Subordinate legislation should avoid repeating a provision of the main legislation. Sub-rule (3) of rule 5 of the Companies (Share Capital and Debentures) Rules, 2014 is a good example. Rule 5(3) corresponds to Section 46 of the Companies Act, 2013. Section 46 was amended by the Companies Amendment Act, 2015 with effect from 29th May 2015. Correspondingly, Schedule I of the Companies Act, 2013 also amended this time in the line of these amendments in Section 46. Due to oversight, there was no corresponding amendment in Schedule since 29th May 2015. Now, corrective action is taken by with effect from 10th April 2018.
Tag Archives: Common Seal
The Ministry of Corporate Affairs placed here on its website a draft of the Companies (Registration of Charges) Amendment Rules, 2015. These amendment Rules will come into force from the date of its publication in Official Gazette.
These amendment rules proposed to amend Rule 3(4)(a) of the Companies (Registration of Charges) Rules, 2014. This amendment in the Rules is in alignment with the Companies (Amendment) Act, 2015 relevant part of which came into effect from 29th May 2015. Purpose of these amendments in the Rules is to provide law in event of company exercise its option not to have a common seal. After this amendment the Rule 3(4) shall read as under:
A copy of every instrument evidencing any creation or modification of charge and required to be filed with the Registrar in pursuance of Section 77, 78 or 79 shall be verified as follows-
(a) where the instrument or deed relates solely to the property situated outside India, the copy shall be verified by a certificate issued either under the seal of the company under the seal, if any, of the company, or under the hand of any director or company secretary of the company or an authorised officer of the charge holder or under the hand of some person other than the company who is interested in the mortgage or charge;
The Companies Amendment Bill 2014 has been introduced and passed in Lok Sabha recently. This blog post has intention to analyse proposed changes in the Companies Act 2013.
Most important massage, this amendment prepares a best case for drafting skill development programmes in India. I am reading here this Bill clause by clause. This will be a three part series and part 1 of 3 is present here.