The Companies Amendment Act, 2017 read with notification S. O. 630(E) dated 9th February 2018 reintroduced unlimited liability for members in certain cases. A similar provision was there earlier in the companies Act, 1956.we have no intention to go into history, but to examine this provision in light of justice and equity.
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The Companies Amendment Act, 2017 proposed to amend the definition of Associate Company with effect from the date of notification of section 2(i) of the Amendment Act.
The Companies (Amendment) Act, 2017 has amended the definition of Debenture with an interesting and confusing way. We will discuss it hereunder.
Ministry of Corporate Affairs practically suspended right to be a Designated Partners (DP) for young promoters who want to promote a start-up limited liability partnership. Now, no outsider of corporate India may enter into dream life of corporate India through limited liability partnership route. He needs to promote a company to fulfil his dream.
Vide Notification S.O. 351(E) dated 23rd January 2018 Section 1 and 4 of the Companies (Amendment) Act, 2017 came into force on 26th January 2018. According to a draft notification placed on the website of Ministry of Corporate Affairs[i], Central Government appoints 9th February 2018 as the date on which 42 other sections and a major part of section 2 of the Companies (Amendment) Act, 2017 came into force.
UPDATE: The Notification S. O. 630(E) dated 9th February 2018 published in the Gazette of India on 12th February 2018 uploaded with the digital signature of publisher dated 16th February 2018.
Here is a bird’s eye view.
Every company must be a business organization. Being business organization, a company has business activities. In the Companies Act, 2013 “principal business activities” is a major reporting requirement. According to Section 92(1)(a), every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing the particulars as they stood on the close of the financial year regarding its principal business activities. Section 185 as amended has reference to principal business activities as a major condition for a loan to directors and related concerns.