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 Section

470 
Total Sections notified till
date
283
Nos. of Section pending
notification
187

Click here to read complete list of Sections notified till date...


II. MCA Notifies Rules for 10 Chapters under Companies Act, 2013

Within 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

To download the rules, please click here...

    Comments

    Post a Comment

    Popular posts from this blog

    Leaves & Holidays under Indian Labour & Employment Laws

    Image
    Holidays and Leaves of workers in India are governed principally by the Factory Act, 1948 and state shops and establishment acts. Weekend Holidays Mr. Pankaj Singla Sr. Associate +919971508320 pankaj@indiacp.com In India, the law prescribes maximum number of hours a week a worker may not be employed beyond. An adult worker shall not be employed for more than 48 (forty eight) hours in a week and not more than 9 (nine) hours in a day. Weekly holiday is compulsory as per the Factories Act. First day of the week i.e. Sunday shall be a weekly holiday. The employer has to make sure that no worker works more than 10 days without a rest day of 24 hours. Therefore, if the worker is asked to work on weekly
    Click to read more »

    Work Hours and Overtime under the Factory Act, 1948 and Shops & Establishment Act

    Image
    India has two major laws concerning working hours of workers i.e. the Factory Act, 1948 and Shops & Establishment Act. The regulations related to the working hours can be separated into four broad categories that help demarcate the dimensions of the discussion. Working Hours for Factory Workers; I. Employment of Adults: Mr. Pankaj Singla Sr. Associate +919971508320 pankaj@indiacp.com An adult worker shall not be employed for more than 48 (forty eight) hours in a week and not more than 9 (nine) hours in a day. A compulsory rest of at least half an hour (30 minutes) between each period of work  and such period of work shall not exceed five hours. Total period of work inclusive of rest interval cannot be more than 10.5 hours. The Chief Inspector may by giving a reason in writing  increase the workday time up to twelve hours. According to Minimum Wages Act, 1948 the working day of a worker shall be so arranged that inclusive of the interval of rest it shall not exceed
    Click to read more »

    SEBI's Circulars About Enhancing Liquidity And Curbing Manipulation Regarding Illiquid Scrips

    Image
    SEBI recently has come out with two different circulars in respect to illiquid scrips wherein one circular talks about enhancing liquidity in the illiquid scrips by promoting incentives by stock exchanges on trading in such scrips, another circular aims at curbing manipulations in the illiquid scrips by introducing Periodic Call Auction in illiquid scrips. Ms. Deepika Vijay Sawhney Partner +919818316936 deepika@indiacp.com The definition of illiquid scrips is kept different in both the circulars with the definition being much wider in case of scrips qualifying for Periodic Call Auctions. The provisions of both the circulars are discussed in detail hereunder: 1. Introduction of Liquidity Enhancement Scheme for illiquid scrips in Equity Cash Market by Circular dated February 08, 2013:
    Click to read more »