MCA notifies 183 new sections and Rules for 10 Chapters under Companies Act, 2013
I. MCA notifies 183 new sections of Companies Act 2013 in Phase IV
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. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified.
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.
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 Sections notified till
Nos. of Section pending
II. MCA Notifies Rules for 10 Chapters under Companies Act, 2013Within a day of notifying 183 new sections of the Companies Act 2013, MCA has now notified final rules for 10 chapters by way of notification dated 27th March 2014.
The list of notified rules is given below:
1. Chapter I-Companies (Specification of definition details) Rules 2014
2. Chapter II- Companies (Incorporation) Rules 2014
3. Chapter III- Companies (Prospectus and allotment of securities) Rules 2014
4. Chapter IV- Companies (Share Capital and Debentures) Rules 2014
5. Chapter VI -Companies (Registration of Charges) Rules 2014
6. Chapter VII- Companies (Management and Administration) Rules 2014
7. Chapter VIII- Companies (Declaration and Payment of Dividend) Rules 2014
8. Chapter IX- Companies (Accounts) Rules 2014
9. Chapter XI-Companies (Appointment and Qualification of Directors) Rules 2014
10. Chapter XII- Companies (Meetings of Board and its Powers) Rules 2014