Introduction

Companies Amendment Act 2017 (An Act to further Amend Companies Act, 2013) received the assent of the President of India on 3rd January, 2018. Further on 26th January, 2018 Ministry of Corporate Affairs has notified the enforcement of the provisions of Section 1 and Section 4 of the Amendment Act, 2017. Moreover, Ministry of Corporate Affairs notified 43 Sections with effect from 9th February 2018. Recently on 7th May 2018 certain Sections of the Amendment Act was notified by the Ministry of Corporate Affairs. To know about the sections notified and official Government notification click here.  For complete information visit the Table containing provisions of Companies Act, 2013 as notified up to date and corresponding provisions thereof under Companies Act, 1956.

The Amendments are in respect of the following provisions:

  • Load and investments by Company
  • Meeting of Board and its powers
  • Financial reporting accounts of foreign subsidiaries
  • Audit and auditors
  • Appointment and qualification of Directors
  • Others

The key sections notified were:

  • Declaration of dividend (Section 123 of the Companies Act, 2013 (2013 Act)
  • Powers and duties of auditors and auditing standards (Section 143 of the 2013 Act)
  • Related party transaction (Section 188 of the 2013 Act)

This article covers a summary of recently notified Sections under the Companies Act, 2013 mentioned according to the date of Notification as follow:

With effect from 15th August 2018 Ministry of Corporate Affairs has notified below mentioned 4 sections of Companies Amendment Act 2017

S. No.Section No. of Amendment Act, 2017Section No. of Companies Act, 2013 Particular of Section
1Section 15Section 73Prohibition on Acceptance of Deposits from Public
2Section 16Section 74Repayment of Deposits, etc., Accepted Before Commencement of this Act
3Section 75Section 366 Companies Capable of Being Registered
4Section 76Section 374Obligations of Companies Registering Under this Part

With effect from 5th July 2018 Ministry of Corporate Affairs has notified below mentioned 1 section of Companies Amendment Act 2017

S. No.Section No. of Amendment Act, 2017Section No. of Companies Act, 2013 Particular of Section
1Section 20Section 82Company to Report Satisfaction of Charge.

With effect from 13th June 2018 Ministry of Corporate Affairs has notified below mentioned 5 section of Companies Amendment Act 2017

S. No.Section No. of Amendment Act, 2017Section No. of Companies Act, 2013 Particular of Section
1Section 22Section 90Register of Significant beneficial owners in a Company
2Section 24Section 93Return to be filed with Registrar in case promoters’ stake change
3Section 25Section 94Place of Keeping and inspection of registers, returns etc.
4Section 26Section 96Registers, etc. to be evidence
5Section 71Section 216Investigation of ownership of Company

With effect from 7th May 2018 Ministry of Corporate Affairs has notified below mentioned 28 section of Companies Amendment Act 2017

S. No.Section No. of Amendment Act, 2017Section No. of Companies Act, 2013 Particular of Section
1Section 2 Clause (i) and (xiii)Section 2Definitions
2Section 8Section 26Matter to be stated in Prospectus
3Section 13Section 54Issue of Sweat Equity Shares
4Section 18Section 77Duty to Register charge
5Section 19Section 78Application for registration of charge
6Section 21 Clause (i) (ii)Section 89Declaration in respect of beneficial interest in any share
7Section 23 clause (iii) & (iv)Section 92Annual Return
8Section 30Section 117Resolution and agreements to be filed
9Section 31Section 121Report on Annual General Meeting
10Section 33Section 129Financial Statement
11Section 39Section 137Copy of financial statement to be filed with Registrar
12Section 40Section 139Appointment of Auditors
13Section 46Section 149Company to have Board of Directors
14Section 49Section 157Company to inform Director Identification Number to Registrar
15Section 52Section 164Disqualifications for appointment of Director
16Section 54Section 167Vacation of office of Director
17Section 55Section 168Resignation of Director
18Section 56Section 173Meeting of Board
19Section 57Section 177Audit Committee
20Section 58Section 178Nomination and Remuneration Committee and Stakeholders Relationship Committee
21Section 61Section 185Loan to Directors
22Section 62Section 186Loan and investment by Company
23Section 80 Clause (i) (ii)Section 403Fee for Filing etc
24Section 83Section 410Constitution of Appellate Tribunal
25Section 86Section 435Establishment of Special Courts
26Section 87Section 438Application of code of proceedings before special court
27Section 88Section 439Offences to be non-cognizable
28Section 89Section 440Transitional provisions

With effect from 9th February 2018 Ministry of Corporate Affairs has notified below mentioned 43 section of Companies Amendment Act 2017

S. No.Section No. of Amendment Act, 2017Section No. of Companies Act, 2013 Particular of Section
1Section 2Section 2Definitions (except definition of Associate & Subsidiary)
2Section 3New Section 3AMember severally liable in certain cases
3Section 7Section 21Authentication of Documents, Proceeding & Contracts
4Section 9Section 35Civil Liability for mis-statement in prospectus
5Section 11Section 47Voting Right
6Section 12Section 53Prohibition on issue of shares at discount
7Section 14Section 62Further issue of share capital
8Section 17Section 76APenalty on Deposit
9Section 27Section 100Calling of extra ordinary general meeting
10Section 28Section 101Notice of Meeting
11Section 29Section 110Postal Ballot
12Section 32Section 123Declaration of Dividend
13Section 34Section 130Re opening of accoiunts of courts or tribunals order
14Section 35Section 132Constitution of National financial reporting authority
15Section 38Section 136Right of members to copies of audited financial statement
16Section 41Section 140Removal, resignation of auditor
17Section 42Section 141Eligibility, qualifications and disqualification of auditors
18Section 43Section 143Power and duties of auditors and autiding standards
19Section 44Section 147Punishment for contravention
20Section 45Section 148Central govt. to specify audit of items of cost in respect of certain companies
21Section 47Section 152Appointment of Directors
22Section 48Section 153Application of allotemnt of DIN
23Section 50Section 160Right of persons other than retiring directors to stand for directorship
24Section 51Section 161appointment of additional director, alternate director and nominee director
25Section 53Section 165Number of directorship
26Section 59Section 180Restrictions of power of board
27Section 60Section 184Disclosure of interest by Director
28Section 63Section 188Related party transaction
29Section 65Section 195Prohibition on insider trading of securities
30Section 64Section 194Prohibition on forward dealings in securities  of company by director or key managerial personnel
31Section 72Section 223Inspector’s Report
32Section 73Section 236Purchase of minority shareholding
33Section 74Section 247valuation by registered valuer
34Section 77Section 379Application of act to foreign companies
35Section 78Section 384Debentures, annual return, registered of charge, books of account
36Section 79Section 391Application of section 34 to 36 and chapter XX
37Section 82Section 409Qualification of president and member of tribunal
38Section 84Section 411Qualification of chair person and member of appellate tribunal
39Section 85Section 412Selectionof members of Tribunal and appellate tribunal
40Section 90Section 441Compounding of certain offences
41Section 91Section 446Insertion of new section 446A and 446B
42Section 92Section 447Punishment for fraud
43Section 93Section 458Delegation by central government of its powers and functions

To read about the amendments to the corresponding rules of the parent act read: Companies Amendment Act – Summary of Rules

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