Trial for an Ease of Business as per The Companies (Amendment) Act, 2017
Trial for an Ease of Business as per The Companies (Amendment) Act, 2017
CS Bhavesh Kumar Rawal and CS Rashmi Ramesh Butada has compiled all The Companies (Amendment) Act, 2017 for making the business easy. They have compiled all The Companies (Amendment) Act, 2017 required for the business to operate its daily work.
Objective of Companies (Amendment) Act, 2017
- Facilitate Ease of Doing Business
- Simplification of Compliances
- Harmonisation with Accounting Standards, SEBI and RBI Act and other Regulations
- Rectifies Inconsistencies in the CA 2013
- Strengthen Corporate Governance
- Strict action against defaulting companies.
Journey of Companies (Amendment) Act 2017
- January 03, 2018: President Assent
- December 19, 2017: Rajyasabha Passed
- July 27, 2017: Lok Sabha Passed
- March 16, 2016: Introduced in Lok Sabha
- 98 Sections are Amended
- Amendment Dates: January 26 2018, February 09 2018, May 07 2018 and June 13 2018.
- Total 98 Sections are amended:–
- January 26, 2018:
- Section 1: Different dates for notification of Sections of CAA 2017
- Section 4: Duration for Reservation of Name reduced from 60 to 20 days.
- February 9, 2018:- 43 Sections are enforced
- May 7, 2018:- 28 Sections are enforced
- June 13, 2018:- 5 Sections are Enforced
Amendments under CAA 2017
- Sections Amended : 82
- Sections Deleted : 3 ( Section 93, 194 and 195)
- Change in promoters holdings, forward dealing and insider trading
- Sections Inserted : 3 (3A, 446A and 446B)
- Members liability in certain cases, Factors determining level of punishment
- Sections Substituted : 5 (Section 42, 90, 185, 406 and 435)
- Private Placement, register of Significant Beneficial Owner, Loans to Directors, Nidhi Company and Special Court
Download the full PDF:
Complete list of Notified Sections of Companies (Amendment) Act, 2017 till date:-
|
Sr. No. |
Companies (Amendment) Act, 2017 |
Companies Act, 2013 |
Heading |
Effective Date |
|
1 |
Section 2 |
Section 2 |
Definitions |
09-02-2018 and 07-05-2018 |
|
2 |
Section 3A |
New Insert of Section 3A |
Members Severally liable in certain cases |
09-02-2018 |
|
3 |
Section 4 |
Section4 |
Memorandum |
26-01-2018 |
|
4 |
Section 5 |
Section 7 |
Incorporation of Company |
Not yet enforced |
|
5 |
Section 6 |
Section 12 |
Registered office of Company |
Not yet enforced |
|
6 |
Section 7 |
Section 21 |
Authentication of documents, proceedings and contracts |
09-02-2018 |
|
7 |
Section 8 |
Section 26 |
Matters to be stated in Prospectus |
07-05-2018 |
|
8 |
Section 9 |
Section 35 |
Civil liability for mis-statements in prospectus |
09-02-2018 |
|
9 |
Section 10 |
Section 42 |
Issue of Shares on Private Placement Basis |
Not yet enforced |
|
10 |
Section 11 |
Section 47 |
Voting Rights |
09-02-2018 |
|
11 |
Section 12 |
Section 53 |
Prohibition on issue of shares at discount |
09-02-2018 |
|
12 |
Section 13 |
Section 54 |
Issue of Sweat equity shares |
07-05-2018 |
|
13 |
Section 14 |
Section 62 |
Further Issue of Share Capital |
09-02-2018 |
|
14 |
Section 15 |
Section 73 |
Prohibition on acceptance of deposits from public |
Not yet enforced |
|
15 |
Section 16 |
Section 74 |
Repayment of Deposits, etc., Accepted Before Commencement of this Act |
Not yet enforced |
|
16 |
Section 17 |
Section 76A |
 Punishment for Contravention of Section 73 or Section 76. |
09-02-2018 |
|
17 |
Section 18 |
Section 77 |
Duty to Register Charges, etc. |
07-05-2018 |
|
18 |
Section 19 |
Section 78 |
Application for Registration of Charge |
07-05-2018 |
