THE
COMPANIES (AMENDMENT) ORDINANCE, 2018
The Hon'ble President has given his assent to the
Companies (Amendment) Ordinance, 2018 with effect form 2nd November, 2018.
RECENT AMENDMENTS
INTRODUCED BY COMPANIES (AMENDMENT) ORDINANCE ,2018
SECTION
NUMBER
|
DETAILS
OF CHANGES
|
Section
2(41)
|
Change
in Financial Year to be approved by CG (to be
delegated to RD).
|
Section
10A
|
Re-introducing
the Requirements of Obtaining Certificate of Commencement of Business.
Non-obtaining of the same to be a ground of Striking Off.
|
Section
12
|
Non-Maintenance of Registered Office to be a ground for striking
off of the Company.
|
Section
14
|
Conversion of Public Co to Private to be approved by Central Govt
|
Section
53
|
Contravention on issuing of shares on discount will attract
a penalty up to the equal amount rise through
issue or Rs.5,00,000 and amount is liable to refund along with
interest @12% P.A.
|
Section
64
|
If
SH-7 (Notice
to Registrar of any alteration of share capital)Filed after 30 days then Company & Officer Liable to a penalty of Rs.
1000/day
|
Section
77,86 & 87-
|
Maximum
time period for registration/modification of charges to be 30 days +
additional 30 days. Further condonation to be done in 60 days.
After 120 days, CG has got power to condone the delay. Please note that between 60 to 120 days, ROC has powers to register the charge with advolarem fees payable on the loan amount of the charge created. please note that section 87 wherein it is properly stated that omission or misstatement is condemnable. Thus , omission includes belated filing of charge also. |
Section-92
|
In
case MGT-7 Filed After 60 days from the date of AGM, every
company and officer liable to penalty Rs.50,000 and Rs. 100/day subject to
maximum penalty of Rs.. 5,00,000.
|
Section
102
|
In
case of default in explanatory statement, Every :
Promoter ;
Director;
Manager;
Other KMP;
Liable to penalty of Rs. 50,000 or 5 time Amount of Benefit
Accruing
|
Section
117
|
In case MGT-14 not filed
with in 30 days should liable to a penalty
Company Rs. 1 lakh +
500/day ( Max 25 lacs)
Officer Rs. 50,000 +500/day ( Max 5 lacs)
|
Section
121
|
If
MGT-15 (Form for filing Report on Annual
General. Meeting) is not filed within 30 days
:
Company rs. 1
lac + 500/day ( Max 5 lacs)
Officer Rs. 25,000 +500/day ( Max 1 lac)
|
Section
164 & 165
|
Breach in Maximum no of Directorships to be a Ground for
Disqualification
|
Section
203
|
Breach of Section 203 (Appointment
of key managerial personnel) will attract penalty of 5
lacs on Company and Rs. 50,000 On Directors and KMP.
|
Section
248
|
Non-obtaining of Certificate of Commencement of Business and Non
maintenance of Registered Office to be a Ground for Striking off by ROC.
|
Section
441
|
COMPOUNDING
Compounding
Threshold for going to NCLT to be revised to 25 lakhs from 5 lakh.
Any offence which is punishable under Companies act, with
Imprisonment only or with Imprisonment and Fine shall not be Compoundable .
|
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