Tag Archives: Indian Companies Act

AMENDMENT IN COMPANIES INCORPORATION RULES


At the time of writing this blog post, I have no information of publication of the Company (Incorporation) Rules, 2015 which seems to come into effect with effect from 1st May 2015 as Official MCA21 portal has issued all forms prescribed under these forms.

I have no words of advice on enforceability of these rules until copy of publication in official gazette. These Rules come into effect only after publication in official gazette. [Rule 1(1) of the Companies (Incorporation) Amendment Rules 2015]

Penalty:

In original Rule 5 discussed earlier here, penalty in relation to contravention of these rules by One Person Company or its officer was prescribed. Rule 5 of these rules is being deleted.

But penalty is still there. New Rule 7A is introduced for the purpose. I highlight effect in deletion of rule 5 and introduction of rule 7A here:

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NOTES ON EFFECTIVE PROVISIONS OF COMPANIES ACT 2013


Some other Sections of Companies Act 2013 has also been made effective form April 1, 2014 by Notification 1 dated 27th Feb 2014 and Notification dated 26th March 2014. 

Page 1

A part of the Companies Act 2013 is in force since 12th September 2013. In blog post, we will discuss these effective (1+98) sections. I have already shared my initial comments earlier on September 13, 2013.

To keep it reader – friendly, each new Section will be at new page. To change page, readers may click on desired page number at the bottom of the page.
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Name Availability Guideline


Name Availability Guideline, 2011 issued by the ministry of Corporate Affairs on 8th july 2011 with effect from 24th July 2011 and related Form 1A was also introduced on that date. The Fees for filing this form is Rs. 1000/-.

[UPDATE: Rule 8 of the Companies (Incorporation) Rules, 2014 replaces these guideline with effect from 1st April 2014. Rules 8 Discussed in another post.]

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REMEMBERING BIPIN S. ACHARYA, PRACTISING COMPANY SECRETARY, CP 8 FCS 424


Bipin S. Acharya

Bipin S. Acharya

After a long weekend, when I come back to work, my mail folders dedicated for peer group read more than 150 mails. What happened? It would have been an eventless week as government is on election mode and no major policy change was expected. Unfortunately, there was very sad news. On 28th January 2012, our beloved Company Secretary Sh. Bipin S. Acharya has left for heavenly abode. According to Hindu calendar, that was day of Basant Panchmi, the first day of spring. This is a day of cultural significance and dedicated to goddess Saraswati of knowledge and wisdom. Naturally, god has no other suitable day as an option to call a practising scholar like him.

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DEBATE IN RAJYA SABHA ON 3 AMANDMENT BILLS RELATING TO 3 CORPORATE PROFESSIONS


The minister of corporate affairs Mr. Veerappa Moily  on 12th December 2011 moved 3 bills namely; the Chartered Accountants (Amendment) Bill, 2010, the Cost and Works  Accountants (Amendment) Bill, 2010 and the Company Secretaries (Amendment) Bill, 2010

These bills were to amend sub-section (2) of Section 2 of three Acts namely the Chartered Accountant Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980.

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FLAWS IN FORM 32: WITH RESPECT TO APPOINTMENT OF A COMPANY SECRETARY


Present scheme of the Companies Act, 1956 treat wrong doing principal officers of a company as “officer who is in default”. The Act under Section 5 explicitly lists “Officer who is in default”. This list, which looks like a most wanted list of police department, really cast numerous responsibilities on these officers. Presently, the Secretary of the company seems to be only professional listed herein. As all other persons, may or may not be professionally qualified, are business person and technical persons with only average person knowledge of his legal responsibilities. This section not only cast on the secretary practically all legal responsibilities of the company’s legal administration but also put him in much bigger shoes.

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