THE COMPANIES (AMENDMENT) ORDINANCE, 2018-RECENT AMENDMENTS INTRODUCED BY COMPANIES (AMENDMENT) ORDINANCE ,2018

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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