Tuesday, November 6, 2018

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.
R V Seckar practicing company secretary 09848915177 rvsekar2007@gmail.com,


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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http://rvseckarcompanylaw.blogspot.com/2018/10/why-you-have-to-elect-to-central.html




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