the date of applicability of Companies Act 2013?From which date the provisions to be followed????????
9 Replies
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 17 October 2013
98 sections of Companies Act, 2013 were notified on 12 September and corresponding provisions of the earlier act have been superseded by the new act.
Remaining section will be applicable gradually as and when notified by MCA.
CA Parul Saxena
(CA)
(8488 Points)
Replied 17 October 2013
Ya i want to know exactly that 98 sections which have been notified are applicable from this financial year 2013-14 itself???????
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 17 October 2013
98 sections applicable from Sep 12,2013 itself.....
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 17 October 2013
yes..and corresponding sections of 1956 act are not in force now.
Rakesh Mishra
(Internal Audit)
(43 Points)
Replied 17 October 2013
According to Sec 135 of the new companies act 2013,It is now mandatory for the Companies with net worth of 500 crore or more or turnover of 1000 crore or more or a net profit of 5 crore or more during any FY to constitute a CSR committee which shall be responsible for formulating CSR policy and recommend the expenditures to be made.
The CSR committee of the Board shall consist of 3 or more Directors out of which at least 1 director shall be independent Director.
Whether Private limited company which is fitted under the above criteria is also required to appoint independent director in his CSR committee,??
because private companies are not required to appoint independent director...
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 17 October 2013
Various rules under new companies act yet to be notified. Once the rules are out clarity will come.
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 17 October 2013
Mr Ravi, following is the list -
List of sections coming into effect from 12/9/2013
2- Definitions – Certain parts
19 – Subsidiary Company not to hold shares in Holding Company
21- Authentication of documents, proceedings and contracts
22 – Execution of bills of exchange, etc.
23- Public offer and private placement. (Partly effective)
24- Power of Securities and Exchange Board to regulate issue and transfer of securities, etc.
25-Document containing offer of securities for sale to be deemed prospectus (Partly effective)
29 – Public offer of securities to be in dematerialised form.
30 – Advertisement of Prospectus
31- Shelf Prospectus
32- Red herring prospectus
33 – Issue of Application form for Securities (Partly effective)
34 – Criminal liability for misstatements in prospectus
35 – Civil liability for misstatements in prospectus (Partly effective)
36 -Punishment for fraudulently inducing persons to invest money.
37- Action by affected persons
38-Punishment for personation for acquisition, etc., of securities.
39- Allotment of securities by Company (Partly effective)
40-Securities to be dealt with in stock exchanges. (Partly effective)
44- Nature of shares or debentures.
45- Numbering of shares
49-Calls on shares of same class to be made on uniform basis.
50-Company to accept unpaid share capital, although not called up.
51- Payment of dividend in proportion to amount paid up
57-Punishment for personation of shareholder.
58-Refusal of registration and appeal against refusal.
59-Rectification of register of members.
60 – Publication of authorised, subscribed and paid-up capital.
65- Unlimited company to provide for reserve share capital on conversion into limited company.
69- Transfer of certain sums to capital redemption reserve account.
70 – Prohibition for buyback (Partly effective)
86- Punishment for contravention
91-Power to close register of members or debentureholders or other security holders.
100- Calling of EGM (Part)
102- Statement to be annexed to notice
103- Quorum for meetings
104- Chairman for meetings (Partly effective)
105- Proxies (Partly effective)
106- Restriction on voting rights.
107- Voting by show of hands
111- Circulation of members’ resolution.
112- Representation of President and Governor in meetings
113-Representation of corporations at meeting of companies and of creditors. (Partly effective)
114- Ordinary & Special resolutions
116- Resolutions passed at adjourned meeting
127-Punishment for failure to distribute dividends.
133-Central Government to prescribe accounting standards.
161-Appointment of additional director, alternate director and nominee director. (Partly effective)
162-Appointment of directors to be voted individually.
163-Option to adopt principle of proportional representation for appointment of directors.
176–Defects in appointment of directors not to invalidate actions taken.
180- Restrictions on powers of Board
181–Company to contribute to bona fide and charitable funds, etc.
182-Prohibitions and restrictions regarding political contributions.
183-Power of Board and other persons to make contributions to national defence fund, etc.
185- Loans to Directors, etc
192-Restriction on non-cash transactions involving directors.
194-Prohibition on forward dealings in securities of company by director or key managerial personnel.
195-Prohibition on insider trading of securities.
202-Compensation for loss of office of managing or whole-time director or manager.
379-Application of Act to foreign companies.
382-Display of name, etc., of foreign company.
383-Service on Foreign Company
386-Debentures, annual return, registration of charges, books of account and their inspection. (Partly effective)
394-Annual reports on Government companies.
405-Power of Central Government to direct companies to furnish information or statistics.
407 to 414 – NCLT – Constitution, etc
439- Offences to be non cognizable
443- Power of Central Government to appoint company prosecutors.
444- Appeal against acquittal
445-Compensation for accusation without reasonable cause.
446- Application of fines
447- Punishment for fraud
448- Punishment for false statement
449-Punishment for false evidence
450- Punishment where no specific penalty or punishment is provided.
451-Punishment in case of repeated default.
452-Punishment for wrongful withholding of property.
453-Punishment for improper use of “Limited” or “Private Limited”.
456-Protection of action taken in good faith.
457-Nondisclosure of information in certain cases.
458-Delegation by Central Governemnt of its powers and functions.
459-Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications.
460-Condonation of delay in certain cases.
461-Annual report by Central Government.
462-Power to exempt class or classes of companies from provisions of this Act.
463-Power of court to grant relief in certain cases.
467-Power of Central Government to amend Schedules.
468-Power of Central Government to amend Schedules.
469-Power of Central Government to make rules.
470- Power to remove difficulties.
shikha tiwari
(MANAGEMENT TRAINEE)
(379 Points)
Replied 17 October 2013
follow this link for those 98 section which are in force w.e.f 12 sept 2013
https://www.mca.gov.in/Ministry/pdf/CommencementNotificationOfCA2013.pdf
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