Friday, September 13, 2013

First MCA notification on the Companies Act, 2013

Ministry of Corporate Affairs, Government of India had issued notification to fix the 12th September, 2013 as the date for the following sections of the Companies Act, 2013 to come into force. Brief details of the sections are given below. See the notification.
Section
Details
19
21
Authentication documents, proceedings and contracts
22
Execution of bills of exchange, etc
23
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.
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 forms for securities.
34
Criminal liability for misstatements in prospectus.
35
Civil liability for misstatements in prospectus.
36
Punishment for fraudulently inducing persons to invest money.
37
Action by affected persons
38
Punishment for personation for acquisition, etc., of securities.
39
40
Securities to be dealt with in stock exchanges.
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
57
Punishment for personation of shareholder.
58
Refusal of registration and appeal against refusal.
59
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 buy-back in certain circumstances
86
Punishment for contravention
91
Power to close register of members or debentureholders or other security holders.
100
Calling of extraordinary general meeting.
102
Statement to be annexed to notice.
103
104
105
106
Restriction on  voting rights
107
Voting by show of hands
111
112
Representation of President and Governors in meetings.
113
Representation of corporations at meeting of companies and of creditors.
114
Ordinary and 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.
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 defense fund, etc.
185
Loan 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
382
Display of name, etc., of foreign company.
383
Service on foreign company
386
Interpretation.
394
405
Power of Central Government to direct companies to furnish information or statistics
407
National Company Law Tribunal And Appellate Tribunal-Definitions.
408
Constitution of National Company Law Tribunal.
409
Qualification of President and Members of Tribunal
410
Constitution of Appellate Tribunal.
411
Qualifications of chairperson and Members of Appellate Tribunal
412
Selection of Members of Tribunal and Appellate Tribunal
413
Term of office of President, chairperson and other Members
414
Salary, allowances and other terms and conditions of service of Members.
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 Government 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
Powers of Central Government to make rules relating to winding up
469
Power of Central Government to make rules.
470
Power to remove difficulties.

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