|
19 |
Section 20 |
Section 82 |
Company to report Satisfaction of Charge |
Not yet enforced |
|
20 |
Clauses (i) and (ii) of Section 21 |
Section 89 (6) and (7) |
Declaration in Respect of Beneficial Interest in any Share |
07-05-2018 |
|
21 |
Section 22 |
Section 90 |
Register of significant beneficial owners in a company |
09-02-2018 |
|
22 |
Clauses (iii) and (iv) of Section 23 |
Section 92 (4) and (5) |
Annual Report |
07-05-2018 |
|
23 |
Section 24 |
Section 93 |
Return to be Filed with Registrar in Case Promoters’ Stake Changes |
Not yet enforced |
|
24 |
Section 25 |
Section 94 |
Place of keeping and Inspection of Registers, Returns, etc. |
Not yet enforced |
|
25 |
Section 26 |
Section 96 |
Annual General Meeting |
Not yet enforced |
|
26 |
Section 27 |
Section 100 |
Calling of Extraordinary General Meeting |
09-02-2018 |
|
27 |
Section 28 |
Section 101 |
Notice of Meeting |
09-02-2018 |
|
28 |
Section 29 |
Section 110 |
Postal Ballot |
09-02-2018 |
|
29 |
Section 30 |
Section 117 |
Resolutions and Agreements to be Filed |
07-05-2018 |
|
30 |
Section 31 |
Section 121 |
Report on Annual General Meeting |
07-05-2018 |
|
31 |
Section 32 |
Section 123 |
Declaration of Dividend |
09-02-2018 |
|
32 |
Section 33 |
Section 129 |
Financial Statements |
07-05-2018 |
|
33 |
Section 34 |
Section 130 |
Re-opening of accounts on court’s or Tribunal’s order |
09-02-2018 |
|
34 |
Section 35 |
Section 132 |
Constitution of National Financial Reporting Authority |
09-02-2018 |
|
35 |
Section 36 |
Section 134 |
Financial Statement, Board’s Report, etc. |
Not yet enforced |
|
36 |
Section 37 |
Section 135 |
Corporate Social Responsibility |
Not yet enforced |
|
37 |
Section 38 |
Section 136 |
Right of Member to Copies of Audited Financial Statement |
09-02-2018 |
|
38 |
Section 39 |
Section 137 |
Copy of Financial Statement to be Filed with Registrar |
07-05-2018 |
|
39 |
Section 40 |
Section 139 |
Appointment of Auditors |
07-05-2018 |
|
40 |
Section 41 |
Section 140 |
Removal, Resignation of Auditor and Giving of Special Notice |
09-02-2018 |
|
41 |
Section 42 |
Section 141 |
Eligibility, Qualifications and Disqualifications of Auditors |
09-02-2018 |
|
42 |
Section 43 |
Section 143 |
Powers and Duties of Auditors and Auditing Standards |
09-02-2018 |
|
43 |
Section 44 |
Section 147 |
Punishment for Contravention |
09-02-2018 |
|
44 |
Section 45 |
Section 148 |
Central Government to Specify Audit of Items of Cost in Respect of Certain Companies |
09-02-2018 |
|
45 |
Section 46 |
Section 149 |
Company to have Board of Directors |
07-05-2018 |
|
46 |
Section 47 |
Section 152 |
Appointment of Directors |
09-02-2018 |
|
47 |
Section 48 |
Section 153 |
Application for Allotment of Director Identification Number |
     09-02-2018 |
|
48 |
Section 49 |
Section 157 |
Company to Inform Director Identification Number to Registrar |
07-05-2018 |
|
49 |
Section 50 |
Section 160 |
Right of Persons Other than Retiring Directors to Stand for Directorship |
09-02-2018 |
|
50 |
Section 51 |
Section 161 |
Appointment of Additional director, Alternate director and Nominee director |
09-02-2018 |
|
51 |
Section 52 |
Section 164 |
Disqualifications for Appointment of Director |
07-05-2018 |
|
52 |
Section 53 |
Section 165 |
Number of Directorships |
09-02-2018 |
|
53 |
Section 54 |
Section 167 |
Vacation of Office of Director |
07-05-2018 |
|
54 |
Section 55 |
Section 168 |
Resignation of Director |
07-05-2018 |
|
55 |
Section 56 |
Section 173 |
Meetings of Board |
07-05-2018 |
|
56 |
Section 57 |
Section 177 |
Audit Committee |
07-05-2018 |
|
57 |
Section 58 |
Section 178 |
Nomination and Remuneration Committee and Stakeholders Relationship Committee |
07-05-2018 |
|
58 |
Section 59 |
Section 180 |
Restrictions on powers of Board |
09-02-2018 |
|
59 |
Section 60 |
Section 184 |
Disclosure of Interest by Director |
09-02-2018 |
|
60 |
Section 61 |
Section 185 |
Loan to directors, etc. |
07-05-2018 |
|
61 |
Section 62 |
Section 186 |
Loan and Investment by Company |
07-05-2018 |
|
62 |
Section 63 |
Section 188 |
Related party Transactions |
09-02-2018 |
|
63 |
Section 64 |
Section 194 |
Prohibition on Forward Dealings in Securities of Company by Director or Key Managerial person |
09-02-2018 |
|
64 |
Section 65 |
Section 195 |
Prohibition on Insider Trading of Securities |
09-02-2018 |
|
65 |
Section 66 |
Section 196 |
Appointment of Managing Director, Whole-time Director or Manager |
Not yet enforced |
|
66 |
Section 67 |
Section 197 |
Overall Maximum Managerial Remuneration and Managerial Remuneration in Case of Absence or Inadequacy of profits |
Not yet enforced |
|
67 |
Section 68 |
Section 198 |
Calculation of profits |
Not yet enforced |
|
68 |
Section 69 |
Section 200 |
Central Government or Company to Fix Limit with Regard to Remuneration |
Not yet enforced |
|
69 |
Section 70 |
Section 201 |
Forms of, and Procedure in relation to, certain applications |
Not yet enforced |
|
70 |
Section 71 |
Section 216 |
Investigation of Ownership of Company |
Not yet enforced |
|
71 |
Section 72 |
Section 223 |
Inspector’s Report |
09-02-2018 |
|
72 |
Section 73 |
Section 236 |
Purchase of minority shareholding |
09-02-2018 |
|
73 |
Section 74 |
Section 247 |
Valuation by Registered Valuers |
09-02-2018 |
|
74 |
Section 75 |
Section 366 |
Companies Capable of Being Registered |
Not yet enforced |
|
75 |
Section 76 |
Section 374 |
Obligations of Companies Registering Under this Part |
Not yet enforced |
|
76 |
Section 77 |
Section 379 |
Application of Act to foreign Companies |
09-02-2018 |
|
77 |
Section 78 |
Section 384 |
Debentures, Annual Return, Registration of Charges, Books of Account and Their Inspection |
09-02-2018 |
|
78 |
Section 79 |
Section 391 |
Application of Sections 34 to 36 and Chapter XX |
09-02-2018 |
|
79 |
First Proviso to clause (i) of Section 80 and clause (ii) of Section 80 |
Section 403 |
Fee for filing, etc. |
07-05-2018 |
|
80 |
Section 81 |
Section 406 |
Provisions relating to Nidhis and its application, etc. |
Not yet enforced |
|
81 |
Section 82 |
Section 409 |
Qualification of President and Members of Tribunal |
09-02-2018 |
|
82 |
Section 83 |
Section 410 |
Constitution of Appellate Tribunal |
07-05-2018 |
|
83 |
Section 84 |
Section 411 |
Qualifications of Chairperson and Members of Appellate Tribunal |
09-02-2018 |
|
84 |
Section 85 |
Section 412 |
Selection of Members of Tribunal and Appellate Tribunal |
09-02-2018 |
|
85 |
Section 86 |
Section 435 |
Establishment of Special Courts |
07-05-2018 |
|
86 |
Section 87 |
Section 438 |
Application of Code to Proceedings Before Special Court |
07-05-2018 |
|
87 |
Section 88 |
Section 439 |
Offences to be Non-cognizable |
07-05-2018 |
|
88 |
Section 89 |
Section 440 |
Transitional provisions |
07-05-2018 |
|
89 |
Section 90 |
Section 441 |
Compounding of certain offences |
09-02-2018 |
|
90 |
Section 91 |
New Insert of Section 446A |
Factors for determining level of punishment |
09-02-2018 |
|
91 |
Section 92 |
Section 447 |
Punishment for fraud |
09-02-2018 |
|
92 |
Section 93 |
Section 458 |
Delegation by Central Government of its powers and functions |
09-02-2018 |
